Becoming an everyday millionaire takes dedicated, sustained work

I have something important to tell you: Stop saying “I can’t.”

Yes, you can!

Why am I on this rant? I came across a study that says 64 percent of millennials don’t think they’ll ever reach $1 million in retirement savings.

Really? Why not? I say you can! Here’s how.

Start early

Of all the age groups, millennials have the best chance of reaching the magic million mark because they have time on their side. And some millennials are off to a great start.

Almost 60 percent of them have already started saving for retirement. Great! You’ve got a head start. If you start investing just $300 a month at age 25, you’ll hit the $1 million mark by age 60!

I know what some of you are thinking: I didn’t start when I was 25. I can’t hit $1 million. Yes, you can! How?

You get on a budget, pay off any debt, and put as much as you can toward your retirement. If you’re already doing that, sit down with your spouse or a friend, look at your budget, and decide how you can trim your expenses to put more money in your investment accounts.

Then, stick to your plan!

Increase every year

Not everyone can put away loads of money when they’re first starting out. I get that. But that doesn’t mean you’re doomed to a miserly retirement.

Start with a percentage you can manage (and get the max of any employer match), and increase the percentage every year so your investing grows as your career (and paycheck) grows.

If you get a bonus, throw that in your investment account, too.

If you want concrete financial numbers to show where you stand right now, you can use my new Net Worth Calculator. It takes less than five minutes to complete, and you’ll get tailored advice for your unique situation.

Think long term

Saving for retirement is a marathon, not a sprint. That mentality isn’t popular in our instant download culture. Building wealth doesn’t work that way.

It takes time and patience. Remember the fable about the tortoise and the hare? Slow and steady wins the race every time.

But winning the marathon only happens when you stay in the race. That means you keep plugging away, putting money in your retirement accounts no matter what the markets do.

If your portfolio balance drops (and it will), don’t panic and pull your money. Keep your eye on the prize. The market will correct itself, and your investments will earn a return over time.

What it takes

There’s nothing fancy about building wealth. The question is whether you’re willing to do the work to get there.

It’s about avoiding debt, living on a budget, staying on guard against stupid decisions, and investing your money wisely.

So, start saying “Yes, I can!”