Luck Favors the Prepared Mind

Create your own luck. Put yourself in a position to take advantage of big opportunities.

Key Takeaways

  • Radio legend Paul Harvey once said that luck occurs “when chance meets opportunity.” Louis Pasteur believed chance favors a prepared mind.
  • We believe luck favors a prepared mind.
  • There are essentially three elements of luck: preparedness, chance and opportunity. 

With St. Patrick’s Day approaching, the luck of the Irish is in the air. But when it comes to luck in financial matters, many people look at luck as winning the lottery or other games of chance—random events of good fortune.

Louis Pasteur, the 19th-century microbiology pioneer, believed that chance favors a prepared mind; but I’m saying that luck favors a prepared mind.  Paul Harvey, the late radio talk show legend, once said the definition of luck is “when chance meets opportunity.” Here’s an example.

Back in 1928, bacteriologist Alexander Fleming was trying to cure staph bacteria. After an extended vacation, Fleming returned to his lab and noticed that many of his culture dishes were contaminated with a fungus. So he discarded them in the sink. The next day, Fleming’s former lab assistant came by for a visit. Fleming, griping about the extra dishes he now had on his hands, pulled the “dirty” dishes out of the sink to show his former assistant. Suddenly he noticed a zone around this fungus that was clear of the bacteria. Long story short, Fleming accidentally discovered a fungus that was penicillin—and this discovery has allowed us to revolutionize our attack on many diseases and infections.

Three elements of luck

I’ve learned that there are essentially three elements of luck: preparedness, chance and opportunity.

1. Preparedness (a defined plan) is a controlled thought process that’s intended to find a defined result.

2. Uncertainty (chance) is about change. For instance, estate laws and the income tax laws are constantly changing. New investment ideas and products are constantly coming on board.  There are many, many new elements of wealth management that surface every day.

3. Opportunities. As positive changes in our business take place, then opportunities arise. You need to be prepared for them.

People often look at a successful situation and conclude that “luck occurred.” True, luck happened. But it’s really about being prepared for opportunities, just as like Pasteur, Fleming and other great innovators created “luck” for themselves. Chances come along and you’re prepared for them. Opportunities pop up and you take advantage of those opportunities. We see this frequently with successful families who seem to create their own “luck” again and again.


Speaking of change, we know that four out of five successful families are actively seeking new advisors. If you’re looking for a second opinion about your financial circumstances, we’re happy to provide one for you free of charge. Consider it an opportunity that’s just come up for you and be prepared to take advantage of it.

Simply call us at 800-480-7913 or visit our website So, until next time, enjoy. Gary

Please check out the article,  “13 Proven Ways To Make Your Own Luck” from


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