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Rich people don’t have a ‘lottery mindset,’ says CEO—here are 3 things millionaires do differently

By | Trey Lockerbie | www.cnbc.com

Everyone approaches money differently, and I’ve always been fascinated by how the world’s wealthiest people do it.

As a CEO and host of the podcast “We Study Billionaires,” I’ve interviewed 25 billionaires and more than 100 self-made millionaires, including prominent investors like Howard Marks and Cathie Woods.

What have I learned from them? For starters, rich people don’t have a “lottery mindset” — or the belief that there’s a shortcut to instant wealth by virtue of random luck.

Here are three habits they share that anyone can adopt:

1. Rich people don’t act on fear or impulse.

The most financially successful people have a passion for solving puzzles — and they treat the stock market the same way.

When I interviewed billionaire Howard Marks, co-founder of Oaktree Capital Management, we talked about how he got through periods of upheaval like the Great Recession and the early days of the pandemic.

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

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

If you find yourself faced with uncertainty, Marks recommends taking emotions out of the equation, and looking for ways you can make the circumstances work for you.

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www.cnbc.com
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