Wealth is a goal many people want to achieve, yet it is elusive to most. For some, wealth signals security. For others, wealth symbolizes status and success. For many, wealth signifies a break from the past, which may have been a hard financial path as children or young adults. Whatever the reason, many people, despite making very solid money, never seem to build their wealth. Living a nice lifestyle if they make enough is common enough, but the actual goal of sizable wealth, let’s say liquid assets of $1,000,000 or more, eludes them.

Wealth accumulation takes discipline and, needless to say, hard work. However, following some pretty simple guidelines, combined with a solid career path, the goal of real wealth can be achieved by anyone who wants it badly enough. A sweet inheritance can help. The baby boom generation, those born from 1946 to 1964, are believed to be inheriting $11.6 trillion dollars, according to a study commissioned by insurance company MetLife. However, when that number is broken down, the median amount per person is about $64,000. Nice, but hardly huge wealth.

The accumulation of wealth is not an evil desire or goal. It not only can help build a lifestyle you want, it helps you provide for people you care for who may not be as fortunate. Plus, it gives you the ability to leave a legacy of sorts to family or institutions you feel are important. At the end of the day, business, pleasure and life in its totality are defined by money and the use of it. Things are not paid for in animal pelts or beads and trinkets.

Here are 10 top ways and rules for building solid long-term wealth that anybody can follow and use to their advantage.

1. Even with memories of the housing collapse still quite clear, owning a home is a must. Homes are like any asset — stocks, bonds, whatever. Homes properly bought at the right price, and not bubble speculation levels, can appreciate significantly. A home, plain and simple, can be an awesome long-term holding. Plus, the homeowner has the tax advantage of writing off the mortgage interest and the property taxes. For people who live in states with no state income tax, like Texas, Florida and others, that number may be significant. Bottom line, renting just makes money for the landlord.

2. Refinance NOW. If you own a home already, make sure you refinance to take advantage of these still low rates. A 30-year mortgage is currently as low as 4.35%, and a 15-year mortgage is as low as a 3.38%. These may vary around the country. Despite headlines about how rising mortgage rates will hurt the economy and cool down real estate, these are still the lowest rates in more than 50 years. Many homeowners with 6%, 7% or even 8% mortgages still have not refinanced. Do it now. Usually, any closing costs can be rolled into the loan to provide no out-of-pocket costs.

3. Save and invest on a regular schedule. Investment compounds, almost regardless of which investment vehicle is used. Max out your 401(k), especially if you have matching contributions from your employer. Let your contributions dollar cost average into those investments. If you are invested in mutual funds, dollar cost averaging in every paycheck helps you buy more shares when the price is down, less when they are up. Think about the magnitude of consistently investing in a tax-sheltered plan over a 40-year professional career. The maximum contribution to a 401(k) plan in 2013 is $17,500 per year, and let’s say your company matches 15%, or $2,625, for a total of $20,125. Over 40 years that is $805,000 if it does not grow at all, which is highly unlikely. Granted that number is the maximum, and many people early in their career are unable to do that. Invest every penny you possibly can and raise the amount you can contribute as soon as you can. The sum is staggering, given the long-term performance of the stock and bond markets.

4. Save every spare dime you can. Whether it is a change jar, dollar bills or some other plan, you must save on top of your investments. This is money that can be used for vacations and travel, or other activities you would like to do. Think about it. If you just put aside just $2 a day, the price of a cup of coffee at a Starbucks, you would save $720 per year. Over a 40-year period, that comes to $28,800. Think if you could tuck away more? Again, even if you use it to cover vacations and travel, you have saved for that luxury, which is smart. If you can save more, then invest more, outside of the 401(k). We wrote recently about common investing mistakes people make.

5. Never, ever, buy a car new. The worst deal in the world is a new car. You can buy one, drive it around the block and bring it back to the dealership and they will offer you less. Always buy “gently used.” They usually have a warranty as long as three years or 100,000 miles, and you save thousands of dollars over buying new. Especially if you can find the car or SUV owned by the little old lady from Pasadena. Plus a car two years old that is totally checked out and brought up to speed by a quality dealer like Lexus or Acura will be good as new, and even have that new car smell.

6. Use credit cards that offer something and never run a credit balance. Credit cards that offer frequent flyer miles are a perfect example. Put every monthly bill you have to pay on a rewards type credit card. You can earn valuable flyer miles and in many cases make purchases through the card vendor sponsor, say an airline that earns you additional miles. Never run a credit balance or pay the “minimum.” Credit cards charge outrageous interest, some up to 18%, none of which is tax deductible.

7. Be frugal to a degree you find comfortable. Most people are familiar with the whole “millionaire next door” routine. However, eating macaroni and ground beef endlessly and getting your clothes at Goodwill is really not most people’s idea of living. With that in mind, do not be the overspender. High-end stores charge high-end prices. Why shop at a Nordstrom or Neiman Marcus when you can find much the same quality at Macy’s or Dillard’s? Take that to another level and shop at Ross Dress for Less or Marshalls and really save money. Use store coupons at the grocery store and shop for the lowest price on things you need, whether it be gasoline, food or beer. Every penny you save can go toward that cash savings or additional investments. Do not waste your hard-earned money. Nobody can see designer labels, and many people these days could not care less anyway.

8. If for any reason you do get an inheritance, for God’s sake don’t waste it. The inheritance tax is only on estates of more than $5 million. Should you receive say a $500,000 inheritance, it is totally tax free. Do not buy the Corvette or the boat. Invest and save it. In 5% municipal bonds, the $500,000 would earn $25,000 per year tax free. Over a 10-year period, that would be an additional $250,000, or 50% of the initial inheritance. Inheritance usually happens later in life, but the advantages of not blowing it are clear.

9. College for the kids taking away the wealth potential? Start saving the minute they are born. Look for in-state schools that offer the lowest tuition. Most importantly, start saving from day one. 529 college saving plans can really help. A 529 plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. 529 plans can be used to meet costs of qualified colleges nationwide. In most plans, your choice of school is not affected by the state your 529 savings plan is from. You can be a California resident, invest in a Vermont plan and send your student to college in North Carolina if need be. Zero coupon municipal bonds can also get the job done.

10. Take that big job and pay raise in another city. For whatever reason, many people just do not want to leave their comfort zone. If opportunity knocks, and your current skill set is taking you up the ladder, you need to have the foresight and courage to grab the ring. Don’t want to leave your hometown? It will be there in 10 years, maybe even better. Don’t like the weather in the new city? You will get used to it, just like that bigger paycheck. Opportunity knocks for everybody, but it does not pound the door down like a SWAT team. Do not turn down a great offer thinking they will call you back. In the case of a big-money transfer within your own company, same rule applies — go. Oh sure they may not fire you if you turn it down, but there will always be something in your personnel file that reads something to the effect of “didn’t play ball and take promotion/relocation.” It is possible that will stunt your advancement at that company indefinitely.

Wealth is like good health, staying in shape and everything else important. You have to want it bad enough to not only work hard for it, you have to be willing to sacrifice and make compromise to achieve it. Wealth also can be just as noble as it can be detrimental, and just like life, it is what you make of it. The rewards of enjoying hard-earned wealth, especially with those you care about, will make all the necessary hard work, discipline and sacrifice seem like nothing more than a mere annoyance when all is said and done. It is important to remember, there is a lot to be said for the phrase “you earned it.”

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