Do you credit anyone or anything else besides yourself for your financial success?

[tenant13]

I get really sad when I read this kind of articles:

https://amp.cnn.com/cnn/2022/05/27/success/inflation-retirees-spending/index.html

So here’s the question: what do you think contributed to our admittedly better outcome than most? In my case it was a small inheritance invested in Apple stock. Sure, I worked my ass off, making good money, living below my means and planning for the future. But without certain amount of dumb luck I wouldn’t be where I am.

 

[skyking1]

I owe a lot to my Darling Wife, who has that frugal habit that offsets my easy come easy go spending.

 

[NW-Bound]

"Do you credit anyone or anything else besides yourself for your financial success?"

Besides a career with good pay, a LBYM philosophy to get savings to invest, and some good runs on the market?

I guess just general good luck.

 

[Jerry1]

I credit God. Some call it luck, but I prefer to attribute it to a divine power.

Mechanically, NW Bound has it about right.

Besides a career with good pay, a LBYM philosophy to get savings to invest, and some good runs on the market?

I would add that however DW came into my life and stayed here has been nothing short of a gift from God. Don’t get me wrong, life hasn’t been all peaches and cream, but she has been one great partner through all we’ve been through and her financial leanings have made a huge difference in our financial success.

 

[Badger]

My wife who supported our frugal lifestyle and savings plan and my parents who taught me by their example.

Cheers!

 

[marko]

I won't get into my personal details of how I started with a leg already up, but quite seriously, I'd be a lot less financially successful had it not been for the day I found this forum. I mean it.

Yeah, I'd still be OK, but things I've learned here have saved me tens of thousands of dollars and a few sleepless nights. Taxes, Medicare, SS, general investing, aging, 4%.. I've avoided a ton of serious, stupid mistakes and was able to make a lot of better decisions thanks to the collective wisdom here. ("Well, THAT’S good to know!")

Sometimes it's just a new way of looking at things from a broader set of inputs that can clarify a certain dilemma. I've said it here before: this forum should be required reading in high school.

 

[target2019]

I get really sad when I read this kind of articles:

https://amp.cnn.com/cnn/2022/05/27/success/inflation-retirees-spending/index.html

So here’s the question: what do you think contributed to our admittedly better outcome than most? In my case it was a small inheritance invested in Apple stock. Sure, I worked my ass off, making good money, living below my means and planning for the future. But without certain amount of dumb luck I wouldn’t be where I am.

From the article: "Managing one’s finances in retirement is always tricky. But with inflation pushing up the price of everything from gas to housing to eggs, many retirees are cutting back or eliminating certain costs altogether."

What a duh moment, so I skipped the rest of the article.

I think it's been said many times that dumb luck has something to do with success. A mentor called it "strategic positioning" which he used ti survive in the corporation. He would try to be at the spot where "luck" happens.

 

[marko]

I think it's been said many times that dumb luck has something to do with success. A mentor called it "strategic positioning" which he used ti survive in the corporation. He would try to be at the spot where "luck" happens.

" Life isn't fair. Your job is to get where it isn't fair in your favor. "

 

[arcyallen]

I credit no one else. Yes, there's always luck and markets and whatever. I've experienced average luck and average markets returns. But I can't think of any strong personal role models, although I did notice others' financial behavior, good and bad. I can't think of any external forces that made me want to ER. It was just...me. That may sound self-centered, but it's true. People just have different priorities. Mine has always been to "be ready". And for me, being FI is about as "ready" as you can be.

 

[frayne]

My grandfather who worked and lived through the Depression taught me the importance of staying out of debt, work ethics and living within your means. All pretty simple concepts my teenage brain at the time could comprehend but still seem foreign to the majority in this country, to this very day. Lastly John Bogle on the wisdom of index investing and staying the course.

 

[DayDreaming]

Dumb luck and my generally conservative nature.

 

[Aerides]

There are always a few camps on this:

- Almost totally credit my luck of DNA, where I was born, parents, environment, etc.

- Some of that, but also worked hard, LBYM

- I did it all, it's all me, no one helped me, no luck, anyone could have done, circumstances are irrelevant

I could personally have taken one or two slight steps along the way and landed very differently. And I didn't have a map to ER until my late 30's. My parents had good finances. Being in the US helped. My good IQ didn't come from me. But I did make strategic career choices along the way and focused on saving once I could.

 

[Closet_Gamer]

Things I take credit for:
- Working my tail off and knowing a good career opportunity when I saw it.
- Having the discipline/grit to cling to that opportunity for almost 20 years (so far)
- Being willing to take risks in pursuit of advancement
- Developing a strict financial plan and sticking with it for 25 years that entailed LBYM at a level that would shock most people (saving 70% of income in many years).

I also married young and well. We had "classic" roles in our house. I played a good offense bringing in the dough and she played a great defense managing the costs at home.

Now the things I can't take credit for:
- Having a good family that (mostly) kept me on the straight and narrow
- Having generally good health for myself and family
- Having the intellectual/emotional gifts to participate in the economy as I have
- Being born into a country awash with opportunity
- The incredible line up of family, leaders and mentors who positively influenced my life

Nothing in life is one sided.

 

[Car-Guy]

I'd say it was 80%+ hard work and a very strong work ethic. The other ~20 was luck/good fortune/or whatever.

