In case you haven't already, you should add " Millionaire Next Door: The Surprising Practices of America's Wealthy," a book written by Thomas J. Stanley and William D. Danko, to your reading list as a must-read. The best-selling book reveals some similar characteristics that appear over and over again among persons who have amassed significant fortune.

If the concept "wealth" conjures up visions of mansions or yachts, you may want to reconsider your assumptions. People who are referred to as "millionaires next doors" are those who do not appear to be millionaires. You know who they are: the ones who are standing around you in the local supermarket line or the people who are pumping gas beside you into the not-so-fancy automobile.

The millionaires who live next door are, for most part, underconsumers. They spend significantly less money on tangible goods than their colleagues. And they've gotten to where they are because they've continuously used various wealth-building tactics that anyone can implement, starting right now. Here are 12 things that billionaires next door do in order to accumulate their fortunes.

They set & achieve objectives

Instead of merely expecting to make more money, wealthy individuals prepare for and work toward achieving their financial objectives. They have such a real direction of whatever they want and are committed to taking the required actions to get it.

They make a conscious effort to save and invest

The vast majority of rich retirees began contributing the maximum amount to their 401(k) plans when they were in one‘s 20s or 30s. Because the amounts you contribute to the 401(k) are pre-tax, they help to minimize the overall number of the earnings that must be reported to the IRS as federal income tax. Moreover, many employers will match all or a percentage of the contributions to your 401(k), such as 50 percent, up to a specified percentage of your salary—typically 6 percent—if you meet certain criteria. That's a nice little extra.

They are able to keep stable employment

The wealthiest retirees were those who had worked for the same company for 30 to 40 years. Staying with the same firm can result in enormous benefits, such as a generous last salary, significant pension payments, and substantial 401(k) balances, among other things.

Although it is becoming increasingly difficult to get stable employment, there are still a significant number of people who are lucky enough to get that job security, particularly teachers, firefighters, as well as other government employees, among others. Their success demonstrates that you do not need to be in the high-powered, quickly profession to be affluent.

They Surround Theirselves with Professionals

Wealthy individuals rarely do their own tax, and that they are also unlikely to be do-it-yourself stock investors. They are aware of their own skills and weaknesses, and if the strengths do not lay in tax preparation or financial planning, they delegate those responsibilities to specialized professionals.

They take steps to maintain their credit score

These individuals are extremely protective of their FICO scores in order to maintain lower rates on significant purchases such as mortgage and automobile loans. They also do it by keeping their debt to a bare minimum.

They place a high value on having a variety of income sources

Given the critical necessity of money in retirement, wealthy retirees go the extra mile to ensure that they have at least three sources of income. That income is derived from a combination of sources including Social Security, pensions, part-time job (including rental income), other government benefits (including unemployment compensation), and, most importantly, investment income.

They believe in the importance of being busy

Retirees who are more active in their hobbies or social activities tend to be more satisfied than those who are less active. Getting a second job which fires your passion & keeps you mentally engaged even while bringing in additional income is the perfect situation for most people. Consider how so much money most of us waste on things we don't need just to pass the time.

Your second gig does not have to be a time-consuming chore. Participate in an activity that you would like even if there was no monetary compensation associated with it, such as ushering at local sporting events or serving customers at a bookshop

They Exercise Great Care in Managing Their Resources

Wealthy people take precautions to avoid being a target for con artists. They are well aware that as your money grows, everyone from Web hustlers to home repair con artists will be looking to take advantage of you. These seniors take their time asking the correct questions of service providers before doing commerce with them. They also seek referrals before making a purchase.

Not wasteful

Wealthy individuals think that if you aren't utilizing something, you shouldn't have to pay for it any more. It may be everything from a luxury cable network to a club membership or even a home security system, depending on your preferences. They adhere to a weekly income that allows them seeing where their money is going so that they may make adjustments as needed.

They are aware that money cannot buy happiness for them

Happiness, in reality, has a falling rate of return over time. With an annual income exceeding $75,000, according to a Gallup study from over 450,000 U.S. citizens conducted in 2010, emotional well-being does not continue to improve.

They are the ones that pay themselves first

Wealthy people recognize the need of setting aside money for themselves only and foremost. It is a key concept of personal finance for them, and it provides them with a means of maintaining financial discipline.

They consider patience to be a virtue

Wealthy retirees have accumulated their wealth through perseverance. A fundamental idea holds that financial security occurs gradually and builds over a period of decades through careful saving, investing, or budgeting efforts on the part of the individual.

What's the bottom line?

Many people believe that the riches mentality is a mysterious phenomenon. However, this is not the case. A few small adjustments, goal-setting, or long-term personal finance can help you get closer to a financially secure retirement lifestyle.