Investing in an S&P 500 index fund is a tried-and-true way to build long-term wealth.

Warren Buffett is the CEO of the Berkshire Hathaway ( BRK.A 0.66% ) ( BRK.B 0.62% ) investment company, where he oversees numerous wholly owned subsidiaries, in addition to a $299 billion portfolio of publicly traded stocks and securities.

Buffett's brand of long-term value investing has delivered market-beating returns for six decades. In fact, had you invested just $500 in Berkshire stock when he took the helm in 1965, you would have been sitting on $22.4 million at the end of 2024. But he's a seasoned expert, and he knows the average investor probably can't match his stock-picking ability.

That's why Buffett often recommends buying a low-cost exchange-traded fund (ETF) that tracks the

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