Mon Mar 10 2025, by Tyler Gardner

Essential Financial Accounts to Open in Your 20s

Here are the only four accounts I would ever open in my 20s. And you might want to save this video because it's as true today as it will be in 20 years.

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

1. Checking Account

I know, boring. And that is why I would only use it to deposit my paycheck and pay my one to four week bills. The goal of this account is always to be at a net zero balance. It is not paying me any money on my money.

2. Roth IRA

Way less boring. I get to fund this account with post-tax dollars, investing it in whatever the heck I want for the long term. Just $50 a week invested in low-cost index funds in a Roth will amount to over half a million bucks in 40 years. Plus, I can take back that $50 a week anytime, penalty and tax-free if I need it.

3. 401k

This is a must if you have access to an employer match. On a $50k salary with a 5% employer match, that’s an extra quarter of a million dollars from the company over 30 years. Take it or leave it, but I’d take it.

4. Health Savings Account

This account is only accessible if you have a high-deductible health plan. Contributions are tax-deductible, grow tax-free, and you can spend the money on any healthcare needs 100% tax-free.

If you want to know more about any of these accounts, sign up for my free newsletter in my bio. Every Sunday morning, I'll send over some thoughts to help you get one step closer to where you need to be.

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