Owning a business is a great way to build your wealth. Use these five money tips to make the most of your opportunity.
Join KiwiSaver
Being self-employed doesn't preclude you from joining KiwiSaver. If you are not a Paye employee of your business your contributions will be made directly to your chosen KiwiSaver provider. By contributing $87 a month, you will be eligible for the kickstart of $1000, an annual tax credit of $521 and other KiwiSaver benefits.
Have a financial safety net
A high percentage of new businesses fail within the first two years and, at the other end of the spectrum, older businesses can fail because of changes in markets and technologies. Reduce your financial risk by holding some of your wealth outside your business. If the worst happens you will have financial assets from which to rebuild.