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For the average person who wasn't born into a rich family, becoming a millionaire is easier said than done.

While some people have no desire to have a million dollars and that's totally okay others may find that the closer they get to that number, the more feasible it will become for them to afford new opportunities and reach their lifestyle goals. And when you consider the fact that future retirees who plan to live off of $50,000 a year will need between $1 million and $1.5 million to carry them the rest of their lives, suddenly the idea of saving a million dollars feels like a sobering goal.

Stashing away this much money can take a while, which is why it's important to start investing as soon as you can. If you're 25 years old and want to reach $1 million by the time you're 65, you can invest as little as $240 per month, assuming a 9% yearly return. But once you hit age 30, these numbers start looking a little different.

Selectasked Brian Stivers, a Financial Advisor and Founder ofStivers Financial Services, to help us calculate exactly how much money 30-year-olds should invest each month to become a millionaire.

According to Stivers, the three most important elements of investing are the amount you contribute each month, the rate of return and how long you have to reach your goal. So when doing the math, Stivers accounted for three different return rates and used a retirement age of 65, which would give 30-year-olds 35 years to reach $1 million. Here's the breakdown:

Compared to those who begin investing at age 25, people closer to age 30 will have to contribute a little more money each month in order to reach the same goal by age 65. Compound interest is most powerful when it has a longer amount of time to grow your money but, still, it's never too late to start investing even if you don't think you have enough money to dutifully invest $370 per month.

A 3% return may be achieved through a conservative portfolio of mostlybonds, whereas a 6% return is a bit more moderate and usually consists of a combination of stocks and bonds. And on the other hand, a 9% return denotes a more aggressive portfolio and can usually be received through a portfolio that's stock-heavy.

However, it can be very difficult to pick the "right" stocks for your desired return, plus you run the risk of being influenced by market highs and lows and may be tempted to sell stocks at a less-than-ideal moment. However, a tried-and-true strategy is to invest inindex fundsorETFsthat track the stock market as a whole, like theS&P 500.

According toInvestopedia, the S&P 500 has historically returned an average of 10% to 11% annually, so you might expect a fund tracking this index to produce similar returns, though, past returns do not indicate future success.

There has long been a notion that you need to already be rich in order to start investing. However, manyinvesting appsallow users to invest in fractional shares aka, a portion of a stock's share based on the amount of money you want to invest rather than the number of shares you want to purchase with as little as $1. And, apps likeAcornseven allow users to invest the "spare change" they accrue from making everyday purchases like coffee, textbooks and clothing.

And, some investment apps offer robo-advisors, like Wealthfront and Betterment, to help you determine which investments make sense for you based on your risk tolerance, goals and retirement date. Robo-advisors also take on the task of automatically rebalancing your portfolio as you get closer to the target date for your goals. This way, you don't have to worry about adjusting the allocation yourself.

On Wealthfront's secure site

Minimum deposit and balance requirements may vary depending on the investment vehicle selected. $500 minimum deposit for investment accounts

Fees may vary depending on the investment vehicle selected. Zero account, transfer, trading or commission fees (fund ratios may apply). Wealthfront annual management advisory fee is 0.25% of your account balance

Stocks, bonds, ETFs and cash. Additional asset classes to your portfolio include real estate, natural resources and dividend stocks

Offers free financial planning for college planning, retirement and homebuying

On Betterment's secure site

Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For Betterment Digital Investing, $0 minimum balance; Premium Investing requires a $100,000 minimum balance

Fees may vary depending on the investment vehicle selected. For Betterment Digital Investing, 0.25% of your fund balance as an annual account fee; Premium Investing has a 0.40% annual fee

Up to one year of free management service with a qualifying deposit within 45 days of signup. Valid only for new individual investment accounts with Betterment LLC

Stocks, bonds, ETFs and cash

Betterment RetireGuide helps users plan for retirement

Of course, when you're just starting out it can feel overwhelming especially when you get older and start having more and more competing expenses and other goals, like saving for a house, having children or moving to another city. But making a list of all your monthly expenses and exactly how much money you spend for each can help lift some of that fog.

Understandingwhere your money goescan help you identify any unnecessary expenses that have been eating up your income. Then, you can cut back on those things and free up more of your money to put toward investing and expenses you actually care about. And creating a budget or outline doesn't have to be difficult it can be as simple as writing out all your expenses in a notebook or using an app like Mint or Personal Capital, but if you prefer to use a stricter method like You Need A Budget (YNAB) then more power to you.

Information about Mint has been collected independently by Select and has not been reviewed or provided by Mint prior to publication.

Shows income, expenses, savings goals, credit score, investments, net worth

Yes, but users can modify

Yes, bank and credit cards

Offered in both the App Store (for iOS) and on Google Play (for Android)

Verisign scanning, multi-factor authentication and Touch ID mobile access

On Personal Capital's secure site

App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)

A budgeting app and investment tool that tracks both your spending and your wealth

Yes, but users can modify

Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans

Offered in both the App Store (for iOS) and on Google Play (for Android)

Data encryption, fraud protection and strong user authentication

All things considered, building wealth is no easy feat. Whether you want to become a millionaire or even save with no specific goal in mind, it's important to start investing what you can comfortably afford.

Over time, you can always work your way up and stash away a little more money. But if your goal really is to invest your way to $1 million, the sooner you start, the more time your money will have to grow, meaning you'll be able to contribute a lower amount each month over the years.

Disclosure:NBCUniversal and Comcast are investors in Acorns.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staffs alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Link:
Here's how much money 30-year-olds need to invest every month to become a millionaire - CNBC