Want to make a million dollars or more in the stock market? Here's how much you need to invest each month.

Building a portfolio worth $1 million or more is not easy, but it is easier than you think. You don't need to be a stock market expert or have thousands of dollars to invest each month, but you do need the right strategy.

Exactly how much you need to invest each month depends on two main factors: how much time you have to save and where you choose to invest. Here's everything you need to know about achieving millionaire status by investing in the stock market.

Starting now is the key.

Time is your most valuable asset when it comes to accumulating wealth in the stock market. Thanks to compound interest growth, your money grows at an exponential rate, and the longer it grows, the faster it grows. The longer you grow, the faster it grows. You will get a return on your entire account balance (not just the amount of money you invested), so the more your account balance grows, the more you will get back.

Building a $1,000,000 portfolio generally takes a few decades unless you can afford to invest a few thousand dollars a month. But every year counts, so even if you can't afford to invest much now, it's best to start investing first. You can add to your savings later, but you can't make up for that time.

Choosing the right investment

It's also important to make sure you're investing in the right places. It can be tempting to opt for riskier short-term investments that promise to make you rich overnight, but you're likely to lose more than you gain.

A safer alternative is to invest in healthy stocks with long-term growth potential. These stocks may not have explosive returns, but they are more likely to realize sustained growth and recover from periods of market volatility.

The list of stocks to choose from may seem endless, but the best stocks come from companies with solid fundamental business fundamentals-which include healthy financials, competitive industry advantages, and competent leadership teams.

If you prefer a low-cost investment option, you can choose an index fund or ETF, each of which contains dozens or even hundreds of stocks bundled together so you don't have to guess where to buy. While there are a myriad of funds to choose from, it's important to keep in mind that there are many different types of funds.Standard & Poor's 500Index funds or ETFs are one of the safest and most popular choices.

Produces $1 million or more

How long it takes to reach $1,000,000 and how much you need to invest each month will depend largely on your investment returns. Similarly, long-term investments may not yield explosive returns, but they are more likely to make money consistently over time.

Historically, the market itself has averaged about 10% per year, which means that while you may not get 10% every year, the highs and lows should average about 10% per year over the decades.

If you invest in very conservative stocks or funds, you may get below average returns. On the other hand, if the portfolio is full of strong (but healthy) stocks, you may outperform the market by a wide margin.

For simplicity, let's assume that your rate of return is in line with the market's historical average, and that your average annual rate of return is about 10%. Based on this rate, the approximate amount of money you would need to invest each month in order to reach $1,000,000 depends on how many years you have to save:

Source: Author's calculations via investor.gov.

Similarly, every year counts when it comes to building wealth in the stock market, and putting off investing for even a few years can make it exponentially more difficult to reach $1 million or more. No matter how much money you can spare right now, it's always a good idea to start investing.

You don't need to be a stock market expert to build a million dollar portfolio, but the right strategy is key. Start investing as soon as possible, and invest in healthy long-term stocks, and you'll be on your way to becoming a stock market millionaire.

Where to invest your $1,000 right now.

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Want to make a million dollars or more in the stock market? Here's how much you need to invest each month. This post was originally published by The Motley Fool.