Why Opportunity Is Not Enough

I recently attended the Virginia First-Generation Student Success Symposium at the University of Virginia. It brought together educators and support organizations from all over Virginia with a passion for helping first-generation students. Next are my reflections from the symposium.

- Jeff Hulett, President and Founder, Personal Finance Reimagined and Personal Finance Professor, James Madison University

In the first century, Roman philosopher Seneca wrote, "Luck is where preparation and opportunity meet". Two thousand years later, this aphorism continues to shape how we understand personal achievement. But in our modern context, the word "luck" is better translated as "success." Success in the 21st century is not random—it is the result of multiple, compounding factors: preparation, opportunity, adaptability, and what we might call pursuit energy. While this formula provides a helpful framework, it is incomplete. Without deliberate programming and support, particularly for first-generation and underserved populations, opportunity alone will rarely be enough.

The Stoic Framework Revisited

Seneca’s Stoic philosophy teaches that we cannot control external events, but we can control how we respond. This is why preparation—driven by study, discipline, and resilience—is considered internal or endogenous. It is the domain where agency thrives. Opportunity, by contrast, is exogenous. It emerges from the outside world—through a job posting, a scholarship, or a mentor’s invitation.

But bridging the gap between preparation and opportunity requires adaptability and active engagement. Venture capitalist Natalie Fratto defines adaptability through three behaviors: asking “what if” questions, unlearning outdated knowledge, and exploring new ideas. These are not traits you are born with—they are cultivated.

Similarly, Tina Seelig of Stanford likens the winds of luck to ever-changing breezes. Building a large sail, she argues, requires three things: taking risks, showing appreciation, and being open to new possibilities. These ideas support the notion that pursuit energy—grit, drive, and proactive behavior—is critical for transforming opportunity into success.

Yet despite this elegant framework, a structural gap remains.

The Myth of Equal Opportunity

American culture venerates "equal opportunity." It is a foundational ideal: that anyone, regardless of background, can succeed if given the chance. But opportunities are not always equally visible, let alone accessible. This is particularly true for first-generation college students and those from underserved communities.

It is important to clarify that success is deeply personal. It is often measured by income or professional title, but it should be defined by the individual. For some, success may mean financial independence; for others, it may mean artistic fulfillment, community impact, or family stability. As Nobel laureate Daniel Kahneman observed, "While money cannot buy happiness, a lack of money buys misery." His research also shows that the relationship between income and happiness flattens after a certain threshold—typically once basic needs are met.

This finding reframes the purpose of higher education. It is not merely a path to wealth. It is a path to options. Education expands our decision space, enabling us to define and pursue our own version of success. But if the pathway to education is obscure or obstructed—by cost, complexity, or lack of guidance—then many potential students will never attempt the journey.

First-Generation Barriers and the Role of Support

Navigating the U.S. higher education system is especially daunting for first-generation students and related communities that have traditionally lacked college access. For this article, as a convenient convention, "First-generation" is used to define this broader and diverse population of high-potential Americans. These individuals often lack the familial blueprint that guides others through the maze of applications, financial aid forms, academic expectations, and social norms. The system, while technically open to all, functions more like a hidden curriculum for those outside the legacy network.

This is where structured programming becomes essential. Support initiatives—such as financial literacy workshops, college coaching, and peer mentorship—help level the playing field. They do not remove the need for hard work or motivation, but they reduce the informational and psychological barriers that disproportionately affect first-generation families.

Empirical evidence supports this approach. Economists Stacy Dale and Alan Krueger studied the outcomes of students who attended more selective colleges. While legacy students (those with at least one parent who completed college) showed little difference in income whether they attended highly selective or less selective schools, the same was not true for first-generation students. For them, attending a more selective institution with strong support systems resulted in significant income gains—especially among students of color.

Interestingly, the original aim of the Dale and Krueger study was to determine whether selective colleges were inherently “better” at producing high-earning graduates. While the general findings suggested minimal difference in outcomes, the study revealed that it was not race but the shared experience of being from a first-generation background—disproportionately represented by people of color—that explained the success gap. This suggests that access alone is insufficient; targeted support is what turns opportunity into long-term success. The good news is, many colleges have taken Dale and Krueger's results to heart. No longer are only selective colleges providing first-generation support. This level of support is becoming standard at many colleges.

The Middle Ground: Effort Plus Infrastructure

There is a valid concern that too much support could breed dependency or entitlement. But that concern overlooks the principle of earned opportunity. Just as athletes train to capitalize on their talents, students must prepare to make the most of educational opportunities. Support should not eliminate the need for effort. Rather, it should empower that effort.

Consider a student whose parents never attended college. She may be highly motivated and intelligent, but without help navigating FAFSA, understanding what “office hours” are, how to balance their free time, or knowing how to choose a major, she is at risk of disengagement or dropout. Conversely, a peer from a college-educated household receives that knowledge passively—over dinner conversations, family visits to campuses, or informal advice.

The solution lies in scaffolding success. Build structures that support the climb without doing the climbing for them. Enable students to engage with the full range of opportunities while demanding their commitment to preparation and pursuit.

Conclusion: Success Requires More Than a Doorway

Seneca gave us a powerful formula: preparation plus opportunity equals success. But today we know that the formula is incomplete. For those with the cultural capital to recognize and act on opportunity, the path may be smooth. For others, especially those without generational guidance, the path remains obstructed.

If we truly value equal opportunity, then we must recognize that access alone does not ensure success or meaningful participation. Support programs—especially for first-generation students—are not handouts. They are on-ramps to autonomy. They provide the navigation tools needed to define one’s own version of success.

In the end, success is not about waiting for the winds of luck to blow. It is about building the sail, steering the course, and having a crew that believes in your destination—even if they have never been there themselves.

About Personal Finance Reimagined (PFR):

PFR empowers high school and college students—especially first-generation students—to make confident financial and life decisions through a consistent, repeatable decision-making process. Our programs include engaging seminars, interactive classroom sessions, smartphone decision tools, books, and one-on-one training. By blending behavioral economics, financial education, and practical tools, PFR helps students define success on their own terms and build a lifetime of wealth.

Resources for the Curious

• Seneca. Letters from a Stoic, 65 CE.

• Fratto, Natalie. “3 Ways to Measure Your Adaptability—and How to Improve It.” TED, 2019. 

• Seelig, Tina. Creativity Rules: Get Ideas Out of Your Head and into the World. HarperBusiness, 2017.

• Kahneman, Daniel, and Angus Deaton. “High Income Improves Evaluation of Life but Not Emotional Well-Being.” Proceedings of the National Academy of Sciences, vol. 107, no. 38, 2010, pp. 16489–16493.

• Dale, Stacy, and Alan B. Krueger. Estimating the Return to College Selectivity over the Career Using Administrative Earnings Data. National Bureau of Economic Research, 2011.

• Hulett, Jeff. “Luck Is Where Preparation and Opportunity Meet.” The Curiosity Vine, Sep. 18, 2023.

• Hulett, Jeff. Making Choices, Making Money: Your Guide to Making Confident Financial Decisions. The Curiosity Vine Press, 2023.

• Hulett, Jeff. “The Hidden Wealth of Time: Turning Challenges into Opportunity.” Personal Finance Reimagined, Jan. 22, 2025.

• Hulett, Jeff. “A Lifelong Approach to Job Decisions and Being the Best Version of You.” The Curiosity Vine, May 15, 2023.