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You Need More Than Luck to Create Financial Success

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The month of March brings us St. Patrick’s Day.

Some folks feel lucky and wear green, being respectful to those who celebrate this day. Many of us will actually eat corned beef and cabbage in Irish solidarity, whether we are Irish or not.

This month is also a time to think about the word “luck” as being part of your financial future, or not part of it.

Does luck really matter?

One of my closest friends, someone worth more money than most folks I know, credits one-third of his success to good luck. The other two-thirds are split equally between making brilliant moves and his own talent. So it’s true, luck may play a role in your overall success. However, you cannot build long-term success with luck in your corner, no matter how much we hope to do so.

Start saving early

When you are below the age of sixty, it is so important to understand the power of compounding money. The earlier you begin and the more aggressive of a saver (not an investor) you are, the greater probability for success.  

The Rule of 72

You are thirty years old and your portfolio averages 8% growth per year until retirement. Also, you make just one initial investment of $10,000 at the age of thirty. Using the powerful Rule of 72, your money will double every nine years. 

 Let me give you an example:

AgeAmount of investment
30 years old$10,000
39 years old$20,000
48 years old$40,000
57 years old$80,000
66 years old$160,000

In this example, your original and only investment of $10,000 becomes $160,000 when you are 66 years old. Furthermore, the great doubling amount of money happened in the later years.

Start your financial plan

Start by coming up with an amount of money you can save and push yourself forward. Remember, it’s most important to be an aggressive saver, not necessarily an aggressive investor. 

Invest in your company’s 401(k). The national average for 401(k) savings exceeds 7% per person, so push yourself to 10% or greater.

Consider using the after-tax Roth 401(k) version if you are young enough. This will give you tax-free retirement money, but you won’t be able to deduct your contributions.

Contribute to your company’s HSA if this is available.

Last, create a savings account for your future goals, perhaps purchasing a home. 

If you still have money left over, then have fun with other investments, including cryptocurrency. Remember that these are risky. You should fully understand what you are doing so you don’t lose money quickly.

Most importantly, find a professional you can trust and share your life goals and dreams.

They can keep you on track with your own financial goals.

Please don’t hesitate to contact me at 925-314-8503 or

All my best,


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This is the start of your financial future.  

If you have any questions or know someone who could use my services, I’m only a phone call or email away.

Get in touch to start the conversation today.

All my best,

Elliot Kallen

(925) 314-8503

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The Prosperity Difference

At Prosperity Financial Group, we understand that investment strategies are unique to each individual—and that If It’s Money, It’s Personal™.

When creating your custom investment plan, your Fiduciary Wealth Manager will take your unique circumstances and needs into consideration.

You can trust that your investment plan will have the appropriate asset allocation, investment vehicles, and rebalancing tactics for your individual set of financial goals.

DISCLAIMER: Prosperity Financial Group and Meet the Expert® with Elliot Kallen do not make specific investment recommendations on Meet the Expert® with Elliot Kallen or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of the Meet the Expert® with Elliot Kallen guests, and not necessarily of Elliot Kallen or Prosperity Financial Group.

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