Attitude, Luck, and Personal Finance

Your attitude affects your relationships, your health, and even how much money is in your bank account. If you think of yourself as someone who is unlucky or bad at managing money, you will probably live on the edge financially for the rest of your days. By contrast, if you acknowledge that you can create your own luck and choose to be wealthy with every financial decision you make, you’ll be amazed at how your life will turn around. Certain bad events are completely out of our hands, but there are always a variety of choices you can make in any disaster that will bring you entirely different outcomes.

Let’s say your car breaks down and will need expensive repairs before it can be driven again, but you don’t have the money to pay for the repairs right now and you still have to get to work somehow. You can choose to pay for the repair on your credit card, or you can choose to find alternate transportation until you’ve saved up enough to pay for the repairs. Choosing to put the repair on your credit card will make you “unlucky” by creating high-interest credit card debt that can quickly spiral out of control and be difficult to pay off. Choosing to delay the expensive payment until you’ve saved up the money for it will make you “lucky” by keeping your finances in good order. It will also give you time to shop around for repairs and get even "luckier" by finding a place that can do the work for less money.

To keep your attitude positive, pay close attention to the company you keep. Good friends who also have positive attitudes toward money can keep you out of financial trouble. There are also a lot of great books out there on the subject. I particularly like Secrets of the Millionaire Mind by T. Harv Eker, which you'll see me recommend over and over again on this site. A large part of the book is dedicated to correcting misconceptions those of us who are not wealthy have about people with money. Remember, you create your own luck, and you can choose to be lucky.

Photo by Nadine Menger

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rachel @ master your card said...

I agree with you completely. Even if something bad happens I always find a way of turning it around to something good. I have a positive attitude towards life and find that luck seem sto follow me around even though i do not believe in it!

Jason Simon said...

You're right on! I think that attitude is key for personal finance. Budgeting products are great, but they won't solve financial problems. In many respects, attitude is most important.