One myth perpetuated by our culture is that in order to become wealthy, we need to get in on the next Instagram, pick stocks like Warren Buffett or have some miracle happen to us. While these fantasies can help us dream, they also can leave us chasing smoke and mirrors. The truth is that hitting the jackpot with a new invention is a one-in-a-million chance and consistently picking the right stocks is largely a loser’s game (see stats here). 

Given the realities, I’ve often found these myths overwhelming. But I don’t dwell on them for too long because I know the secret to building wealth — and not only is it deceptively simple, it’s also not really a secret at all. 

Before we get into details, let me ask you this: do you get up every morning and brush your teeth? Take a shower? Remember to put on underwear (depending on your personal preference)? Then you can build wealth. Seriously. 

The drier bit is that building wealth is done over long periods of time through methodical action that you can do each and every month, just like keeping your teeth clean (though hopefully, that’s every day). It’s something you teach yourself to do and then do almost automatically. In fact, there are even options to automate your finances that will help you. Building wealth is actually easier than ever. 

Now, I’m not suggesting discounting the value of the other methods. You can definitely build wealth when you pick the right stock, but the problem with a method like this is the uncertainty. You don’t know how your stock will perform every day, much less every month. You don’t know the returns you’ll get by investing in a seemingly profitable start-up, or if your new app will go viral. For the vast majority of people, the run-of-the-mill, repeatable action offers the recipe for success that they crave. 

Frankly, I think this is a relief. It shows that you are in control of growing your money. In my work with clients, anxieties are high about what the stock market may or may not do; in the midst of volatility, it’s very comforting to know that what matters more is how much you continue to save. Because if the stock market disappoints, you can make it up by saving some more. That’s not always easy, but it is an option.

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So, let’s summarize the “secret” to building wealth: 

Saving your money

The most effective way to grow wealth is to save. What does that mean exactly? It means being intentional every single month with how much to save. The people dedicated to saving each month, being methodical and investing those savings are the ones who build wealth over time. They also make it hard to avoid by automating paychecks into investment accounts or 401k or to a savings account. 

So how do I start?

Building wealth starts with an awareness about how much money comes in and out of your financials each month — and making sure the latter isn’t bigger than the former! I’m sure you’ve heard it before but living within your means will serve you well here. Don’t get confused: saving does not have to equal frugal living. Saving is about making a choice to live within some boundaries that make it possible for you to have more choices later on. In the end, you’re in control of how much you want to save or not save.  

Then what happens?

The magic really kicks in once you have a critical mass of savings. Say you have $200,000 saved and that you earn a 6% annual return. You just earned $12,000 a year right there without having to lift a finger, which, by the way, is a form of saving, too. The goal is to get to a place where the critical mass starts doing all the work for you. That can take time, but if you keep at it, you’ll get there. 

Read More: Making Compound Interest Work For You

How else can I build wealth?

Invest in yourself! This looks different for different people. Investing in yourself could be attaining more education, building a business, or working the corporate ladder. Watching your spending can only take you so far if you are not also growing your earnings over time. If you can’t easily invest in yourself, you may just want to focus on living within your means and saving a small, but meaningful, amount. Then you can transition to investing some of that money back into yourself down the road.

And finally…Mindset

Are there voices in your head telling you that you will never be wealthy? That you don’t know how to save? Becoming aware of how you talk to yourself about building wealth is arguably the most critical step in this process. Stop negative self-talk in its tracks by challenging those thoughts; affirm what you can do instead of what you can’t. This is something that people at all ends of the income spectrum can practice. 

I’m not saying that simple equals easy. Saving money and building wealth still takes work and commitment. But when you break through the illusion of one-and-done ways to make money, you can truly start to grow your bank account. And that’s not just your imagination. 

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Interested in working together? Learn more about my financial planning services!