Could the Vanguard S&P 500 ETF be your ticket to becoming a stock market millionaire?

The Vanguard S&P 500 ETF recently made stock market history, becoming the first ETF to reach $1 trillion in assets. And there's good reason why it's the most popular ETF among investors.

Not only does this fund offer diversified exposure to 500 of the largest U.S. companies, but it also has a rock-solid track record of consistent growth over time. In fact, since the Vanguard S&P 500 ETF was launched in 2010, it's delivered total returns of nearly 800%, as of this writing.

But is it really possible to earn $1 million or more with this slow-but-steady ETF? History says yes – but with a caveat.

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The path to a million-dollar portfolio

The market can be wildly unpredictable in the short term, but its long-term performance is much more stable. Over the last seven decades, the S&P 500's (SNPINDEX: ^GSPC) annual returns have averaged out to just over 10% per year. The longer you stay in the market, the more likely it is that you'll earn positive total returns.

A long-term outlook is crucial with any investment, but it's especially important with an S&P 500 ETF. This fund isn't the highest earner, especially compared to growth ETFs that are designed to beat the market. However, its strength is in its long-term potential.

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Let's say you're earning a 10% average annual return on your investment, and you have a goal of reaching $1 million. At that rate, here's approximately what you'd need to invest each month, depending on your timeline:

Data source: author's calculations via investor.gov.

Time and consistency are key to building significant wealth with the Vanguard S&P 500 ETF. It will likely take a few decades to accumulate $1 million with this type of investment, but it is within reach for many investors – assuming the S&P 500 continues earning returns in line with its historic average.

How to earn even more in the stock market

Again, the S&P 500 ETF is known more for its consistency than its high returns. For many investors, lower earning potential is a worthwhile trade-off for a fund with decades of history delivering consistent growth. Those who are looking to maximize their earnings in the stock market, however, may prefer a different approach.

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Buying individual stocks is perhaps the best way to earn higher long-term returns. This strategy often requires more time and research, but a custom portfolio filled with healthy stocks can significantly outperform the S&P 500. Investing in growth ETFs is another option, as these funds only contain stocks with the potential for above-average returns.

The Vanguard S&P 500 ETF can offer diversification and stability, making it a smart choice for long-term investors. No matter where you choose to buy, investing consistently and staying in the market for the long haul can help you build wealth that lasts a lifetime.

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Katie Brockman has positions in Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.