Milestone (Noun)
Syllable division: mile·​stone 
How to pronounce: UK: /ˈmaɪl.stəʊn/ US: /ˈmaɪl.stoʊn/

American Pronunciation of the word Milestone

#1 Meaning: A marker or sign at the roadside that indicates how far away certain locations are, particularly the closest large town.
Example:
> I was thankful to see that the road had milestones to prevent people from getting lost.
> We reached our first milestone on our way to my grandma's house within an hours drive.

#2 Meaning: A significant moment in the history or existence of something, or in the lifetime of someone.
Example:
> What a milestone isn't it to be able to turn 80 years old and still be as fit as a fiddle!
> Her first milestone was graduating from university with good marks.

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A large group of happy college students celebrating their graduation day as it is a milestone for all of them.

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