The Secret to Finding your money luck

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money luck
The infamous Money Tree your parents claimed not to have

Do you have friends or family who just seem blessed with “Money luck”?

They earn an awesome income, or have a great house and go on incredible holidays. In a few years time, they may retire at an age you couldn’t even consider giving up paid work.

It’s as if these people have a money tree in their backyard. Do you want to know their money luck secret?

Meanwhile, are you struggling to catch a break? Want to get ahead but unexpected expenses keep coming up and destroying your best intentions. Perhaps instead of money luck, you feel you have a money curse that destines you to perpetual financial stress.

The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty.

Winston Churchill

Money Luck: The World is Not Fair.

A discussion about money luck would be inadequate without an acknowledgement that money is distributed unevenly. Some get handed more than others, and there’s not much you can do about it.

But those born, or who have managed to come to Australia are amongst the luckiest in the world. There is still much inequity within this country, but having access to safe water, access to the internet and electricity is a good start.

Those of us reading this blog each have their own dose of privilege, some larger than others. But I reckon we’re all starting at a reasonable place.

When considering how we are doing financially, it is human nature to only compare with those in a similar situation to us. We all need a reminder sometimes that we are amongst the wealthiest individuals in the world.

Your mindset is incredibly important. Appreciating the headstart you’ve been given in life will help you make the best of it.

The Green-Eyed Monster

Envying those with more than you are a complete waste of energy. There are extremely wealthy individuals that made their way despite starting out with less than you.

There will always be someone wealthier than you. I hear even Warren Buffet’s incredible wealth has recently been surpassed by Elon Musk’s net worth. Mr Buffet isn’t losing any sleep, in fact, he is giving the majority of his wealth to charity.

Unless you are actually comparing bank and investment accounts, it’s impossible to tell how someone is doing financially anyway. Those parking sports cars in their waterfront home driveways may be leveraged to the eyeballs, stressed out each month about how to cover all those bills after an unexpected dental emergency.
The millionaires may be driving shit cars, to average neighbourhoods, dressed a la Targét.

We should all spend in line with our values, and some are far more visible than others.

So avoid wasting your mental energy envying those with more resources, and start working out how to find your own money luck.

money luck

How to Find Your Money Luck

It’s easy to assume that you have no opportunities to build wealth. But the ability to see opportunities may be the major limiting factor in taking advantage of them.

A Great Idea

J.K. Rowling has described her poor financial situation as an unemployed single mother when she started writing the Harry Potter series. The plot idea was formed in 1990 (during a long train delay), 1st manuscript was completed in 1995 and published in 1996.

How many people have had incredible ideas but never followed through to make them a reality?

J.K Rowling somehow identified this idea as an opportunity and with a lot of hard work (and a little luck) became one of the highest-earning authors in the world.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”

 Warren Buffett 

Many opportunities won’t be as romantic as a fantastic novel idea, catapulting the author to unimaginable wealth. It is a technique with a low success rate. Less than 2% of books published sell 5000 copies.

It is easy to miss an opportunity and let it goes to waste.

Notice Small Opportunities

Perhaps it wouldn’t have been a “Harry Potter” kind of opportunity. But small realised opportunities can lead to bigger and better opportunities arising as a result. These opportunities don’t come up and slap you in the face. You need to be on the lookout to see the potential and then assess the risk, time, effort and likelihood of success.

Take an opportunity you get to take on some extra work. You could see this and just weigh it up based on whether you need any more cash for your next holiday.

But if you reframe the opportunity to earn that extra money to build a deposit for a home a few years earlier than expected, its potential becomes far greater. Your home purchase could result in leveraged capital growth which could provide larger opportunities in purchasing another home or investments that would otherwise have been out of your reach. Short-term hustling early on in your career can accelerate financial progress.


Many millionaires are made by starting a business solving everyday problems. Are there problems that annoy you daily that you could find a solution for? Spending some time working out a solution for an annoying problem could pay off. The inventor of the WIFI Ring doorbell kept missing package deliveries and worked out this product as a solution, before launching it as a commercial product.

Get your Deposit or Starter Fund Before You Know What it’s for

Even seizing the opportunity to save, then invest 20% of your net income is making your own money luck. Similarly to purchasing your home, having some savings and investments behind you provides wealth building opportunities that would otherwise not exist.

Be a Good Steward of Money Gifts & Windfalls

If you were lucky enough to have a surprise windfall come along, would you know what to do with it? Unfortunately, many windfalls come from an inheritance when you lose a loved one. The average Australian beneficiary receives $79,000, a little more than the median annual salary in Australia. This is a significant amount of money, with emotional obligations to be a good Stewart. With careful investing, this inheritance could grow to provide not only, but also your kids, more financial security.

But the months after a death of a loved one are not a good time to be making huge financial decisions. It is very possible to spend through this amount unintentionally, with nothing to show for it after a year or two. Beneficiaries are also easy targets for scammers looking to make their own money luck through unscrupulous methods.

If the worst happens, and a loved one dies, you will want to be a good steward of their hard-earned money. Having invested a little in financial education and making a financial plan will mean if an unexpected windfall arrives you won’t need to worry about what to do with it. You don’t want to be the sucker advertising on some Facebook group that you have come into money and don’t know what to do with it. Poor advice to throw your money into the latest fad is the best outcome, clever scammers stealing your inheritance is the worst.

money luck

Prepare Yourself to Receive Money Luck

“I believe luck is preparation meeting opportunity. If you hadn’t been prepared when the opportunity came along, you wouldn’t have been lucky.”

Oprah Winfrey

Have a Positive Mental Attitude.

If you think your financial situation is hopeless, it will be. Get your mind working for you. Build your confidence that you can follow your financial plan and get to a great outcome. Watch out for sabotage.

Build financial literacy

You need to recognise a financial opportunity and know-how to take advantage of good money luck when it comes. Build financial literacy through books, blog, magazine or podcast subscription

Make a Financial Plan

Set goals and make a financial plan. If no money luck surprises come along, you are moving towards your goals anyway. Any bonus money luck means you can just accelerate your plan. Small, repeated positive money habits are powerful over the long-term. Treat your personal finances as a form of self care.

Pay Attention

Pay attention to life. Try and spot those opportunities coming along. Instead of filling all your free time with filler activities such as tv, actively preserve “thinking time”. For me, this is hiking. Despite working on a financial plan, new perspectives or ideas will come to me out of the blue when I’m hiking. Carry a notebook or note application on your phone for great ideas that appear, and can disappear from memory just as fast.

Make your own luck by planning ahead, being observant and assessing opportunities carefully. When you find a great one, grab it by both hands!

Aussie Doc Freedom is not a financial adviser and does not offer any advice.  Information on this website is purely a description of my experiences and learning.  Please check with your independent financial adviser or accountant before making any changes.

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