Millennials face a number of well-publicized financial hurdles, but they’re always had one very important factor on their side when it comes to securing a sound financial future: Time. But now, with the oldest members of the generation approaching their mid-40s, it’s past time for them to take investing seriously in order to build wealth.

That’s the takeaway from a new survey from Arta Finance, an investing platform, that finds millennials are the most anxious about their finances of any generation, and the most likely to say they need $1 million—or more—to “thrive in today’s economy.” What’s more: 47% say they need $1 million just to be financially stable.

From record levels of student loan debt to a housing affordability crisis and sustained inflation, teh financial landscape has not been pretty for millennials, notes Samita Malik, consumer wealth advocate and chief insurance officer at Arta. All of that helps explain why financial anxiety may be getting to them, and underlines why it’s so important for them to focus on wealth building ASAP.

If hitting $1 million is the goal, many are falling short. Just 16% of millennial respondents report a net worth above $1 million, while 64% say they have a net worth below $250,000 and one third report wealth below $50,000. Almost four in ten have less than $10,000 in savings.

“Time in the market beats everything else, and millennials still have a pretty good runway. But we want them to start now,” says Malik. “Time is definitely on Gen Z’s side, but millennials, you are kind of getting up there.”

Malik stresses that getting started doesn’t require big deposits of cash or massive investments. Rather, starting small can give anyone a leg up.

“People think that becoming a millionaire requires making it big, whether that’s in tech or finance or entrepreneurship or becoming an online influencer,” she says. “Most millionaires are going to be created through diligence, saving, and investing. It’s the small consistent steps and habits that combine over time that result in financial stability.”

Malik says building up your net worth requires three key things, which she breaks down into three main steps: know, grow, and protect.

Knowing your wealth requires understanding your inflows and outflows—what you spend and what you earn. A budget can help with this, as can tracking expenses. “Once you know where you stand you can start to assess how much money you have to put towards saving and investing each month,” she says, adding that it makes more sense to focus on “big ticket items” like housing and child care costs as opposed to smaller expenses like buying coffee.

Once you understand where your money is currently, you can focus on growing wealth. Start determining what your financial goals are and what your risk tolerance is. From there, you can decide where you want to invest your money, whether that’s in stocks, alternatives, or putting your cash in something as simple as a high-yield savings account.

“You want your money to be making money while you sleep,” she says. “It’s very important to get your money to start working for you. And then remember to diversify. The age old advice of don’t put all your eggs in one basket, that’s very sound and very true.”

The final step is to employ products like insurance as well as tax and estate planning to protect the wealth you amass, says Malik, who describes these services as “kevlar.”

If all of that seems overwhelming, Malik says to focus on one step at a time and build up slowly. Building your net worth won’t happen overnight; rather, doing so will come from smaller decisions made every day.

“Given life expectancy, millennials still have a 30, 40 year run-way,” she says. “There is nothing like having time in the market, compounding is truly a magical phenomenon. They can still very much be in control of their financial futures.”