As we continue our series of articles on money in relationships, we come to a crucially important time in the financial life of every person – retirement and beyond.
Most people have a working life of between 30 and 40 years, and when this time has passed it is vitally important that we’re able to retire comfortably. Unfortunately, with taxes, easy access to credit, and the high cost of living, many people find themselves unable to afford a good quality of life when they stop working. Whether you’re close to retirement age or still in the early stages of your career, it’s important that you plan carefully for your later years. Continue reading
There comes a time when many entrepreneurs decide to take on a partner in their business. Another head and pair of hands is always welcome in any business, especially if the person brings much-needed capital and experience to your business, but what should you consider before you get into partnership with someone else? Here are a few guidelines written with entrepreneurs in mind. Continue reading
Financial planners are professionals, who specialise in helping people to build their net worth, yet many clients seem to avoid consulting their financial planners on a regular basis – there is no reason for this to happen.
Your financial planner has one main professional goal – to help you build your business and create wealth for you and your family. During consultations, you’ll be asked to provide honest and accurate information about your income and spending habits, as well as the investments you’ve chosen to put money into. These questions are not an invasion of privacy, as some clients seem to think, but are necessary in order for your financial advisor to help you – the same thing can be said about a patient who is asked to report their symptoms accurately to a doctor. The more information you give your financial planner, the better their advice will be. Continue reading
One area where many entrepreneurs struggle at first is the accounting side of the business – with all the time and energy that is needed to grow a small business, many entrepreneurs just don’t have time to keep their books in order.
If you’re running a business without properly set up accounts, you may be sliding gradually into the tax man’s bad books. Even if your company falls below the tax threshold, your books may be audited at a later stage by SARS when you do start to pay tax. Continue reading
Small businesses, especially start-ups, often operate without an HR policy in place for the first months or even years of their lifespan – but is this a wise strategy?
Having an HR policy that is well-researched and written with the needs of the business and its staff in mind will allow even the smallest company to streamline its day-to-day running and avoid disputes with employees that are caused by a vague understanding of what is expected from each person. Continue reading
Starting and running a business without a strategy is a bit like wondering through the wilderness without a map – you’ll spend all day doing it but probably won’t get very far.
The importance of having a strategy can mean the difference between success and failure – here are the basics of business strategy along with a few tips for implementing them in your own company. Continue reading
Most entrepreneurs hear a lot about cash flow from their bankers, financial advisors, and accountants, but how many of us really understand what this term means? More importantly, many business owners don’t recognise the importance of healthy cash flow in their businesses, leading to financial problems and even failure. Let’s unpack the concept of cash flow and see how vital it is to the success of any business. Continue reading
Having children is one of the milestones in life that many couples look forward to. With the fulfilment that comes with family life, many couples are keen to start a family as soon as possible – but what is the financial impact of having children? Continue reading