From £1 per Day to £20,000 in Liquid - Part 7 of 8
By Stephen Sutherland, author of Liquid Millionaire.Posted in the Category of ISAS, Investing, Stock Market, Investment Fund, Wealth Building on 20th January, 2010.
Tags: isa, isa investing, liquid millionaire.
How Saving £1 per Day Can Help You Accumulate £20,000 in Liquid Capital
Can you afford to save £1 per day? If you answered yes, I have just the way for you to quickly accumulate your first £20,000 in liquid.
Some people who read my book Liquid Millionaire really loved it – but at the same time they came to the end of the book and were frustrated.
Here’s a couple examples of readers’ comments posted as reviews on Amazon:
“People like me with less than £10,000 will not be able to afford the £6,000 to gain access to the information which could make you richer.”
And…
“…I must say that the service offered looks interesting. I don’t know if I can afford it, not living in the UK.”
I think I know why people like this are frustrated. It’s probably because they don’t have the cash to give them the option of possibly becoming one of my premium clients.
In my six previous blogs, I started to share with you a simple 10 Step Strategy which could seriously help you save £20,000. In my previous blog I focused on Step 7 - Hit £2000 and when the S&P 500 is 20% off its high, start investing in a Stocks and Shares ISA using a tracker fund and the adoption of ‘Lump Sum’ and ‘Pound Cost Averaging’ strategies.
Today I want to share with you the goals that I set which you could also aim for, to maximise your ISA investment each and every year.
Step 8 - Each year aim to invest as close to the £10,200 limit as possible.
Okay so you are now a stock market investor. That’s great and I’m certain that you’ll feel pretty good about it.
Your next job is to start to think bigger. Because the Stocks and Shares annual allowance is £10,200 per year, your job is to eventually be investing the full allowance each and every year.
Right now, as you read this, this might seem like an impossible dream - but I can assure that it is possible to do this, as long as you are earning enough money and that your expenses are in check.
One of the things that motivates me to always invest my full ISA allowance is the fact that once the year is out, if you haven’t used up your allowance, you’ve unfortunately missed your chance.
Missing the chance to get £10,200 invested equals serious pain for me and so I always make it happen. There are no excuses and no justifications. It simply has to happen. I make it a top priority. I make it a must. I suggest you think about doing the same.
Think about it in the same way that you think about your mortgage. Think that its money that has to be spent and you have no say over it. You see, if you don’t pay your mortgage, you get into trouble. That’s what you should think will happen - because it will - if you don’t invest the full amounts each and every year,
Of course, just as you have slowly built up your saving habit, you also need to build up to the full £10,200.
In other words, aim to get as much money into your account each and every year. If investing £10,200 seems impossible, then invest as much as you can and next year aim to beat it.
Step 9 - Invest £20,400 per year into ISAs - for you and your partner.
Once you are comfortable investing £10,200 per year, your next task is to persuade your partner to get their money working too.
Imagine when you are at the stage where you are socking away over £20,000 per year for you and your partner. In just 10 years, excluding stock market growth, you’ll have a pot worth over £200,000.
And when you get stock market growth on top of that, the numbers grow into ones that can make a person’s eyes pop out.
In Friday’s blog I’ll be sharing with you the final part of my 10 step strategy to get from £1 per day to £20,000 in liquid.
Find Out More
In the mean time if you would like to find out more about how having £20,000 to invest could help make you a liquid millionaire please click here for a FREE sneak preview of my book, Liquid Millionaire.
Happy reading!
Your friend,
Stephen Sutherland
The UK’s Leading Authority in ISA Trend Investing and Author of Liquid Millionaire
Please Note: As always, let me remind you that I am not a financial adviser and therefore not authorised to give advice on what investments to buy or sell.
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