5 wealthy habits:

1. Own nothing, control everything:

- Rich people create legal entities that help them save taxes. Bezos in some years pays close to 0% tax. In fact, several Billionaires do that.

- When you and I get a salary, our TDS gets deducted even before we see a penny.

- So not owning things 'personally' is one strategy rich folks follow.

2. Spend less:

- If you buy stuff you don't need, you will have to sell stuff that you need.

- Here is an anecdote from Buffet: The 87-year-old billionaire still lives in the five-bedroom home in Omaha, Nebraska. He rarely spends more than $3.17 on breakfast. Even this is tied into, whether the stock market that day is going up or down.

- So the next time, we have an itch to buy an I-phone, we should re-assess? (I am not saying don't buy, but be more mindful)

3. Invest:

- Create a barrier between you and your investments. People tend to get comfortable when they have build a big enough corpus.

- If you invest (let's say in a land, commercial Real Estate etc), you have successfully created barriers between you and your investments.

- Now you will have more incentives to work hard and earn more.

4. Using debt intelligently:

- When normal folks make money, let's say 10L, they will go and buy a new car; in fact most people buy cars on EMIs. This acts as a negative cash flow for you EVERY MONTH!

- Having the wisdom: for what you need to take loans vs not is an extremely important financial decision.

5. They constantly learn:

- Why do you think Buffet, Gates and others read over a 100 books a year?

To paraphrase Morgan Housel: Becoming wealthy is less about your finance skills, but more about your mindset.