Part 9/13:
Mathis suggests adopting a minimalist approach—waiting until technology truly serves a purpose before upgrading. Wealthy people tend to use what they have longer, avoiding the trap of chasing appearances or social validation at the cost of their financial health.
8. Gambling and Lotteries
Gambling, including casinos, lottery tickets, or sports betting, is a high-risk activity that the wealthy generally avoid. Mathis shares a sobering example of how gambling can ruin lives, erode retirement savings, and cause emotional distress.
He notes that lotteries are often a tax on the uninformed, with odds overwhelmingly stacked against winners. Instead of risking money on hope, the rich prefer to invest systematically and wisely, recognizing that investing beats gambling in the long run.