Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
cash isa @ 4% fixed = £800 guaranteed. markets are far too volatile in the next 6 months i think, best to £ca until it improves if you think you will get more than a cash isa. good vid thanks.
Indeed, some stock market investing can be very risky and may lead to steep losses, but this tends to occur when you concentrate the risks you are in taking, for example when investing in individual shares where outcomes are attached to the fate of one particular company. Investing using diversified baskets of shares, such as trackers or funds, reduces these risks enormously as you are investing in numerous companies, and over the long term can serve to dramatically improve personal wealth. To find out more, please sign-up to our email-based, 7-day course at Stepstoinvesting.com.
Thanks for the video! Can I open a cash ISA now that I live in the UK and then move in Europe and keep the ISA? Can I also add money to my ISA while living abroad?
Hi there, so the nuances are best left to a financial adviser, but broadly, you can only open an ISA if you're a UK resident. If you open one and then move, you can keep it, but can't open any new ones nor contribute any more money in the following tax years from the one that you moved i.e. you affectively lose your £20k allowance. It also depends on the country, but some may have rules that say you need to pay taxes on gains or income on savings and investments i.e. the tax protections ISAs afford you here may not apply in the country you moved. Hope that helps!
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Building wealth from nothing involves absolutely none of those things. Just pure business and high income
cash isa @ 4% fixed = £800 guaranteed. markets are far too volatile in the next 6 months i think, best to £ca until it improves if you think you will get more than a cash isa. good vid thanks.
but im close to retirement and don’t want to take any risks .. so I go for cash isa
Cash isa, guaranteed returns. Vs gambling in stock market.
Indeed, some stock market investing can be very risky and may lead to steep losses, but this tends to occur when you concentrate the risks you are in taking, for example when investing in individual shares where outcomes are attached to the fate of one particular company. Investing using diversified baskets of shares, such as trackers or funds, reduces these risks enormously as you are investing in numerous companies, and over the long term can serve to dramatically improve personal wealth. To find out more, please sign-up to our email-based, 7-day course at Stepstoinvesting.com.
Thanks for the video!
Can I open a cash ISA now that I live in the UK and then move in Europe and keep the ISA? Can I also add money to my ISA while living abroad?
Hi there, so the nuances are best left to a financial adviser, but broadly, you can only open an ISA if you're a UK resident. If you open one and then move, you can keep it, but can't open any new ones nor contribute any more money in the following tax years from the one that you moved i.e. you affectively lose your £20k allowance. It also depends on the country, but some may have rules that say you need to pay taxes on gains or income on savings and investments i.e. the tax protections ISAs afford you here may not apply in the country you moved. Hope that helps!