Top 5 Investing Tactics of Millionaires

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3. Pay Close Attention to all Ventures

Dr. Stanley illustrates the point well in The Millionaire Next Door. Millionaires spend an average of five or six hours per week on financial planning (including managing investments) whereas those with a lower net worth tend to spend an hour per week.

Focusing on finances and investments literally pays off. By paying attention to what you're spending, what you are making, and where you keep your financial assets, you can make more optimal decisions and place investments in higher performing asset classes and higher yielding fixed income investments.

4. Take Calculated Risks

Millionaires take risks when the odds are in their favor. A large part of being able to take risks is having the wealth available to put at risk. To a millionaire, a $20,000 or $30,000 loss on an investment gone bad won't send them to the poor house. Consider what those losses would do to a household living paycheck-to-paycheck and you can easily see why millionaires can afford to take such calculated risks.

Millionaires don't limit their investments to only stocks and bonds. Many use capital to start a business or invest in private equity deals that require high initial investments.