This Simple ETF Could Turn $500 a Month Into $1 Million

The good thing about financial goal-setting is that there are no right or wrong goals; just goals that fit your personal situation and ambitions. Some people aim to retire early, while others set their sights on a huge purchase. Regardless of the case, the $1 million mark has long been a significant milestone for many people.

If you're looking for an exchange-traded fund (ETF) that has shown it has the ability to take you to millionaire land, look no further than the Vanguard S&P 500 ETF (NYSEMKT: VOO). Since its September 2010 inception, the Vanguard S&P 500 ETF has produced admirable returns, averaging just over 12% annual returns and 14% annual total returns (which include dividends).

VOO data by YCharts.