My basic secret(s) to success. (somewhat In order)

Hard work (and long hours)
Finding my motivated abilities and exploiting them
Learning how to play the game very well (yep, company politics
Professional education (much more important than any degree(s)


Oh, and having a understanding spouse sure didn't hurt either.

 

[The Cosmic Avenger]

I know I really lucked out in being raised in middle-class American home with a very frugal upbringing, belonging to very privileged groups in my outward appearance, hitting the genetic lottery with respect to physical health and not having any kind of disability or chronic disease, marrying young to someone who is similarly privileged and has a similar interest in financial security over spending, and inheriting a modest amount of money that I was able to grow into a less modest amount. All those things mean that my moderately hard work was very well compensated, and instead of toiling away for ungodly hours for crap pay we were able to save a ton of money.

 

[pjigar]

For me, majority was series of lucks. Off course LBYM and frugal lifestyle helped a lot but mostly luck and good DNA.


Major life changing events:
1. Almost failed middle school class which would mean an end of a good career in the country I was born. Somehow I aced high school which propelled me to a good career path. You can call it a luck or kick in the butt but this was a major fork in my life.
2. I got a crappy job out of college simply because I couldn't speak English. Apparently my knowledge and credentials didn't even matter. This motivated me to look for the greener pastures and I immigrated to this land of opportunities. Again a luck or kick in the butt?
3. Few years into my career, I had a chance to get a job in the sales organization and I took it. This more than doubled my income in a few years. This is pure luck: I wasn't unhappy with my job and I wasn't even looking to change my job.


#3 allowed my to finally save a truckload and now we are close to FI two decades later.

 

[londo]

The internet and in particular the Motley Fool and its message boards.

25 years ago I barely knew the stock market existed. My only investments were mutual funds through a financial advisor who I now recognize was funding his lifestyle with my money via loads, fees, commissions.

The Fool community got me to open my first brokerage account and increase my 401k contributions. I long ago moved on from TMF, but back in the day that community put me on the track to FIRE at age 54. Now I'm here!

 

[street]

My parents taught me all the essentials of financial success and life successes. I bought in to their teaching which are the same points of success that are talked about here all the time. We didn't have much, but we had it all. No silver spoon in my mouth when I was born. God played the biggest part in my life and placed me in the right places at the right times. Some call that luck I don't.

I also will say my career was a childhood dream job. I perused that and went all in to get a job in that field no matter what it took to do so. I'm a believer in what you want in life you can get, if you want it bad enough with hard work and being persistent all your dreams will come true.

 

[Mark1]

Do you credit anyone or anything else besides yourself for your financial success?

As others have said, hard work, LBYM, and luck are a big part of it, but in terms of others "anyone & anything"; I guess the government spending much more than it took in during my adult life has helped me the most; followed by some great teachers; and coming from an extended family network that always showed me the value of a good education.

 

[Golden sunsets]

Everyone else has pretty well nailed it: working my tail off and good luck; probably 80/20 split in my case.

Sent from my SM-T510 using Early Retirement Forum mobile app

 

[MRG]

Reading those types of articles always reminds me of my DM's brother and his DW. I was young when they passed but I remember them sharing their budget, luckily this new thing called social security helped them. Today my 73 yo sister is in the same place.

I credit Megacorp's founding CEO, he had set up a profit sharing plan that saved for me when I was ignorant.

 

[racy]

My farmer parents who taught me good work habits & daily chores.
My English teacher who taught me how to write essays, which helped me win a four-year college scholarship.
My wife who cut up my credit cards one week after being married. She also worked.
And whoever it was that taught me about "the magic of compound interest".

 

[athena53]

Borrowing the idea of what I controlled/what was given to me:

What was given to me:

Won the genetic lottery- marketable skills, overall good health.
Parents a great example of LBYM; Dad started investing while in his 40s, and it was far less accessible then.
Parents paid for our college educations.
Got onto the housing ladder when first husband and I bought a house in a desirable area with a $100K down payment inherited from his parents. (He was a spendthrift and was unemployed for 5 years before we divorced and I got 40% of the equity- that may have been a "wash".)
Made a killing on sale of the marital home and also on the home I bought after the divorce.
DS needed the structure of a military boarding school for HS but was otherwise low-maintenance.

What was under my control:

Chose a serious college major (Math) and worked my tail off for 8 years to pass actuarial exams.
Was back at work 6 weeks after DS' birth; had only one child.
Continued my parents' LBYM lifestyle although I spent a lot more on travel (still do).
Learned about investing, started early, always took an active role.
Never mingled my finances with my Ex other than a mortgage in both our names.
Chose a second husband who shared my financial priorities.

 

[ElizabethT]

I credit God. Some call it luck, but I prefer to attribute it to a divine power.

Mechanically, NW Bound has it about right. I would add that however DW came into my life and stayed here has been nothing short of a gift from God. Don’t get me wrong, life hasn’t been all peaches and cream, but she has been one great partner through all we’ve been through and her financial leanings have made a huge difference in our financial success.

I consider it luck and here's why- in the grand scheme of things the amount I have in my bank account is completely and utterly unimportant when compared to stories of human suffering, particular those involving children. I can not reconcile that a divine power padded my bank account, while in a classroom in Texas children lay dying.

So, yes, at a certain level I too will continue to call and think of it as luck.

 

[enjoyinglife102]

In every aspect of life (education, employment, relationships, health, etc...) I have found the harder/smarter I worked, the luckier I was. Everyone has different circumstances, but all can work their butt off optimizing their situation.