If you want to become a stock market millionaire, I have some good news for you.

Growing a million-dollar portfolio is something that anyone can do if they have a combination of time, patience, and sufficient disposable income to invest.

Over the long term, the stock market has generated an average total return of 10% per annum.

And while past performance is not a guarantee of future returns, it would be disappointing if the stock market didn’t generate the same level of returns in the future. In light of this, we’re going to base our calculations on this return.

Building a million-dollar stock portfolio with ASX shares

If you’re able to build a portfolio of ASX shares that matches the market return, then investing $5,000 a year in the share market would grow to the million-dollar mark after 31 years.

If you would like to get there sooner, then you would have to increase your annual contributions.

For example, doubling your investment to $10,000 per annum, you would reach your goal after just over 24 years with an average 10% per annum return.

But what if you could beat the market Warren Buffett-style?

Well, if you can beat the market by identifying cheap ASX shares that provide even greater than average returns. Let’s say 15% per annum. Then your journey to $1 million would be given a boost.

Investing $5,000 each year would turn into one million almost 8 years earlier after just over 23 years. Whereas investing $10,000 per year would get you there in just under 19 years, which is approximately 5 years ahead of schedule.

Though, it is worth noting that beating the market consistently over a long period is a task that few achieve. But there’s nothing to stop you from trying!

The Buffett-inspired VanEck Morningstar Wide Moat ETF (ASX: MOAT) could be worth considering.

It gives investors exposure to a diversified portfolio of attractively priced US companies with sustainable competitive advantages.

The index that this ETF tracks has beaten the market over the last decade with a 15% per annum return and has generated an average annual return of 18.5% since inception.

Whatever you choose to do, the main thing is to make a plan and stick with it, and let compounding work its magic.

The post I’d aim for a million buying just a few cheap ASX shares! appeared first on The Motley Fool Australia.

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More reading

• 2 ASX ETFs I’d buy for my child for the long term
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended VanEck Morningstar Wide Moat ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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