Savings: How to Become an Active “Millionaire” Using Your ISA and Pension | Personal finance | Finance

“You’re going to have to invest an extra £20,000 to reach your goal, but you can still do it for growth. »

There is, however, a stark change when you compare this to an expensive or expensive fund which Mr Norton says could easily cost 1.75% or even more.

He added: “If you take a market return of 5% and a cost of 1.75%, your return will only be 3.25%.

“When it is your return, it will take you around 30 years to reach £1million.

“It’s another four years of contributions, another £80,000 to reach the goal you want. »

As a result, Mr Norton said low-cost investors would have reached their £1 million four years earlier.

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