How to Make $1 Million (If You’re Young)

“Getting rich slowly” isn’t rocket science.

This stuff is hard. Retirement planning doesn’t have to be.

Step 1: Take advantage of tax-favored retirement savings accounts

Don’t use a piggy bank.

Step 2: Set up automatic monthly contributions

Let’s automate this.

Step 3: Choose how you want to invest

Look at this dumb stock image that I found when I searched for “investment.”
  • Try to make as much money as possible by picking individual stocks and actively managed mutual funds;
  • Invest in low risk, low management fee index funds that aim to merely duplicate the market performance as a whole
Monkeys are cute.

So, what are we looking for? Low fee index funds that replicate the performance of the market as a whole.

I have no idea what this stock image is supposed to mean, but I love it.

What are some examples of low cost index funds?

I mean, okay, sure. This image will work.
  • Vanguard Total Stock Market ETF (ticker symbol VTI): Aims to replicate the performance of the total US stock market by holding shares of over 3,000 companies. Management fee: 0.4%.
  • Fidelity Total Market Index Fund (ticker symbol FSTMX): With holdings of 3,000 US companies, this fund tries to track the entire US stock market. Management fee: 0.09%.
  • Schwab International Index Fund (ticker symbol SWISX): Provides exposure to over 900 non-US companies for diversification. Management fee: 0.06%.

Another option: target date funds

Frequently asked questions

Ask away.

“I’ve heard the market is down and everyone is talking about how we might be headed towards another recession. I should sell my stocks, right?”

“What about investing in gold? Is that a good idea?”

“Should I get a financial advisor?”

Oh my god, what a cluster.

“Is it okay to withdraw money from my IRA or 401(k) before I retire?”

Tools you can use

Hey, this is a stock image of a tool, right? ~relevant~

Let’s wrap this up

Get it? Wrap it up? Okay, okay, I’m almost done, I promise.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store