by roooted (Yes, that’s spelled correctly) | 2 October 2020
Robert Frank, an economist, and professor at Cornell wrote an entire book on the subject of luck. He says, “a lot of people have bad outcomes in life purely as a result of factors beyond their control. They worked hard and they were talented, but shit happens, and reality is complicated.”
And when it comes to money? OH BABY, luck is real.
Houston, we have a lil problem
As a kid, I knew about Bill Gates (you know… the really rich guy) As I’ve grown up and explored money, it’s become clear that our society holds extreme financial success close to its heart.
There’s a problem, though. The [Bill Gates example offers] the least useful lessons to apply to our own lives. Of course, Bill Gates (and all the others like Jeff Bezos, Warren Buffett, etc.) are brilliant, hardworking dudes, but it can be downright harmful to downplay the role of luck on their lives. Their outcomes live on the extreme ends of luck and risk— and are impossible to duplicate.
Bad news first?
As humans, we don’t value luck enough because:
1. It feels rude/unfair to tell someone their success may be due to luck (think: calling Kylie “self-made“)
2. We want to believe there’s an exact science to becoming extremely rich
Now, the good news
Seeking the highest, most extreme returns is, well, not exactly good investing. It’s more like trying to win the lottery via the stock market.
According to Morgan Housel, author of The Psychology of Money, being a good investor is about pretty good, easy-to-repeat results that you’ll stick with for a long time.
The best news!?
You can make those good, repeatable returns happen relatively easily.
Here’s what you can do:
1. Find a robo-advisor with low fees (and no minimums)
2. Pick a diversified portfolio
3. Set up recurring monthly deposits (small is okay!)
By doing this, you will get results. The research backs it up. No luck necessary.
We’re trying to change the narrative around money but change can’t happen with a one-sided conversation. That’s why we’re excited to bring different voices and experts to share their wisdom. Send us an email and let us know what you think. And remember the nav.it money app offers you free tools for checking in and managing your money moves.
You can download it at Google Play and the Apple Store.

What does being “roooted” even mean?It means being aware of the immense impact money has on my life and on the world around me. I think the trickiest part is putting that awareness into practice. Save, spend, and invest in ways that align with your values.
What is roooted anyway? We’re a newsletter and community dedicated to making money cool. For most people, when thinking about finance, “cool” is not exactly the first word that comes to mind. We’re trying to change that.
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