Lorna Wang is a rentvestor that owns five properties around the nation. She’s shared her tips for building wealth and buying property. Picture: David Crosling

---

Saving an extra $100 a month could be the answer to buying your dream home.

There are plenty of ways to achieve the great Australian dream of owning a property or properties, from putting a percentage of your earnings into an untouchable account to skipping that second takeaway coffee.

But the real trick of the trade is not spending money, even when you have plenty of it.

RELATED: How to make money in property without owning home or mortgage

Where you should buy to make money now and become a millionaire in 10 years

$100k+ hike: How much more your home loan costs you

Finder personal finance expert Sarah Megginson said many high net-worth individuals weren’t living lavish lifestyles.

“Having a frugal mindset plays a significant role in many Aussie’s wealth-building strategies,” Ms Megginson said.

“For some Aussies, growing their wealth is their top priority and they’re willing to make sacrifices in other areas to contribute more savings towards that goal.

“Missing out on certain luxuries in the short-term can pay off big time down the track but ideally, you want to balance being frugal with enjoying the fruits of your labour.”

Missing out on certain luxuries in the short-term could pay off big time, Ms Megginson said.

---

She added that mastering your personal finances was a marathon not a sprint.

“People lose loads of money to lifestyle inflation and mindlessly spend on things they don’t really value, and all of that adds up over time,” she said.

“Even saving something as small as $100 a month and investing that or adding it to your superannuation, can turn into six figures in extra wealth at retirement.

“Small daily choices and actions can have the biggest impact over the long-term when it comes to achieving financial independence.”

Investie Australia founder and buyer’s agent Lorna Wang said education about the property market and investing was the best place to start on your journey to financial independence.

“I think having the education is honestly so underrated when it comes to buying property or getting into the investment market,” Ms Wang said.

“The people you surround yourself with … they’ll have an influence on the direction that you take with your life.”

Ms Wang said finding a mentor or hanging out with like-minded people was incredibly important for building wealth.

---

She said finding a mentor or buddying up with a friend who has similar goals was also incredibly important and had a significant influence on your trajectory.

Ms Wang said putting a portion of money into a bank account that can’t be touched went a long way towards a saving a home deposit.

“As soon as I get my pay check, I allocate a certain percentage into a savings account; it’s that pay yourself first principle,” she said.

“With society, there is so much emphasis on consuming; (purchases) that aren’t considered necessities, try and minimise them as much as possible.”

– Spend with long-term goals in mind. Missing out on certain luxuries in the short-term can pay off.

– Stick to your budget.

– Just because you have the money to spend on “nicer” things doesn’t mean you should.

– Regularly invest money, even if its just a little bit.

– Small daily choices can have a big impact when it comes to financial independence.

– Educate yourself.

– Surround yourself with like-minded people.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Perth’s home prices could soon eclipse Melbourne

Melb suburbs that overseas homeseekers are targeting

‘Summer smorgasbord’: Where homes have gotten even cheaper for buyers

[email protected]