1 00:00:00,120 --> 00:00:02,800 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt. 2 00:00:03,040 --> 00:00:05,960 Speaker 1: Today we're asking the question does good luck or hard 3 00:00:06,000 --> 00:00:27,160 Speaker 1: work get you more money? Oh? Yeah, We've got the 4 00:00:27,160 --> 00:00:30,800 Speaker 1: perfect episode for St. Patrick's Day. We do good luck 5 00:00:30,920 --> 00:00:32,440 Speaker 1: or hard work? Man, Which does it come down to? 6 00:00:32,479 --> 00:00:34,519 Speaker 1: We're gonna talk about that today. Uh. In a quick 7 00:00:34,560 --> 00:00:37,040 Speaker 1: little personal tip for folks today, don't drink the green 8 00:00:37,040 --> 00:00:39,280 Speaker 1: beer now. We actually we kind of jokingly thought about 9 00:00:39,320 --> 00:00:41,760 Speaker 1: doing that here today on the show, but instead for 10 00:00:41,800 --> 00:00:45,480 Speaker 1: this episode, we have a purple beer very much not green. 11 00:00:45,840 --> 00:00:47,159 Speaker 1: And do you know, I don't even think I've ever 12 00:00:47,159 --> 00:00:49,080 Speaker 1: had green beer in my life before. Have you No, 13 00:00:49,200 --> 00:00:52,200 Speaker 1: I don't think so. I think it's how you roll, Okay, 14 00:00:52,240 --> 00:00:54,120 Speaker 1: I think it's what we're associated with it for the 15 00:00:54,120 --> 00:00:56,680 Speaker 1: most part. But I mean, like I sat Patrick's Day, 16 00:00:56,800 --> 00:00:58,760 Speaker 1: Like if you go down to Savannah, like they used 17 00:00:58,800 --> 00:01:00,680 Speaker 1: to like die like the river and stuff like that. 18 00:01:00,760 --> 00:01:02,760 Speaker 1: I mean they do that up in Chicago too, don't they, 19 00:01:02,760 --> 00:01:04,959 Speaker 1: where they like die the entire river green or whatever. 20 00:01:05,080 --> 00:01:06,800 Speaker 1: Maybe I mean that sounds like fun, that sounds cool, 21 00:01:06,800 --> 00:01:09,240 Speaker 1: But drinking green beer, I don't know, especially if you're 22 00:01:09,280 --> 00:01:11,320 Speaker 1: drinking good beer usually you don't want to like, you 23 00:01:11,319 --> 00:01:15,520 Speaker 1: don't know, put for it with fake coloring exactly. But 24 00:01:15,600 --> 00:01:17,960 Speaker 1: real quick, before we get into that discussion, Matt, good 25 00:01:18,040 --> 00:01:20,840 Speaker 1: luck versus hard work, I wanted to mention and bring 26 00:01:20,920 --> 00:01:24,760 Speaker 1: up the fact that sometimes pill splitting can be a 27 00:01:24,840 --> 00:01:27,520 Speaker 1: cost saving measure for people to undertake if they're like 28 00:01:27,720 --> 00:01:30,920 Speaker 1: taking a certain medication. Okay, so you're talking about medicine exactly, Yeah, 29 00:01:30,959 --> 00:01:33,640 Speaker 1: you can. You can, like you either cut it with 30 00:01:33,760 --> 00:01:35,880 Speaker 1: a knife sometimes or you can buy a pill splitter 31 00:01:36,280 --> 00:01:38,679 Speaker 1: and um, and sometimes that can make your money go 32 00:01:38,760 --> 00:01:40,520 Speaker 1: further when it comes to the medication you take. I 33 00:01:40,520 --> 00:01:44,000 Speaker 1: would suggest consulting your doctor before you actually go this round. 34 00:01:44,240 --> 00:01:47,160 Speaker 1: But my wife is actually lowering a dosage of a 35 00:01:47,160 --> 00:01:49,840 Speaker 1: medication that she's been on for a while, and she's 36 00:01:49,880 --> 00:01:52,400 Speaker 1: taken to cutting it in half with their knife. And actually, 37 00:01:52,400 --> 00:01:54,480 Speaker 1: what I found two is that if we were to 38 00:01:54,520 --> 00:01:58,320 Speaker 1: go ahead and buy the pills that at the smaller dosage, 39 00:01:58,480 --> 00:02:02,440 Speaker 1: those pills cost more then than the pills that have 40 00:02:02,440 --> 00:02:05,000 Speaker 1: a higher dosage. And I think it's just because they 41 00:02:05,040 --> 00:02:07,240 Speaker 1: produce so many more of them. That's just a quantity 42 00:02:07,240 --> 00:02:09,560 Speaker 1: that more people take. Crazy. So if you want the 43 00:02:09,600 --> 00:02:12,880 Speaker 1: lower dosage, if you want the specialty milligram pill. It's 44 00:02:12,880 --> 00:02:15,079 Speaker 1: gonna cost you a premium exactly, so going from ten 45 00:02:15,120 --> 00:02:18,480 Speaker 1: milligram to five milligram, and so it's not gonna pay more, right, 46 00:02:18,520 --> 00:02:20,160 Speaker 1: it's just gonna make more sense to actually get the 47 00:02:20,160 --> 00:02:24,440 Speaker 1: ten milligram pills will pay less and then they'll get doubled, essentially, say, 48 00:02:24,480 --> 00:02:28,160 Speaker 1: we'll pay like sev less by just splitting those pills, 49 00:02:28,160 --> 00:02:30,520 Speaker 1: which is Yeah, so just a quick tip to anybody 50 00:02:30,520 --> 00:02:32,600 Speaker 1: out there if that's possible for you, If it works 51 00:02:32,600 --> 00:02:34,760 Speaker 1: for you, pill splitting can be a good way to 52 00:02:34,800 --> 00:02:36,520 Speaker 1: save some money. Yeah, And actually we used to do that, 53 00:02:36,680 --> 00:02:39,360 Speaker 1: not with pills, but with vitamins because a lot of 54 00:02:39,400 --> 00:02:42,240 Speaker 1: people have, you know, different opinions on vitamins. Uh. Some 55 00:02:42,280 --> 00:02:45,720 Speaker 1: folks are like, you're just enriching your p because like 56 00:02:45,760 --> 00:02:48,320 Speaker 1: so much of it we just uh just leaves our body, right, 57 00:02:48,320 --> 00:02:50,440 Speaker 1: it's not something that's absorbed. So for a while there, 58 00:02:50,480 --> 00:02:52,680 Speaker 1: we were thinking, you know, what's the point in like 59 00:02:52,760 --> 00:02:55,919 Speaker 1: completely loading our bodies up occasionally whenever we do take 60 00:02:56,080 --> 00:02:58,359 Speaker 1: a vitamin uh instead when we just cut it in half. 61 00:02:58,520 --> 00:03:00,120 Speaker 1: So yeah, that's something we were doing there for am it. 62 00:03:00,160 --> 00:03:02,000 Speaker 1: But yeah, that's a good thought when it comes to medication, 63 00:03:02,040 --> 00:03:03,400 Speaker 1: and it's a good word to to definitely check with 64 00:03:03,400 --> 00:03:05,760 Speaker 1: your doctor to make sure that you're doing this in 65 00:03:05,800 --> 00:03:07,840 Speaker 1: conjunction with their advice, you know, because you want to 66 00:03:07,840 --> 00:03:10,280 Speaker 1: make sure that whatever that dosage is is, you know, 67 00:03:10,320 --> 00:03:13,040 Speaker 1: the proper amounts of medicine to still kind of treat 68 00:03:13,080 --> 00:03:15,400 Speaker 1: whatever condition or to have the same effects that you're 69 00:03:15,400 --> 00:03:17,600 Speaker 1: looking for. And some pills are not meant to be splitting. 70 00:03:17,680 --> 00:03:20,239 Speaker 1: Others can be without any problems. So yeah, consult your doctor. 