You’ve probably heard the saying, if you’re lucky enough to be Irish, you’re lucky enough. But what exactly does the luck of the Irish mean? Where did the expression originate and why? Does luck simply refer to the will and determination to overcome hardship and misfortune, the ability to maintain a positive perspective when faced with misfortune, or something else entirely.
Luck of the Irish
There seems to be two schools of thought on the topic. The saying is actually an old miners’ expression. The expression was considered a pejorative term, inferring that only by luck did the Irish miners succeed in their quest for gold. Others believe the term comes from the legend of the Leprechauns. Finding or catching a leprechaun, who would then be required to give you gold, was a lucky event that could only take place in Ireland.
Like many expressions, meanings change over time. Today, when Irish and non-Irish enthusiastically toast to the luck of the Irish over pints of green beer on St. Patrick’s Day, they’re simply wishing each other good fortune and the hope that serendipity plays a positive role in their lives.
Good luck is universal
It’s a universal, human desire. Who among us doesn’t welcome a little luck when it comes to holding the winning lottery ticket or experiencing a big career break? But is luck pure chance or can you take steps to invite more of it into your life?
When it comes to defining the role luck plays in our educational opportunities, career advancement, investment success, and the relationships we value the most, I’m inclined to agree that luck is what happens when preparation meets opportunity.
Preparation meets opportunity
Think about one of your earliest experiences with preparation—studying for school. While a select few can get away with acing a test by simply attending class, the majority of us rely on focused study habits to achieve that end. In other words, the hard work that goes into preparation.
Over the years, I’ve met with a number of prospective clients who, when asked what they would like to achieve in a fulfilling financial future, said they hoped to be lucky enough to enjoy a comfortable retirement. But hope and luck are not goals. In fact, hope isn’t even a strategy. If one does not know to which port one is sailing, no wind is favorable. Preparation is good for all aspects of life.
Clear and specific goals
That’s why the planning process focuses on clear, specific goals. That’s not to say that hope doesn’t play a role. We may hope to get married and have children. We hope we’ll enjoy good health through our retirement years and be surrounded by the friends and family members we love for as long as possible.
Hope requires action. Without action, our hopes and desires are left purely to chance and dumb luck. Only when our hopes are articulated as measurable goals can strategies be developed to pursue and track progress toward them. For example, if we hope to enjoy good health as we age, it makes sense to be mindful of what we eat and drink, incorporate exercise into our daily lives, and avoid habits and behaviors that may undermine our health. While there’s no guarantee that these steps will ensure a lifetime of good health, we open ourselves to increased opportunities to enjoy good health for a longer period of time. But it doesn’t end there.
The what ifs
Comprehensive planning also accounts for the what ifs in life. What if the unexpected happens? What if you become ill, incapacitated, or die? Planning for each scenario, and taking deliberate steps that can lead to predictable outcomes, is what transforms hope from an elusive desire to something attainable. Luck, on the other hand, is inert. It’s devoid of deliberate action. Simply relying on luck strips us of any power over our own circumstances.
Think about the markets
The market will do whatever it can to prove the largest number of people wrong at any given moment. And yes, sometimes, people refer to getting lucky in the stock market, but what does that really mean? If you buy and then sell investments at the right time you may be well-rewarded for your efforts. But you’re not lucky. You hopefully took deliberate action to buy and sell those investments, based more on your risk tolerance than your emotions at the time. You pushed your luck.
Meanwhile, the same investor sitting on the sidelines in cash would have missed that opportunity. He or she took no action to open themselves up to the opportunity to create more. Planning not only provides a way to capture the opportunities that are right for you, but to push your luck in a manner that allows you to manage risk in alignment with your individual goals.
The bottomline
Once you begin to view your financial assets as a tool for fulfilling your lifestyle experiences and desires, taking steps to plan for and manage your finances becomes a priority. That’s because planning provides a clear path toward achieving your desired outcomes.
For example, if you hope you’ll be able to remain in your home even if you require care later in life, planning for that scenario creates the confidence that you’ll have the financial means to do so. You’re no longer simply hoping that the planets align or something outside of your control intervenes on your behalf. Planning is what helps you identify the port you’re sailing to so you can take steps to harness the most favorable winds along the way. So, go ahead. Push your luck this St. Patrick’s Day by resolving to put a plan in place for your financial future. That’s Keeping Life Current
