(To receive The Money Academy's Daily Money Talk updates directly in your e-mail inbox, please subscribe) The presumption is that when people begin to write about their experiences, they have crested the old age hill and are basically reminiscing about the good old days when they had no time to write anything besides cheques and reports. While in certain instances that may be true, in others, such as mine, it remains a presumption. I started a company last year in September with the hopes and dreams that I would be a millionaire some time soon. However, as said, the best laid plans of mice and men go awry, and being a man trying to get out of the rat race, the fates that be decided I was good for both man and mouse. However, in planning my business and seeking investors- an endeavour I am yet to successfully conclude- I have learnt a few things that I believe anyone and everyone starting a business should know.

As its name states, an emergency fund is an amount of money that you sets aside for unforeseen circumstances that might result in you losing your means of income, or a situation that requires you to spend more money than you normally do at once.