71 00:03:20,280 --> 00:03:23,079 Speaker 1: Don't be like but Homony Joels to split the bill. 72 00:03:23,440 --> 00:03:25,080 Speaker 1: I've got a joke cap here, How do I split that? 73 00:03:25,120 --> 00:03:27,800 Speaker 1: I am not a medical expert by any starts of 74 00:03:27,800 --> 00:03:30,120 Speaker 1: the imagination. I would check with even web m D 75 00:03:30,280 --> 00:03:33,240 Speaker 1: before checking with me. Okay, so, and we know how 76 00:03:33,280 --> 00:03:36,560 Speaker 1: fraught web MD is with advice, right exactly. I am 77 00:03:36,560 --> 00:03:39,680 Speaker 1: worse than that. But let's mention the beer were having, Matt, 78 00:03:40,040 --> 00:03:42,080 Speaker 1: you did mention that this beer's purple, and it is. 79 00:03:42,280 --> 00:03:45,000 Speaker 1: This one's called a fruit Mine slushy XL, And we 80 00:03:45,080 --> 00:03:48,320 Speaker 1: had a slushy XL on Monday's episode. This one also 81 00:03:48,360 --> 00:03:50,720 Speaker 1: from my neighbor Mark. It's kind of a juice box 82 00:03:50,720 --> 00:03:52,440 Speaker 1: style interesting beer. We'll talk about this one. We give 83 00:03:52,440 --> 00:03:53,920 Speaker 1: our thoughts at the end of the episode. Yes, we 84 00:03:53,960 --> 00:03:56,800 Speaker 1: will right well, onto the subject at hand. We're asking 85 00:03:56,840 --> 00:03:59,040 Speaker 1: the question does good luck or hard work get you 86 00:03:59,080 --> 00:04:01,720 Speaker 1: more money? And of course we're talking about luck because 87 00:04:01,720 --> 00:04:04,600 Speaker 1: it's St. Patty's Day. Let's quickly kind of discuss where 88 00:04:04,600 --> 00:04:07,320 Speaker 1: the phrase the luck of the Irish came from. A 89 00:04:07,520 --> 00:04:11,160 Speaker 1: little history lesson filling in. Uh. It's interestingly enough it 90 00:04:11,200 --> 00:04:14,800 Speaker 1: came Uh. It didn't stem from Ireland. The phrase came 91 00:04:14,800 --> 00:04:17,039 Speaker 1: around back in California in the gold rush of the 92 00:04:17,080 --> 00:04:19,760 Speaker 1: eighteen hundreds. It turns out that many of the folks 93 00:04:19,800 --> 00:04:22,800 Speaker 1: who were striking it rich were of Irish descent. So 94 00:04:22,839 --> 00:04:25,560 Speaker 1: the folks who had been prospecting and not striking it rich, 95 00:04:25,880 --> 00:04:29,160 Speaker 1: they began to call their Irish counterparts lucky and uh. 96 00:04:29,160 --> 00:04:31,559 Speaker 1: The phrase the luck of the Irish stems from those 97 00:04:31,800 --> 00:04:34,719 Speaker 1: quote unquote lucky Irish miners in the phrase still gets 98 00:04:34,760 --> 00:04:38,000 Speaker 1: used today. So when those accusations of luck were initially made, 99 00:04:38,040 --> 00:04:40,280 Speaker 1: they were meant to be derogatory, like, you guys don't 100 00:04:40,279 --> 00:04:43,200 Speaker 1: know what you're doing. You're just like by happenstance um 101 00:04:43,240 --> 00:04:46,360 Speaker 1: getting rich doing this mining. Telling someone who worked hard 102 00:04:46,520 --> 00:04:49,120 Speaker 1: to acquire something that they only got it because they 103 00:04:49,160 --> 00:04:52,240 Speaker 1: were lucky is a pretty offensive thing to say, right, um, 104 00:04:52,320 --> 00:04:55,520 Speaker 1: and today it's taking on a less offensive life of 105 00:04:55,520 --> 00:04:58,080 Speaker 1: its own. Uh that phrase the luck of the Irish. 106 00:04:58,120 --> 00:05:00,160 Speaker 1: But luck and hard work are two of the just 107 00:05:00,320 --> 00:05:02,560 Speaker 1: things to pull apart. There are so many elements of 108 00:05:02,560 --> 00:05:05,160 Speaker 1: both when it comes to achieving success in life. And 109 00:05:05,200 --> 00:05:07,359 Speaker 1: that's what we wanted to talk about on the show today, 110 00:05:07,400 --> 00:05:10,839 Speaker 1: Like what role this each play in our personal finances? Yeah, 111 00:05:11,000 --> 00:05:12,800 Speaker 1: you know, it makes me think of just all the 112 00:05:13,080 --> 00:05:16,080 Speaker 1: stories out there of talented sports players that like crush 113 00:05:16,120 --> 00:05:18,640 Speaker 1: it at the college level, but then who don't continue 114 00:05:18,680 --> 00:05:20,320 Speaker 1: to hone their skills and then they kind of crash 115 00:05:20,360 --> 00:05:22,000 Speaker 1: and burn when they, you know, make it to the 116 00:05:22,000 --> 00:05:24,880 Speaker 1: big leagues. Um, and you know, there are just as 117 00:05:24,960 --> 00:05:27,400 Speaker 1: many stories of players like in in true Rocky fashion, 118 00:05:27,600 --> 00:05:31,280 Speaker 1: that outworked everyone else in order to achieve big league success. 119 00:05:31,320 --> 00:05:33,280 Speaker 1: You know. Like Tom Brady comes to mind here when 120 00:05:33,360 --> 00:05:35,560 Speaker 1: you check out a scouting report and the fact that 121 00:05:35,560 --> 00:05:38,080 Speaker 1: he was drafted in the last round of the NFL draft, 122 00:05:38,320 --> 00:05:41,160 Speaker 1: Like nobody expected much of him, you know, but now 123 00:05:41,200 --> 00:05:44,960 Speaker 1: he's like like the undisputed best quarterback of all time. Right. Uh, 124 00:05:45,000 --> 00:05:46,960 Speaker 1: and so a lot of hard work went into that. 125 00:05:47,279 --> 00:05:49,000 Speaker 1: And so when it comes to our money that you know, 126 00:05:49,040 --> 00:05:51,040 Speaker 1: the problem is is like we're often not sure of 127 00:05:51,080 --> 00:05:53,520 Speaker 1: the role that luck plays in our lives. You know, 128 00:05:53,600 --> 00:05:56,400 Speaker 1: like some might chalk everything up to luck, while others 129 00:05:56,440 --> 00:05:58,120 Speaker 1: want to claim all the credit themselves and say it 130 00:05:58,200 --> 00:06:01,520 Speaker 1: was all hard work. But a opper perspective on the 131 00:06:01,640 --> 00:06:04,000 Speaker 1: roles that luck and hard work play in our lives 132 00:06:04,120 --> 00:06:05,840 Speaker 1: is really important to have. Yeah, so we're going to 133 00:06:05,839 --> 00:06:09,200 Speaker 1: discuss kind of the specific roles that each play in 134 00:06:09,200 --> 00:06:12,279 Speaker 1: our personal finances. Um, but first, I think it's important 135 00:06:12,320 --> 00:06:15,680 Speaker 1: to to step back and say, we're all lucky. Like 136 00:06:15,760 --> 00:06:18,599 Speaker 1: everybody listening to this podcast, you and I both, we 137 00:06:18,720 --> 00:06:21,040 Speaker 1: have to acknowledge how lucky we are. And let's take 138 00:06:21,120 --> 00:06:23,640 Speaker 1: a moment and kind of dissect that how how lucky 139 00:06:23,680 --> 00:06:26,000 Speaker 1: we are. Um, there are a few compelling points that 140 00:06:26,000 --> 00:06:28,920 Speaker 1: will really help us see that in stark detail, we're 141 00:06:28,960 --> 00:06:31,120 Speaker 1: really lucky, I would say, to be alive at this 142 00:06:31,240 --> 00:06:34,320 Speaker 1: specific time in history, Right, anyone who's listening to this 143 00:06:34,360 --> 00:06:37,040 Speaker 1: podcast has a whole lot that they can attribute to 144 00:06:37,160 --> 00:06:40,360 Speaker 1: pure random luck. You didn't necessarily choose to be born 145 00:06:40,480 --> 00:06:42,279 Speaker 1: in the era you were born in right, that wasn't 146 00:06:42,320 --> 00:06:45,359 Speaker 1: really up for debate. No no one asked you before 147 00:06:45,400 --> 00:06:47,520 Speaker 1: you came out of your mother's womb. You know, I 148 00:06:47,720 --> 00:06:50,000 Speaker 1: was how ur gonna be as a birth birthday year 149 00:06:50,040 --> 00:06:52,640 Speaker 1: for you? And you you really just you didn't have 150 00:06:52,640 --> 00:06:55,039 Speaker 1: that option. It just kind of happened. In the most 151 00:06:55,040 --> 00:06:58,599 Speaker 1: recent decades have been the most prosperous years in world history. 