1 ETF That Can Turn $500 Monthly Into $1 Million
The $1 million mark is a huge financial milestone for most people. There's something about it that just feels like... success. (Not that I would know personally.) And although $1 million has long been a token of financial success, it's becoming a baseline for many people's retirement plans.
Saving $500 monthly and putting it in a no-interest bank account, it would take 166 years and eight months to reach $1 million. Luckily, investing and the power of compounding can help you hit the $1 million mark in a fraction of that time. However, the best part is that it can likely be achieved with an S&P 500 exchange-traded fund (ETF) like the Vanguard S&P 500 ETF (NYSEMKT: VOO).
The S&P 500 is an index that tracks the 500 largest public U.S. companies. It serves as the benchmark for the U.S. stock market, with most funds and indexes judging their performance relative to the S&P 500's performance. It's also a one-stop shop for investors.
Source Fool.com
