The Rich Don't Play the Lottery: How to Learn to Think Like a Millionaire

Everyone treats money differently, and it's always amazing how the richest people in the world do it. They all have three main rules, reports CNBC.

Photo: IStock

As CEO and podcast host "We study billionaires" Trey Lockerbie interviewed 25 billionaires and over 100 self-made millionaires, including famous investors like Howard Marks and Kathy Woods.

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Here are three common habits that anyone can adopt:

1. Wealthy people don't act on fear or impulse.

The most financially successful people have a passion for solving puzzles, and so do the stock market.

When Trey interviewed billionaire Howard Marks, co-founder of Oaktree Capital Management, they talked about how Marks has weathered periods of upheaval such as the Great Recession and the early days of the pandemic.

Instead of making decisions based on fear, he said, he focused on data and potential rather than risks or weaknesses.

Using this approach, he made a successful bet on distressed corporate debt during the 2008 financial crisis, netting Oaktree investors about $6 billion in profits.

When faced with uncertainty, Marx recommends taking emotions out of the equation and looking for ways to make circumstances work for you.

2. Wealthy people are patient and long term.

One of Warren Buffett's main success factors is that he invests in businesses that can rise in value in decades, no matter what their stock prices might be at any given time.

Many billionaires admire Buffett's approach and how much patience he requires. At the conference, Airbnb co-founder Brian Chesky spoke about a memorable lunch with Jeff Bezos and Buffett.

During that lunch, Bezos recalled one of his first meetings with Buffett, in which he asked him, “Your thesis about investing is so simple. Why doesn't everyone just copy you?"

“Because everyone wants to get rich slowly,” Buffett replied.

3. Wealthy people say “no” more often than “yes”

Trey recently interviewed billionaire David Rubinstein, co-founder of private equity firm Carlyle Group. He is a philanthropist who is chairman of several boards. He is also the author of three books and host of the PBS program The Story with David Rubenstein.

When Trey asked him how Rubinstein manages to get so much done, he was quick to point out everything he doesn't do: no golf, no alcohol, no binge-watching Netflix. He avoids anything that he thinks takes up his time.

Billionaire Jesse Itzler agrees that the word "no" has power. Itzler co-founded Marquis Jet, one of the world's largest private jet card companies, partnered with Zico Coconut Water, founder of The 100 Mile Group, and owner of the NBA's Atlanta Hawks.

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“Your 20s and 30s are a great time to say yes,” he told Trey in a podcast interview. — You want to communicate, receive information and build. But when you're in your 40s and older, it's a great time to say no and be in complete control of your time."

His advice on how to say “no” to someone gracefully: “Support the answer with something amazing. Send dessert or pay the bill. Deciding not to do something doesn't mean you have to quit the game."

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