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Turning $500 Monthly Into $1 Million Could Be as Simple as Investing in This Index

TheMotleyFool

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Turning $500 Monthly Into $1 Million Could Be as Simple as Investing in This Index: https://g.foolcdn.com/editorial/images/754772/tablet-thinking-office-1.jpg

For many people, including myself, the $1 million mark has long been a symbolic financial milestone. Unfortunately, reaching $1 million by strictly saving is all but impossible for the vast majority of people. Even with 40 years to do it, it would require saving $25,000 after tax annually. Considering the median annual U.S. household income is just under $75,000, it's not feasible for most people.

Luckily, there's this thing called investing that can help make hitting $1 million possible. And to make it even better, it can likely be achieved by investing $500 monthly into an S&P 500 ETF.

Source Fool.com

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