Some people think that hard work helps in achieving financial success while others think it is not the only thing that contributes to financial success. Discuss both views and give your opinion.
Why hard work
- Hard work helps people develop skills to improve their output and guarantee rich returns
- This also helps one forge networks fetch rich yields
Why other factors are important
- Judicious monetary management: saving, and earmarking something to bolster against contingencies
- Investing prudently
- Risk taking
- Timing and luck
A school of thought suggests that one can amass wealth only by toiling relentlessly, but some attribute this attainment to several other factors: judicious financial management and timing. I feel all these elements contribute to prosperity, and cannot operate individually.
Those vouching for diligent effort being the pivotal to affluence, profess that while striving to attain monetary success, people not only earn dexterity in their trade through frequent and continuous attempts but also forge an extensive network that fetches them unprecedented visibility. This precipitates rich financial yields, helping generate abundant resources, in the forms of earnings. To corroborate, numerous accomplished entrepreneurs such as Bill Gates credit their elite status to the times when they burnt midnight oil to pursue their goal of becoming rich.
Nevertheless, although sweat, tears and blood hold significance in driving one to the prosperous condition, it is hard to simply rely on this attitude. The wealthy are often found making a mention of the prudent approach they adopted when it came to succeeding monetarily. Earmarking some funds for emergencies, future and offsetting the impact of inflationary tendencies, among others help them insulate themselves against economic volatility, and ensure augmenting their savings.
Similarly, selection of a time for taking a risk, or investing into safe venues also has an overwhelming impact on the financial returns; a poorly-timed monetary infusion into stocks and real estate, to name a few, can strip individuals of all their money, whereas acting at an opportune moment can drive in billions.
In hindsight, continuous striving to build wealth should be accompanied with effective and meticulous handling of the money earned, and the preparedness to face uncertainties; obtaining resources is a tiny part, while sustaining and expanding them decides the fate of the financial status enduringly.