152 00:06:58,920 --> 00:07:00,840 Speaker 1: And Matt, I think a per fig person to turn 153 00:07:00,880 --> 00:07:02,880 Speaker 1: to to kind of help us see how lucky we 154 00:07:02,920 --> 00:07:05,400 Speaker 1: are is some of the work that Professor Stephen Pinker 155 00:07:05,440 --> 00:07:07,760 Speaker 1: has done. He wrote a book called Enlightenment Now and 156 00:07:07,800 --> 00:07:09,760 Speaker 1: in which he gives a lot of evidence as to 157 00:07:09,800 --> 00:07:12,400 Speaker 1: why the world is becoming a better place to live, 158 00:07:12,760 --> 00:07:14,880 Speaker 1: which you know, the better becomes, the luckier we are 159 00:07:14,920 --> 00:07:18,200 Speaker 1: to live in times like this. Three decades ago, thirty 160 00:07:18,200 --> 00:07:20,840 Speaker 1: percent of the world was living in poverty conditions. Now 161 00:07:20,960 --> 00:07:23,680 Speaker 1: just ten percent of the world, um it falls under 162 00:07:23,680 --> 00:07:26,560 Speaker 1: that status. And on a historical timeline, that's a massive 163 00:07:26,640 --> 00:07:29,080 Speaker 1: improvement in just the blink of an eye. Really, and 164 00:07:29,200 --> 00:07:30,640 Speaker 1: will link to his ted talk where you can be 165 00:07:30,680 --> 00:07:34,120 Speaker 1: overwhelmed at the sheer amount of positive human progress in 166 00:07:34,120 --> 00:07:36,040 Speaker 1: the short span of half of a century, but he 167 00:07:36,080 --> 00:07:40,000 Speaker 1: just lists statistic after statistic after statistic about how good 168 00:07:40,040 --> 00:07:42,800 Speaker 1: things have gotten. And honestly, the fact that we're alive 169 00:07:43,080 --> 00:07:45,880 Speaker 1: in this digital revolution at this specific time in history, 170 00:07:46,240 --> 00:07:48,600 Speaker 1: um means that we're all lucky. And in large part 171 00:07:49,040 --> 00:07:50,720 Speaker 1: that's right, Yeah, and because of the era that we 172 00:07:50,760 --> 00:07:52,760 Speaker 1: live in, you know, like we are all lucky to 173 00:07:52,840 --> 00:07:55,680 Speaker 1: live in relative safety as well. If you're listening to 174 00:07:55,760 --> 00:07:58,520 Speaker 1: the podcast, you almost inevitably live in a place that 175 00:07:58,560 --> 00:08:02,080 Speaker 1: allows you access to almost unlimited information. But you also 176 00:08:02,160 --> 00:08:06,120 Speaker 1: likely live in a place with stable electricity, clean running water, 177 00:08:06,240 --> 00:08:09,720 Speaker 1: and proper sanitation systems as well. And so because of that, 178 00:08:09,760 --> 00:08:12,880 Speaker 1: we we live in a highly functional society which gives 179 00:08:12,960 --> 00:08:16,600 Speaker 1: us more security and safety compared to centuries before, uh 180 00:08:16,640 --> 00:08:18,640 Speaker 1: and even just decades ago, you know. And so luck 181 00:08:18,720 --> 00:08:21,600 Speaker 1: plays a major factor here, and it's worth acknowledging that 182 00:08:21,720 --> 00:08:24,160 Speaker 1: even if you have had some tough breaks in your life, 183 00:08:24,280 --> 00:08:26,040 Speaker 1: when you zoom out, you know, you can see that 184 00:08:26,080 --> 00:08:29,920 Speaker 1: we are all quite fortunate in terms of this historical timeline. Yeah, 185 00:08:29,960 --> 00:08:31,480 Speaker 1: And these, of course are things that we do not 186 00:08:31,600 --> 00:08:35,160 Speaker 1: have any control over, right, Like someone who was born 187 00:08:35,200 --> 00:08:38,160 Speaker 1: two d years ago can't change that fact. And you 188 00:08:38,200 --> 00:08:40,480 Speaker 1: can't change whether you were born into the richest country 189 00:08:40,480 --> 00:08:42,720 Speaker 1: in the world or the poorest. That is purely a 190 00:08:42,720 --> 00:08:45,640 Speaker 1: factor of luck. You can't change whether you're born into 191 00:08:45,760 --> 00:08:51,239 Speaker 1: political chaos, war famine, or into a country of relative stability. 192 00:08:51,679 --> 00:08:53,680 Speaker 1: And most of us are truly lucky to have the 193 00:08:53,720 --> 00:08:56,120 Speaker 1: modern developments that have helped our world become what it 194 00:08:56,200 --> 00:08:58,480 Speaker 1: is today. So after the break, we're going to talk 195 00:08:58,480 --> 00:09:01,360 Speaker 1: about the spectrum of luck and hard work and how 196 00:09:01,440 --> 00:09:04,679 Speaker 1: each one has a massive amount of influence on our 197 00:09:04,679 --> 00:09:16,880 Speaker 1: personal finances, and we'll get to that next. Alright, we 198 00:09:16,960 --> 00:09:19,160 Speaker 1: just discussed how lucky we are in most of the 199 00:09:19,200 --> 00:09:21,839 Speaker 1: folks listening to this podcast are right, and we feel 200 00:09:21,840 --> 00:09:25,360 Speaker 1: that it is important to knowledge luck because it's true. 201 00:09:25,520 --> 00:09:29,120 Speaker 1: You know. Acknowledging what is true is important because just 202 00:09:29,160 --> 00:09:31,320 Speaker 1: plays such a massive role in all of our lives, 203 00:09:31,960 --> 00:09:34,960 Speaker 1: and if we refuse to acknowledge it, we're essentially we're 204 00:09:35,040 --> 00:09:37,880 Speaker 1: lying to ourselves. Evidence also suggests that the more we 205 00:09:37,960 --> 00:09:40,480 Speaker 1: diminish the role that luck plays in our lives, the 206 00:09:40,520 --> 00:09:43,040 Speaker 1: more likely we are to avoid generosity, and so we 207 00:09:43,120 --> 00:09:47,000 Speaker 1: become less likely to support the actual institutions that allowed 208 00:09:47,000 --> 00:09:49,800 Speaker 1: our success to happen. In a lot of cases. Yeah, 209 00:09:49,960 --> 00:09:54,200 Speaker 1: understanding luck, Matt like, keeps us humble, really right, So, uh, 210 00:09:54,280 --> 00:09:57,400 Speaker 1: instead of saying I'm a self made person and it's 211 00:09:57,440 --> 00:10:00,520 Speaker 1: all on me, and then we kind of become almost 212 00:10:00,559 --> 00:10:02,800 Speaker 1: antagonistic to some of the role that luck has played 213 00:10:03,000 --> 00:10:05,400 Speaker 1: and some of like the societal benefit that we receive 214 00:10:05,480 --> 00:10:08,479 Speaker 1: from where we live and when we live. Um, Understanding 215 00:10:08,640 --> 00:10:11,560 Speaker 1: the role that luck plays does bread some humility and 216 00:10:11,600 --> 00:10:13,800 Speaker 1: not all success is due to our work ethic and 217 00:10:13,840 --> 00:10:16,320 Speaker 1: our ability to grind it out. You know, giving credit 218 00:10:16,360 --> 00:10:19,000 Speaker 1: to something outside of ourselves keeps our head from inflating 219 00:10:19,160 --> 00:10:22,240 Speaker 1: and keeps our egos in check. It's important, it is, Yeah, 220 00:10:22,400 --> 00:10:24,560 Speaker 1: And at the same time, if you're in a tough position, 221 00:10:24,600 --> 00:10:27,120 Speaker 1: there's a good chance that it's not entirely all your 222 00:10:27,160 --> 00:10:29,680 Speaker 1: fault or for a lack of trying. So don't be 223 00:10:29,720 --> 00:10:31,920 Speaker 1: scared to give luck. It's proper do in your life. 224 00:10:32,040 --> 00:10:34,000 Speaker 1: It makes us more able to deal with both success 225 00:10:34,000 --> 00:10:36,680 Speaker 1: and failure. That is right. And you know, there's a 226 00:10:36,679 --> 00:10:39,839 Speaker 1: continuum two between thinking that everything in our lives is 227 00:10:40,760 --> 00:10:44,040 Speaker 1: due to luck versus it being all hard work. Right, 228 00:10:44,360 --> 00:10:46,360 Speaker 1: If you think it's all luck, you'll be playing the 229 00:10:46,400 --> 00:10:49,240 Speaker 1: lottery to Night's um and every night afterwards, and you'll 230 00:10:49,280 --> 00:10:52,840 Speaker 1: be winning everything like uh, and you'll think that you know, 231 00:10:52,880 --> 00:10:55,440 Speaker 1: like discipline and hard work, that those things don't matter 232 00:10:55,720 --> 00:10:57,560 Speaker 1: when it comes to achieving your goals. And so when 233 00:10:57,600 --> 00:10:58,880 Speaker 1: it comes to your money, that likely means that you 234 00:10:58,880 --> 00:11:01,040 Speaker 1: don't have a plan. Basically, you know, are going to 235 00:11:01,120 --> 00:11:03,640 Speaker 1: do whatever you feel like doing. And that's obviously not 236 00:11:03,720 --> 00:11:07,040 Speaker 1: a great approach, as you're not thinking highly enough of 237 00:11:07,080 --> 00:11:09,640 Speaker 1: your own capabilities. Yeah, and at the other end of 238 00:11:09,640 --> 00:11:12,960 Speaker 1: that spectrum, if you believe that it's hard work and 239 00:11:13,000 --> 00:11:15,920 Speaker 1: that's the only influence that plays a role in your life, 240 00:11:16,200 --> 00:11:20,880 Speaker 1: you'll probably be overly optimistic and not really grounded in reality. 