Investing $500 per month is a lot for many people. But by reducing your spending in some areas, you'd be surprised at how much you can set aside with a proper budget. 

With enough time and a proper investment, this simple strategy could even turn $500 per month into $1 million. 

If you think you can save $500 monthly in cash and keep it stashed away to become a millionaire eventually, you'll need to live for a long time. This would take 2,000 months or about 167 years. No one is living that long, so you'll need the help of an interest-bearing asset to accelerate this goal.

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Source Fool.com