Getting rich is an ambition many Australians share. In reality, for most people, it doesn’t come from a lucky trade, a crypto windfall, or picking the next tiny mining explorer. It usually comes from something far less exciting.
Time. Consistency. And ownership of quality assets.
If I had to describe the easiest way to retire a millionaire using ASX shares, it would look something like this.
Image source: Getty Images
Step 1: Own productive businesses, not speculation
When you buy ASX shares, you’re buying a slice of a real business.
Companies like Commonwealth Bank of Australia (ASX: CBA), Wesfarmers Ltd (ASX: WES), BHP Group Ltd (ASX: BHP), or global-facing growth names such as Xero Ltd (ASX: XRO) or ResMed Inc. (ASX: RMD) generate profits, reinvest capital, and pay dividends. Over time, those profits tend to grow.
Their share prices may bounce around daily, but their underlying value is driven by earnings.
I think that’s the mindset shift that matters. You’re not trading a ticker. You’re owning part of an income-producing asset.
Over decades, productive businesses have historically delivered average returns in the high single digits. Let’s assume 9% per year as a long-term average. Some years will be negative. Some will be far higher. But that’s a reasonable planning assumption.
Step 2: Invest every month, no matter what the headlines say
The easiest path is not timing the market. It’s ignoring it.
If you invest a fixed amount every month into quality ASX shares or diversified exchange-traded funds (ETFs), you automatically buy more when prices fall and less when prices rise. That removes emotion from the process.
Let’s say you invest $1,000 per month and achieve a 9% average annual return.
After 25 years, you’d have roughly $1 million. Even investing $500 per month at 9% for 30 years gets you to around $850,000.
There’s no magic. Just maths and discipline.
Most of the heavy lifting comes in the final decade. That’s compounding at work. Early on, growth feels slow. Later, it accelerates in a way that surprises most people.
Step 3: Reinvest dividends and stay patient
One of the advantages of investing in ASX shares is the dividend culture.
Many Australian companies pay reliable, often fully franked dividends. If you reinvest those dividends instead of spending them, your portfolio grows faster.
Dividends buy more shares. More shares generate more dividends. That feedback loop becomes powerful over time.
It can be tempting to sell when markets fall or to chase the latest hot sector. But the easiest way to become wealthy is usually the boring way.
Buy quality. Hold through volatility. Add regularly.
Step 4: Avoid the big mistakes
Building wealth isn’t just about what you do. It’s about what you avoid.
Avoid panic selling in downturns, avoid concentrating your entire portfolio in one speculative idea, and avoid stopping contributions because the market feels expensive.
Markets will crash at some point. Unfortunately, that’s guaranteed. What’s also historically true is that they recover.
If you’re investing for 20, 30, or 40 years, short-term volatility becomes background noise.
Foolish takeaway
The easiest way to get rich and retire a millionaire with ASX shares isn’t glamorous.
It’s investing consistently in quality businesses or diversified ETFs, reinvesting dividends, and letting compounding work for decades.
There’s no shortcut. But there is a simple path. And for investors willing to stay the course, that simple path can be incredibly powerful.