Previously I wrote how investing a little each month will make you rich [What is Dollar Cost Averaging? Drip Your Way to Millions]. The question remains of where should you place this money each month?

I have an idea, though it is rather boringyet it can make you rich. Gather around home plate and Ill tell how investing in boring index mutual funds can make you more money than a minor league pitcher.

Boring Index Funds Can Make You Rich: Being Above Average is Tough Stuff

I love to be above average, dont you? Here is a little secret I learnedall the above average people from around the world move to cities like New York and Los Angeles. Thus to be above average in such a world class city, you must be in the top percentage of the U.S. and maybe even the world to stand out.

To be above average in the investing world year in and year out is nearly impossible. Yet, millions of investors are following fund managers who are trying to be better than average.

Some years they succeed and some years they fail. What results are higher fees and taxes associated with the mutual fund due to buying and selling seeking gains.

For most investors, being average combined with dollar cost averaging is good enough to reach millionaire status.

Boring Index Funds Can Make You Rich: An Average Batting Average Makes Millions

Baseball players only have to be average when batting. Credit  eva.pébar .

If you know anything about baseball, youll recognize that professional baseball players can make a lot of money.

Lets take Aubrey Huff. 1st baseman for the 2012 World Series winning S.F. Giants, as an example. He made a cool 10 million and batted .207 in regular season play. (The best 2012 batting average was Buster Posey at .336)

While batting average isnt the only value Mr. Huff brought to his team, he was in fact average hitting about 2/10 pitches, yet he makes millions .

Index funds  can help you do the same.

Why Boring Index Funds Can Make You Rich: Be the Benchmark

What is an index fund? An index fund is formed from a major measure of the stock market, like the S&P 500 Index or the Russell 2000 Index.

An index fund is a mirror of these measurements. Thus an S&P 500 Index Fund is a combination of the largest 500 companies as reflected by the S&Ps rules of inclusion for their index.

Heres where it becomes ironic. These measures on which index funds are based are the benchmarks in which managed funds are trying to beat.

Why not become the benchmark and be average. Sure, you might not strike it big some years, but you wont also hit as low of bottoms either.

Index funds have:

• Lower expense ratios and fees  than managed funds.
• Less turnover — buying and selling of stocks through the year resulting in more taxes.
• Index funds outperform most  managed funds over the long term.  Need proof? #1  #2  #3

It is very difficult to predict which funds, the small percentage that do exists, will beat the benchmarks over the long term. Can you find a needle in a haystack? Index funds are one of the few places where being average and boring isnt a bad thing. In fact index funds could make you rich.

*As always consult an investment professional before beginning investing or changing your investing strategy.