What if it were that simple? You had a checklist you put on the refrigerator. You followed it and you became a millionaire. It’s just about that simple. There is a checklist – a millionaire’s checklist that will bring you million dollar results. And while it is simple, it may not be that easy to follow. But when we do, the rewards are worth it!

Here’s the list that’s worth a million dollars:

1.) Invest in a Roth IRA with good growth mutual funds any time from age 14 on. Invest at least $166/month through automatic deduction. That’s $2000/year. That early investment can yield millions of dollars tax free.

2.) Emergency fund. Put aside at least 3-6 months of expenses. Make it a long term goal to sock away a year’s worth of expenses. This is above and beyond budgeting for average car repairs, replacing new items, etc.

3.) Go to college debt free. Millionaires hate debt. And it’s possible. Millionaires will cut spending early on in order to gain a lot in the future. If a student lives in a dorm, eats the meal plan, and works, it’s possible to go debt free. So instead of graduating with $20,000 in debt which is the norm, and repaying $27,619 over ten years, the future millionaire can invest what he would have paid in student loan payments, earning more than $30,000 in 10 years, and almost $100,000 in 20 years. Go to http://www.scholarshipcoach.com to find out how to go debt free.

4.) Plan for purchases and pay cash. If you want a Plasma TV, find good deals and research quality. Then pay cash. If you don’t have the cash, save up for it. Again, millionaires hate debt.

5.) Avoid credit card debt. Don’t hand your teen a credit card to help them build a credit score. Few people pay off the balance, so don’t get a credit card if you can’t pay it off. And even those who do pay it off are shown to be charged 12-18% or more. As young adults, they can show their payments for bills were on time, such as rent and utilities.

6.) Budget your money. Millionaires often know where the money is going. The easiest way to budget is to plan your money before you get it. And do it each and every month planning for the month in front of you. Months are different. Also set aside money for bills that don’t come up every month like car insurance.

7.) Save 15-20% always. If you automatically deduct 15-20% into a savings or investment account, it’s a no-brainer. The rewards could be millions.

8.) Buy a house and pay it off in 15 years or less. First, have little debt and have 6 months in your emergency fund. And make sure your payment including utilities is no more than 25% of your tax home pay. Get a fixed rate loan. We all now know that those ARMs can be deadly.

9.) Get insurance. Health and disability insurance are great if you have a big medical problem. Get life insurance if you have a spouse or kids – that’s until you have a million or more stashed away.

10.) Give! It’s fun and millionaires often give before and after they are millionaires.

11.) Be financially savvy. Get educated, read, or take courses on finance. Vanguard has an online course.

12.) Have fun with a plan! Have fun but have your financial house in order. Then your fun won’t be followed by a huge financial headache.

Becoming a millionaire is easy for the young if they know what to do. This checklist should make it a lot easier and simple. It gives you and your teen quick guidelines that will help you and your teen financially prosper.