241 00:11:21,200 --> 00:11:23,800 Speaker 1: You might think that you can literally do anything, and 242 00:11:23,880 --> 00:11:26,720 Speaker 1: you might think less of anyone who isn't achieving and 243 00:11:26,760 --> 00:11:30,440 Speaker 1: crushing their goals. Right, And in that scenario, you aren't 244 00:11:30,480 --> 00:11:34,480 Speaker 1: thinking clearly about the limitations that you face. For example, 245 00:11:34,520 --> 00:11:36,720 Speaker 1: even with a ton of work, Matt, it's highly unlikely 246 00:11:36,760 --> 00:11:39,520 Speaker 1: that I'm going to become a NASA scientist right, especially 247 00:11:39,559 --> 00:11:42,760 Speaker 1: at the ripe old age of thirty seven. I just 248 00:11:43,080 --> 00:11:45,200 Speaker 1: think that if I went in that direction, I'd be 249 00:11:45,200 --> 00:11:47,959 Speaker 1: thinking too highly of my abilities. Hard work could get 250 00:11:48,000 --> 00:11:50,000 Speaker 1: me a lot of places, but I'm probably never going 251 00:11:50,040 --> 00:11:52,040 Speaker 1: to get the role that like Ed Harris had in 252 00:11:52,559 --> 00:11:55,200 Speaker 1: All you know, Like I'm not gonna be like the 253 00:11:55,200 --> 00:11:57,360 Speaker 1: one talking to Tom Hanks. Yeah, okay, I'm not getting 254 00:11:57,360 --> 00:11:59,360 Speaker 1: that role at NASA. Like it's it's uh not just 255 00:11:59,480 --> 00:12:02,559 Speaker 1: highly unly, it's pretty much impossible, right, And and so 256 00:12:02,840 --> 00:12:04,640 Speaker 1: you know, I think, yeah, if you think everything is 257 00:12:04,800 --> 00:12:07,000 Speaker 1: hard work, I can achieve that I can get there. 258 00:12:07,160 --> 00:12:10,079 Speaker 1: We're not living in reality. We're probably like living in space, right, 259 00:12:10,640 --> 00:12:13,120 Speaker 1: that's true. Uh. And so you know, in our real 260 00:12:13,160 --> 00:12:15,880 Speaker 1: everyday lives, we're somewhere in the middle obviously, right, Like 261 00:12:15,920 --> 00:12:18,520 Speaker 1: our lives are part hard work and part luck. But 262 00:12:18,559 --> 00:12:20,600 Speaker 1: the big lesson here is that it's really important that 263 00:12:20,640 --> 00:12:23,760 Speaker 1: we put in the hard work first in order to 264 00:12:23,800 --> 00:12:26,959 Speaker 1: take advantage of the lucky breaks that come our away. Uh. 265 00:12:27,160 --> 00:12:29,080 Speaker 1: So that the sequence here is really important, because an 266 00:12:29,080 --> 00:12:33,200 Speaker 1: opportunity that presents itself is just an opportunity unless you 267 00:12:33,240 --> 00:12:35,480 Speaker 1: are able to act on it, right, And so if 268 00:12:35,520 --> 00:12:38,440 Speaker 1: you've put in the work and you're prepared, then that 269 00:12:38,480 --> 00:12:42,040 Speaker 1: opportunity is now seen as a lucky break. So, for example, 270 00:12:42,040 --> 00:12:44,200 Speaker 1: when I was working as a graphic designer, back in 271 00:12:44,200 --> 00:12:47,120 Speaker 1: my advertising days, I was also honing my abilities as 272 00:12:47,120 --> 00:12:49,280 Speaker 1: a photographer at the same time, and it was a 273 00:12:49,360 --> 00:12:51,440 Speaker 1: you know, as a service our agency was providing the clients. 274 00:12:51,520 --> 00:12:53,480 Speaker 1: But a year later, when I saw a great opportunity 275 00:12:53,760 --> 00:12:56,599 Speaker 1: for photography to become my full time gig, I was 276 00:12:56,640 --> 00:12:58,079 Speaker 1: able to take a chance, and so I didn't. I 277 00:12:58,080 --> 00:13:01,240 Speaker 1: didn't throw away my shot, like like Alexander Hamilton's like Hamilton, 278 00:13:01,320 --> 00:13:03,440 Speaker 1: that's right. I'm not going throwing away I don't know. 279 00:13:03,559 --> 00:13:05,320 Speaker 1: I know, I can't sing it. I'm not gonna even try. 280 00:13:05,440 --> 00:13:06,959 Speaker 1: I just tried. I shouldn't do it. You shouldn't have 281 00:13:07,000 --> 00:13:09,480 Speaker 1: done it, kind I have only we've only seen it once, 282 00:13:09,640 --> 00:13:11,240 Speaker 1: and we keep saying that we want to sit, sit 283 00:13:11,280 --> 00:13:13,080 Speaker 1: down and kind of rewatch the whole thing again. But 284 00:13:13,200 --> 00:13:15,600 Speaker 1: we never saw it in person. Obviously, Yeah, neither, I've 285 00:13:15,600 --> 00:13:19,080 Speaker 1: got that kind of money. But man, just the yeah, 286 00:13:19,080 --> 00:13:21,600 Speaker 1: the what's on Disney Plus it's so good. It's yeah, 287 00:13:21,640 --> 00:13:24,080 Speaker 1: it's great, so good, and yeah, my wife listens to 288 00:13:24,120 --> 00:13:28,280 Speaker 1: that on repeat. But it's so true, right, like that, 289 00:13:28,400 --> 00:13:29,880 Speaker 1: sometimes you get a shot and you have to take it. 290 00:13:29,920 --> 00:13:32,840 Speaker 1: But hard work is a huge part of capitalizing on 291 00:13:32,880 --> 00:13:34,600 Speaker 1: that lot. It allows you to do it. Yeah, and 292 00:13:34,640 --> 00:13:36,880 Speaker 1: we thank you. And I think the hard work basically 293 00:13:37,000 --> 00:13:40,280 Speaker 1: always proceeds what many folks might call a lucky break. 294 00:13:40,559 --> 00:13:43,079 Speaker 1: We would say, you can increase your chances of experiencing 295 00:13:43,120 --> 00:13:45,560 Speaker 1: the benefits of luck in your life. There are things 296 00:13:45,600 --> 00:13:47,800 Speaker 1: you can do you have the power of to get 297 00:13:48,040 --> 00:13:50,600 Speaker 1: luck here, right, And it makes me think mad about 298 00:13:50,600 --> 00:13:52,880 Speaker 1: a book I recently read called The Biggest Bluff by 299 00:13:52,920 --> 00:13:56,400 Speaker 1: Maria Knakova. And Maria is a psychologist who decided she 300 00:13:56,520 --> 00:13:58,600 Speaker 1: was going to learn how to play poker. She had 301 00:13:58,640 --> 00:14:01,720 Speaker 1: all sorts of preconceived oceans of what being a poker 302 00:14:01,720 --> 00:14:04,079 Speaker 1: player might look like, and she notes two in the 303 00:14:04,080 --> 00:14:05,920 Speaker 1: book that she assumed too much about the role of 304 00:14:06,000 --> 00:14:08,720 Speaker 1: luck in the outcome of the game. She realized quickly 305 00:14:08,800 --> 00:14:11,720 Speaker 1: just how much hard work goes into winning at poker, 306 00:14:12,040 --> 00:14:14,880 Speaker 1: and more specifically, how much effort is required to increase 307 00:14:14,920 --> 00:14:17,800 Speaker 1: your chances for success. It's a fascinating book and it 308 00:14:17,840 --> 00:14:19,800 Speaker 1: really helps you see that even in a game where 309 00:14:19,880 --> 00:14:23,320 Speaker 1: chance abounds, right, the ability to get lucky certainly exists. 