There is often debate on the role that luck plays in accumulating wealth. Some argue that wealth accumulation is a matter of hard work, commitment, and good decisions, while others believe luck is a factor.

However, there are actions that those with wealth initiate in their wealth accumulation approach.

1. Financial Literacy—Financial literacy is the cornerstone of wealth accumulation. It equips one with understanding how money works, tools to make informed financial decisions, and strategies to optimize wealth. A basic knowledge of economic concepts, investing principles, taxes, budgeting, risk management, and retirement planning is vital. Wealth accumulation isn't about relying on luck but developing the skills and aptitude to grow financially.

2. Ability to adapt to changing circumstances—Wealth accumulation isn't just about sticking to one strategy. Instead, it requires constant adaptation based on changing scenarios. A sudden market downturn or an industry's spiraling growth shouldn't catch you off guard.

Being prepared, flexible, and willing to change your investment approach is essential. This often determines whether assets will continue accumulating or lose value.

3. Consistent saving and investing—Consistent saving and investing go a long way toward accumulating wealth. It doesn’t take sheer luck to save a fraction of your income consistently, nor does it require fortune's favor to invest in low-risk assets with reasonable long-term returns. Embrace the discipline of saving and the habit of investing, appreciating the power of compound interest.

4. Employing risk management—Risk management is crucial to wealth accumulation. It involves diversifying your investments, monitoring finances, purchasing insurance, keeping an emergency fund, and avoiding the debt trap. Some might attribute avoiding misfortunes to luck, but prudent financial management entails preparing for risks so that wealth is not lost due to unforeseen circumstances.

5. Long-term planning—Long-term planning is crucial for accumulating wealth. It is a blueprint that helps guide financial decisions and contingency plans. It is also a time-tested strategy for implementing, monitoring, and working toward goals.

6. Engaging with professionals— Financial, insurance, and tax professionals can help implement the above actions and replicable strategies that work toward wealth accumulation.