How To Master The Link Between Luck, Fear, And Risk

“When we can no longer change a situation, we are challenged to change ourselves.” — Viktor Frankl

Ever had one of those days (or years) when everything went wrong? It can pull the rug out from under you and make you feel like all your hard work was for nothing.

I know how it feels. I’ve been there.

Have you ever noticed how some people have the worst “luck” while others have the golden touch?

But there’s nothing supernatural about luck. The trick to creating your own is understanding how luck, fear, and risk are related.

Here’s what you need to know.

Define the terms

“Luck is what happens when preparation meets opportunity.” — Seneca

Luck is the intersection of opportunity and effort. You can’t create each opportunity, but you can put in the work so you can take advantage of the opportunities when they appear.

If you’re a cynic, you won’t put in the effort or look for the opportunity. But if you have a growth mindset, you’ll put in the needed time and reflection to reap the rewards of each lucky break.

Risk is a potential loss. It’s easier to see what you might lose from acting, but don’t forget that inaction carries its own dangers. Everything has risk.

You can’t check total risk without understanding both sides.

“Forget safety. Live where you fear to live. Destroy your reputation. Be notorious.” — Jalaluddin Mevlana Rumi

Fear is believing something bad might happen. Fear of uncertainty often blinds you to the risk of eroding fulfillment and obsolescence when you fight the winds of change.

But fear wakes you up. If you’re not feeling fear, you’re not stepping out of your comfort zone enough to assess what’s important and what you want.

That’s why fear and euphoria often feel the same. They create butterflies in your stomach and spikes of adrenaline because they remind you you’re alive. They make you reexamine the world.

As Ryan Holiday puts it, “The Obstacle is the Way.” What you fear the most, what you see as keeping you from your goal is often what you should tackle first.

Play the game

Life is the ultimate game. There’s no opting out. If you embrace cynicism and do nothing, you lose by default. The only winning path is deliberate strategy.

In life, strategy comes in many forms. For some, it’s goal setting and action planning. For others, it’s expressing daily gratitude and finding new ways to be thankful.

The old saying is true. You can’t control everything that happens. People make their own choices, and life throws you unexpected obstacles. But you do control your response. Your response is everything. It determines your fate.

Whatever your approach, awareness guarantees the greatest chance to live a fulfilled life. Without it, you cede control to life’s whims.

Awareness starts you on the path to mastering fear, understanding risk, and creating your own luck.

Know your limits

It’s essential to know what you’re willing to lose with each decision. Before you can know your limits, find your why. What’s your big vision? Why is it important to you?

What will you lose if you fail? What will you lose if you don’t? Once you pin that down, it gets easier to decide what you’re willing to risk and what you’re not.

A rookie mistake is only looking at potential losses from taking action and ignoring what you lose from doing nothing. Only when you look at each side can compare the risks of each decision.

Some people will tell you to burn your bridges. Other’s suggest protecting your downside. But there’s no one-size-fits-all solution. Decide what works based on your situation.

If you’re newly retired or just starting out after high school, burning your bridges might be the thing to do.

But if you have a mortgage with two kids, six figures in student loan debt, and medical bills, your scenario will be different.

There are usually small things you can do to prevent catastrophe while still keeping a fire in your belly to achieve your dreams. Research your options and choose what’s best for you.

Learn the rules

Once you’ve defined the terms, apply them to your life.

Imagine you’re considering quitting your job after running a successful side gig for a couple years. You’ve worked the business up to 50% of your current salary.

Your still afraid your business might fail, and your friends tell you that you’re nuts for thinking about losing the security of the business.

What you haven’t considered is that your current employer is also a business. Working for them carries the same risk. At any time, they could go out of business. You would lose your job. Even worse, they could fire you for any other reason.

If you lose a client in your own business, you still have a job. You own the company. Your clients divide your risk among each of them. But the risk in your job is 100% you. You carry the risk of your employer going out of business AND your employer firing you.

There’s another risk to consider. If you’ve already built your side gig to profitability, your loss of income would be minimal. In fact, the extra time from your day job could catapult you to an even greater salary.

By not quitting, you risk potential loss of income and the fulfillment of your new business. That’s combined with the added risk of working at the pleasure of your employer.

Whatever you’re considering, put it in the context of your life and test it from both sides. What do you really want and why? What are you afraid of? More importantly, what might you lose if you don’t try?

Plan your strategy

Like life, you can’t opt out of strategy. Either you let others force your hand by inaction, or you set your own plan of attack.

Good strategy requires effective systems. Avoid what’s failed. Improve upon what’s worked for others.

Don’t expect to find a turnkey system for every situation, but you can avoid wasted effort by finding a mentor and modeling success.

Plug yourself into a network of like-minded people who have similar goals. You’ll discover they’ll be an invaluable resource in creating more luck than you thought possible.

“There is only one thing that makes a dream impossible to achieve: the fear of failure.” — Paulo Coelho, The Alchemist

Are you going to keep letting life push you where you don’t want to go, or are you finally ready to chart your own course and make your own luck?

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