Investing in the share market can be one of the most effective ways to build long-term wealth, and with the right strategy, reaching $1 million is very achievable.

But success doesn't happen overnight. It requires patience, discipline, and a well-thought-out approach.

Here are five easy steps to help you reach the million-dollar milestone with ASX shares:

1. Focus on quality

Not all ASX shares are created equal. While there are thousands of companies listed on the Australian share market, only a select few have the right mix of strong fundamentals, reliable earnings, and competitive advantages.

Investing in high-quality companies with strong balance sheets, consistent revenue growth, and leading market positions is key to long-term success. Companies like CSL Ltd (ASX: CSL), Goodman Group (ASX: GMG), and ResMed Inc (ASX: RMD) are great examples of businesses that have consistently created value for shareholders over decades.

2. Buy and hold for the long term

Short-term trading might seem exciting, but the real wealth in the stock market is made by those who hold onto great companies for the long term.

The power of compounding works best when given time to grow. A $10,000 investment in a stock that delivers an average return of 10% per annum would be worth over $67,000 in 20 years. The longer you hold, the more you benefit from exponential growth.

An investor that is starting from zero and able to put $1,000 per month into quality ASX shares could reach the $1 million milestone in 23 years if they achieved an average 10% per annum return.

3. Reinvest your dividends

Dividends are an often-overlooked way to accelerate wealth creation. Reinvesting dividends rather than spending them allows your capital base to grow faster, leading to significantly larger returns over time.

For example, companies like Telstra Group Ltd (ASX: TLS) and Wesfarmers Ltd (ASX: WES) provide investors with consistent and attractive dividend payouts. By reinvesting these dividends, you can take advantage of compounding and supercharge your portfolio's growth.

4. Be consistent with investing

One of the biggest mistakes investors make is trying to time the market. Instead of waiting for the perfect moment, consistently investing over time—whether the market is up or down—can lead to substantial wealth accumulation.

A great way to do this is through dollar-cost averaging, where you invest a fixed amount regularly regardless of market conditions. This helps smooth out volatility and takes the guesswork out of investing.

5. Avoid Bad Investments

While picking great stocks is crucial, avoiding bad investments is just as important. A poor investment can set you back years in reaching your financial goals.

Common pitfalls include chasing speculative stocks, following hype, and investing in companies with weak fundamentals. The opportunity cost of holding onto underperforming stocks instead of better-quality investments can be massive. That's why it is very important to research thoroughly and cut losses when necessary.

Foolish takeaway

Making $1 million from ASX shares is achievable with the right mindset and strategy. By focusing on high-quality companies, holding for the long term, reinvesting dividends, staying consistent, and avoiding costly mistakes, you can put yourself in the best position for long-term financial success. The key is patience and discipline—stick to the plan, and the rewards will come.