Let's talk about luck.

Because a lot of people call me lucky. I even often find myself wondering if I am just lucky. Let's even just look at some of the “luck” I've experienced since I started my financial journey at the very bottom:

• Happened to gain my financial education right before becoming at attending; a very critical junction
• Applied for and received TEPSLF go that my past federal loan deferments now counted towards ultimate loan forgiveness
• Experienced a largely sustained upwards overall market since starting to invest in 2020
• Began investing in real estate when rates were at historic lows
• Secured a similarly low interest rate on our home mortgage
• Started this blog and had it get picked up very quickly on media syndicators

It all does seem a little bit lucky.

But this is a completely false narrative

And frankly, a very lazy perspective. Unfortunately, this is the perspective taken by the majority of people. We see someone experience success and look for all of the reasons outside of their control that brought the success.

The problem with this approach is that, by definition, random things happen to all of us (indulging you!) at a similar rate based on, you guessed it, the nature of their randomness. Something external that is good or bad is just as likely to happen to you or me or some billionaire. If we only focus on the external, we completely miss the other, more important part of the equation.

And the other part of the equation is you

If we can't control the external variables, then it only makes sense to focus on ourselves. What can we do to be prepared when a stroke of good luck hits?

I'm going to paraphrase here. Kobe Bryant has a great interview where he talks about feeling nervous before big games. His solution to the nerves was preparation. As long as he knew that he had prepared to the absolute maximum, he had done everything he could. The nerves faded away. Then he could focus on the present and perform.

I've taken that to heart. Step 1 is obviously that you have to know your goals. But once you know your goals, you need to ruthlessly prepare to achieve them.

Then, when timing and luck strike, you are ready to take advantage.

This is exactly what happened to me

My goal was to increase my financial well-being and set myself on the path to financial freedom. So I prepared and prepared.

Then:

• When I became an attending I was ready to manage spending, create a savings rate and invest wisely via a prepared financial plan
• I had my loan plan in place to jump when an opportunity came to re-qualify me for forgiveness
• I knew to keep investing through the COVID bear market to experience the gains that have come after
• Took steps to understand how real estate historically has helped millions achieve financial freedom and got started right away in market that had low rates but many said was a bad market to invest into
• Got into the arena to talk about my journey with the goal of helping other doctors know they were not alone and could do it even after making a lot of mistakes like me

Luck = Patience + Preparation

Luck is real. And it happens to everybody just the same. The first key is to be patient while you await its arrival. The problem is that too many of us miss luck when it comes. The second key is recognition and preparation. That way, you are ready to attack when it comes your way.

And, what happens if you still miss it? Just wait for the next opportunity! Because it will come. Trust me.

Don't look at life passively. Be active. Life doesn't happen to us. It happens for us!

What do you think? Is luck real? Do we create our own luck or does it just happen to us? How do you prepare for luck? Let me know in the comments below!