Here is some advice from finance experts on how to build wealth and get rich. You often hear that it’s simply, spending less that you earn, and save as much as you can.

But living in a world with rising fuel prices, loadshedding and growing inflation, a plan to become a millionaire is a little less straightforward. Check out these tips on how to overcome these obstacles and maintain your focus.

READ MORE: You can save power (and money) – even during loadshedding

Pravesh Sunker, CEO of FNB Private Wealth and RMB Private Bank says it is vital to “understand the principles that govern wealth generation” – and apply it to your own pocket:

• Listen to the experts: get the right advice from an expert as a starting point. A financial advisor will be able to assess your current financial position, and guide you on your money journey.
• Protect your wealth: as your earnings (and net worth) grows, so should your insurance. Consider covering yourself with home, car and disability insurance. Think about throwing in an umbrella policy for anything else. This also means building emergency savings or back-up sources of income.
• Know where your money goes, no unnecessary debt: create a budget that allows you to save money and pay off debts. Be realistic and track your spending. Remember, when you take on debt to pay your expenses, you pay interest. This is the opposite of what you need for long-term financial security – that is to *earn interest*.
• Check your retirement and estate planning: these are two crucial aspects of your financial affairs to ensure your family retains your wealth. A will or estate plan details how you will leave your accumulated wealth to your loved ones when you pass on. Keep an up-to-date inventory of your assets, and ensure important documents are kept safe.
• Diversifying your income: passive income streams can come from selling products online, publishing online courses, side hustles or investing. The goal is to create many streams of income, that maximise your potential to build and retain your wealth.

READ MORE: Six steps to gain financial freedom

While there is no magic formula for building wealth and getting rich. Erika Napoletano, a former registered financial advisor, shares her advice with Forbes:

• Establish financial goals: start by defining exactly what ‘rich’ means to you. No two people will have the same definition, so set a plan with goals for getting rich on your own terms. When setting these goals ask yourself: when do you want to retire, do plan on starting a family, what major purchases do you want to make?
• Create a cushy emergency fund: this is critical to your strategy for getting rich. Napoletano says this is not a Bitcoin stash or shares. Instead, it is highly liquid cash in a low-risk savings vehicle. This will protect your from needing to take on high-interest credit card debt during emergencies.
• Avoid schemes: notice how ‘get rick quick’ is almost always followed by the word ‘scheme’? They are few ways to get rick quickly. It takes a lot of discipline to accumulate wealth – and it takes time – but it is not impossible. In fact, Napoletano says it is all worth it.

Napoletano finally advises that you should make a plan, and stick to it. You will see progress “when you take the right steps to build wealth”.