This course about appreciating the power of saving a little regularly, the benefit of starting early and importance of minimising deductions. The focus is on recycling current savings into future wealth and income.
Conversely, it’s about paying down debt however small the instalment and keeping it under control, so that further down the line business income accumulates as wealth rather than going towards bloated interest expenses.
Sometimes you need to start with the goal and build a business plan to achieve it. Bear in mind that as a small business owner, you have to make provisions for your own retirement … and you if you have employees, for their retirement as well under the new auto-enrolment rules. The good news? You get tax breaks for it all.
The learning outcomes are:
- Understand the interplay between time, capital, income and total return
- Appreciate the magnitude of financial gain compounding your savings/investment income can have over spending it
- Understand the interplay between personal preferences (including for risk) and requirements and the way you put aside money
- Become aware of investment products that allow you to invest small amounts regularly