Thu Dec 12 2024, by Tyler Gardner

The Easiest and Laziest Way to Become a Multimillionaire in Your 20s

If you are in your 20s, here is the single easiest and laziest way to become a multimillionaire. I'm Tyler, a former financial advisor and portfolio manager, and I create financial content for free to help guide you through your investment journey.

1. Open a Brokerage Account

Start by opening a brokerage account with a reliable brokerage firm.

2. Automate Your Contributions

Fund that account with $50 a week. Automate this process so you never have to think about it and you never forget about it.

3. Invest in Growth Funds

Invest that $50 a week into a fund that tracks the S&P 500, the NASDAQ, or the total U.S. stock market.

4. Increase Your Contributions

Each year, try to increase your contributions by about 5%. And if you're feeling really bold, increase it to 10% per year.

5. Consistency is Key

And here's the key: never stop doing this. People on the news will tell you that the sky is falling. Just remember, there will always be a reason not to invest. But you're not going to stop because you have the most important reason to continue investing: to become a multimillionaire.

6. Financial Freedom by Age 60

By age 60, know that you most likely will never have to worry about money again. All of the money that you made from investing will be taxed at about half of what you pay on ordinary income.

7. Access to Your Money

Since this is a brokerage account, not a retirement account, there are zero restrictions on when you can access your contributions or your capital gains. You could always take back the money at any time, penalty-free.

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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