Most of us want to have $10 million stashed away when we retire. But most of us will never get there. In fact, most of us won’t get anywhere close. But that doesn’t mean reaching a $10 million nest egg is out of the question. You’ll need to stay incredibly disciplined, but if you follow the investing tips below you’ll only need one exchange-traded fund (ETF) To get you to that magic mark.

How can you make $10 million when you retire?

Before you go in Where You must deposit your money, it is very important for us to meet How You should invest your money. After all, this is the real secret behind achieving great long-term wealth.

Perhaps the biggest trick of all time to creating wealth is recurring investments. Instead of spending the next few minutes researching which stocks or ETFs you want to buy, take a few minutes to activate automatic investment in your online brokerage account. The long-term consequences will be tremendous.

Recurring investments mean that your brokerage account automatically deposits a certain amount of money for you per month without you having to lift a finger. For example, your brokerage account might withdraw $500 from your savings account on the first of each month and invest that money in an ETF that tracks the S&P 500. While it is important to choose good investment vehicles, it is also important to put more money to work on a regular basis. is equally important. This not only provides regular savings but also helps you. dollar-cost averaginglocking attractive entry points for new deposits.

Let’s say you start exactly none dollar. If you automatically invest $500 per month and earn the long-term market average of about 10%, you’ll have a $10 million portfolio in less than 53 years. This means that a recent high school graduate who follows this investment method will be worth $10 million at age 71. No bad!

If you want to get to $10 million faster, there are a few things you can do. First, start with more than zero dollars. Second, invest more than $500 per month. Third, earn more than 10% per year. But no matter what leverage you try to play with, automatic investments are a must for investors looking to reach $10 million.

This leaves only one question: Where should your automatic investments be invested?

This ETF can get you to the finish line

If you’re ready to save, the only ETF you need Vanguard S&P 500 ETF (VOO 0.44%). This is because this ETF has averaged over decades More More than 10%. And since this is a Vanguard fund, the expense ratio is only 0.03%, which is about as low as it gets!

It really is that simple. Create an automatic investment program that puts 100% of your money into the Vanguard S&P 500 ETF and then track your wealth composition over time. Can’t get started with a $500 monthly investment? No problem. As little as $20 per month can get you onto the ladder. After all, adjusting the amount of your automatic monthly investment is much easier than starting the investment for the first time.

Reaching the $10 million mark is a long journey. But the key elements to getting there are not rocket science. Automate your investment plan. Then choose low-cost index funds, like the Vanguard S&P 500 ETF, that will diversify your portfolio and grow with minimal expenses.