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By Shane Parrish
April 29, 2015
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Shane Parrish writes Farnam Street

It isn’t enough to be good. You need luck.

We tend to think that smart people make good decisions and stupid people make bad decisions and that luck plays very little role. That is until we’re one of those smart people who has a bad outcome because of luck.

You can’t ignore luck and you really can’t plan for it. Yet much of life is the combination, to varying degrees, of skill and luck. This continuum is also what makes watching sports fun. The most talented team doesn’t always win, luck plays a role.

However elusive, luck is something that we can cultivate. While we can’t control it, we can improve it. In How to Get Lucky: 13 techniques for discovering and taking advantage of life’s good breaks, Max Gunther shows us how.

Technique 1: Acknowledge The Role of Luck

When losers lose, they blame luck. When winners win, it’s because they were smart.

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When you see that luck plays a role, you’re more likely to be aware that the situation can change. You don’t expect things to continue, no that’s for the people who don’t acknowledge the role of luck because they mix up planning and luck.

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Technique 2: Find the Fast Flow

The idea here is to be where things are happening and surround yourself with a lot of people and interactions. The theory being that if you’re a hermit, nothing will ever happen.

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When you meet these people, use these tips to quickly build rapport.

You never want to become isolated. Make contact with people and get involved. Never sit on the sidelines.

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People make things happen. Not necessarily friends, just contacts. But for this to happen people need to know what you’re trying to do – or where you want to go. Few things make us happier than helping others with lucky breaks.

In the words of Eric Wachtel, the consultant recruiter mentioned above: “It really is very pleasant to pick up the phone and say, ‘Hey, Charlie, there’s a job opening that sounds as if it might be your kind of thing.’”

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Technique 3: Risk Spooning

You have to invite things to happen. This means you have to stick your neck out.

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Here is what generally happens in life. Some person sticks their neck out and the speculation pays off. They become rich and famous. Newspapers interview the person, asking them “how can we do the same thing you did?” And the newfound sage replies not that he got lucky, no, but rather that he was smart and hard working and those sorts of things. And we eat this stuff up.

In part this is because culturally we hate the gambler. Largely because we don’t like that we can’t take risks ourselves. The gambler represents what we are not. It’s this motivated reasoning that makes it easy to find ways to dislike him.

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Risk — smart risk — is a key element to getting lucky. Going to the track and betting on the 99-1 payoff is just stupid.

Technique 4: Run Cutting

“Don’t push your luck.” My parents used to repeat that ancient maxim after I scored a 30-minute curfew extension and rather than be happy with that, I tried to push it longer.

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The key here is to always assume that you’re in the average case.

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One of the problems is that long runs of luck are available.

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Casinos publicize big wins that are usually the result of long runs of luck. They do this for two reasons. First, it’s a good story and we think that we can win more than we actually can. Second, it encourages people who are winning, to keep those bets riding so they can be one of the big winners. Of course, the odds are with the casino so the longer you play the more likely luck goes to odds. And the odds favor the house.

We never know how long luck will last but we do know that short runs of luck are much more common than long runs of luck.

Technique 5: Luck Selection

At what point should you “cut your losses?”

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The inability to cut losses is one of the traits of the born loser according to psychiatrists Stanley Block and Samuel Correnti in their book Psyche, Sex, and Stocks.

Sunk costs are hard to overcome, in part because it often involves confessing that you were wrong.

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How to Get Lucky: 13 techniques for discovering and taking advantage of life’s good breaks goes on to explore 7 other techniques to cultivate your luck.

This piece originally appeared on Farnam Street.

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