Many of us start our careers believing we’ll retire as millionaires, but we do little to help make that belief a reality.

That’s why a dangerous fantasy is not in disbelieving in the pot of gold, but in believing that somehow it will just appear when we need it through no effort on our part. In fact, I believe we have two choices: We can work for that pot of gold through discipline and perseverance throughout our careers, or we can end up working part-time in our golden years just to survive.

From my own observation, I’ve seen many retirees have to work at least part-time. They believe when they retire that their $100,000 in savings means they have a lot of money, but they fail to see it’s not nearly enough to live on. Many people plan for their nest egg to run out about age 65 to 70, when they feel they will not need it any longer. Actually, most people mis-predict how long they will live. According to the Center for Disease Control (CDC), the average man lives to be about 75 and women live to be about 80. (Health, United States 2005, table 27, National Center for Health Statistics, Nov. 2005)

Here are steps designed to help you achieve financial independence so that when you retire, you may be able to find yourself asking, “Will you please pass the suntan lotion?” instead of “Would you like fries with that?”

Start Now

Of course, the earlier you start saving and investing for financial independence, the better, but it’s never too late to start. Commonly, people put off investing. They wait for the market to be right, believing that the secret to the market is timing. They look at the numbers and think, “Oh, the market’s too high to invest now.” Frequently, they procrastinate, not even going to an investment advisor when the market is low! In point of fact, a great instinct for timing the market will not necessarily lead to financial success. However, asset allocation and regular contributions to your 401(k), your IRA and your retirement plan will help you move closer to your retirement goals.

Choose a Competent Advisor

Do you believe you only need an investment advisor if you have a big pile of money ready to invest? Do you think investment advisors generally charge too much? Don’t let these myths hold you back from starting to save and invest now. If you are just starting to invest, you may find it more economical to start with an investment advisor who is also starting out. Even new investment advisors have more training and knowledge than most investors — and can offer sound advice and information about relevant changes. Even with a modest income, I believe you need an investment advisor, an attorney and a CPA (one who does tax planning, not just your taxes) on your team in order to help you gain financial independence.

Choose your financial advisor carefully, interviewing several and looking for compatibility with you and your goals as well as integrity, accessibility and the ability to bring a variety of products to the table, not just one company’s. Once you have picked out an investment advisor, lay all your cards on the table and work together to develop a plan to achieve your financial goals.

Educate Yourself

Once you’ve found an investment advisor, you’ll want to learn as much as you can in order to supplement his or her advice. The better educated you are, the better you can work with your investment advisor, because you’ll better understand what he or she is trying to do for you. Improve your investment knowledge by attending as many advisor-sponsored seminars as you can. Read basic investment planning books, concentrating on them rather than articles in periodicals and newsletters. Books generally provide more depth than periodicals, in my view. As for the Internet, be careful in deciding whether to accept advice from people you don’t know. Surf the websites of well-known mutual fund companies, which often contain valuable articles and prospecti. Many investment firms also have websites that provide good information.

Pay Yourself First

Invest your money before you spend it. Treat your investment program as another necessity, along with food, shelter and transportation. When you sit down to pay bills, write the first check to your investment program. Or set up an automatic deposit system to put money from your checking account into your investment plan.

The old rule of allocating 10% of your income to investment still stands if you are starting to save early enough. If you are starting to save later in life, you will generally have to contribute a lot more than 10% in order to make up for years of not saving. Your best first investment should definitely be your employer’s retirement plan, which enables you to invest while receiving the advantages of tax deductions as your money grows, tax-deferred.

Choose Your Investments Carefully

Always be sure your investments match your objectives. If you’re seeking a long-term capital appreciation, then you may want to consider growth-oriented investments such as international and domestic mutual funds. (Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater share-price volatility.) If you’re retiring and seeking a monthly check from your investments, consider selecting those designed to produce income, such as balance funds (part stocks and part bonds) or bond funds.

In my view, slow and steady wins the game! Be consistent and stick with your program. Rather than chase after last year’s hot mutual fund, I believe you should look for those mutual funds that have a long-term consistent track record (although past performance is no guarantee of future results).

Spread Your Risks

Working with your financial advisor, allocate your assets among several different mutual funds and different industries. This diversification of your investments can help to reduce the volatility of your portfolio. As you set it up, ideally, your portfolio will contain companies of all sizes, international and national companies, and bonds. (The prices of small and mid-company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions.) By not putting all your eggs in one basket, you are more likely to get a more consistent return on your investment. Moreover, international diversification can enable you to participate in an expanding world economy. Keep in mind that diversification cannot eliminate the risk of fluctuating prices and uncertain returns.

Be an Owner, Not a Lender

I believe those people who own a portion of the economic machine are more likely to build their wealth, while those who choose to lend their money to banks in the forms of CDs, savings bonds and savings accounts, rarely achieve wealth. To achieve financial independence, it may be prudent to take some risks, but don’t gamble with your investments. Achieve ownership through equity investments such as common stocks and mutual funds.

Avoid Temptation

If you’re investing for a long-term goal of financial independence, resist the temptation to spend your assets on short-term rewards such as big-ticket electronics or a new car. You lose considerably less when you buy a used car, for example. Taking money from your savings and putting it into something that depreciates as rapidly as a new car is counter-productive, in my view. If you receive a large distribution from a retirement plan because you change jobs, consider rolling it into an IRA immediately. Yielding to the temptation to spend some or all of the money can have an even more devastating effect on your long-term financial security than the taxes and penalties already imposed on premature distribution.

Almost Everyone Can Potentially Achieve Financial Independence

You don’t have to be a doctor, attorney or high wage earner to achieve financial independence, pay for your child’s college education or even take an early retirement. People with moderate incomes and modest lifestyles often retire with enough money to support themselves during retirement. By following these eight steps and investing regularly and with discipline, I believe you’ll not only be able to potentially improve your financial situation, you may also become a financial role model for your children and future generations. I believe that if the rich really do get richer, it’s not because of opportunity so much as because each generation instills in the next the skills that it takes to make and save money.