Yahoo Finance

Building wealth is a long-term journey. You have to diligently save and invest money over many years. However, modern banking tools make it easier to build a big nest egg on autopilot. You don't have to make each deposit into your stock portfolio or spend too much time monitoring the market.

Financial guru Vincent Chan lays out a path where people in their 20s can become millionaires by the time they retire. However, since the strategy is on autopilot, it gives you time to focus on other things.

"You can pretty much forget about it until you're 60," Chan states.

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This claim only applies once you have the autopilot strategy in place. Here's how you can start building wealth without having to check your bank account every day.

Open A Roth IRA

Chan starts the video by recommending that his viewers open a Roth IRA at an established brokerage firm like Fidelity, Vanguard, or Schwab. Roth IRAs allow you to grow money tax-free, so you won't have to worry about capital gains when you retire.

These top brokerages offer simple user experiences that allow you to find what you need. They also have various financial services beyond Roth IRAs that can help you build wealth.

It's pretty easy to open a Roth IRA, and you don't have to be employed to get started. It works great for freelancers or individuals who want to contribute additional funds to a new retirement plan. Contributing to a Roth IRA does not affect your ability to contribute to an employer-sponsored retirement plan.

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Transfer $7.20 To Your Roth IRA Every Day

The next step in this autopilot plan is to transfer $7.20 to your Roth IRA every day. Keep in mind that this money will be taxed, but you won't pay taxes when you withdraw it. Contributing $7.20 per day to a Roth IRA results in $2,628 per year for years with 365 days.

However, you can contribute much more than $2,628 per year. The IRS currently limits taxpayers to an annual $7,000 contribution to a Roth IRA. However, anyone who is 50 years or older can contribute an additional $1,000 per year to their Roth IRA.

If you want to contribute $7,000 per year, you will have to transfer $19.17 per day. People who qualify for an $8,000 annual contribution should invest $21.91 per day.