Becoming a millionaire is the ultimate goal for many ASX investors.
Investors often believe they need to make high-risk investments to reach this goal. However, they may not realise that they're more likely to become millionaires by adopting a 'get rich slowly' approach.
By making regular investments in high-quality ASX shares or exchange-traded funds (ETFs), ASX investors can become millionaires.
So, what does it take to get there in terms of financial and time commitments? Let's see.
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Staying the course
One way to stay consistent is to set aside a portion of your monthly paycheck to invest in shares.
According to the Australian Bureau of Statistics (ABS), as reported by Forbes, the average (before tax) salary in Australia in 2025 is $101,951, or $8,494.92 per month.
Investing $1,000 each month (or around $250 per week) is certainly achievable for the average Australian.
According to the 2024 Vanguard Index Chart, Australian shares have grown at a compound annual growth rate of 9.1% over the past 30 years. To lock in this type of return, you could buy an exchange-traded fund (ETF) that tracks the broader stock market. For example, the BetaShares Australia 200 ETF (ASX: A200), which tracks the 200 largest listed companies in Australia, or the Vanguard Australian Shares Index ETF (ASX: VAS), which tracks the 300 largest companies.
Those who invest $1,000 a month at a 9.1% rate of return would become millionaires in 23.6 years.
How to get there sooner?
There are several ways to become a millionaire sooner.
Firstly, in addition to investing $1,000 each month, you could make an initial lump sum investment when you start your investment journey. Think of this as being similar to a house deposit.
If you start with $100,000 and invest $1,000 per month, you'll become a millionaire in 17.5 years.
If you start with $200,000, you'll get there in 13.5 years.
Another option is to boost your returns. According to Vanguard, the US share market has returned 11.1% per year for the past 30 years. While past performance isn't always an indicator of future performance, the US stock market has a strong track record.
If this track record continues and you invest $1,000 per month, you'll be a millionaire in 21 years.
Foolish Takeaway
Becoming a millionaire doesn't require taking on a huge amount of risk. A slow and steady approach can get you there, as long as you're consistent. The most important factors are time and patience, and you can let compounding take care of the rest.
