If you want to be a millionaire, you’re not alone. The $1 million milestone is the ultimate goal for many Americans as they seek the financial security and personal power that being a millionaire gives them.
Investing in the stock market is a great way to reach your millionaire aspirations. Even those with modest savings can get there. But be forewarned: it’ll take time. Investing $300 a month at the 8% average return that a typical portfolio of stock index funds and other investments has generated historically, you’ll have to put in 40 years of hard work to hit the $1 million mark.
The right stocks can beat the market and shorten the journey. Boost your return to somewhere between 10% and 15%, and you’ll become a millionaire five to 15 years sooner. Achieve even better returns, and you’ll reach your goal even earlier.