Image source: Getty Images There are currently around 2,000 ISA millionaires living in the UK. As a result, a rising number of Brits are planning to start their own ISA investments in the hope of following in the millionaires’ footsteps. But how exactly do you become an ISA millionaire? Here’s how I personally plan on reaching this goal. My ISA millionaire plan of action
Like many Brits, I was intrigued to find out that 2,000 people in the UK have become millionaires due to ISA investments. As someone who is passionate about building wealth for the future, this seemed like an excellent challenge for me. Becoming an ISA millionaire is about gradually building wealth by making smart decisions and choosing the right investments. Here’s how I plan to do it. 1. Calculate my goal
My first step towards becoming an ISA millionaire was calculating my plan by using a savings calculator. This is the best way to figure out exactly how to reach a goal.
For example, by using a savings calculator I worked out that, with a deposit of £10,000, I would need to make monthly contributions of £500 for 40 years with an annual interest rate of 6% in order to reach my goal.
You can tailor your plan to suit your needs. Typically, late savers will need to make larger monthly contributions and secure a higher interest rate to achieve ISA millionaire status. 2. Choose the right ISA
If your goal (like mine) is to become an ISA millionaire, it is vital that you choose the right ISA to invest in. Luckily, you can have more than one type of ISA at once, which means that you can spread your savings across several accounts and benefit from a variety of types.
I personally have two ISA accounts. My lifetime […]
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