Millionaire explains how he grew wealth with an ISA - and what 'made a difference'

Although making £1million may seem far out of reach, Leach explained important factors could aid one’s growth in an investment ISA, and shared some tips that he used along his own journey.

The young millionaire started investing in his ISA when he was 18, putting aside 10 per cent of his monthly income to invest.

He told GB News: “When I started investing, I would put in around £100 to £150 per month. I would invest in the S&P 500 ETF, and understood that it's something that will take time.

“Later I started to look more at FTSE all world for larger diversification as well.

“If you put something in every single month regardless of the ETF price you will be surprised what you can accumulate over time. The power of compounding cannot be overstated.

“Starting early gives your investments more time to grow, benefiting from the compound interest that accumulates tax-free within an ISA.

“Working multiple jobs, both day and evening and maximising that monthly contribution makes a big difference.

“Investing into the S&P 500 index with an average annual return of nine per cent per annum and investing £1700 monthly can bring you up to the £20,000 annual threshold, [potentially] making you a millionaire in 20 years.”

Capital is at risk when investing, and people could end up with less than they originally put in.

Leach suggested investors should “disconnect from the money” and understand that time in the market far outweighs timing the market.

The investor thinks people should forget about their regular contributions to their ISA, and understand they’re investing for their future self.

Leach continued: “Takes discipline to understand that this is not for the now.

“People need to know that sitting on cash is not going to look after them, it's eroding constantly with inflation, and the only way to beat it is by investing.”

Starting his ISA journey in his early 20s really helped him become a millionaire in his 30s, as Leach was able to go onto build businesses that he was truly passionate about.

As of this tax year, there’s no limit to the number of ISAs one can open.

It’s one of the biggest changes to the rules which came into effect on April 6, and previously people could only open one of each type every tax year.

Secondly, savers can now make partial transfers if they’re moving funds from one provider to another.

In previous years there were restrictions to what you could transfer.

The maximum amount people can put into ISAs in the 2023/24 tax year is £20,000, and this annual ISA allowance spans all types of ISAs.