I would like to add that good planning sometimes enables you to take advantage of good luck when it happens.

For example, my husband got turned down for a competitive college program ("bad luck") because of his college performance 10 years ago, and we figured he would be at home or perhaps working this semester. I convinced him to go to the college and argue his case since he now has a great GPA. He did, and they took him ("good luck!") just a few days before classes started!

We are a low-income, one-income family. But since we have been diligently saving and holding down debt, we easily paid cash for his sudden "good luck" tuition, books, and transportation. We will get financial aid but it would have arrived after the due date for payment.

It's a tiny blip on our financial radar, but for many people it would mean high credit card debt or worse, might even prevent this opportunity! I know many people who earn far more than me with fewer savings for emergencies.

I feel truly blessed. As Americans, we live better in poverty than many people in foreign countries who have a relatively high income. In this kind of environment I think most people can make their own luck and happiness.