How ISAs Work and How They Can Help You Create a Dream Lifestyle - Part 2 of 2
By Stephen Sutherland, author of Liquid Millionaire.Posted in the Category of ISAS, Investing, Stock Market, Investment Fund, Wealth Building on 4th December, 2009.
Tags: dream lifestyle, how isas work, isa, millionaires, stocks and shares isas.
How ISAs Work and How They Can Make You Seriously Rich
Many people are blissfully unaware of how ISAs work.
And yet ISAs are one of the most effective ways for people in the UK to build the level of wealth necessary for the lifestyle of their dreams.
Investing in Stocks and Shares ISAs have helped me to build a very healthy six figure tax-free account and if you are a regular reader of this blog, you’ll know that I love sharing my ideas and insights with people like you.
In Part 1 of this series I provided you with a very simple and straightforward introduction to ISAs and how they can help towards creating a dream lifestyle. Today I am going to explain who can buy ISAs, where you can buy them from and give you examples of people who have already done just that and are now millionaires.
Who Can Buy an ISA?
To pay into an ISA you must be:
• A UK resident - with two exceptions: Crown employees, such as diplomats or members of the armed forces, who are working overseas but paid by the government; and their husbands, wives or civil partners.
• 16 or over for a Cash ISA
• 18 or over for a Stocks and Shares ISA
• An ISA must be in your name alone; you can’t have a joint ISA
Where to get an ISA
You can get an ISA by going to an ISA manager. These include:
• Banks and building societies
• National Savings and Investments
• Financial advisers
• Some supermarkets and retailers
• Fund supermarkets –such as Fidelity’s FundsNetwork™
How to Become a Millionaire using Stocks and Shares ISAs
Most people in the UK are totally unaware that ISAs can help you accumulate a multi-million pound, tax-free portfolio.
However, some lucky people have already reaped the benefits. John Lee, a former Government minister, is one person who made over a million using his ISAs and so are John and Judith Housden, a retired couple who live in Kent.
And it was only recently that John Cotter, associate director of Barclays Stockbrokers said that some of his clients had built up ISA portfolios valued at over one million pounds.
These people have become ISA Millionaires by investing in ISAs over the long-term. Their aim is to grow their ISA accounts by as big a percentage gain as possible each and every year. And as each new tax-year arrives, they open up a new Stocks and Shares ISA to add to their existing ones.
If they have a partner, they open up two. By opening up new ISAs each and every year, and by getting their money to grow as much as they can, this helps them to get to their intended goal faster.
Find Out More
If you would like to find out more about how ISAs could work for you then please contact a member of my team for a chat.
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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