Buying These 3 Millionaire-Maker ETFs Right Now Could Set You Up for Life

There are multiple strategies for investing, and no one-size-fits-all approach. While some investors prefer to choose individual stocks to create a diversified portfolio, some leave the selection process to index funds they buy, and many opt for a combination of both.

If you're in one of the latter two camps, choosing an array of exchange-traded funds (ETFs) can help you achieve millionaire status if you invest consistently over a long period of time. Vanguard is known for its low-fee index funds of all stripes, and I recommend the Information Technology ETF (NYSEMKT: VGT), the S&P 500 Growth ETF (NYSEMKT: VOOG), and the Total Stock Market ETF (NYSEMKT: VTI), which can all help set you up for life.

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1. Information Technology: More than AI

The Information Technology ETF invests in tech stocks, and today, that means it's heavily weighted toward artificial intelligence (AI). In today's market, that gives it incredible growth energy, and it's beating the market this year, up 21% versus 18% for the S&P 500.

One year is a small glimpse in time, but this ETF is also the highest-gaining of any Vanguard ETF over the past 10 years, crushing the market's gains.

Data by YCharts.

It's riskier than other ETFs because it invests in high-growth stocks and is concentrated in a higher-risk space. When the market is down, this ETF is likely to be down even more. Over time, though, since the market is in bull territory far more often than bear territory, the Information Technology ETF has outperformed. So it may not be the ideal ETF for a risk-averse investor or someone who might need their funds in the near term. But if you're investing today to get set up for the long term, this is an excellent choice.

2. S&P 500 Growth: The cream of the crop

The Growth ETF takes the largest growth stocks in the S&P 500 to create a smaller, higher-growth fund. It's still well diversified, with more than 200 stocks, but it's focused on growth. Like the Information Technology ETF, it's riskier than the standard S&P 500 ETF, but over time, the growth element works in its favor, and it has also outperformed over the past decade.

Data by YCharts.

One advantage of this kind of ETF is that the components will naturally reflect market trends without an investor needing to put any work into the makeup of the portfolio. If a stock doesn't perform well, it will, by default, get replaced with a stock that's performing better, leading to improved outcomes over time.

3. Total Stock Market: Safe, slow, and steady

Most investors will have the best chance of success by balancing growth with safety and reliability. It's well known that it's hard to beat the market, and investing in the total market is a compelling method for giving you access to the full breadth of the market. The Total Stock Market ETF owns nearly 3,500 stocks of every size and type.

Anchoring your portfolio with this kind of ETF provides stability while your growth funds do their work, helping you achieve millionaire status and set yourself up for life.

Jennifer Saibil has positions in Vanguard Admiral Funds-Vanguard S&P 500 Growth ETF. The Motley Fool has positions in and recommends Vanguard Total Stock Market ETF. The Motley Fool has a disclosure policy.