2 Vanguard ETFs That Could Make You a Millionaire With Next to No Effort

Reaching millionaire status by investing in the stock market is an attainable goal, but you'll need the right investments.

If you're looking for a low-maintenance investment that does most of the work for you, an exchange-traded fund (ETF) may be the right fit for your portfolio.

Each ETF contains dozens or even hundreds of stocks, all bundled together into a single investment. This not only takes most of the guesswork out of choosing where to buy, but it also limits your risk by creating an instantly diversified portfolio.

Not all ETFs are created equal, but there are two Vanguard funds that could help you earn $1 million or more with next to no effort on your part.

1. Vanguard S&P 500 ETF

The Vanguard S&P 500 ETF (VOO 1.00%) is a leading broad-market fund. It tracks the S&P 500 index itself, so it includes stocks from 500 of the largest and strongest U.S. companies.

S&P 500 ETFs are generally one of the safest types of funds out there. Investing in hundreds of stocks at once provides immediate diversification, and the S&P 500 itself has a decades-long track record of recovering from even the worst market crashes, recessions, and other downturns.

The Vanguard S&P 500 ETF, in particular, can also be a smart choice because of its low annual fees. It has a rock-bottom expense ratio of 0.03%, which is far lower than many similar ETFs. Over time, this could help you save tens of thousands of dollars in fees.

Despite being a safer investment, the S&P 500 ETF can also help you build life-changing wealth. Historically, the market itself has earned an average rate of return of around 10% per year, meaning the annual returns have averaged out to around 10% per year over decades.

Assuming you're earning a 10% average annual return on your investment, here's what it would take to reach $1 million, depending on how many years you have to invest:

Data source: Author's calculations via Investor.gov

With enough time and consistency, it's possible to earn well over $1 million with this ETF. And the sooner you get started, the less you'll need to invest each month.

2. Vanguard Growth ETF

The Vanguard Growth ETF (VUG 1.82%) is a fund designed to earn above-average returns. It contains 235 stocks, roughly half of which are from the tech sector. But perhaps its biggest advantage is its balance of blue chip stocks and up-and-coming companies.

The top 10 holdings make up around half of the fund's total composition, and these stocks include household names like Apple, Amazon, NVIDIA, and Visa. While these companies may not experience explosive growth, they're incredibly strong organizations that are more likely to survive periods of volatility.

The other half of the fund, then, is comprised of smaller stocks from lesser-known companies. While these stocks are riskier, they also have far more room for growth. This mix of strong businesses and rising stars can help protect your portfolio while still maximizing your earnings.

Over the past 10 years, the Vanguard Growth ETF has earned an average rate of return of 13.55% per year. But to stay on the safe side, let's assume your investments only earn a 12% average annual return -- only slightly higher than the market's historic average.

Data source: Author's calculations via Investor.gov

One thing to keep in mind with growth ETFs is that they do carry more risk than broad-market funds like S&P 500 ETFs. But if you're willing to take on more risk for the chance at higher earnings over time, they could be a smart investment.

Building a million-dollar portfolio isn't easy, and it takes time and consistency to see significant earnings. But with the right investments, you'll be on your way to building life-changing wealth in the stock market.