Why Is It That So Few People Get Rich? 

Robert Frank, a columnist for The New York Times, has argued for some time that the key difference between the “haves” and the “have nots” in this country is not talent, hard work, and persistence but luck.

That sort of analysis sticks in my craw for two reasons: It is born from jealousy. It is absolutely not true.

It is true that many highly successful people, when asked for the secret to their success, cite luck as the reason. As I’ve said many times in previous essays, this is ingenuous. One need only read their autobiographies (or biographies written about them) or speak to anyone who has worked for them to know that it was a combination of personal strengths and disciplined habits.

They default to luck as an explanation for two reasons: Because it makes them seem modest and therefore likeable. And because when one looks back on a successful career, it often seems like it was a matter of luck.

In my case, it never seemed like luck. It seemed much more like decades of difficult challenges, frequent heart-crushing mistakes, and countless 12-hour days.

Alex Green (see today’s main essay, above), recently wrote about Dr. Bob Rotella, a leading sports psychologist whose views are diametrically opposed to Robert Frank’s, and summarized some of Rotella’s most important findings from his book How Champions Think:

No. 1: Intense Optimism – It’s tough to achieve great goals without an unwavering conviction that you will achieve them. Exceptional people generally do this through intense, purposeful visualization. Optimism keeps them juiced, excited about their prospects and willing to work harder than others. Optimism alone doesn’t guarantee anything, of course. But it is an essential ingredient. There is an almost perfect correlation between negative thinking and failure.

No. 2: A Confident Self-Image – We all construct a mental picture of ourselves. To a great extent, that self-image determines what we become in life. Champions view themselves as winners. And they devote their lives to making that image a reality.

No. 3: Habits of Excellence – Exceptional people follow strict habits that make success almost inevitable. Commitments are a dime a dozen. But unwavering perseverance is a virtue in short supply.

No. 4: An Unwavering Commitment to Process – Exceptional people don’t just pursue a dream. They fall in love with the process that makes it come true. They don’t just work longer and harder. They work smarter.

No. 5: Single-Mindedness – Champions don’t generally live well-rounded lives. They know they cannot be great business leaders, great parents, great athletes, great socializers, and tireless contributors to their communities. They have a passion for one thing and pursue it with the zeal of the newly converted.

No. 6: Honest Evaluation – Many people set high standards for themselves. But then they go easy on the self-evaluations. Average achievers tend to overestimate how hard they work. Champions don’t. They define excellence in specific terms and commit themselves to the most rigorous standards.

No. 7: Resilience – Failure is inevitable in business and in life. But exceptional people don’t let it define them. They find something to cling to, some hope for the future. Each setback comes with some lesson to be learned.