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Nix the rich mindset: While there are many paths to achieve wealth, it only takes a few ways to go broke. One key way to stay the course of wealth generation is to focus less on becoming rich, and focus more on avoiding financial ruin. That means staying away from potential mistakes or worst-case scenarios that could arise. In other words? Always weigh the consequences. Before putting your money on the line, it also means asking yourself: Do I understand this investment?

The circle of competence: Warren Buffett and his right-hand man, Charlie Munger, refer to something called “the circle of competence” when it comes to making investment decisions. Simply put, the concept is that we all have a limited amount of knowledge (found within our circle) and to get beyond that, you need to accrue self-awareness. Understand what is in your circle, then delegate what isn’t.

As your investment experience grows, remember: Getting wealthy, but most often, staying wealthy, has more to do with preserving your wealth than growing it.