Could you be an Isa millionaire - and would it get you financial independence?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 13 March 2022

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you harbour ambitions of investing your way to a £1million Isa pot – and what would you do with it if you got there?

The lure of financial independence has only gotten stronger for many through the Covid pandemic years and a cool million in tax-free savings sounds like a decent way to achieve it.

So, it’s no surprise that the idea of becoming an Isa millionaire features regularly in the personal finance pages.

What would that £1million get you though, how much would you need to invest and for how long to get there - and is it enough for financial independence?

On this podcast, Georgie Frost, Helen Crane and Simon Lambert discuss building your way to a £1million Isa and how achievable that might be.

Also on the podcast, the team look at what’s happening to mortgage rates and why anyone whose mortgage needs fixing this year should start thinking about it, along with some practical tips of what they could do.

They take a look at Santander’s recently improved 123 account – and whether it’s been bumped up enough to be worth taking.

And finally, the cost of living crisis looms large again: is there anything the government is likely to do to help with the soaring cost of petrol and should you fix your energy bills or stick with the price cap?

The latter is a question on Simon’s mind – as it’s exactly the scenario he is facing as his energy deal ends – he talks us through the numbers and what he will do.

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frostan joining me and editor Simon Lambert is assistant editor
0:05.6	Helen Crane. And coming up, the kids are all right. Forget crypto, young investors reckon a solid
0:12.1	stocks and shares, Issa is the best route to becoming a millionaire. Are they right? Also today,
0:18.3	the end for rock bottom home loans as 500 mortgages are pulled from sale in the last
0:22.9	month. Santander nudges up the rate on its one, two, three current account, so is it back to the
0:28.3	glory days of three percent? What can the government do to help drivers as petrol and diesel prices
0:33.6	continue to soar? And we asked it last week, we're going to ask it again because A,
0:39.1	it's important and B, Simon wants me to, because he himself is now facing this dilemma to fix
0:45.1	or not to fix your energy bills. That is the question again. So what will Simon do? He's got
0:52.3	the calculator out. Don't forget you to stop to date with all the latest breaking money news.
0:55.7	Just go to this ismoney.com.com.uk or download the app.
0:59.0	But first, while crypto and mean stocks may have been making all the headlines during the pandemic,
1:04.2	it's the trusty stocks and shares ISA that youngsters really think is their route to financial success.
1:12.8	That's according to some new research of young investors who have stocks and shares ices, but be that as it may. Don't they a little
1:18.6	deluded with a lot more of under 25s thinking they can become millionaires with an Icer
1:23.5	compared to older investors? Or is it just because they have more time to invest? Or is it
1:27.4	something else?
1:28.6	Simon granted a relatively small study of, as I said, ISA investors, I should point out.
1:34.6	What does it really tell us, though, and young people's attitudes to investing?
1:39.3	Can we broaden this out into something a little bit wider?
1:43.3	Yes. So, in this poll of 1,000 ISA investors by free trade
1:49.1	and investing reviews, 14% of them, under 25, expect to build a tax-free pot of a million
	...

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