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You might think the secret to building wealth is to make a lot of money. That certainly is one way. However, there are many stories of hard-working people with modest incomes who left hundreds of thousands of dollars to charity or to their alma mater when they died.

These people prove that there is another way to build wealth and attain financial freedom later in life, and it doesn't rely solely on a hefty salary or big bonuses. Even with a modest income, you can set aside money and ensure a stable financial future by doing one simple thing: living within your means.

This simply means spending less than you earn and saving and investing the rest. If you're living within your means, you have enough money to pay your basic living expenses, such as food, clothing, housing, and transportation, without going into debt by using credit cards or loans.

While you're in college, you may be tempted to put your tuition or books on a credit card, with every intention of paying off the balance next month. Try not to do this. If you can't pay the bill in full when it comes due, then you'll owe interest in addition to the cost of the items you purchased.

There are some expenses that generally require loans, such as a used car or a house, but debt shouldn't be used to help you pay for everyday expenses. Paying for everyday items with debt limits your choices because you're constantly caught paying for yesterday instead of moving toward tomorrow.

It can be challenging at first, but try to live within your means.

Use an online calculator to figure out how long it will take you to "Become a Millionaire".