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    Become a millionaire in 26 years by paying fully into a NISA

    Tax free income but can anyone save £15,000 a year?

    30 Comments

    Banned

    "Become a millionaire by saving just £15,000 a year"

    http://gifrific.com/wp-content/uploads/2013/04/leaving-now-grandpa-simpsons.gif

    Original Poster

    KillFelix

    "Become a millionaire by saving just £15,000 a year"



    You are married now Felix, both earning? £7500 a year (£145 a week) each

    Banned

    airfix

    You are married now Felix, both earning? £7500 a year (£145 a week) each



    Not a chance lol

    Original Poster

    KillFelix

    Not a chance lol



    You're probably right, it's a tax free scheme for the young rich.

    Banned

    airfix

    You're probably right, it's a tax free scheme for the young rich.



    I can probably save about 1/3 of what's needed for this thing, and even that's at a push. You'd need 2 people earning £35,000+ with no kids to do this comfortably.

    Put the money into property either your own or a buy to let and I would expect you would make a better return.

    how does £15K x 26 = £1M?

    interest rates are crap

    property every time.

    Made £300K in the last 10 years on my home. interest on the initial house value monetary amount would have been about £50K
    Edited by: "chocci" 6th Jul 2014

    I have a NISA local by me but they are only good for bread, milk, fags and booze...

    This is just a scam to keep feeding the London financial monster and when it all goes bust there wont be anything left in your account. Oh and by the way the 80k guarantee is worthless as the country is already insolvent.

    Oh but the economy is growing and the property market is booming you say, well the bond market is about to go bust unleashing the mother of all crashes oO

    'oh we're sorry, the initial investment wasn't what we thought and has been robbed by previous liblacon governerment.... however, I hear gold is a good investment.... ask Gordon brown.....'

    £15k allowance is very useful for a lot of people, but what's the point with such rubbish interest rates on NISA's?

    When interest rates rise, then people will appreciate NISA's more. So (like donaldduck2 said) buying property is really the best investment at the moment.

    Banned

    and then Labour will come along and impose a windfall tax on your efforts.

    chocci

    how does £15K x 26 = £1M?interest rates are crapproperty every time. Made … how does £15K x 26 = £1M?interest rates are crapproperty every time. Made £300K in the last 10 years on my home. interest on the initial house value monetary amount would have been about £50K



    Once you have saved the 26 years of 15k, you go to a casino and choose a number on roulette

    Yay! Property! It's a never-ending source of free money! What could possibly go wrong? X)

    chocci

    how does £15K x 26 = £1M?interest rates are crapproperty every time. Made … how does £15K x 26 = £1M?interest rates are crapproperty every time. Made £300K in the last 10 years on my home. interest on the initial house value monetary amount would have been about £50K


    assumption of 5 or so % compound interest

    brilly

    assumption of 5 or so % compound interest


    good luck getting anywhere near 5%

    5% would grow to £858,371.99
    Edited by: "chocci" 7th Jul 2014

    Rubisco

    Yay! Property! It's a never-ending source of free money! What could … Yay! Property! It's a never-ending source of free money! What could possibly go wrong? X)


    in the long term, not much.
    over 17 years, my £120,000 total investment is now £600,000 (plus free rent all that time )

    rent alone would have been more than £120K over 17 years


    Edited by: "chocci" 7th Jul 2014

    chocci

    good luck getting anywhere near 5% ;)5% would grow to £858,371.99


    i didn't say you could get it, just explaining the figure

    Rubisco

    Yay! Property! It's a never-ending source of free money! What could … Yay! Property! It's a never-ending source of free money! What could possibly go wrong? X)


    Well it's better than saving with these low interest rates.

    brilly

    i didn't say you could get it, just explaining the figure


    makes the whole thread somewhat pointless then

    chocci

    in the long term, not much.over 17 years, my £120,000 total investment is … in the long term, not much.over 17 years, my £120,000 total investment is now £600,000 (plus free rent all that time )rent alone would have been more than £120K over 17 years



    Can you lend me a fiver?

    deeky

    Can you lend me a fiver?


    at what interest rate?

    chocci

    makes the whole thread somewhat pointless then


    well it was that from inception as didn't supply a link!
    googling:
    "Calculations by online wealth manager Nutmeg found that a saver making full use of the new £15,000 allowance every year from 2014 could build a nest egg of over £1m in just 26 years, assuming annual returns of 5 per cent (after fees) and an annual 2 per cent increase in the allowance. Under the old system, reaching £1m would have taken almost 30 years. But reaching this elusive goal requires serious discipline. Here are some of the top tips for becoming a Nisa millionaire."
    blah blah IF basically but sounds reasonable enough
    though its linked to stocks so its a 'could lose' type as well

    property could also crash though i cant see it. not that i am an expert so who cares!
    Edited by: "brilly" 7th Jul 2014

    Original Poster

    chocci

    in the long term, not much.over 17 years, my £120,000 total investment is … in the long term, not much.over 17 years, my £120,000 total investment is now £600,000 (plus free rent all that time )rent alone would have been more than £120K over 17 years



    But you need somewhere to live and unless you are going to downsize considerably you won't get the return. Also property needs money spent on it every few years.

    A better investment is Jewels, Diamonds more importantly...

    haritori

    A better investment is Jewels, Diamonds more importantly...



    You know diamonds aren't rare at all and their costs are artificially inflated by one company who control the trade of them all?

    sancho1983

    You know diamonds aren't rare at all and their costs are artificially … You know diamonds aren't rare at all and their costs are artificially inflated by one company who control the trade of them all?



    I earn commission

    haritori

    I earn commission



    Haha, ok, gotcha

    If anyone looked onto this properly instead of just assuming it was a cash isa you'd have realised it's a stocks and shares isa

    10111010101011

    If anyone looked onto this properly instead of just assuming it was a … If anyone looked onto this properly instead of just assuming it was a cash isa you'd have realised it's a stocks and shares isa


    course, you could have looked properly at #23 where i say that
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