Step 1: Open a Roth IRA and contribute $6,500 per year

One of the key steps to building wealth is to open a Roth IRA and contribute the maximum amount of $6,500 per year. A Roth IRA is a tax-advantaged retirement account that allows you to pay zero taxes on your profits when you retire. To open a Roth IRA, you can choose an online broker like Vanguard or Fidelity, provide your address and social security number, and deposit money from your personal checking account into the Roth IRA. It is recommended to invest the money in index funds like VOO, QQQ, and VTI for long-term growth. By consistently contributing to a Roth IRA over several decades, you can accumulate significant tax-free profits for your retirement.