Reaching a $1 million portfolio with ASX shares may seem like an impossible dream if you're just starting out, but it's entirely achievable with the right mindset, discipline, and strategy.

The Australian share market offers an array of high-quality shares that, when coupled with patience and a long-term approach, can help you reach this seven-figure milestone.

Here's how to get started:

Start small, stay consistent

The beauty of investing is that you don't need to start with a fortune. Regular investing, even with modest amounts, can lead to impressive results thanks to the power of compounding. Let's say you start with an initial investment of $5,000 and contribute $500 a month. Assuming a 10% average annual return—potentially achievable with a portfolio of high-quality ASX shares—your portfolio could hit $1 million in under 30 years. Increase your monthly contribution as your income grows, and you could reach this target even faster.

Choose quality over speculation

One key to building wealth is focusing on reliable, high-quality ASX shares with strong earnings and sustainable competitive advantages. Companies such as CSL Ltd (ASX: CSL), ResMed Inc. (ASX: RMD), and Goodman Group (ASX: GMG) have shown resilience through economic cycles and the ability to grow over time. Investing in these types of companies instead of speculative high risk stocks could set up your portfolio for long-term capital growth. 

Reinvest your dividends

Dividends are the secret weapon of long-term investors. The Australian share market is home to many companies offering generous, fully franked dividends. Not only do they provide income but also offer a tax advantage through franking credits. By reinvesting your dividends back into your portfolio, you could supercharge the compounding effect and accelerate your path to $1 million.

Consider ETFs

If picking individual shares feels daunting, ASX-listed exchange-traded funds (ETFs) can offer a simple and diversified way to grow your wealth. Funds like iShares S&P 500 ETF (ASX: IVV) and the BetaShares NASDAQ 100 ETF (ASX: NDQ) track the performance of Wall Street's largest companies, giving you exposure to the broader market at low cost.

Patience is the ultimate investment

Time in the market beats timing the market. Stick to your plan, avoid chasing fads, and stay disciplined during market dips. History shows that markets recover and reward those who hold their nerve. With patience and persistence, your portfolio could grow to $1 million—and maybe even beyond.