Do wealthy individuals ever cringe and say, “Don’t tell them that, Robert”? Absolutely. The advice might be something like, “Keep your knowledge to yourself—don’t share it widely. Let others remain in the dark.” And once you’re compensated, you might think like an employee rather than an innovator.
Everyone has their unique approach to handling money, and I’ve always been intrigued by how the world's wealthiest people manage their finances.
As the CEO and host of the podcast “We Study Billionaires,” I’ve had the opportunity to interview 25 billionaires and over 100 self-made millionaires, including renowned investors like Howard Marks and Cathie Wood.
So, what have I discovered from these encounters? For one, wealthy individuals don’t operate with a “lottery mindset”—the belief that sudden wealth can be achieved through mere chance.
Here are three key habits that successful individuals share, which anyone can incorporate into their own lives:
Rich People Don’t Act on Fear or Impulse
The most successful individuals treat the financial world like a challenging puzzle. They don’t make decisions based on fear or gut reactions. For instance, when I spoke with billionaire Howard Marks, co-founder of Oaktree Capital Management, he shared insights on navigating turbulent times like the Great Recession and the early days of the pandemic.
Instead of being driven by fear, Marks focused on data and potential opportunities, rather than dwelling on risks. His approach led him to a profitable investment in distressed corporate debt during the 2008 financial crisis, generating around $6 billion in gains for Oaktree’s investors.
Marks advocates for removing emotions from decision-making and finding ways to leverage challenging circumstances to your advantage.
Rich People Are Patient and Think Long-Term
Warren Buffett’s success largely stems from his investment philosophy of buying businesses with long-term growth potential, regardless of short-term stock price fluctuations. Many billionaires admire Buffett’s patience and his ability to think decades into the future.
During a conference, Airbnb co-founder Brian Chesky recounted a memorable lunch with Jeff Bezos and Buffett. In their conversation, Bezos asked Buffett why everyone doesn’t simply adopt his investing approach. Buffett’s response was, “Because no one wants to get rich slowly.”
Rich People Say “No” More Often Than They Say “Yes”
In a recent interview with billionaire David Rubenstein, co-founder of Carlyle Group, he revealed how he accomplishes so much by focusing on what he chooses not to do. Rubenstein avoids golf, alcohol, and binge-watching Netflix, as he believes these activities drain his valuable time.
Billionaire Jesse Itzler, co-founder of Marquis Jet and partner in Zico Coconut Water, concurs with the power of saying “no.” Itzler suggests that while your 20s and 30s are a time for exploration and networking, your late 40s and beyond should be focused on saying “no” to take control of your time.
Itzler’s tip for gracefully saying “no” is to follow up with something thoughtful, like sending a dessert or covering a bill. Declining doesn’t mean you have to withdraw completely; it simply means you’re managing your time more effectively.
Incorporating these habits into your life can shift your approach to success and wealth management, offering a clearer path to achieving your own goals.
