As a small business owner, generating revenue and processing payments in the most cost-effective and speedy way is constantly on your mind. Although you are trying to increase margins, have you ever thought of it as a path to being a millionaire? Most people don’t believe that they will amass $1 million in their lifetimes, but it is not that out of reach. Below are three things you must know to start banking your first million.

It’s possible.

There is more money in the world today than ever before. Earning $1 million over the course of your career is not impossible, and depending on your age, you may have already done it. The average wage in the U.S. is $50,000. Average wage means across all position levels and industries so entrepreneurs may not recognize this figure as their income. Over the span of 20 years, that accumulates to $1 million.

If banking $1 million is your goal, do the math now and keep calculating. If you earn $50,000 per year, you will not save all of that because of the cost of living. If your goal is to save 40 percent, which is much more reasonable, then it will take 50 years to accumulate that $1 million. Do the math in order to set reasonable expectations and know how to tweak the plan as you go through life.

It will take more than saving.

A penny saved is indeed a penny earned, but sadly those will not add up to your $1 million fortune. Eventually, you may see a return from those small savings, but by then you will be too old to enjoy it. It is still crucial to save wisely – but other strategies and additional tools are required to grow your wealth.

The path to wealth often requires investing, not just income. This doesn’t mean you should look to score big in the market. The first rule is that only some savings are invested. Your income supports you first, gets saved second, and is used for investment last. When you do invest, it’s a good idea to go for the sure thing even if it has a low return. Experienced investors can take the gamble, but new investors and those that do not want to risk losing the majority of that money should keep it simple.

It requires being frugal.

Saving every penny won’t make you a millionaire, but spending every cent will definitely keep you from being one as a small business owner. It is important to live below your means to reach any real wealth. This does not mean that you must struggle or deprive yourself. Think of it as a way to bank millions instead of viewing that money as something that you lack.

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