Banking is serious business. Very serious business — after all, a bank provides a lot of quality services that you probably use everyday. However, there are other ways to grow your money that are just as important. One of those ways would be to make sure that you actually take the time to invest in solutions that allow you to divert money away from the tax-man.
Yes, that’s right — you’re going to need to give the Government their fair share too, and that can be a lot of money. Normal savings accounts can be up to 290% taxable, and that number goes even higher if you are considered to be a high income earner. So what can you do to grow wealth when the banks charge heavy fees and what the bank doesn’t take, the tax man does?
The secret is in Share ISAs. An ISA is an Individual Savings Account, and it’s designed to help you save for retirement faster by diverting away pre-tax money from the Government to your savings account. You’re allowed to fixed amount every year, roughly 10,000 GBP. That’s a lot of money every year that can be moved away from taxes and back to actually doing something for you. We do understand the need for taxes in our society, but shouldn’t you also make sure that your needs are being taken care of too? That’s where the ISA comes in.
What a share ISA can do for you is make sure that you have not just savings, but true growth. Just as it sounds, you’re actually creating an investment account where your money will grow as the market goes up, or decline slightly as the market cools down. Yes, it’s going to flow with the market but that’s not necessarily a bad thing. You just need to keep things in perspective.
The different stocks and shares ISA options are actually quite varied. There’s no need to worry that you’re going to be stuck in one fund when there are truly so many different ways to mix and match to build the right levels of diversity and risk tolerance from the very beginning. Yes, it might seem all very daunting at first, but things will definitely lighten up over time to the point where you’re going to be able to really get things done with virtually no trouble at all — that’s the way to look at it, anyway.
Now is the perfect time to step forward and ensure that you keep your eyes focused on the bright future of share ISAs and how they can grow your money beyond your wildest dreams! Start today!