310 00:14:23,520 --> 00:14:25,400 Speaker 1: There's a ton of skill and hard work that goes 311 00:14:25,440 --> 00:14:27,760 Speaker 1: into it. And really, just like we were talking about, 312 00:14:27,760 --> 00:14:29,480 Speaker 1: just like you're talking about with you know, launching your 313 00:14:29,480 --> 00:14:32,840 Speaker 1: own photography business. The most successful poker players put in 314 00:14:32,920 --> 00:14:35,480 Speaker 1: all that hard work and then they get those lucky 315 00:14:35,480 --> 00:14:38,240 Speaker 1: breaks that they take advantage of, um, But they wouldn't 316 00:14:38,240 --> 00:14:41,000 Speaker 1: be able to take advantage of them without the former, right, yeah, Yeah, 317 00:14:41,000 --> 00:14:42,320 Speaker 1: there's a reason that you see some of the same 318 00:14:42,320 --> 00:14:45,480 Speaker 1: people at the final table of the major poker events, 319 00:14:45,560 --> 00:14:47,960 Speaker 1: you know, year after year. Right. It's not that there 320 00:14:48,000 --> 00:14:50,760 Speaker 1: are no bad beats or that luck doesn't play a role. 321 00:14:50,920 --> 00:14:53,800 Speaker 1: It's just that hard work and knowing the game plays 322 00:14:53,840 --> 00:14:57,560 Speaker 1: a more important role in the final outcome. Uh And 323 00:14:57,560 --> 00:14:59,480 Speaker 1: and so another example of what you know, many would 324 00:14:59,480 --> 00:15:00,960 Speaker 1: call luck is that Joel, you like you and I 325 00:15:01,000 --> 00:15:03,120 Speaker 1: both we were able to take advantage of an eight 326 00:15:03,160 --> 00:15:06,400 Speaker 1: thousand dollar federal tax credit for first time homebuyers. You know. 327 00:15:06,480 --> 00:15:08,480 Speaker 1: Where we fortunate, you know, to be able to score 328 00:15:08,480 --> 00:15:11,360 Speaker 1: a sweet discount on our homes back in two thousand nine. Totally, 329 00:15:11,600 --> 00:15:13,800 Speaker 1: you know, it was a great opportunity. But because we 330 00:15:13,840 --> 00:15:17,960 Speaker 1: had worked hard before that opportunity presented itself and saved 331 00:15:18,000 --> 00:15:21,680 Speaker 1: up down payment first, we were able to take advantage 332 00:15:21,720 --> 00:15:24,680 Speaker 1: of that opportunity. Just like you said, hard work always 333 00:15:24,720 --> 00:15:28,240 Speaker 1: precedes you know, a lucky break. Luck favors the prepared, 334 00:15:28,280 --> 00:15:29,920 Speaker 1: and so that's what we're talking about here, We're talking 335 00:15:29,920 --> 00:15:33,600 Speaker 1: about being prepared. Yeah, man, I totally agree. The people 336 00:15:33,640 --> 00:15:35,920 Speaker 1: to get the luckiest are often the people that have 337 00:15:36,040 --> 00:15:38,120 Speaker 1: worked the hardest. It doesn't always work out that way, 338 00:15:38,160 --> 00:15:41,760 Speaker 1: but certainly hard work plays a major role in how 339 00:15:41,800 --> 00:15:44,240 Speaker 1: lucky we're able to get. Most deaf man. Yeah, But 340 00:15:44,240 --> 00:15:47,160 Speaker 1: but the title of this episode was does good luck 341 00:15:47,240 --> 00:15:49,480 Speaker 1: or hard work get you more money? And so we've 342 00:15:49,520 --> 00:15:51,479 Speaker 1: done a good job I think of kind of outlying 343 00:15:51,760 --> 00:15:54,640 Speaker 1: the roles of both luck and hard work when it 344 00:15:54,680 --> 00:15:56,920 Speaker 1: comes to like how those things play out in our lives. 345 00:15:57,080 --> 00:15:59,280 Speaker 1: But we've got to get to some specific examples where 346 00:15:59,280 --> 00:16:01,920 Speaker 1: when it comes to our perst all finances, valuing one 347 00:16:02,080 --> 00:16:04,400 Speaker 1: more than the other, valuing luck too much or valuing 348 00:16:04,440 --> 00:16:07,520 Speaker 1: hard work maybe too much, could be a detriment to us. 349 00:16:07,520 --> 00:16:09,280 Speaker 1: And so we've got some specific examples that we think 350 00:16:09,320 --> 00:16:10,960 Speaker 1: are going to help drive this point home and help 351 00:16:11,000 --> 00:16:12,920 Speaker 1: us have a more balanced and a better approach to 352 00:16:12,920 --> 00:16:15,000 Speaker 1: our personal finances if we could hold these two things 353 00:16:15,000 --> 00:16:27,560 Speaker 1: intention properly. We'll get to those right after this break. All, 354 00:16:27,640 --> 00:16:30,160 Speaker 1: right before the break, you know, we were talking about 355 00:16:30,160 --> 00:16:33,560 Speaker 1: how luck, you know, basically favors the prepared, and we've 356 00:16:33,600 --> 00:16:36,680 Speaker 1: identified the fact that luck is an inevitable aspect of 357 00:16:36,760 --> 00:16:38,680 Speaker 1: life that can, you know, have a pretty large impact 358 00:16:38,720 --> 00:16:41,760 Speaker 1: on our lives. However, we don't have control over the 359 00:16:41,840 --> 00:16:44,680 Speaker 1: luck in our lives, right, but we do have control 360 00:16:44,720 --> 00:16:46,960 Speaker 1: over our actions, you know, like what we spend our 361 00:16:47,000 --> 00:16:49,520 Speaker 1: time doing. So it's important for us to focus on 362 00:16:49,560 --> 00:16:52,400 Speaker 1: the things that we can control, you know, like that's 363 00:16:52,400 --> 00:16:54,280 Speaker 1: what we need to spend our time and energy on. 364 00:16:54,600 --> 00:16:56,400 Speaker 1: And so let's talk through some examples that pertained to 365 00:16:56,440 --> 00:16:59,840 Speaker 1: our money. Okay, let's start with one from like the workplace, 366 00:17:00,440 --> 00:17:02,960 Speaker 1: and we we might hear someone a friend who's landed 367 00:17:02,960 --> 00:17:06,320 Speaker 1: an amazing job. It's really fun and the pay is awesome, 368 00:17:06,720 --> 00:17:10,280 Speaker 1: and uh, you know, the default reaction we might think is, wow, 369 00:17:10,320 --> 00:17:13,600 Speaker 1: you just got really lucky, and maybe we're a little 370 00:17:13,600 --> 00:17:15,480 Speaker 1: bit jealous. That probably plays a little bit, a little 371 00:17:15,480 --> 00:17:16,879 Speaker 1: bit of a role there right as you say it 372 00:17:16,880 --> 00:17:22,640 Speaker 1: through your teeth, congratulations for you, But like that would 373 00:17:22,640 --> 00:17:25,280 Speaker 1: discount if we just attributed that all to luck. Maybe 374 00:17:25,280 --> 00:17:27,040 Speaker 1: some of the hard work that it's taken them to 375 00:17:27,080 --> 00:17:28,359 Speaker 1: get there, some of the hard work that we we 376 00:17:28,359 --> 00:17:31,320 Speaker 1: can't even see right, And likely it's years of education 377 00:17:31,800 --> 00:17:34,600 Speaker 1: or doing great work at their former job that really 378 00:17:34,680 --> 00:17:36,960 Speaker 1: elevated them to this point where they could get this 379 00:17:37,119 --> 00:17:39,960 Speaker 1: dream job that they're super excited about. I think too, 380 00:17:40,080 --> 00:17:42,879 Speaker 1: like we often assume we don't have the connections to 381 00:17:42,920 --> 00:17:44,879 Speaker 1: get the job we want. That's one thing that I 382 00:17:44,920 --> 00:17:47,000 Speaker 1: hear people say a lot, like my network's not not 383 00:17:47,000 --> 00:17:49,320 Speaker 1: good enough. I don't know the right people. And connections 384 00:17:49,320 --> 00:17:51,480 Speaker 1: are of course in the world of you know, the 385 00:17:51,480 --> 00:17:55,000 Speaker 1: workplace and getting another job with that that's better that 386 00:17:55,040 --> 00:17:57,800 Speaker 1: you enjoy more with higher pay. Connections are important in 387 00:17:57,840 --> 00:18:01,159 Speaker 1: that they're they're assumed though, to be completely luck related. 