Luck is a state of mind and you can make your own

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IT’S fun to dream about winning lotto or backing the winner of the Melbourne Cup.

But dreaming and wishing for good fortune are not going to pay the mortgage or set you up in retirement.

The reality is that most millionaires are self-made. They start out with little and make their own luck and, like most things that are worthwhile, it takes a bit of work.

Just ask Julie Stevanja who founded activewear website Stylerunner in a small office with scant resources and has grown it tenfold in just under four years. The CEO now operates her growing business out of a warehouse shipping shoes and clothing to customers worldwide.

I do a bit of public speaking and someone said I use the word luck a lot, she says.

But they didnt see it as luck, rather that I have created opportunities and made the most of them and I have absolutely seen opportunities and jumped on them.

I think because Ive taken those initiatives I equate that with luck going my way.

People who are seen as lucky are open to new experiences whereas unlucky people are stuck in routines, according to psychologists.

Lucky people always want something new. Theyre prepared to take risks and are relaxed enough to see the opportunities in the first place.

They use their passion and goals to drive them.

Often timing is a big factor when people talk about luck, says Lisa Montgomery, mortgage and finance specialist.

A person who sells their house at the right time and is able to buy elsewhere for a good price will often say how lucky they are.

But I think it comes with research and knowledge. Normally the planets align when you have done your research, you know the market and then take the opportunity.

Conversely, if an opportunity seems too good to be true, rather than being unlucky by falling for a scam, look into it carefully.

If you do the checks and balances youre not going to be done by fraud. Its about being aware

and putting in the effort and the work, Montgomery says.

At the same time setting goals will help you save money.

Id probably say Ive always loved to shop so being lean was a skill I quickly had to learn, says Stevanja. When you have finite resources you want to make sure wherever you spend your money will have the greatest result.