Tue Nov 25 2025, by Tyler Gardner

Steps to Become the First Millionaire in Your Family at 20

I'm Tyler, a former financial advisor and portfolio manager. Now I make financial content for free so you don't have to pay for it.

1. Open a Roth IRA

Start by opening a Roth IRA with a reputable firm such as Fidelity, Schwab, or Vanguard. It's free, easy, and will only take you about five minutes. Plus, you never have to use it if you don't want to.

2. Link Your Bank Account

Link your bank account to that Roth IRA to facilitate funding it regularly.

3. Commit to Weekly Contributions

Commit to funding it with $40 a week. That’s all you need! Don't let anyone tell you otherwise.

4. Invest in Low-Cost Index Funds

Invest that money in a low-cost fund that tracks the S&P 500, such as Vanguard's VOO, Fidelity's FXAIX, or Schwab's SWPPX. Now you are invested in the world’s most profitable and stable companies.

5. Enjoy the Magic of Compound Growth

Here’s the magic when you start early: If you commit to the above until you're 28 years old and never invest another penny again, you'd still likely have a million bucks waiting for you at retirement, all tax-free.

6. Continue the Plan for Greater Gains

If you maintain this plan after 28, you could very well end up with millions by retirement, all with a simple strategy: opening a Roth, funding it with $40 a week, and sticking to the plan.

Conclusion

If any of this is helpful, sign up for my free weekly newsletter by clicking the link in my bio. Each week, I’ll send you another money playbook that actually works.

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