Reaching millionaire status isn’t easy, especially if you’re earning an average income. But earning $1 million or more is possible even if you’re not already wealthy.
Investing in the stock market can be a fantastic way to build wealth. You don’t need a lot of money to begin, and with the right strategy, you can earn well over $1 million.
Some investments are better than others, though, and it’s crucial to invest in the right places to get the most bang for your buck. And there’s 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
Picking stocks can be daunting because there are seemingly unlimited choices. One popular type of investment is the exchange-traded fund (ETF), a group of stocks or bonds packaged together into a single investment. When you invest in an ETF, you’re actually investing in dozens or hundreds of stocks at once.
The Vanguard S&P 500 ETF (NYSEMKT:VOO) tracks the S&P 500. In other words, the fund contains all the stocks from companies listed in the S&P 500.
S&P 500 ETFs carry less risk than many other types of investments, making them a smart choice for long-term investors. These funds track the stock market as a whole, so you’re almost guaranteed to see positive returns over the long run.Source…