David Horne started a business as a wine merchant, but this wasn't successful, so has set up an alternative company helping other business ownerswe aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.
After studying economics and German at university, I had a long career in finance. I trained to be an accountant with PwC, earning £10,000 a year in 1983. In 1987, my wife and I moved with PwC from Canada to Switzerland, where I made £50,000 a year. After moving to a new job as a finance controller for a business in Switzerland, I earned £70,000.
I went into denial about my situation and was still spending money and living like I was earning £140,000 a year. I spent around £100,000 on what I’d call lifestyle expenditure. Looking back, it was a tremendous lesson in how not to start a business! I had never worked in the wine trade and had no experience in sales or marketing. I naively believed that because I knew a bunch of high-earning City people, they’d buy wine from me and everything would be wonderful. It was a hard fall.
I have run my own SIPP for 20 years, working with a stockbroker. My company pays £2,000 per month into my SIPP. Its market value today is about £272,000. I’m also an angel investor in several private companies. I estimate my angel investments are worth £300,000. I save excess cash in my company as it’s more tax efficient than paying it to me as a salary or dividend.
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