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Month: August 2020

Four Ways Self-Employed Freelancers Can Plan for Retirement in Hollywood

self-employed freelancers planning for retirement
It’s Possible to Work for Yourself While Still Building a Sound Financial Future

The current shut down is another reminder of how tough it is to plan for your financial future and retirement in the entertainment industry and self-employed freelancer world in general. However, it also gives you a perfect opportunity to put strategies in place to maximize your future when things start up again. Most Oscar winners think of themselves as artists, but they are also highly successful business owners. And the same goes for the legions of other successful, but less renowned, self-employed freelancers. If you work freelance and are self-employed, it is critical that you maximize the unique financial planning strategies available to you and your fellow self-employed business owners.

This is even more important in creative fields because of the unpredictability and volatility of the career trajectory. Even in normal times, we all know those who thought their phenomenal youthful success would last forever, and sadly it did not. Meanwhile, too often they paid far more in taxes in their high earning years than they should have done and did not use the planning vehicles available, then had nothing left when their careers got cut short. Do not let that happen to you.

Below we will discuss four strategies high-income, self-employed freelancers can use to prepare for their financial futures while also minimizing their tax burdens. We are going to start at the top of the income ladder and work our way down. So, don’t get dispirited if you are not earning the kinds of numbers we are talking about. Keep on reading and hopefully, there will be something for you:

freelancing, retirement planning, self-employed

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UK vs U.S. Healthcare: What Ex-pats (and others) Need to Know

healthcare in U.S. for UK Ex-pats
Entering a Vastly Different Healthcare System Requires Forethought and Planning

We had our own room in Cedars Sinai hospital – coming from the UK it seemed like a 5-star hotel. My newborn son peered up at me. His mother lay exhausted after a 20-hour labor and it suddenly occurred to me that our hospital stay was about to extend past 24 hours. But would the insurance cover it? In a panic, I tried to contact the insurance company. This was my first wake up call to the difference between the British and US healthcare systems and how, as an ex-pat from the UK, I might be in for a rude awakening.

My next was a year later after a $15,000 surgery to fix a deviated septum. I could no longer breathe through my nose. I had been referred to the specialist by my primary doctor but afterward, the insurance company refused to pay. What?! It turned out I needed two referrals for this particular surgery. That small print was hidden in the coverage brochure the size of the bible. The insurance company also insisted they knew that it was for cosmetic reasons. (This is Hollywood after all.) Thank goodness I had refused the doctor’s generous but insulting offer of a free nose job.

crossborder, expats, healthcare, moving abroad, UK

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WellAcre Global Wealth Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where WellAcre Global Wealth Advisors and its representatives are properly licensed or exempt from licensure.  This website is solely for informational purposes.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WellAcre Global Wealth Advisors unless a client service agreement is in place.