Consult Financial Adviser Juan Gebhardt believes you can, but that it takes patience, consistency and a "millionaire mindset"

While the old quiz show might have been called, "Who wants to be a millionaire?", the question arguably would have been better posed as, "Who doesn't want to be a millionaire?" Because - aside from a handful of people such as billionaires, monastics or those who don't care one iota about material wealth - you'd be hard-pressed to find someone who doesn't want to be well-off financially.

However, the road to becoming a millionaire may seem more daunting - especially if you're earning a standard salary. Yet, becoming a millionaire has never been about earning an extraordinary salary, maintains Juan Gebhardt, Financial Adviser at Consult by Momentum. "In fact, some of the highest earners I've seen have never built significant wealth, while others have become millionaires on salaries that would hardly turn heads."

Gebhardt believes that it is possible to become a millionaire on a salary, but that "it requires patience, consistency and a clear understanding of what being a 'millionaire' means."

The millionaire mindset

If there is one misconception that continues to trip people up, it is the belief that wealth is primarily determined by income. While earning more certainly helps, Gebhardt explains that someone can earn a substantial income and still have very little net wealth if most of it is spent servicing debt or funding an increasingly expensive lifestyle.

"Real wealth is determined by what one retains, invests and owns after subtracting what they owe. To be considered a millionaire, your assets -  such as your investments, retirement savings and property equity - should exceed your liabilities by at least R1 million."

Another common trap? Believing that obtaining wealth requires finding the next cryptocurrency boom, buying the perfect investment at exactly the right time, or earning spectacular returns. In reality, sustainable wealth is far less exciting. It is normally created through many relatively ordinary decisions repeated over a long period, says Gebhardt.

A real millionaire mindset has less to do with extraordinary investments,  'manifesting' or any other social media buzztalk, and more to do with understanding what real wealth is - and that there are seldom shortcuts to achieving it.

The small habits that make the biggest difference

Gebhardt says that the difference between those who build wealth and those who don't often comes down to a handful of financial habits repeated month after month. One of the simplest is paying yourself first. Rather than waiting to see what is left at the end of the month, Gebhardt recommends automating savings or investments as soon as your salary lands. Even better, commit to increasing those contributions whenever your income increases, allowing future salary increases or bonuses to strengthen your financial position instead of disappearing into lifestyle upgrades.

"It's important to remember that R1 million today will not have the same purchasing power in 10 or 20 years, so the goal should be to not only reach a certain figure, but to build wealth that continues to grow ahead of inflation."

At the same time, building wealth is also about avoiding costly setbacks. "Paying off expensive unsecured debt, maintaining an emergency fund to avoid dipping into long-term investments when unexpected expenses arise, preserving retirement savings when changing jobs, and investing in a diversified, cost-effective portfolio can all have a significant impact over time," he says.

Time is on your side

Perhaps the greatest advantage available to ordinary salaried earners, however, is something money cannot buy: time. Compound growth means investors earn returns not only on the money they contribute, but also on the returns those investments have already generated.

While the impact can seem modest during the early years, the effect ramps up over time. "For example, investing R1,500/month could grow to approximately R1 million in around 22 years, while R3,000/month could get you there in roughly 15 years."

Gebhardt cautions that trying to shorten the journey by chasing returns can expose an investor to excessive risk. "For most investors, a diversified portfolio, appropriate risk exposure, reasonable fees and a long investment period are more reliable than repeatedly trying to identify the best-performing investment."

Don't wait for the 'ideal' salary

...because the goalposts will keep shifting - even when you reach your target amount. "If you wait until you reach a specific income level to start saving, you will never start, because people's lifestyle usually adjusts to match their income level." In other words, if you don't save when you are earning R10,000 a month, you likely won't be saving when you're raking in R100,000 a month.

Gebhardt suggests: "Start with a percentage of your income. Even if small, establishing the habit early and increasing contributions over time will prove far more valuable than delaying until a higher salary arrives."

Ultimately, becoming a millionaire on a salary is unlikely to happen through one extraordinary investment or a dramatic jump in income. "More often, it is the cumulative result of disciplined decisions repeated consistently over many years," he concludes.

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