Tue Feb 18 2025, by socialcapofficial

How to Become a Millionaire in Your 20s with Just $225 a Week

If I were in my 20s, here's exactly how I'd become a millionaire for 225 bucks a week. My name is Tyler, and I’m a former financial advisor and portfolio manager. Now, I create financial content for free so you don't have to pay for it.

1. Open and Fund a Roth IRA

First, open and fund a Roth IRA with $150 a week. By the time you reach 60 years old, you could have $1.5 million in tax-free money.

2. Open a Taxable Brokerage Account

Next, open and fund a taxable brokerage account with $50 a week. Invest this in low-cost index funds, and by retirement, you could have another half a million dollars. The major benefit is that you can access all of that money, including the capital gains, at any time, as long as you've held the funds for over a year. You’ll pay even less tax than on your ordinary income.

3. Open and Fund a Health Savings Account

Finally, open and fund a health savings account (HSA) with $25 a week. Invest this in low-cost index funds to take the tax break now and let it grow tax-free. As long as you spend it on qualifying healthcare needs, you could have over $250,000 in 100% tax-free money.

If any of this is helpful, please like and follow, and I'll keep trying to get you one step closer to where you need to be.

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