Most of us would like to be wealthy or at least financially independent someday so we wouldn’t have to worry about whether or not there is enough money to pay this month’s bills or figure out how to pay for an automobile repair bill we weren’t expecting. Most of us view having wealth as something that a slim minority of individuals will ever attain and that we’re just not able to make that happen without some sudden windfall such as winning the lottery. However, it’s within the grasp of all of us to be independently wealthy. 20 years from today, you can be a millionaire even if you have literally nothing now. Here’s how to do it.

First, there are no magic secrets; it’s a simple question of saving money consistently over a long period of time. You don’t need to start some amazing new business venture or win the lottery, you just need to be disciplined with your savings and invest them wisely.

Finding the Money to Save. This is going to be the hardest part of becoming independently wealthy. You need to sacrifice now so that you have the money to put away to push you along your path to becoming a millionaire. You need to get rid of a lot of luxuries, perhaps get a cheaper car, and shop for big, big bargains. You’ll have to be able to come up with at least $1,000 a month to save if you want to become a millionaire within a 20 year period. MSN Money has a savings calculator which will help you estimate how much money you might need to save to become a millionaire over a twenty year period.

Being Disciplined. Finding extra money to save one month or even six months won’t be enough to make your wealthy. You’ll need to save a significant amount of money every month for a long period of time. It won’t be easy for the first few months, but once you get in a pattern of saving, you’ll never go back to spending more than you make.

Investing Wisely. You won’t make your first million by saving money under a mattress, you need to make your money make more money by investing wisely. Invest your savings into solid investments such as real estate and mutual funds which have strong historical track records. With a little bit of research, you should be able to find mutual funds that have consistently averaged 12% to 15%.

Avoiding Taxes. If you just open up a mutual fund and invest in it every month, you’ll end up sending quite a bit to the government each year. Invest inside tax-advantageous accounts such as individual retirement accounts (IRAs), through a 401k plan, or whatever you have available to you. This will enable to keep a lot more of your money!

Being a millionaire isn’t as impossible as one might think. It just takes a strong sense of frugality and disciplined and wise investing. It’s not impossible, you just have to do it!