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When someone claims “you can become a millionaire!” with just one trick, it might sound just like that — a trick. 

But retiring with a million dollars — which would make you a millionaire — is actually a smart and totally attainable move. And it would keep earning you enough interest to cover your yearly expenses after your retirement party.

A report from Merrill Lynch in 2017 noted that if you were to have $1M saved at age 65, you would earn about $40,000 in income every year just by keeping it there. The more you have saved, the more money you’ll make. 

So, how do you get there? All it takes is a few hundred bucks every month. 

Saving $300 Now Could Mean $1M In Your Account Later

Yep, just putting $300 into a smart investment account (think: an employer 401(k) or IRA) starting in your 20s could get you to $1 million by the time you retire in your late 60’s. 

The investing pros over at Motley Fool ran the numbers: Assuming an average return of 7% when you invest in the stock market, saving $300 every month for 45 years would make you a millionaire. 

You read that right. It’s only $162,000 of your hard earned money ($3,600 a year) that could make you a millionaire by the time you retire. It’s not a trick — it’s the historical return of the stock market. 

And don’t worry if you’re not 22 anymore. Start investing now and consider how aggressive you need to be get you to your goal. It will require saving more than the $300 each month, but becoming a millionaire isn’t off the table. 

Never Invested Before? Start Small 

If you haven’t started investing and have some money to spare, but maybe not the full $300 yet, you can start small. Investing doesn’t require you throwing thousands of dollars at full shares of stocks. In fact, you can get started with as little as $1.* 

We like Stash, because it lets you choose from hundreds of stocks and funds to build your own investment portfolio. But it makes it simple by breaking them down into categories based on your personal goals. Want to invest conservatively right now? Totally get it! Want to dip in with moderate or aggressive risk? Do what you feel.

Plus, with Stash, you’re able to invest in fractions of shares, which means you can invest in funds you wouldn’t normally be able to afford.

If you sign up now (it takes two minutes), Stash will give you $5 after you add $5 to your investment account. Subscription plans start at $1 a month.**

So even if you don’t have $300 a month to spare right now, something is better than nothing. As you start earning more money, aim to put more and more into your retirement account. Before you know it, you could actually be on your way to becoming a real millionaire! 

*For Securities priced over $1,000, purchase of fractional shares starts at $0.05.

**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

The Penny Hoarder is a Paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk. 

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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