Reply to: ISA Recommendations (aka "where do I put my millions?")

[AtW]

That article is very misleading as it's also including PEPs which existed since 1987, IIRC ISAs started in the late 90s

1999 to be exact.

Initial limits were pretty strict, so anyone who claims it is possible to have a million quid in ISAs either is a liar, or had loads in PEPs before that time (were they not limited?) or pulling a DimPrawn on us.

[Bagpuss]

£12 Million ISA

I doubt anybody with a £1m+ ISA had to wait until the deadline to top up!

That article is very misleading as it's also including PEPs which existed since 1987, IIRC ISAs started in the late 90s

[AtW]

I did say if I recall correctly. I'll dig out the figure, but I know it's higher than one thinks.

So what you saying is that basically those ISAs were giving close or higher returns that convicted fraudster Madoff who, in retrospect, was said to have offered way higher consistent returns than anyone else?

[Doggy Styles]

Madoff was giving "unusually high consistent returns" of around 11-12% per year, how can you assume that risky ISAs put into stock market would give the same?

I did say if I recall correctly. I'll dig out the figure, but I know it's higher than one thinks.

[AtW]

If I recall correctly the average growth of a static fund (no more cash input) over the past 100 years, with dividends re-invested, is the equivalent of 11% per annum.

Madoff was giving "unusually high consistent returns" of around 11-12% per year, how can you assume that risky ISAs put into stock market would give the same?

[Doggy Styles]

You'd need like 100 previous years though?

Your 100 years assumes no growth.

If I recall correctly the average growth of a static fund (no more cash input) over the past 100 years, with dividends re-invested, is the equivalent of 11% per annum.

With compounding I think that means it doubles every 7 years.

If true, at a rough guess, £10,000 would have become about £80 million.

And that's before you factor in the extra £10,000 every year, which would put it above £1 billion.

[AtW]

Incorrect - as Crack Ho's post shows.

Apologies, I am just an honest tax payer who pays his tax in full when it due - have not thought of dirty spekulant millionaires abusing the system that was meant to have been capped to very small values (£3k recently, and some shares).

[Peoplesoft bloke]

You'd need like 100 previous years though?

Incorrect - as Crack Ho's post shows.

This is nearly as funny as the debate you tried to have about 95% mortgages. I hope you aren't in charge of anything financial.

[crack_ho]

£12 Million ISA

I doubt anybody with a £1m+ ISA had to wait until the deadline to top up!

[amcdonald]

Invest in SKA, then this time next year you'll be a millionaire

[AtW]

aTW - I just has an epileptic fit while looking at your new avatar and fell and broke my neck. My lawyer will be contacting you shortly.

[xoggoth]

aTW - I just has an epileptic fit while looking at your new avatar and fell and broke my neck. My lawyer will be contacting you shortly.

[lukemg]

There are already people with ISA accounts totalling in excess of £1m - NONE of these has been due to cash ISA's.

Want to fire and forget ? Get the lowest possible index tracker you can find - defo NOT from M&S.

Use h-l.co.uk to get discount on initial investment and look at HSBC + Fidelity moneybuilder.
Vanguard via Allianz is another option (famed for low cost but there are other restrictions)
Suggest UK tracker to start.

[AtW]

Except you can move money from previous years cash and or stocks Isas so you could have a million in ISAs in considerably less time.

You'd need like 100 previous years though?

[Peoplesoft bloke]

ISA is limited to like £10k savings (most stock market tulip I believe), so it would take like 100 years to put a million into it...

Except you can move money from previous years cash and or stocks Isas so you could have a million in ISAs in considerably less time.