388 00:18:01,400 --> 00:18:03,920 Speaker 1: Who you know is all lucky breaks, But that's often 389 00:18:03,960 --> 00:18:06,120 Speaker 1: not the case either. I mean, you might bump into 390 00:18:06,119 --> 00:18:09,200 Speaker 1: the perfect person on an airplane or at a hotel 391 00:18:09,240 --> 00:18:11,720 Speaker 1: bar that helps your career in a big way, but 392 00:18:11,800 --> 00:18:15,760 Speaker 1: that's rare. That's not usually how networking works. Networking often 393 00:18:15,840 --> 00:18:18,480 Speaker 1: involves a great deal of effort, in most cases, a 394 00:18:18,560 --> 00:18:21,600 Speaker 1: lot of intentionality and work over a period of time 395 00:18:21,920 --> 00:18:24,920 Speaker 1: to build up a solid and stable network. So it's 396 00:18:24,960 --> 00:18:27,639 Speaker 1: just interesting that even in that like work atmosphere that 397 00:18:27,640 --> 00:18:29,760 Speaker 1: we're talking about here, Matt. It's not that luck doesn't 398 00:18:29,760 --> 00:18:32,360 Speaker 1: play any role, but it's just I think we can 399 00:18:32,359 --> 00:18:34,560 Speaker 1: see when we kind of dissected a little bit that 400 00:18:34,600 --> 00:18:36,959 Speaker 1: hard work often plays a much bigger role. Yeah, it's 401 00:18:36,960 --> 00:18:38,240 Speaker 1: it takes a lot of hard work. And the here's 402 00:18:38,280 --> 00:18:40,320 Speaker 1: the thing too, is that it doesn't happen overnight. Right. 403 00:18:40,400 --> 00:18:43,120 Speaker 1: You can't just like spend all night working through your 404 00:18:43,160 --> 00:18:47,080 Speaker 1: network and growing those relationships, because that's not how relationships work. 405 00:18:47,119 --> 00:18:50,000 Speaker 1: You can't pull a college all nighter right, No, no, exactly, 406 00:18:50,480 --> 00:18:52,520 Speaker 1: drinking cups of coffee and yeah, call it a day. 407 00:18:52,640 --> 00:18:54,000 Speaker 1: It makes me think of a friend of the show, 408 00:18:54,160 --> 00:18:57,280 Speaker 1: Jordan Harbinger. He says, to dig the well before you're thirsty. 409 00:18:57,440 --> 00:18:59,480 Speaker 1: This is another example of how networking is more than 410 00:18:59,720 --> 00:19:02,040 Speaker 1: than luck. You know, it's a skill that you can 411 00:19:02,480 --> 00:19:05,440 Speaker 1: and that you likely should develop. You can even turn 412 00:19:05,560 --> 00:19:08,440 Speaker 1: networking into a habit, like Jordan does, you know, reaching 413 00:19:08,440 --> 00:19:10,960 Speaker 1: out to someone every day via email or by text, 414 00:19:11,240 --> 00:19:14,560 Speaker 1: And so just don't assume that developing that network is 415 00:19:14,720 --> 00:19:16,960 Speaker 1: purely a result of luck. Yeah, let's get to another 416 00:19:16,960 --> 00:19:19,120 Speaker 1: personal finance example here when it comes to the role 417 00:19:19,160 --> 00:19:21,639 Speaker 1: of luck and hard work, and let's talk about vehicles 418 00:19:21,680 --> 00:19:25,040 Speaker 1: for a second, matt Uh. Someone might say I'm unlucky 419 00:19:25,160 --> 00:19:28,119 Speaker 1: because I have a car that's constantly in need of repairs. Right, 420 00:19:28,119 --> 00:19:30,479 Speaker 1: it's costing me money, it's costing me time. It's a 421 00:19:30,480 --> 00:19:32,840 Speaker 1: major annoyance. And you know what, it can be true. 422 00:19:32,880 --> 00:19:35,520 Speaker 1: There are lemons out there right there, lemon laws in 423 00:19:35,560 --> 00:19:39,159 Speaker 1: certain states to protect consumers from buying a car that 424 00:19:39,200 --> 00:19:41,760 Speaker 1: has consistent issues. And there's a reason that those exist. 425 00:19:41,960 --> 00:19:43,840 Speaker 1: But there's also a way that most people can protect 426 00:19:43,840 --> 00:19:46,680 Speaker 1: themselves on the front end from getting unlucky when it 427 00:19:46,720 --> 00:19:49,560 Speaker 1: comes to a vehicle purchase, and that involves a little effort, 428 00:19:49,560 --> 00:19:52,159 Speaker 1: a little hard work. So putting that fourth instead on 429 00:19:52,200 --> 00:19:54,399 Speaker 1: the front end will make sure that you're buying a 430 00:19:54,400 --> 00:19:57,440 Speaker 1: car that doesn't get horrible reviews, maybe on a site 431 00:19:57,440 --> 00:19:59,879 Speaker 1: like consumer reports that can really steer you in the 432 00:20:00,160 --> 00:20:03,520 Speaker 1: direction and to the effort and small expense to have 433 00:20:03,600 --> 00:20:05,920 Speaker 1: that car checked out by your mechanic is another way 434 00:20:05,960 --> 00:20:08,639 Speaker 1: that you're more likely to purchase a car, a great 435 00:20:08,680 --> 00:20:11,000 Speaker 1: car that will treat you well for years to come. Yeah, 436 00:20:11,040 --> 00:20:13,200 Speaker 1: oftentimes there's a reason that we don't do that. It's 437 00:20:13,200 --> 00:20:16,080 Speaker 1: because it takes work, it's inconvenient, it's not something that 438 00:20:16,119 --> 00:20:18,160 Speaker 1: you want to do. That's not something I really want 439 00:20:18,160 --> 00:20:20,480 Speaker 1: to do. But when you take those steps ahead of time, Yeah, 440 00:20:20,480 --> 00:20:23,600 Speaker 1: it prevents you from purchasing a car full of somebody 441 00:20:23,600 --> 00:20:25,920 Speaker 1: else's problems. Yeah, exactly. And so yeah, that little bit 442 00:20:25,960 --> 00:20:27,879 Speaker 1: of hard work, maybe that little bit of money on 443 00:20:27,880 --> 00:20:30,440 Speaker 1: the front end, it's like this really cheap insurance policy 444 00:20:30,520 --> 00:20:33,760 Speaker 1: essentially from getting an unlucky break. Yeah, And I think 445 00:20:33,800 --> 00:20:36,200 Speaker 1: the same is true too of like tenant horror stories. 446 00:20:36,240 --> 00:20:38,400 Speaker 1: You know, if you're a real estate investor, it's assumed 447 00:20:38,400 --> 00:20:40,720 Speaker 1: that rotten luck was the reason you had a tenant 448 00:20:40,760 --> 00:20:43,120 Speaker 1: who didn't take care of your place. And too, it's 449 00:20:43,160 --> 00:20:44,920 Speaker 1: it's like the number one reason we hear people say 450 00:20:44,920 --> 00:20:47,159 Speaker 1: that they don't want to get into real estate investing, right, 451 00:20:47,400 --> 00:20:51,080 Speaker 1: But screening a tenant well is the answer here. That 452 00:20:51,119 --> 00:20:52,800 Speaker 1: takes a little bit of work, you know, but that 453 00:20:52,920 --> 00:20:56,080 Speaker 1: extra effort that it takes to screen potential tenants well 454 00:20:56,359 --> 00:20:59,000 Speaker 1: will make all the difference in your experience and your 455 00:20:59,040 --> 00:21:02,320 Speaker 1: ability to have a successful real estate venture. Yeah. If 456 00:21:02,320 --> 00:21:04,760 Speaker 1: that's you, If you've been put off by real estate 457 00:21:04,760 --> 00:21:08,080 Speaker 1: investing because you've heard tenant horror stories and you're like, 458 00:21:08,119 --> 00:21:11,600 Speaker 1: I don't want that understandably you don't want that, but seriously, 459 00:21:11,640 --> 00:21:14,200 Speaker 1: you can prevent that in almost all cases. Yeah, buy 460 00:21:14,280 --> 00:21:16,640 Speaker 1: a little bit of hard work. We talked about managing 461 00:21:16,680 --> 00:21:19,639 Speaker 1: rental properties effectively in episode to sixty nine. If you 462 00:21:19,680 --> 00:21:22,439 Speaker 1: want a little more information on that, Matt, let's move 463 00:21:22,480 --> 00:21:25,280 Speaker 1: on to investing, another segment of personal finance. Yeah, we're 464 00:21:25,320 --> 00:21:28,879 Speaker 1: Luck and hard work have an interesting relationship. Behavioral economists 465 00:21:28,920 --> 00:21:31,800 Speaker 1: have found that when investment returns are good, investors are 466 00:21:31,840 --> 00:21:34,840 Speaker 1: more likely to praise their own skills, and when their 467 00:21:34,840 --> 00:21:37,439 Speaker 1: investments aren't doing so hot, they blame bad luck. And 468 00:21:37,520 --> 00:21:39,959 Speaker 1: so it's just nice that you can do that, right 469 00:21:40,000 --> 00:21:42,760 Speaker 1: to make yourself feel better. But it's funny how that happens, right. 