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Gorgeous girls get ISAs: Why you need one and how to get started

Are you someone who just leaves your money sitting in a regular savings account, instead of opening an ISA? Well, we’re here to tell you why you need an ISA and how to get started!

Remember, the ultimate goal is financial freedom and opening an ISA moves you one step closer to achieving this goal.

ISAs provide a smart way to save money as you’re able to hold your money in accounts where any profit made isn’t taxed - you’d be getting more for your money! There are mainly 4 types of ISAs: Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA. However, the most popular ones are the Cash ISA and Stocks and Shares ISA.

Here are reasons why you need an ISA:

To be financially prepared for retirement

A recent report from TransAmerica showed that 79% of men are able to fully fund their lifestyles once they retire and only 64% of women can do the same. There are many factors that contribute to this, including the gender pay gap. Take that step towards financial freedom in retirement and consider investing in an ISA to get on top of this. Typically, you have the option of choosing between a Stocks and Shares ISA or a Cash ISA. Cash ISAs provide an easier way to receive interest on your money while Stocks and Shares ISAs tend to generate higher profit as your money is invested in various industries such as property and technology industries. It’s never too late to start - you could essentially become a millionaire off these investment profits and not have to rely on any one to fund your lifestyle. Ultimate financial freedom to do as you like!

Earning passive income for your family

It can be hard when you are the only parent contributing financially to a household especially when your co-parent doesn’t contribute what is needed.

Passive income is the way out of this. You don’t have to do anything-except invest your money (capital at risk). ISA accounts could provide the financial security you need to sustain a good lifestyle for yourself and for your family. It may seem difficult but trust me it isn’t, you can start investing from the comfort of your home! With Wealth8, you can download the app and start investing with just £8 (Capital at risk).

Think of it like this, ISAs could mean increased financial security for you.

In case of emergencies

In society today, a lot of women are financially responsible for their homes. This means if anything where to happen to them, the finances in the home will not be the same. With ISA accounts, your partner can inherit the money in your account and keep tax-efficiency. You don’t even have to limit yourself to one type of ISA - you can open a Cash ISA and a Stocks and Shares ISA in the same tax year and split your money between both accounts - the £20,000 allowance can be spread across both. This is a key reason why you should be opening an ISA over a regular savings account as in a savings account your partner may still have to pay taxes and, in some circumstances- more tax than necessary. Think of how it will benefit them in the long run!

How to get started

If you already have an ISA, it's a smart idea to use as much of your £20,000 allowance as you can because it doesn’t roll into next year! The end of the tax year is April 5th - there’s still time! Review your finances and see how much you can put away for a final boost.

If you don't have an ISA, now is a good time to start thinking about your financial goals for the next tax year. Review your current budget and decide how much you can afford to invest in your ISA either weekly or monthly. Aim to give yourself a comfortable savings goal that you hope to achieve and work towards that!

So take that step towards financial freedom and open a Wealth8 Stocks and Shares ISA! (with investment, your capital at risk). We offer a range of global and diversified index funds with varying levels of risk and return rates so there's plenty of options to choose from.

This article should not be read as personal financial advice. Individual investors should make their own decisions or seek independent advice.


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