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Author and financial planner Sylvia Walker chats to tells us how to make a million.

It's actually not that difficult. You can accumulate R1 million if you just put your mind to it.

Sylvia walker, author and financial planner

Step 1: Set the goal - what is the reason you want to save that money and knowing how much you want and by when.

Then put your plan in place and don't get distracted. We can look at what the plan should look like, but really as you go put any extra money in, whenever you get a bonus at work...or if you get an increase...put some money in...and most important thing is to stay focused on the goal.

Sylvia walker, author and financial planner

Step 2. Making it work - the return on your investment.

She explains that it depends on how well your investment is going to perform.

The better the investment performs, the less you need to put into that investment.

Sylvia walker, author and financial planner

Anything you invest needs to be invested close to the equity or share market as that delivers good growth.

Equities have delivered really good and solid growth over the long-term. That is the purpose they serve in our investment portfolio.

Sylvia walker, author and financial planner

If your target is to reach R1 million in ten years time, how much would you need to save per month?

At a growth rate of 12% you would need to save R4500 per month, and at a growth rate of 15% about R3000 per month, for the next ten years, in order to reach your million.

Be practical and set a realistic goal you can achieve.

Sylvia walker, author and financial planner

She points out that a million rand today does not have the same value as it did decades ago. Inflation erodes the value of our money.

But she says while your first million may take 10 years to make, the next million will take a lot quicker.

Because money makes money and the power of compounding is immense.

Sylvia walker, author and financial planner

So start saving and investing sooner rather than later, she suggests.

Responding to a call from James in Fish Hoek, Sylvia says many people do not have that R4500 per month to spend on investments because they have so much debt.

So deal with your debt and free up money to make you money.

Take a listen to Sylvia's advice below and get saving:

This article first appeared on 702 : Money Matters: How to make a million

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