3 Essential Financial Steps for Women in Their 20s to Achieve Millionaire Status

If you are a woman in your twenties and you want to be a millionaire before that finance bro sitting next to you, then you need to do the following three things right now.

1. Open a Brokerage Account

Start by opening a brokerage account and put $3.47 a day into that account. What is a brokerage account? It’s like a fancy savings account that you can open in about five minutes through platforms like Fidelity, Schwab, Vanguard, E-Trade, or Robinhood. It doesn't cost anything to open, and you never have to use it if you don't want to. Unlike a savings account where your money just sits in cash earning big zero percent, a brokerage account gives you the option to invest your money.

2. Invest That Money

Now, investing can feel overwhelming, and I’ll never tell you exactly what to invest in because I don’t know you or your goals. However, I encourage you to take 15 minutes today and ask ChatGPT these three questions:

What is a low-cost index fund?
What is a three-stock portfolio?
What is a target date retirement fund?

3. Pay Off High-Interest Debt First

Only invest if you have your high-interest debt already taken care of. The stock market has historically returned around 7% to 8% on your investment. However, if you're paying between 18% to 20% to credit card companies, you’re losing a lot of money until that high debt is managed. So, direct that $3.47 a day towards paying off your credit card debt. Remember, we have to learn to walk before we can learn to run.

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