Reaching the top
You have five years of running your own business under your belt, and are starting to reap the fruits of your labour. The word profit now features in your vocabulary.
You must use the surplus income to pay off accumulated debts run up by the business. Then, you should build up reserves and don’t allow fast-talking accountants or assurance brokers to sell you tax avoidance policies.
Accept that you will pay some tax, but use every legal method to convert cash flow into
personal wealth. For this to happen, you will need to learn and understand what is possible.
Recruit an expert with proven credentials in the field of personal and business financial planning, and be prepared to pay for good advice.
Avoid the temptation of proving you are successful by driving a R500 000 car on a five-year lease plan. Rather enjoy the private knowledge that you are becoming wealthy. Remember that for every R1 of interest you pay to the bank,your business will only reduce its tax bill by 30 cents.
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