470 00:21:42,920 --> 00:21:45,640 Speaker 1: It's not that some stock pickers don't have skill, right. 471 00:21:45,800 --> 00:21:47,480 Speaker 1: There are people out there that have done a great 472 00:21:47,560 --> 00:21:52,120 Speaker 1: job investing in companies over decades and they've seen great performance. 473 00:21:52,160 --> 00:21:54,160 Speaker 1: You know, Warren Buffett is one of those people. There's 474 00:21:54,160 --> 00:21:57,440 Speaker 1: certainly skill in assessing companies, finding their value and buying 475 00:21:57,480 --> 00:22:00,439 Speaker 1: undervalue companies, figure out which ones you think will perform 476 00:22:00,520 --> 00:22:02,760 Speaker 1: better in the coming years. But it takes a whole 477 00:22:02,800 --> 00:22:05,680 Speaker 1: lot of hard work in order to get lucky. By 478 00:22:05,800 --> 00:22:08,439 Speaker 1: putting your money and investing your money in the right company, 479 00:22:08,440 --> 00:22:10,920 Speaker 1: in the right stock right. Yeah. And for regular investors, 480 00:22:11,000 --> 00:22:13,240 Speaker 1: you know, with their job like us, you might assume 481 00:22:13,359 --> 00:22:16,280 Speaker 1: that that luck is the most important factor when investing, 482 00:22:16,320 --> 00:22:19,679 Speaker 1: you know, but in fact it is not. Regularly investing 483 00:22:19,880 --> 00:22:22,359 Speaker 1: and staying diversified is going to be your best chance 484 00:22:22,440 --> 00:22:26,400 Speaker 1: at success. Uh. That and keeping costs down are crucial. Uh. 485 00:22:26,400 --> 00:22:28,719 Speaker 1: And those factors don't involve luck at all. It's just 486 00:22:28,960 --> 00:22:31,439 Speaker 1: a small amount of knowledge and then taking action. Like 487 00:22:31,480 --> 00:22:33,560 Speaker 1: the real work that happens here is just sticking to 488 00:22:33,640 --> 00:22:36,919 Speaker 1: the plan. It's not getting lucky and choosing you know, 489 00:22:37,040 --> 00:22:39,920 Speaker 1: some some stock that like shoots to the moon, right right. Yeah, 490 00:22:40,200 --> 00:22:43,560 Speaker 1: But especially in today's environment, when speculation has become rampant, 491 00:22:43,720 --> 00:22:46,520 Speaker 1: I feel like everybody assumes that the stock market is 492 00:22:46,520 --> 00:22:48,679 Speaker 1: a casino and they're trying to get in on some 493 00:22:48,760 --> 00:22:51,160 Speaker 1: quick gains, some quick cash. But that is not investing. 494 00:22:51,400 --> 00:22:55,480 Speaker 1: That is something altogether different, and that it would involve luck. Right, 495 00:22:55,720 --> 00:23:00,160 Speaker 1: Speculation does involve luck, m But but actually investing an 496 00:23:00,160 --> 00:23:02,440 Speaker 1: involved luck, it really does, Matt, Like you said, it's 497 00:23:02,440 --> 00:23:04,640 Speaker 1: the fundamentals, and it requires the hard work not only 498 00:23:04,640 --> 00:23:07,680 Speaker 1: to learn those fundamentals, but then to implement them on 499 00:23:07,720 --> 00:23:11,439 Speaker 1: the regular by continually investing. Right, all that being said to, 500 00:23:12,200 --> 00:23:14,879 Speaker 1: we can spend too much time thinking about luck and 501 00:23:14,960 --> 00:23:17,240 Speaker 1: its role in our lives. If we attribute too much 502 00:23:17,280 --> 00:23:19,680 Speaker 1: of what happens in our lives to random chance, we're 503 00:23:19,680 --> 00:23:22,120 Speaker 1: far more likely to not put in the hard work 504 00:23:22,119 --> 00:23:25,080 Speaker 1: that's needed to capitalize on opportunities that come our way. 505 00:23:25,359 --> 00:23:28,159 Speaker 1: At some point, we all have to make something of 506 00:23:28,160 --> 00:23:31,280 Speaker 1: the luck that we've been dealt. And though acknowledging luck 507 00:23:31,440 --> 00:23:34,680 Speaker 1: is crucial, it's really important. There's a hope that arises, 508 00:23:34,720 --> 00:23:37,080 Speaker 1: I think when we see our own ability to make 509 00:23:37,080 --> 00:23:40,399 Speaker 1: it dent in our circumstances or pursue the financial future 510 00:23:40,440 --> 00:23:42,840 Speaker 1: that we want for ourselves and for our families. If 511 00:23:42,880 --> 00:23:44,840 Speaker 1: we think of luck too highly and we think that 512 00:23:44,880 --> 00:23:47,320 Speaker 1: it plays an outsized role in our lives, it's an 513 00:23:47,320 --> 00:23:49,359 Speaker 1: all likelihood going to lead to a little bit of 514 00:23:49,400 --> 00:23:52,480 Speaker 1: like paralysis in our own ability to do the things 515 00:23:52,520 --> 00:23:54,720 Speaker 1: that we need to do to provide a better future 516 00:23:54,760 --> 00:23:56,840 Speaker 1: for ourselves. Right, Yeah, I mean, and stories of luck 517 00:23:56,920 --> 00:23:59,399 Speaker 1: just really aren't that compelling because there's nothing there's no 518 00:23:59,440 --> 00:24:02,479 Speaker 1: real takeaway there, Right, It's just like, Okay, here's somebody 519 00:24:02,600 --> 00:24:03,919 Speaker 1: like you. There's not a I don't know, maybe there 520 00:24:03,960 --> 00:24:05,600 Speaker 1: is a show out there that there was a show 521 00:24:05,640 --> 00:24:07,240 Speaker 1: that that just documents this. There was a show that 522 00:24:07,240 --> 00:24:09,840 Speaker 1: followed lottery winners, uh for a couple of seasons, like 523 00:24:10,040 --> 00:24:11,840 Speaker 1: I forgot, don't what channel it was. But and when 524 00:24:11,880 --> 00:24:13,320 Speaker 1: you look at the statistics and when you look at 525 00:24:13,359 --> 00:24:16,200 Speaker 1: some of these people, when it's when it's easy, come 526 00:24:16,200 --> 00:24:18,720 Speaker 1: easy go, when you win the lottery and you make 527 00:24:18,880 --> 00:24:21,720 Speaker 1: tens of millions of dollars overnight, usually you spend tens 528 00:24:21,720 --> 00:24:24,240 Speaker 1: of millions of dollars overnight too, And so that luck 529 00:24:24,320 --> 00:24:26,320 Speaker 1: even that when it is easy, come easy go, like 530 00:24:26,320 --> 00:24:28,280 Speaker 1: that you don't know how to treat it well. And 531 00:24:28,760 --> 00:24:31,360 Speaker 1: even though you got lucky, you get unlucky pretty quick 532 00:24:31,600 --> 00:24:33,520 Speaker 1: after that too, right, I mean, And what's interesting about 533 00:24:33,520 --> 00:24:35,719 Speaker 1: their story is the fact that it's a spectacle, right, 534 00:24:35,760 --> 00:24:38,359 Speaker 1: Like like how they have just completely either squandered their 535 00:24:38,359 --> 00:24:41,520 Speaker 1: money or you know, done something irresponsible with it. But 536 00:24:41,560 --> 00:24:43,640 Speaker 1: like the them just kind of coming into that money though, 537 00:24:43,680 --> 00:24:45,800 Speaker 1: isn't all that interesting, like I was saying before, because 538 00:24:45,840 --> 00:24:47,800 Speaker 1: like there's nothing that we can do about that, you know, 539 00:24:47,840 --> 00:24:50,320 Speaker 1: and so like why hear these stories? Of people who 540 00:24:50,680 --> 00:24:54,440 Speaker 1: had lucky breaks essentially because there's nothing replicable about that 541 00:24:54,800 --> 00:24:57,800 Speaker 1: versus hard work. Like that is inspiring because that's something 542 00:24:57,800 --> 00:25:00,280 Speaker 1: that we can all