For many people, saving up a million dollars seems like a pipe dream. But it's not as hard as you might think. It just requires a combination of savings, time, and patience.
If you set aside $300 a month into the Vanguard S&P 500 Index Fund (VFINX) starting in 1985 and increased your monthly contribution by the rate of inflation, you would have $1,090,458 by the end of April. Over this period, despite the monthly contribution growing to over $700 per month (because of inflation), the hypothetical investor still only had to contribute about $208,000 in total savings to exceed the million-dollar threshold. Not bad.
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