Hundreds of self-made millionaires and billionaires say it’s impossible to maintain wealth through luck.
Trey Lockerbie, founder and host of the podcast”We Study Billionaires” (We learn from billionaires), having interviewed 25 billionaires and more than 100 self-made millionaires, including famous investors like Howard Marks or Cathie Woods.
“I’ve learned that rich people don’t have a winning mindset. They don’t think the shortest path to instant wealth is through random luck,” says Lockerbie.
In particular, he has drawn out 3 habits of rich people who have ever met, hoping to apply to many people.
Rich people don’t act on fear or impulse
The most financially successful people have a passion for solving puzzles and approaching the investment market in the same way.
In an interview with billionaire Howard Marks, co-founder of Oaktree Capital Management, Lockerbie shared how he coped with volatile periods like the Great Recession or the early days of the pandemic.
“Instead of making decisions based on fear, he focused on data and potential opportunities rather than looking at risks and weaknesses,” Lockerbie said, adding that the billionaire made a successful bet. financed the company’s debt during the 2008 financial crisis and earned an additional $6 billion.
In situations facing uncertainty, billionaire Howard advises users to remove their emotions and find ways to act in accordance with themselves.
Always be patient and think long term
According to Lockerbie, one of the biggest factors in the success of American investor Warren Buffett is investing in businesses that have the potential to grow decades into the future, whatever their stock prices may be. encounter fluctuations.
Many billionaires have to admire Buffett’s approach and patience. During a conference, Brian Chesky, the co-founder of Airbnb, talked about a memorable lunch with Jeff Bezos and Buffett.
During the meal, Bezos recounted his first meeting with Buffett and asked, “His investment thesis is simple. Why don’t people follow suit?” “Because nobody wants to get rich slowly,” Buffett replied.
Always know how to say no
Recently, Lockerbie interviewed billionaire David Rubenstein, co-founder of private equity firm Carlyle Group. He is also a philanthropist, chair of several boards and author of three books.
In response to the question of how to take on so many roles, Rubenstein quickly listed the things not to do: no golf, no drinking, no Netflix immersion, and avoiding anything that wastes time.
Billionaire Jesse Itzler also agrees on the power of saying “no”. Jesse Itzler is the co-founder of Marguis Jet, one of the largest private jet companies in the world, a partner of Zico Coconut Water, founder of The 100 Mile Group and owner of the NBA’s Atlanta Hawks.
“Your 20s and 30s are a great time to say ‘yes’ when you want to connect and build. But in your 40s and older, you should learn to say ‘no’ more and control your time,” Itzler said. told Lockerbie in a podcast interview.
But the billionaire’s trick is to politely decline. “Watch for great things and understand that choosing not to do something doesn’t mean staying out of the game,” Itzler says.
Minh Phuong (CNBC)