Three Steps to Invest on Your Own and Build Wealth

If you want to be a millionaire yet find yourself throwing away tens of thousands of dollars in fees over the course of a lifetime by having a financial advisor invest your money for you, it’s time for a change. It’s okay; I’ve got you. Here’s what you need to do right now.

1. Open a Brokerage Account

Open a brokerage account with Fidelity, Schwab, or Interactive Brokers. Fund that account with $25 to $50 a week. Automate this habit! Otherwise, you’re going to forget or continually think it’s the wrong time to invest.

2. Invest in Low-Cost Index Funds

Invest that money in a low-cost index fund like Fidelity's FXAIX or Vanguard's VOO. These funds will literally cost you 50 times less than working with a financial advisor, and most of those advisors would place your money in the exact same funds anyway.

3. Commit to Consistency

Finally, never take your foot off the gas. Investing is a lot like marriage; you have to commit to staying with it through sickness and health, through economic booms and busts. If that doesn’t sound like you, that’s okay; this game might not be for you. But if you can make it through the first 5 to 10 years, compound interest will take over, and you’ll just need to sit back, relax, and enjoy your path to financial freedom.

Or, you know, you could give your money to a financial advisor, and they could enjoy their path to financial freedom instead.

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