Have you planned what you would spend your money on if you became a millionaire? Whether it be from a lottery win, inheritance, hard work or sheer luck. I have! There would be some sensible purchases such as housing and cars, some trust funds set up for the under 18s in my family and a very extravagant purchases along the way. Most importantly, I would want to stay a millionaire. In order to do this, I would have to figure out where to invest my millions.
Property
Having the capital to purchase property without the cost of a mortgage and the costs associated with a mortgage means that millionaires are jumping on property as investment. Whether they purchase property to let out for a regular monthly income, property to renovate and resell or just to appreciate over time, it is one of the easiest ways for millionaires to invest. I already have a rental property that I invested in when I was 18, and it provides a great source of regular income.
Stocks & shares
Purchasing stocks and shares is a popular way to invest money, but millionaires will not invest 100% of their assets into stocks and shares. Stocks and shares are a risky investment, with the prices being able to both rise dramatically and plummet.
Premium bonds
Premium bonds are a great investment for anyone, not just millionaires. Whilst you don’t earn any interest, you are entered into regular prize draws to win anything from £25 – £1,000,000 completely tax free. You can purchase premium bonds for as little as £100, but the maximum amount that you can have is £50,000. With a 26,000 to 1 chance of winning a prize each month there is a good chance of winning regularly.
Making use of an ISA
You can only save up to £15,000 tax free in an ISA per financial year, but the key to staying a millionaire is to be resourceful and look after the pennies.
Where would you invest your millions if you were a millionaire?
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