3 Essential Steps for Becoming a Millionaire in Your 20s or 30s

If you are in your 20s or 30s and you actually want to be a millionaire, here are the three things you need to do today. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free to help you succeed.

1. Open a Roth IRA

Start by opening a Roth IRA through a major brokerage firm. I’ll explain why in a minute.

2. Set Up Automatic Transfers

Transfer $5.40 a day into that account. You can do this by linking a bank account directly to your Roth and setting up an automatic transfer.

3. Invest in a Low-Cost Index Fund

Once the money is in the Roth, it’s crucial to invest it. I would recommend buying a low-cost index fund. If you’re having trouble finding the right index fund for you, simply Google best broad low-cost index funds of 2025. Look for responses from reputable sources like Morningstar, NerdWallet, or Yahoo Finance.

4. Set It and Forget It

Finally, once you’ve got everything on autopilot, don’t look at this account again until you’re 60. You’ll most likely have just over $1 million waiting for you, and $920,000 of that money will be newly created wealth and will be 100% tax-free.

5. Easy Access to Contributions

And don’t worry—if you ever need any of that money back before age 60, just remember you can take back your contributions at any time, penalty and tax-free.

If any of this information 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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