It’s Sunday, 24th March 2024, and in this week’s roundup, learn in 5 minutes or less:

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This week, the key things you need to know are:

If you think becoming an ISA millionaire is out of reach, don’t discount the idea just yet. So many working professionals are simply investing in tax-efficient products and getting wealthy. You just have to decide to pay yourself first and make it a part of your payday routine before you decide to splurge on fashion to stay fly and treat yourself to fancy meals 👀

fHere are some ways that successful investors have used their annual allowances to their advantage, leading to a big boost in the value of their ISA wealth.

If you are reading this and based in the USA, the Roth IRA is essentially the equivalent to a UK Stocks and Shares ISA, the Roth IRA has similar benefits to an ISA.

All contributions grow free from income and capital gains tax and in addition, there are no taxes or penalties if you want to take out the capital you have put in (excluding income and gains).

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For the UK folk reading this and keen to get ahead and maximise their earned income they plan to invest, keep reading 😀 👇

Individual savings accounts, or ISAs, are a popular and generally straightforward choice when it comes to saving and investing your money in a tax-efficient wrapper in the UK, where you wouldn't need to pay any tax on gains. The two main types are cash ISAs and stocks and shares ISAs (also known as an investment ISA), which let’s you invest in shares, funds, investment trusts and bonds.

A stocks and shares ISA isn't suitable for everybody. They can do well but if you're not comfortable with risk, or if you have a shorter-term goal then a cash ISA is likely a better alternative, even if you consider that inflation can erode it's value.

The annual ISA allowance is £20,000 for the current tax year. It may sound like a long way off £1 million, but depending on your age, if you’re able to maximise your allowance each year, a stocks and shares ISA could reach a million in time for your retirement years.

Here’s an example. If your investment ISA achieved a rate of growth every year of 5%, and if you invested £20,000 each year into it, your ISA would be worth over £1 million in 25 years (as long as you didn't withdraw anything in that time.) More realistically, if you were to invest half that and were able to start earlier (say, 10 years earlier) you could still potentially hit very near the magic million.

There are already around 4,000 ISA millionaires in the UK, taking an average of 22 years to get there. So, how did they do it? Starting early is important, as is being consistent with your contributions.

Here is an example of someone on the path to becoming an ISA Millionaire, a 34-year old from North Wales who is a working professional and started his investment journey at 20…

The main thing you need to do is max out your ISA contributions and pick a low cost index fund and invest consistently for the long run.

When picking investments, it is key to choose ones you are comfortable leaving your money in for a long time. This will cut down on trading costs and allows you to compound any earnings you receive from dividends.

This approach capitalizes on your willpower and focus which are generally highest at the start of the day. Completing your MIT sets the tone for a productive day and gives you a sense of accomplishment.

Small talk sucks, let’s be real. But here’s the thing, everyone has to do it. When you join a MS Teams or Zoom call, those first 3 minutes when its just you and maybe one other person or a small handful for a conference, you need to engage in small talk. There is absolutely no point just sitting in silence, it is just award asf. 🤣

Here are a few of our favourite topics to bring up when engaging in small talk:

Interactive Investor is a UK-based investment platform and a perfect investment platform. It is a low-cost, award-winning, online investment platform enabling you to invest in stocks easily and manage shares, funds, SIPPs, ISAs & more.

Course Careers is ideal for someone trying to get into a career with Tech and start for FREE.

Skillshare is perfect for those keen on learning a new skill and for continual learning in the creator economy. Anyone can take an online class, watch video lessons, create projects, and even teach a class themselves on topics ranging from videography, Facebook ads and growing a personal brand on Tik Tok.

Celebrity News: A botched editing job on a family photo of Kate Middleton shared on social media has fueled conspiracy theories. Now, a probe is underway into whether a hospital staff member illegally accessed Middleton’s personal medical records. Read more here

Business: The mass US layoffs of the past few years are continuing. In 2024 alone, thousands of workers across many sectors, including media and technology, have lost their jobs and are on the hunt for new ones. But some are finding an unwelcome surprise as they scan listings for open roles. A salary bump is seemingly impossible; in many cases, wages seem lower than their previous pay – even for the same jobs. Read more here

Tech: The US has filed a landmark lawsuit against Apple, which accuses the tech giant of monopolizing the smartphone market and crushing competition. In a statement, Attorney General Merrick Garland said the company “undermines apps, products, and services that would otherwise make users less reliant on the iPhone and lower costs for consumers and developers. Read more here

Travel: Maximize your vacation days by combining two weekends and a week between public holidays. This turns four vacation days into nine days of bliss. That’s enough time for a lengthy vacation to that dream destination halfway across the world. Read more tips on how to maximize your vacation days here.

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