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Forget a Cash ISA! I’d take Warren Buffett’s advice to make a million instead

first_imgForget a Cash ISA! I’d take Warren Buffett’s advice to make a million instead Simply click below to discover how you can take advantage of this. Enter Your Email Address When I was in my late teens, I opened a Cash ISA. I thought it would be a good way to save and get me on the train towards becoming a millionaire one day. Interest rates were higher back then, but looking back there were so many better ways I could have put my money to work. Legendary investor Warren Buffett bought his first share at a younger age than I opened a Cash ISA, and still lives by the same advice he gives out. Using some of his tips over the years can help all of us become better (and more profitable) investors going forward.TimeframesOne piece of advice from Warren Buffett that has always stuck with me is his comment regarding Berkshire Hathaway (his listed investment firm). He said that “our favourite holding period is forever”. This may sound strange, but Buffett’s advice is basically guiding investors to having a long-term outlook when buying stocks. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The reason for this can be seen from my example of a Cash ISA. To keep the maths easy, let’s say you can invest at a rate of 1%. £1,000 turns into £1,010 at the end of the year. Holding this for a long period will build up your pot, but you’re never going to make it to a million! On the other hand, investing these funds into FTSE 100 growth stocks could yield up to 10% profit a year. When you compound this growth rate over a period of a decade or more, it really starts to make a difference. So as an investor wanting to achieve good profits, I think I’m much better off buying good quality stocks over other alternatives.AttitudeBuffett offered further advice when he commented that “an investor should act as though he had a lifetime decision card with just twenty punches on it.” Buffett here was trying to advocate being very selective in our investing approach, as if we could only buy 20 companies in our entire life. If that was the case, we’d be very careful about choosing which stock to buy and hold.Picking the right company and holding it for the long term can yield rich results. For example, take the JD Sports Fashion share price. If I’d invested £1,000 into the stock eight years ago, it would be worth over £20,000. I wrote more about this in a piece you can read here. Warren Buffett’s advice rings true in the case of JD Sports, and it isn’t an isolated example.Learning from Warren Buffett’s adviceThe above examples using £1,000 investments won’t get me to a million any time soon. But it’s just to highlight how sound the advice that Buffett has offered really is. In order to speed up the process to make a million, I just need to increase the amounts invested. Instead of a lump sum of £1,000, it’s much better to try and invest £1,000 every month. The strategy is sound, and if growth stocks do return 10% on average per year, I’d have a pot worth a million after 25 years. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Image source: The Motley Fool “This Stock Could Be Like Buying Amazon in 1997” Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!center_img jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Jonathan Smith | Monday, 7th December, 2020 Our 6 ‘Best Buys Now’ Shares I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. 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