Not really. $500 per mth is decent if sustained for 30 yrs in a globally diversified portfolio.
E.g. 4.5% compounded
Principal :$180000
Interest : $194904.70
Total : $374904.70
Just use one of the roboadvisor or those regular saving plan.
But I agree, it's not how much you earn but rather the saving rate in % which determines when one can retire.
my analogy is this :
Lets take the blended long term global market returns 9-10% p.a.
if the person wishes to invest $500 per month, the reverse logic is can you save extra >$50/mth (10%)?
If yes, then you already have beaten the market returns. Simple things like eat one less restaurant meal. Or instead of under amour , buy new balance shoes.
This however, cannot be said when you have $50,000 to invest. Now that is a meaningful amount.
Lets be realistic, no one is going to hold and continuously add to a ETF or a roboadvisor for 30years. Hell, i can rather say that these specific instruments in their original form may not even last 30years.
The only reason why i would advise someone to lock away $500/mth, is the same as why for all its evils, there is still a purpose for endowment/whole-life plans. It helps money control for people with weak money management.
Ask yourself, if you see a few extra $10k in your bank account, will you have tendancy to spend it, if yes, then pls do get a regular savings plan or endowment or both. Returns aren't great, but you will be better off then frivious spending it otherwise.