Most of us would like to have $10 million saved in retirement. Yet most of us will never achieve this. In fact, most of us won’t. 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 magical mark.

How to make $10 million when you retire

Before we start Or you should invest your money, it is essential that we cover how you should invest your money. After all, this is the real secret to acquiring massive wealth in the long term.

Recurring investments are perhaps the greatest wealth-building tip of all time. Instead of spending the next few minutes researching the stocks or ETFs you want to buy, take a moment to activate automated investing in your online brokerage account. The long term results will be great.

Recurring investing simply means that your brokerage account automatically invests a fixed amount per month for you, 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 the proceeds in an ETF that tracks the S&P 500 index. Although it is important to choose good investment vehicles, investment, it is important to devote more money to working regularly. just as important. This not only ensures regular savings but also helps you average cost in dollarsthus ensuring attractive entry points for new deposits.

Let’s say you start with exactly zero dollars. If you automatically invest $500 per month and earn the long-term market average of about 10%, you’ll end up with a $10 million portfolio in less than 53 years. This means that a recent high school graduate who employs this investment method will be worth $10 million at age 71. Not bad !

If you want to reach $10 million faster, there are steps you can take. 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, automated investing is a must for investors looking to hit the $10 million mark.

This leaves only one question: where should you invest your automated investments?

This ETF Can Help You Cross the Finish Line

If you’re ready to start saving, the only ETF you’ll need is Vanguard S&P 500 ETF (VOO 0.44%). Indeed, over several decades, this ETF has produced average returns of more than 10%. And since it’s a Vanguard fund, its expense ratio is only 0.03%, almost as low as it gets!

It really is that simple. Establish an automated investment schedule that invests 100% of your money in the Vanguard S&P 500 ETF, then monitor your wealth growth over time. Can’t start with a monthly investment of $500? No problem. As little as $20 a month can get you up the ladder. After all, it’s much easier to adjust your automatic monthly investment amount than to initiate it for the first time.

Reaching the $10 million mark is a long journey. But the details of getting there aren’t complicated. Automate your investment calendar. Then choose low-cost index funds like the Vanguard S&P 500 ETF that will keep your portfolio diversified and growing with minimal expenses.