Originally published at Wisebread By Qiana Chavaia

Since 2008, the number of millionaire households has steadily increased each year. According to the WSJ, in 2013 there were 53,000 new households having more than $1 million in liquid assets.

Here are 5 mantras of the wealthy that can be applied to your work ethic and investment strategy to help you think and grow richer: 

# 1 – Never Quit

“Before success comes in any man’s life, he is sure to meet with much temporary defeat, and, perhaps, some failure. When defeat overtakes a man, the easiest and most logical thing to do is to quit. That is exactly what the majority of men do. More than five hundred of the most successful men this country has ever known told the author their greatest success came just one step beyond the point at which defeat had overtaken them.”  – Napoleon Hill, Think And Grow Rich  

Napoleon Hill (1883-1970) believed wealth to be the physical manifestation of one’s perseverance. In the book, Think And Grow Rich, Hill tells the story of being three feet from gold, where out of frustration a gold miner sells his machinery to a junk man who then strikes it rich by digging just three feet away from where he had given up hope. Think And Grow Rich is truly an inspirational work of literature and one of the most widely read books in history.

# 2 – Invest for the Long Term

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” – Bill Gates

Bill Gates is founder of the Microsoft Corporation and has been the richest man in the world for the past two decades. His philosophy can be applied to any goal you’re working to achieve in life, but in terms of investing, it is important to remember the benefits of long-term investments and the snowball effect of compound interest. 

Read: 6 Benefits of Dumping a Losing Stock

# 3 – You Don’t Need Leverage

“I’ve seen more people fail because of liquor and leverage — leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.” – Warren Buffet

Warren Buffet is an investment guru, philanthropist, and the fourth wealthiest man in the world. The concept of using debt to build wealth seems counterproductive. Remember, the measurement of one’s net-worth is determined by the sum of their assets minus debts. Most people live in houses and drive cars owned by a bank. These are conveniences that attribute to the illusion of wealth and are not the equivalent of financial freedom.

# 4 – Diversify

“The other boys at Yale came from wealthy families, and none of them were investing outside the United States, and I thought, ‘That is very egotistical. Why be so shortsighted or near-sighted as to focus only on America? Shouldn’t you be more open-minded?” -Sir John Templeton

John Templeton (1912-2008) was an investment tycoon and philanthropist. Any good investment strategy will be well diversified to include international stocks in both established and emerging markets. Diversification reduces the investor’s exposure to risks while attempting to maximize his returns.

# 5 – Love What You Do

“If you don’t enjoy it, don’t do it. You must love what you do.” – Sir Richard Branson

Serial entrepreneur Richard Branson has discovered over 100 brands. In the U.S. he is perhaps most widely known for Virgin Atlantic and Virgin Mobile. Like many of his billionaire cohorts, Branson believes if you follow your dreams and do what you love success will follow and you’ll live a much happier life.

Originally published at Wisebread