do ourselves, right, you know, Like 543 00:25:00,480 --> 00:25:02,520 Speaker 1: like luck is kind of like like wind when riding 544 00:25:02,520 --> 00:25:04,720 Speaker 1: a bike. I feel like like sometimes it's at your back, 545 00:25:05,160 --> 00:25:07,240 Speaker 1: but sometimes it's hitting right in the face. But the 546 00:25:07,240 --> 00:25:09,440 Speaker 1: fact is we do not have control over that wind. 547 00:25:09,480 --> 00:25:12,520 Speaker 1: And so either way we gotta keep peddling. And again, 548 00:25:12,560 --> 00:25:15,960 Speaker 1: of course, our lives are both a combination of hard 549 00:25:16,000 --> 00:25:19,040 Speaker 1: work and luck. Together they both come into play, but 550 00:25:19,119 --> 00:25:21,840 Speaker 1: we only have control over one of those things. And 551 00:25:21,880 --> 00:25:25,280 Speaker 1: so to acknowledge luck doesn't diminish the hard work we 552 00:25:25,359 --> 00:25:28,560 Speaker 1: can and should engage in. Uh, And that's in every 553 00:25:28,600 --> 00:25:31,440 Speaker 1: facet of life, including our personal finances. But you know, again, 554 00:25:31,480 --> 00:25:34,439 Speaker 1: if we ascribe too much to the role that lock plays, 555 00:25:34,720 --> 00:25:37,560 Speaker 1: it will make us reticent to take action where we can, 556 00:25:37,960 --> 00:25:40,440 Speaker 1: and that will truly have a negative effect on us 557 00:25:40,720 --> 00:25:42,840 Speaker 1: as well as how we handle our money. I gotta 558 00:25:42,840 --> 00:25:44,879 Speaker 1: agree with you there, man. And uh, it's kind of 559 00:25:44,880 --> 00:25:47,600 Speaker 1: fun to do a St. Patty's Daily themed episode. We 560 00:25:47,640 --> 00:25:49,320 Speaker 1: just yeah, we knew St. Patty' Day was coming up, 561 00:25:49,320 --> 00:25:50,920 Speaker 1: and We're like, this is gonna be an interesting topic 562 00:25:50,960 --> 00:25:52,800 Speaker 1: to cover, like what role does this play? And I 563 00:25:52,800 --> 00:25:55,560 Speaker 1: think hopefully we're able to dissect it well. But Matt, 564 00:25:55,600 --> 00:25:57,159 Speaker 1: let's get back to the beer that we had on 565 00:25:57,200 --> 00:25:59,680 Speaker 1: the show. Not a green beer, fortunately, because we don't 566 00:25:59,720 --> 00:26:02,560 Speaker 1: stoop at that level. Uh. This one was called fruit 567 00:26:02,640 --> 00:26:05,040 Speaker 1: Mine Slushy XCEL and so I don't know, I actually 568 00:26:05,040 --> 00:26:06,480 Speaker 1: feel like we are kind of stooping with this beer 569 00:26:06,600 --> 00:26:08,280 Speaker 1: a little bit because it looks like it's in a 570 00:26:08,359 --> 00:26:10,439 Speaker 1: juice box container like the one, uh that we had 571 00:26:10,440 --> 00:26:13,520 Speaker 1: on Monday. Did This one's by four fifty North Brewing Company. 572 00:26:13,760 --> 00:26:16,040 Speaker 1: My neighbor Mark donated this one to the show. What 573 00:26:16,119 --> 00:26:19,119 Speaker 1: are your thoughts on this berlinervice with black currant, blueberry, 574 00:26:19,119 --> 00:26:21,280 Speaker 1: BlackBerry and tart cherry. Yeah, what's interesting about it too? 575 00:26:21,400 --> 00:26:23,480 Speaker 1: So it's called fruit Mine and the graphics on it 576 00:26:23,560 --> 00:26:28,000 Speaker 1: are all in like blocky pixel characters, not unlike uh Minecraft, 577 00:26:28,520 --> 00:26:30,320 Speaker 1: and so it's almost as if they are kind of 578 00:26:30,359 --> 00:26:33,159 Speaker 1: marketing it towards at least people who play Minecraft. I'm 579 00:26:33,160 --> 00:26:34,800 Speaker 1: not gonna I'm not gonna say they're they're trying to 580 00:26:34,800 --> 00:26:36,359 Speaker 1: the twelve year old market at the kids or anything 581 00:26:36,440 --> 00:26:39,400 Speaker 1: like that, but it definitely does have that theme going on. 582 00:26:39,480 --> 00:26:41,480 Speaker 1: But um, yeah, it totally reminds me of the red 583 00:26:41,520 --> 00:26:44,240 Speaker 1: slushy that you get if you go to the gas station. 584 00:26:44,840 --> 00:26:47,520 Speaker 1: Like it just tastes like berry. It tastes like red. 585 00:26:47,720 --> 00:26:50,160 Speaker 1: Like that's the flavor of this beer is red. It's 586 00:26:50,200 --> 00:26:52,399 Speaker 1: not green, it's red. But I did enjoy this one. Man. 587 00:26:52,440 --> 00:26:55,919 Speaker 1: It had some nice, rich, different berry undercurrents going on. 588 00:26:56,240 --> 00:26:58,160 Speaker 1: But at the same time, it's a nice balance between 589 00:26:58,200 --> 00:27:00,840 Speaker 1: being sweet as well as being part It was good. Yeah, 590 00:27:00,880 --> 00:27:02,600 Speaker 1: how about you, man? You can tell they used a 591 00:27:02,680 --> 00:27:04,760 Speaker 1: lot of fruit in the making of this beer, and 592 00:27:04,800 --> 00:27:07,800 Speaker 1: I am down with fruit laden beers. I like, I 593 00:27:07,840 --> 00:27:10,360 Speaker 1: like super fruity beers, and so this one had just 594 00:27:10,800 --> 00:27:13,359 Speaker 1: it was like almost like a puree. Uh So I 595 00:27:13,359 --> 00:27:15,119 Speaker 1: totally understand why they called it a slushy. Was like 596 00:27:15,119 --> 00:27:19,159 Speaker 1: a really really thick slushy style beer. And yeah, I 597 00:27:19,200 --> 00:27:21,639 Speaker 1: think some people who aren't into fruit heavy beers might 598 00:27:21,680 --> 00:27:24,359 Speaker 1: feel a little overwhelmed when when this hits our palette. 599 00:27:24,560 --> 00:27:26,080 Speaker 1: But even though it was beastly, I thought I thought 600 00:27:26,080 --> 00:27:27,560 Speaker 1: it was pretty good. So I was glad to get 601 00:27:27,560 --> 00:27:29,080 Speaker 1: to try it. And you gotta feel like you're getting 602 00:27:29,080 --> 00:27:31,600 Speaker 1: your dose of antioxidants today as well. Right, it's like 603 00:27:31,600 --> 00:27:33,159 Speaker 1: you don' don't worry about taking your vitamins like we 604 00:27:33,160 --> 00:27:35,040 Speaker 1: talked about earlier on in the episode. Just make sure 605 00:27:35,080 --> 00:27:37,560 Speaker 1: you pick up one of these exactly exactly, pick up 606 00:27:37,600 --> 00:27:40,359 Speaker 1: your fruit mind slushy XL and you got your fruit 607 00:27:40,359 --> 00:27:42,000 Speaker 1: in take for this right, all right, Well, that's gonna 608 00:27:42,040 --> 00:27:43,920 Speaker 1: do it for this episode. For folks who want the 609 00:27:43,920 --> 00:27:46,320 Speaker 1: show notes for this episode, just go to our website 610 00:27:46,359 --> 00:27:48,399 Speaker 1: at how to money dot com. That's right. And if 611 00:27:48,400 --> 00:27:50,280 Speaker 1: you enjoyed this episode, and if you've been listening for 612 00:27:50,280 --> 00:27:52,120 Speaker 1: a while, we would love for you to leave some 613 00:27:52,200 --> 00:27:55,679 Speaker 1: feedback over at Apple Podcast. We would really like it 614 00:27:55,720 --> 00:27:58,080 Speaker 1: if you left us a solid review. And if you've 615 00:27:58,080 --> 00:27:59,640 Speaker 1: already done that, it would be great if you could 616 00:27:59,760 --> 00:28:02,120 Speaker 1: let friend or a family member no about the show. 617 00:28:02,520 --> 00:28:04,720 Speaker 1: Our goal is for personal finances and for money to 618 00:28:04,760 --> 00:28:08,040 Speaker 1: be a topic of conversation uh and more of our circles. 619 00:28:08,200 --> 00:28:10,480 Speaker 1: So thank you in advance for that. And Joel, that's 620 00:28:10,480 --> 00:28:12,360 Speaker 1: gonna be it for this episode, buddy. Until next time, 621 00:28:12,560 --> 00:28:14,400 Speaker 1: Best Friends Out, Best Friends Out.