Want to Get Your Portfolio to $1 Million by Retirement? Here's How Much You Should Invest Every Month
If you don't have tens of thousands of dollars to invest in the market, you shouldn't get discouraged, even if you're planning for retirement. While having a big lump sum to invest right now would be great, you can also add to your investment over time to help pad your portfolio's growth. An ideal situation could be where you invest the same amount of money each month into an exchange-traded fund (ETF).
Below, I'll show you how you can grow your portfolio to $1 million by retirement based on the number of years you have left to retirement and different annual growth rates.
The biggest obstacle in growing your savings over the years is getting lured into hot growth opportunities and investments that are a lot riskier than they might appear to be. While there are many thematic ETFs that can give you exposure to crypto, cannabis, artificial intelligence, and many other growth stocks, the safest and best approach can be just trying to mirror the markets. It may be a more boring option, but it can be an effective way to grow your portfolio without taking on significant risks.
Source Fool.com
