Achieving financial independence and accumulating substantial wealth before retirement is a goal that many dream of—but only a few manage to accomplish. So, what separates those who retire with wealth from those who don’t?

The answer lies in the habits that self-made millionaires and billionaires practice. These habits allow them to build wealth more rapidly than others. It’s often said that a person who is disciplined and persistent, even with average intelligence, can achieve more than someone who is highly intelligent but lacks those qualities. If you’re committed to achieving financial freedom, adopting these habits could make all the difference.

Here are five habits that can help you become wealthy before you retire:

1. Set Clear, Specific Goals

Every successful person’s journey starts with a clear goal in mind. One common trait of self-made individuals is their focus on setting and achieving goals. If you want to retire wealthy, setting goals should be your first priority.

Start by dreaming big—think about the ideal life you want to live, where money is no object. Break that dream down into smaller, actionable goals. For example, instead of simply saying “I want to be rich,” aim for something concrete like “I will earn $10 million before I retire.”

By setting specific goals and breaking them down into smaller, achievable steps, you’ll create a roadmap to success. Each time you hit a small milestone, you’ll gain the motivation to push further toward your ultimate goal: financial independence.

2. Live Below Your Means

To retire wealthy, it’s crucial to adopt a frugal lifestyle, especially during your most productive earning years. Small daily savings can add up over time. You can cut costs by using coupons, cooking your meals, avoiding unnecessary purchases, and buying used items.

Every dollar saved and wisely invested now will pay dividends later. The key is to avoid lifestyle inflation. Instead of spending more as your income rises, focus on building a solid investment portfolio that ensures a comfortable retirement.

3. Create Multiple Income Streams

Relying on just one income source is unlikely to get you rich before retirement—unless you’re in an exceptionally high-paying job. To accelerate your wealth-building, you need to create multiple streams of income.

This can be done by pursuing side gigs like freelancing, starting a home business, or renting out a portion of your home. You could also consider investments like rental properties, real estate investment trusts (REITs), or dividend-paying stocks.

However, when you earn more, resist the temptation to upgrade your lifestyle unnecessarily. Instead, focus on reinvesting that additional income into your wealth-building strategy.

4. Start Investing Early and Consistently

While living frugally and saving money is important, it’s not enough to build wealth. Keeping your money in savings accounts or low-interest certificates of deposit won’t generate significant returns over time.

The two main ways to grow wealth are owning a successful business or investing in successful businesses. The earlier you start investing, the more time your money has to grow. Focus primarily on stocks and mutual funds, which typically provide substantial long-term returns. Diversifying with international equities, real estate, and commodities can further boost your investment portfolio.

Whether you manage your investments yourself or hire a financial advisor, remember to stay invested for the long term. Market fluctuations are inevitable, but the market has always recovered after downturns. Don’t panic during a market dip—stay the course for better long-term returns.

5. Be Persistent and Never Give Up

Persistence is the most important habit for anyone striving to achieve financial greatness. Setbacks and failures are inevitable, but it’s those who keep going—no matter the obstacles—who ultimately succeed. If you give up at the first sign of difficulty, you’ll never achieve your financial goals.

The wealthiest individuals are those who persist, work through challenges, and remain focused on their end goal. Stay disciplined, keep moving forward, and success will follow.

By incorporating these five habits into your daily routine, you’ll be well on your way to building substantial wealth before retirement. The road to financial independence isn’t easy, but with persistence, smart investments, and the right mindset, it’s entirely possible.