Reaching millionaire status is not easy, especially if you are earning an average income. But earning $ 1 million or more is possible even if you are not already rich.
Investing in the stock market can be a fantastic way to build wealth. You don’t need a lot of money to get started, and with the right strategy, you can make well over a million dollars.
However, some investments are better than others, and investing in the right places is essential to get the most out of them. And there is one investment in particular that can help you make a lot of money with little to no effort on your part.
Choosing the right investments
Choosing stocks can be intimidating as there are seemingly limitless choices. One popular type of investment is the exchange-traded fund (ETF), a group of stocks or bonds bundled together into a single investment. When you invest in an ETF, you are actually investing in dozens or hundreds of stocks at a time.
The Vanguard S&P 500 ETF (NYSEMKT: FLIGHT) follows the S&P 500. In other words, the fund contains all the stocks of companies listed in the S&P 500.
S&P 500 ETFs carry less risk than many other types of investments, making them a good choice for long-term investors. These funds follow the stock market as a whole, so you’re almost guaranteed to see positive returns over the long term.
In many cases, low risk investments also tend to generate lower returns. But the Vanguard S&P 500 ETF has earned an average return of around 15% per year since its inception in 2010.
If you invested $ 400 per month in this ETF with an annual rate of return of 15% on your investments, you would have about $ 2.087 million saved after 30 years.
Getting the most from your money
Patience is the key to long-term investments like S&P 500 ETFs, as it takes time to earn substantial returns. But the more you leave your money alone, the more you can earn.
Also keep in mind that S&P 500 ETFs are non-intervention investments. You don’t have to worry about buying or selling stocks or choosing which stocks to invest in. All you have to do is invest a little bit each month, then let the fund do the rest of the work for you.
One of the best things about investing in S&P 500 ETFs is that the sky is the limit when it comes to what you can earn. If you are able to invest a little more each month, or let your money grow for a few more years, you could earn even more than $ 2 million.
Suppose, for example, you invest $ 600 per month in the Vanguard S&P 500 ETF, which earns you an annual rate of return of 15%. If you invest consistently for 35 years, you will end up with $ 6.344 million.
Even if you don’t earn a 15% return every year, saving regularly can still help your money grow exponentially. If you get an average 10% return each year, for example, by investing $ 600 per month, you’ll have almost $ 2 million in savings after 35 years. So even if the stock market is not experiencing exceptional returns, you can still achieve multimillionaire status.
You don’t have to be an expert to make a lot of money in the stock market. By choosing your investments wisely and investing consistently, becoming a multimillionaire is easier than you might think.
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