Yes, I would save $500 per month and invest it on SPY. This is an ETF wich resembles the S&P 500 and has some of the lowest expenses. It is reasonable to assume a return of 7% per year over 30–40 years. With that, you will have over a million dollars.
Saving like some Europeans, or 20% of your disposable income.
Saving like some Asian, or 50% of your disposable income.