How to Become a Millionaire in Your 20s or 30s

If you are in your 20s or 30s and actually want to be the first millionaire in your family, here's what you need to do 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 Roth IRA

Open a Roth IRA through Fidelity, Schwab, or Vanguard. It's free, it will take you just 10 minutes, and I'll explain why you're doing it shortly.

2. Commit to Regular Transfers

Now commit to transferring at least $5.40 a day to that account. If that sounds annoying, just remember it’s $165 a month.

3. Automate Your Transfers

Next, automate that transfer so you never think about it, and most importantly, never choose to stop doing it. That’s key!

4. Invest Your Money

Now this is where most people screw up. Once the money is in the Roth, you need to invest it. I would choose Vanguard's VOO. It’s very cheap. You'd be invested in many of the world's most profitable and stable companies like Apple, Broadcom, and Nvidia.

5. Treat It Like a Gift

Now don’t touch a thing and treat this as the best gift you will ever give yourself to open when you're 60.

6. Enjoy Your Rewards

When you do finally open it, congratulations! You will most likely have just over $1 million.

7. Free Money

And the best part? $920,000 of that money will be free money that you didn’t have to work for because the market created it for you.

8. Tax-Free Withdrawals

Even better, it’s 100% tax-free. That’s why we did this in a Roth.

9. Invest in Others

You can now use that money, fund your own education company to teach others to do the exact same thing, and the wheel goes round and round and round.

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 over another money playbook that actually works.

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