Have a pot of gold, but what do I do with it?

[aaclapham]

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Hello

I work full time, and I am now doing reasonably well at AM as a Sole Trader and the pot of gold is increasingly in the bank.

My accounts are sound, and I deduct with receipts everything that I can which is business related, however the pile still increases.

The telly and oven have just blown up so need replacing (just waiting for third thing). Am I able to buy these as personal withdrawings from the business. If I didn't have a full time job, AM would be my only income so I would have to ?!?

I am struggling to know what I can spend the additional earnings on?

[scifind]

Spend little if you are in full time employment. Yes if you need new things TV and Oven etc - use drawings.

Build the pot as high as you can, and if AM is what you enjoy create an exit stratergy from your job. Get a years worth of wages in the bank and then go AM full time.

I know that you are a fantastic affiliate.

Biggest piece of advice though, do what you enjoy - but make sure you can affordit

PS what about a new kitchen set to go with your new oven, PremierCookware has come top range stuff.
Or just a new pair of shoes?

[Hero]

why do you feel the urge to spend it? You have children, they will be demanding in years to come, put the money in a high interest account and watch them grow even further

[ian]

It may be boring, but put some cash into your pension. Invest early and retire earlier!

If you're flush with money and have kids, you can set them up for a relly nice retirement by setting up a pension for them as well. The goverment give you the tax back and as the fund has much more time to grow than a normal pension, they'll end up with a huge wedge, for a small investment. Think you can put £2800 per child per year and the government adds their bit in as well.

[aaclapham]

I already have a local government pension but investing is a wise decision.

I just don't like the idea of the tax man coming with a big bucket and spade and helping himself to my pot of gold, when I am already paying him enough on my full time salary.

[KirstyM]

It's great that you're doing so well, I can remember when you'd just started out and were still trying to learn all about AM.

Sounds like you really should get a decent accountant and have a chat to him. Whatever they charge is always worth it in the money they save you by warning you about mistakes in the way you draw cash from the business!

Good luck with your pot of gold. I imagine it'll get even bigger in the next 12 months