Building wealth as a millennial is an achievable goal with the right approach and mindset. Here are some practical steps to work towards financial independence:

1. Set Clear Financial Goals: Define specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. For example, aim to save a certain percentage of income each month, pay off student loans within a set timeframe, or invest a specific amount for retirement.
2. Establish a Budget: Create a detailed monthly budget that outlines income, expenses, and savings targets. Tools like Mint or You Need a Budget (YNAB) can help track spending and identify areas for saving.
3. Invest Early and Consistently: Take advantage of compounding interest by starting to invest as early as possible. Consider options such as employer-sponsored retirement plans (e.g., 401(k)), individual retirement accounts (IRAs), and low-cost index funds.
4. Manage Debt Wisely: Prioritize high-interest debt repayment while maintaining a good credit score. Refinancing student loans, consolidating credit card debt, and negotiating lower interest rates can help save money in the long run.
5. Develop Multiple Income Streams: Explore opportunities for additional income, such as freelance work, part-time jobs, or passive income sources like rental properties or dividend-paying stocks.
6. Continuously Educate Yourself: Stay informed about personal finance through books, podcasts, and reputable financial websites. Understanding investment strategies, tax implications, and economic trends can lead to better financial decision-making.
7. Protect Your Assets: Obtain adequate insurance coverage, including health, disability, life, and renter's/homeowner's insurance, to safeguard against unexpected financial setbacks.
8. Seek Professional Advice: Consider consulting with a certified financial planner or advisor to create a personalized financial plan and receive guidance on investment strategies, retirement planning, and tax optimization.

References:

• "The Total Money Makeover" by Dave Ramsey
• "Rich Dad Poor Dad" by Robert T. Kiyosaki
• Investopedia's "Financial Independence" guide