But if you want to speed up the process, putting away more each month will help you get there sooner.
CNBC Make It used CNN Money's helpful millionaire calculator to estimate when you would become a millionaire if you're able to contribute $500 to an investment account each month, assuming that you're starting from scratch with zero savings.
These differences speak to the power of compound interest, in which any interest earned accrues interest on itself, and a little money invested now can end up being a lot of money later. In short: If you want to become a millionaire, the earlier you start investing, the better.
This calculation doesn't account for the many variables that can affect your wealth over several decades, including windfalls, emergencies and rises or dips in the market. But it can give you a good idea as to whether or not you're saving enough to retire comfortably.
Of course, saving hundreds or thousands a month is an ambitious goal. Even $2,100 a year is more than most Americans can manage. But getting into the habit of putting away any amount will be great for you in the long run.
To get started, here are a few simple, low-stress ways to start investing:
This is an updated version of a previously published article.
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