There are multiple ways that the modern investor can try to make a life-changing passive income. But I believe the best way to do this could be by building a portfolio of UK shares. Stock investing doesn’t require vast sums of cash at the beginning to set things in motion. And few other asset classes have provided the sort of stunning long-term returns as equities. If I invested £7,000 in British stocks today, I’d have a good chance of eventually turning this into a £1,160 monthly passive income. Here’s how I’d aim to do this. The first thing I need to do is think of ways to maximise my returns. Choosing a broker with low trading fees and management charges is one way. But selecting a financial product that eliminates any tax payments is the biggest gamechanger to creating long-term wealth. The Stocks and Shares ISA and Self-Invested Personal Pension (SIPP) are excellent (and incredibly popular) ways to do this. The ISA allows me to invest £20,000 each tax year without having to pay a penny in tax on capital gains or dividends. The SIPP, meanwhile, typically allows an individual to invest up to £60,000 a year, depending on their...