A little patience and $5K a year will net you $1M, billionaire says.
"It's wrong for people to think that they have to be wealthy to get rich investing in the stock market, famed buy-and-hold investor Ron Baron told CNBC in a Friday interview.
"You have to have a small amount of money and invest it regularly for a long time, and live to get to be old. That's how you get rich," said the billionaire founder of Baron Capital, which has nearly $26 billion in assets under management. "
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Here's what I tell anyone who will listen: Get started. Pay yourself first. Whenever your pay increases due to a raise or promotion, add at least 50% of the new money to the portfolio every month. Stick with a large index like the SP500 or the Total Stock Market Index for diversification.
The biggest argument I hear is that people can't afford to do this. Too many bills and other responsibilities limit the amount people say they can save.