Ep 516 - A simple strategy to help your child become a MILLIONAIRE
The Money To The Masses Podcast
Damien Fahy
4.8 • 589 Ratings
🗓️ 17 August 2025
⏱️ 21 minutes
🧾️ Download transcript
Summary
We’ve talked before about the incredible power of long-term investing and compounding, particularly when growing wealth for children. I personally use the millionaire strategy, which aims to make my children millionaires when they are older.
The strategy is built upon several key principles discussed in our How to Become a Millionaire podcast episode. We’re excited to announce that we have partnered with Wealthify to create a seamless way for you to implement this strategy.
The new tool allows you to see just how much a regular investment in a Junior ISA could be worth by the time your child turns 18.
On this week's podcast we chat with Simon Holland, Chief Operating Officer of Wealthify where we discuss how Wealthify helped Money to the Masses provide readers with a seamless journey to setting up a Junior ISA and implementing annual contribution increases quickly and efficiently.
Check it out for yourself: How to help your child become a Millionaire
Pay no management fees for the first 12 months if you open or transfer a Junior ISA to Wealthify via the new Junior ISA tool. This offer cannot be used in conjunction with any other offer and is for new customers only. Terms and conditions apply
With Investing, your capital is at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future. Wealthify Limited is authorised and regulated by the Financial Conduct Authority (FCA No. 662530). Leadenhall Learning Limited (trading as Money to the Masses) is an appointed representative of Wealthify Limited which is authorised and regulated by the Financial Conduct Authority. Money to the Masses acts as an appointed representative for the purpose of promoting Wealthify products and introducing customers to Wealthify.
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Transcript
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| 0:00.0 | Welcome to this special edition of the Money to the Masses podcast. It's been years in the making |
| 0:06.0 | and something I'm really looking forward to. So I'm going to be talking about how to make your child |
| 0:11.6 | a millionaire. So this has stemmed from a podcast that we did many years ago. It's one of the most |
| 0:16.2 | popular shows that we ever created. And it talked about the concept of how much you'd need to invest, |
| 0:21.6 | given a certain set of assumptions like the rate of return to become a millionaire by the time |
| 0:26.6 | you retire. Now, that was based upon you having a fixed amount each month and it never changed. |
| 0:31.6 | But the thing with investing and compound interest, which is where you earn interest on your |
| 0:36.8 | interest, that really works |
| 0:39.3 | when you put more money in, but also if you allow compound interest to work for a longer period of time. |
| 0:44.3 | That naturally then took it on to using it to invest for your children's future and the idea of building what we call the millionaire strategy of how to help your child become a millionaire. |
| 0:56.6 | So we'd be wanting to create something and partner with somebody to be able to make this strategy more accessible to people and easier to implement. |
| 1:05.7 | So that's what this shows all about. |
| 1:07.9 | Now, I'm going to just remind people about the millionaire strategy. Now we're |
| 1:11.9 | showing on screen a page that we've built on the money to the message website on how to help your |
| 1:16.5 | child become a millionaire. Now the strategy which I personally use for my own children aims to make |
| 1:22.6 | children millionaires when they are older. And their strategy strategies built upon several key principles which we |
| 1:29.0 | discussed in the past episode. But it revolves around harnessing the power of compounding by |
| 1:33.4 | contributing regularly to tax advantage juniorisers until the child is age 18, at which point |
| 1:40.2 | they then take over the investment journey themselves. And most importantly of all, |
| 1:44.4 | it assumes that you start from zero today. So simply how it works is that you start small |
| 1:49.7 | by regularly contributing a monthly amount. Now, there's a table on screen where you can look at |
| 1:55.0 | your child's age and assumed rate of return. And it would estimate an amount of money that you |
... |
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