Do You Need Luck to Be Wealthy? 

Hi MoneyTeam! I’m a CPA based in California, and have been watching your content for many years now! I started watching when I graduated college 6 years ago, and your wisdom has helped me setup an incredible life for my wife and I (and our golden retriever). I just wanted to chime in because I am one of the people who watch each full video and live stream, but isn’t subscribed. The reason is I don’t want to flood my subscription feed with all the short clips since I watch pretty much every full length video and live stream. I think it’s probably beneficial for you to have both the full videos and the clipped versions on the same channel, but just dropping this comment in-case the info helps. If I could subscribe and only see the full videos and live streams in my feed I 100% would. Thanks for all that you’ve given the community! Hands down my favorite personal finance channel over the years.

Was I born into wealth? no. Did I work hard to get to where I am and am I smart with money? yes, BUT I was absolutely lucky to be born in the U.S to a family who cared about me, my wellbeing and my education. I was also lucky that I was in the right place at the right time to meet people that led to other opportunities.

Andrew Carnegie was born into poverty in Scotland, but became one of the wealthiest "Robber-Barons" of the Gilded Age. He worked hard, and he worked smart. But he also understood how much luck was involved. He studied Eastern religions trying to answer "Why me?". Unfortunately, he eventually couldn't accept it as just luck, and bought into the "Social Darwinism" idea that he actually WAS better than other people. - Plenty of modern day billionaires have fallen into this same trap. The human ego just doesn't seem to be able to handle the "luck" factor very well.

Luck is a substitute word for randomness and some folks don’t want to accept the role of randomness in life. Despite any philosophical qualms you may have, physics has shown it’s fundamental to the universe. There’s no question luck plays a role in wealth because it plays a role in literally everything

I need at least $2m today to be considered 'wealthy' 20 years ago, the definition of wealth was nowhere near $2m, and in 20 years time, this amount may not be enough, however I do agree that one has to start somewhere, hence I now look to the stock market to fuel my goal.

Rebie, these guys can't stay on track without you around 😂

Can I say I really appreciate that your videos aren’t strewn with sponsorships and ads? There was only three total ads (beginning, middle, end) on the video and it made watching the content SO much more enjoyable. I try to watch other finance RU-vidrs and in one case, there were SIX ads in a 30-minute video, to include 2 minutes of that video doing a sponsorship. It can really turn off people to some content, and I appreciate that you guys have avoided that route.

More cybersecurity tips/content please!

You can become wealthy with discipline. Luck is nice. But not a requirement. That's why so many teachers and engineers become millionaires. Not necessarily the highest salaries, just discipline and structured investment.

There is a quote by Seneca "Luck is when preparation meets opportunity". I think this simple statement encapsulates "luck" so well. Some people may have more opportunities, and others may be more prepared, but you are lucky when you are prepared to sieze the opportunity that arises.

Is "no BAD luck" a symbol of luck ? Cause I can perfectly live with the absence of bad luck. Don't absolutly need luck. Average return is 10%, yes the luck of getting 14% is nice, but 10% is good too. About the question on Defined benefit and define contribution, you can "buy" the equivalent of a define benefit with a "life annuity". Insurance compagny can give you that. I found it the be a really good tool to analyse the ROI they gave me when compared to define contribution.

**** Hey guys, one issue you did not discuss about Rob, the new State employee (I'm a State employee), is what are the vesting rules for the pension, and whether you intend to stay in state government as a career, or whether in a few years he'll want to leave into the private sector.

Planning and sticking to the plan helps people be "ready" to take advantage of opportunities. My husband and I encourage our children to seek education and take career opportunities as they come along. It has worked for my husband and I and all of our children nicely. Plan to succeed!

My luck was meeting and marrying an incredible life partner who is set up for a good career as a medical doctor. Also being born into a family that valued education and promoted good spending/saving habits and lifestyle choices.

Luck does play a huge factor in it but many people have problems recognizing it due to ego. But at the same time you have to make smart decisions too. It is a combination of both luck and smart decisions. There are so many hypothetical situations what someone could be making the best decisions imaginable but due to a accident, a illness, a war, bad government and any number of other situations where your best laid plans could literally go up in flames leaving you penniless or worse asking why this happened.

I know my current position was half luck and half hard work. I just happened to be in the right position at the right time; it wouldn’t have opened up if the person who was in my current position didn’t get their dream opportunity and leave suddenly. But, I also did the work to gain the necessary knowledge beforehand. There was definitely some luck for both of us.

Discipline to make sure you have a solid base. And then that discipline creates the ability to take advantage of lucky opportunities

Hey y’all! Just started watching the videos! I’ve come over because Ramsey started talking about too much politics that I didn’t care about. Got a question. I saw that you put low-interest debt last in the Financial Order of Operations? I’d like to challenge this against what Ramsey teaches of just paying it off ASAP. My student loans of about $30k is at 5% which is believe is pretty low. The issue is when i look at my payment breakdown. Every month, $60 goes to principal and $120 goes to interest! Thats the minimum on the 10 year repayment plan. Of course the easy way to solve this is to pay more per month to reduce interest payments, but that goes against the Financial Order of Operations. Please explain how this is okay!

I like the new boiling point graphic. I know it's a common way to say it (accent essentially), so it always bothers me a little when Brian gets defensive about it. I hope he keeps embracing it more over time.

fortune favors the prepared mind

Luck helps, lucky timing. Im wealthy now because i bought my properties in San Diego in 2008 during the recession.

I'm only lucky because of the tradegy I went through

These guys give great advice.

18:42 you forgot about vesting schedules and how long you planned on staying at that job

34:35 B-Time

A stroke of luck can get you rich but without the discipline, no amount of money will be enough for you to become wealthy. You'll lose it all.

On the cyber security leaks. These companies need to punished more to improve security

Keep spelling Winner! I know it would be a stretch to confuse it with other words that sounds similar, like winter, but it only takes a few confused people to be a problem. Particularly since it's not like you have any accent that caused you to drop the occasional consonant or anything 😂

Hi Money Guys, and Gals!🎆

Yeah, but what if it’s not your first house but…. Your first house after a divorce ate up all of you assets? I only put 3.5% down but it was my 4th property (condo, townhouse, 1 house and then my new house) but first house after a divorce.

It took me two watches to understand what that bowling pop up was all about. 😂 I would wager anyone with enough money to be watching The Money Guy Show has gotten lucky and been privileged - the country you were born into, your age and wealth during market downturns, having the health to work, finishing high school or being accepted into college, parents who talked about financial principles even if they weren't wealthy, the first boss who took a chance on you, having electricity/internet/clean water, and so much more. Just being alive is lucky.

Anyone can answer: Is it possible to be TOO diverse in my mutual funds? Like, are 20 too many? Are 40 too many?

I was homeless, did drugs, went into prison, where I got to know God. He changed my life. Now I have a home, a wife and a lovely year old daughter (zoe), and a stream of income that gats me $47,000 weekly. Plus a new identity - a child of God, Hallelujah!!!!🇺🇲❣️♥️♥️