May 05, 2016 04:20 AM EDT

8 Effective Habits That Made Bill Gates Rich

Microsoft co-founder Bill Gates did not achieve success and wealth without developing habits that helped him on the way to the top. He is believed to have a net worth of more than $76 billion.

According to Inc., Bill Gates certainly had luck on his side by being in the right place with the right product at the start of the computer era. However, the business magnate also had smart habits that helped him in his work and life.

First, he is always learning. Although he is known for dropping out of Harvard, it was only because he and his business partner, Paul Allen, grabbed the opportunity of starting their own software company.

Bill Gates loves learning so much that he is known for sitting in on classes that he was not enrolled in. Former Apple CEO Steve Jobs also had the same trait.

Second, the Microsoft co-founder loved to read. It was previously reported that Bill Gates reads an estimated number of 50 books a year, approximately one per week.

According to Quartz, ultra-successful people like to read a lot of books. Moreover, it's not just about reading anything; it pays to be selective and choosing to be educated over being entertained.

Third, Bill Gates knows how to give credit where credit is due. This also tells us about how he works and trains with the best people in the industry.

Fourth, he believed in himself. Gates described Microsoft as "based on this wild idea that nobody else agreed with -- that computer chips were going to become so powerful that computers and software would become a tool that would be on every desk and in every home."

Gates also manages money well. In 1998, he revealed that he wants to secure enough money in the bank to pay "a year's worth of payroll" even when payments were delayed.

Sixth, the Microsoft co-founder is open to trying different methods in case Plan A fails. He also values his sleep. Lastly, Bill Gates is known for his deep concentration while working.

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