To think money is mostly about luck, not effort?

[TheGreyShark]

I’ve been thinking about how much luck plays a role in financial success. Some people work incredibly hard and never get ahead, while others are born into wealth, stumble into the right opportunities, or just happen to be in the right place at the right time.

I personally feel like the money I have is due to luck, not effort. If I’d been born in different circumstances or made different connections, my financial situation would be totally different.

AIBu to think money is mostly down to luck rather than hard work? Or is effort actually the key factor?

It’s both luck and hard work. I think of it like a game of poker—some people are dealt a really good set of cards, and others have a bad set of cards. Yes, money and connections are an advantage—but you can still lose at poker when you were dealt a fab set of cards. Example: Liz Harley’s son’s father, who was an heir to a huge fortune, lost it all, and ended up taking his own life.

You can also win at poker even if you’ve been dealt a bad hand—yes, it’s MUCH harder, but it can be done.

Yes but it's much easier to take risks if you come from privileged background in the first place.

Or if you have the safety net of moving back in with parents, rather than risking being on the streets if you can't pay next month's rent.

Or a different way of looking at it is that if you have nothing, you've nothing to lose by taking risks.

But even people with nothing can still access education if they're not risk takers to improve their chances of better jobs etc. Lots of free courses on the internet these days that people could do to upskill themselves, such as FutureLearn and funding available for mature learners doing Uni degrees etc. It is possible for people to turn around a poor education

I agree that it's easier to take risks if you are wealthy. The reality is though that the majority of small businesses etc are unsuccessful so it is also easier to lose your wealth. 70% of generational wealth is lost by the second generation and 90% by the third generation. The idea that families get rich and stay rich just isn't generally true.

Yet the wealthy family’s can all trace their roots to the Norman conquest ?

Studies indicate otherwise..

Bit of both. But doesn't bother me that there are very rich people

Look at the immigrant population. Majority were not well off in their home countries but most would value education and saw this as a way of ensuring their children would be financially better off than them. I do feel though your peer group is very important as well.