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I’d buy bargain FTSE 100 shares today to become an ISA millionaire!

There are bargain FTSE 100 shares wherever you look, despite the recent stock market recovery. The index as a whole is down almost a quarter from its January highs, while some large-cap stocks have fallen much further than that. If you want to become an ISA millionaire, this could well be your chance.

It’s possible to create a £1m Stocks and Shares ISA portfolio. Plenty of people have done it, and it’s easier now that the annual allowance has been lifted to £20,000. Buying bargain FTSE 100 shares today will help you get there.

You need two things to become an ISA millionaire. The first is time. The longer your money remains invested, the more it’ll grow. Especially if you reinvest your dividends for growth.

Make yourself an ISA millionaire

The second is to take your opportunities by loading up on bargain FTSE 100 stocks. Many top companies look cheap today and should prove rewarding if you stay invested for the long term.

We live in uncertain times. Even the government has no idea how long the current lockdown will last. The global economy has crashed, and the recovery is likely to be bumpy, as the damage will take its time to reverse. It takes courage to buy FTSE 100 stocks in these circumstances. But that’s the case in any bear market.

History shows us share prices don’t stay down forever. Optimism returns and markets start racing up, sometimes faster than you think. Those who take the opportunity to buy bargain shares today will be rewarded when the economy edges out of recession.

The tsunami of fiscal and monetary stimulus unleashed by governments will help speed up the stock market recovery. That could drive share prices much higher, making today’s FTSE 100 purchases look like even better bargains.

These bargain FTSE 100 stocks pay dividends

There are some tempting stocks out there. Top names such as BP, Royal Dutch Shell, British American Tobacco, Imperial Brands, Diageo, Tesco, Unilever and Vodafone are standing by their dividends, even though other companies have cut theirs. Despite this, their share prices have also been knocked down in the sell-off, and look cheap if you are investing for the long term.

This is a good time to go shopping for individual stocks, rather than buying an index tracker. That way, you can select those most likely to withstand the crisis. Look for companies with strong balance sheets, sustainable cash flows, loyal customers, minimal debt, and a competitive edge.

You will have to max out your annual £20k tax-free allowance, year after year, if you want any chance of becoming an ISA millionaire. It can be done, if you get stuck in. The best time to start buying bargain FTSE 100 shares is today.

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Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK owns shares of and has recommended Unilever. The Motley Fool UK has recommended Diageo, Imperial Brands, and Tesco. 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.