Do you want to be a millionaire? Honestly, who doesn't? Becoming a millionaire isn't impossible provided you plan for it and work at achieving it. There are many ways to become millionaires. Some people start their own businesses while others work hard to increase their income by climbing up the corporate ladder. There are also people who became millionaires through investing in stocks, investing in rental properties, setting up online businesses, writing books, developing software as well as inventing new products and commercializing them. The list of possibilities is endless.

The truth is any common people can have a chance to be a millionaire. You don't need much money to start off with, just a healthy dose of discipline and commitment. If you follow a simple 4-Step process diligently, your chances to become a millionaire in the making are high.

1. Earn More Money

Sound like common sense, isn't it? Apart from your active income which is commonly derived from your job, you'll need to find ways to earn passive income. Unlike active income where you need to work to earn it, passive income is money that comes to your pocket without your active participation. Rental income, royalties from books, income from your network marketing business, licensing fees derived from your products and online revenues generated from your website are some examples of passive income streams.

2. Save Money

You need to spend much less than what you earn. Lead a frugal live and live well within your means. If you're the majority that earn a reasonable income and live within your means, you'll likely have money left over to save. There's no need to keep up with the Joneses. Don't be caught up with materialism. It might look good to be spotted driving that sparkling sports car or wearing a dazzling diamond studded watch, but it is extremely costly just to "act" rich. Doing so only makes you look like a millionaire but not actually being one. It becomes pointless if your net worth or bank account doesn't reflect a millionaire status. Don't get me wrong, I'm not against branded or luxury items. If you can comfortably afford such luxuries, by all means go ahead to enjoy them. If not, it would be wiser to save the money for investment and delay your purchase of luxury items until a later point in time. Living reasonably well without putting an extra strain on your finances will leave you with extra money to invest to generate more income.

Learn to pay yourself first even before paying your bills. Making your monthly saving automatic is a good idea. Set up a new savings account and instruct the bank to automatically transfer an amount from your earned income to this saving account every month. This new account is not meant for spending purposes but to be used for future investments.

3. Invest Wisely

Merely putting your money under your pillow or leaving all your money in the savings account will not make you rich. Many a times, the interest earned is far from being able to offset the inflation rate. This means that your money left in the bank would slowly erode over time and thus reducing your purchasing power. No investment action on your part would also mean that you'll become poorer as time goes by. Therefore, it is crucial to make your money work harder by investing wisely to generate higher returns. Carefully study the various investment vehicles such as stocks, mutual funds, properties, commodities among others. Understand your risk appetite before investing as each investment instrument carries a varying degree of risk. Importantly, don't fall for any get-rich-quick scheme. If it sounds too good to be true, it probably is. Investment, unlike speculation, should take a long-term horizon. Don't speculate for risky short-term gains but invest wisely and regularly for the long-term. Set a reasonable target for your return on investment (ROI). In my opinion, a consistent ROI of 8% to 12% is realistic and achievable.

4. Keep Repeating the Process

The final step for you is to keep repeating Steps 1 to 3 as mentioned above. The more money you earn and save, the more money you'll have at your disposal to invest for higher returns.

If you stick to your plan and faithfully work at it, your wealth will grow much quicker and sooner than you realize, you'll be on your way to join the millionaire club!