Just look at the almost one in three adults that bought an Oz Lotto ticket when the prize pool reached $70 million last year.

But in the search for the fast buck, people fail to realise the winning ticket to millions is sitting right under their noses (and I’m not talking about checking the Lotto numbers from last week’s draw).

It’s in earning power.

And while it won’t happen overnight, there’s no surer road to riches than investing in yourself and making smart decisions with the money you do have … right now.

MORE MONEY NEWS:

GREAT AUSTRALIAN DREAM FADING FAST

GEN Y FINDS NEW WAY TO SHARE WEALTH

The key is discipline and time. Saving little amounts, on a regular basis over an extended period of time will guarantee you $1 million.

A $5000 deposit and an extra $300 a week will turn in to $1 million after 25 years at a 6 per cent annual return.

A 21-year-old on $60,000 a year who salary sacrifices an extra 9 per cent (on top of the compulsory contribution) in to a growth oriented super fund ($6300 a year or $121 a week) will have $1 million by age 65.

In fact, we believe anyone can achieve that lofty goal of becoming a millionaire if they start early and follow these simple tips.

TAKE CONTROL OF YOUR CAREER

Forget the house, that portfolio of sure-thing-shares and any savings you might have squirrelled away. You are your biggest asset. Your ability to work, whether it’s a part-time wage, a full-time salary or income from a business, is worth millions in the long run.

So treat your career as an investment, and see the income you receive as the return on that investment. That means taking control of your earning power to maximise that return.

Set some goals about what you want to achieve, because whether it’s doubling your wage in five years, building skills to advance from a current role or making the shift to a job with a better future (and which you’ll enjoy), it helps to have a plan.

And while we’re believers that life is all about taking advantage of opportunities, we also think if you’re proactive in developing skills, confidence and a personal brand, more opportunities will ‘magically’ present themselves over time.

For those that hate their current job, feel underpaid or even unloved, remember that we’re always learning and our experiences play a big part in shaping who we become.

THE MAGIC OF COMPOUNDING

Compound interest is an incredibly powerful wealth creator. So much so that Albert Einstein is said to have referred to it as the ‘eighth wonder of the world’.

As with other investments, making the most out of compounding requires a long-term outlook. And as the following example shows, it’s critical to start early.