Three Key Steps for 19-Year-Olds to Become Millionaires

If you are 19 years old and want to be a millionaire before all of your friends, you need to do the following three things right now. 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 Brokerage Account

Open a brokerage account through Fidelity, Schwab, or Vanguard and commit to funding it with $166 a month.

2. Invest in Low-Cost Index Funds

Now invest that money in low-cost index funds like Fidelity's FXAIX or Schwab's SWPPX. You'll own pieces of the world's most stable and profitable companies like Apple, Meta, and Microsoft.

3. Continue Funding Until You're 27

Continue funding and investing until you're 27 years old—that's all I ask. Why? Because if you do this just from age 19 to 27, you're most likely going to be a millionaire by retirement without ever having to invest another penny.

4. The Cost of Waiting

Whereas if you waited until 27 and did this for the rest of your life, you still would come up short of the initial plan by about a quarter of a million dollars. There's no better time to invest than today!

5. Pro Tip

If you did this within a Roth IRA, you would enjoy 100% tax-free growth after age 59 and a half, and the entire million would be yours.

Conclusion

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