Step 1: Get a Social Security number.
Good news: Chances are your mom or dad already took care of this for you. (They have to enter your Social Security number on their tax return to claim you as a dependent.) All you need to do is find out what it is.
Hint: If you need to get a Social Security number, click here to get one.
Step 2: Head to the bank and open a Roth IRA
Hint: While there's no minimum age for setting up a Roth IRA, you might want to bring one of your folks along with you to the bank. They can help answer questions you might have with the paperwork
Step 3: Put in $10 a week
Hint: You can claim your parents as your employer if they're paying you to do work around the house.
Step 4: Get a folder and find a safe place
Hint: If your folks have a safe deposit box, fire safe or other place with important documents, you could ask if you could keep your IRA stuff there.
Step 5: Think long term
Hint: You can take money out of your Roth IRA to do things like help pay for college, but you will probably pay a penalty for it. If your ultimate goal is to save that $1 million, you're better off not touching it.
Step 6: Do the math
Hint: If you want to see a cool graph of how much money you can make, try this online IRA calculator.
Step 7: Up that $10
If you put in $20 instead of $10, from age 16 to age 65, you could earn more than $2 million!
Hint: The maximum contribution you can put in each year usually goes up. In 2007, it was $4,000. Keep an eye on IRS.gov for changes.