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Financial issues Facing Those Trying to Move Abroad

moving abroad
If you’re planning on moving abroad, you may encounter some of these financial challenges.

Moving abroad can be a thrilling life change full of adventure and excitement, but it can also bring with it a plethora of challenges – especially financial. If you’re planning on moving abroad, whether for work, school, or to try something new, you’re not alone. Around nine million Americans live abroad, and thousands more join them each year.

With all of the things you have to juggle as you plan to move abroad, it’s important to make sure you take time to get your finances in order. Due to American and foreign rules which are designed to limit or regulate international financial activity, moving abroad can have a significant impact on your finances. In particular, these laws and rules can affect your investments, banking, and retirement plans.

In order to help you prepare for your move, here are five of the most common financial challenges that affect U.S. citizens who move abroad.

foreign taxes, moving abroad, U.S. citizen

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Stress-Free Tips for Setting and Reaching Your Goals

setting and reaching your goals
How to Make Peace with the Process Even When COVID-19 Stalls Your Goals Progress

George Lucas said, “Always remember, your focus determines your reality.”

One of the few blessings of COVID is that it has forced us to slow down and focus on our relationships and family in a way that seemed lost in the modern world. This slower life has sometimes resulted in less stress. The professional and personal goals we had at the beginning of the year may now seem irrelevant or unattainable. It might be tempting, therefore, to give up on goal setting, but we would urge you to use this time to think about your goals for the future.

For some, setting effective goals can almost be as tough and stressful as achieving those goals. But know that once you get a vision in your head, a strange thing can happen: the world around you may come to your aid and help your vision manifest. This is precisely why having goals – and living out your strategies to achieve them – can be the difference between finding happiness, fulfillment, and meaning in life or feeling like you never even made it to the starting line. Having goals matters, and people who choose to focus on them will find fulfillment that is lost to those that don’t.

goals, stress management

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Why Millennials and Others Shouldn’t Buy a House Right Now

millennial homeownership

For many people, Millennials included, buying a home is a rite of passage. Though Millennials tend to be a misunderstood generation, the American dream is alive and well with them. Since many are growing their families, homeownership is top of mind.

While we completely understand the desire to own a home, below we’ll review why we believe it may not be the right time to take the plunge, unless buyers intend to stay in the same house forever.

homeownership, millennials

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Refinance Before the New Fee Hits on October 1st

refinance your mortgage rate
Refinancing Right Now Might Make Sense. Here’s Why.

Refinance before the new fee hits on October 1st and have the Federal Reserve help pay your mortgage for you. The Federal Housing Finance Agency (FHFA) is imposing a 0.5% fee for all mortgage refinancing on October 1, 2020, so on a $400,000 loan, you will pay an extra $2,000 in closing costs. When you take this into account, rates may never be this low again.

You may have heard that, as one of the few upsides of the COVID-19 pandemic, conforming mortgages are at all-time lows; so low that even though my family refinanced less than a year ago, it is worth us refinancing again – and that may well be the case for you, too. (Note: We have a conforming loan. Jumbo rates are not necessarily so competitive.) Our current 15-year loan was only charging 3.125% but we are refinancing to a 30-year loan and still getting a lower rate. We wanted to pay off our mortgage more quickly, but it was too hard to pass up 2.375% on a 30- year mortgage. At this rate, the government will likely be helping to pay off our mortgage for us. I’ll explain how this works later.

homebuyers, real estate, refinance

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Five Things to Consider Before You Retire Abroad

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These Preparations Will Make for a Smoother Transition to Your New Home

Where in the world would you live if you could? Have you always dreamed of retiring abroad? You’ve worked hard for decades to reach retirement, now it’s truly within view and this may be your chance! An exciting new chapter is opening up that will allow you to focus more on enjoying life. Some want an adventure, others a lower cost of living whilst ex-pats might wish to return to their native land.

Whatever the reason, if this is your dream, you are not alone. For the past decade, retirement has also meant a move abroad for a growing number of Americans. If you’re considering leaving behind the daily grind as well as your roots on U.S. soil, consider these five things before taking the plunge.

crossborder, personal finances, retirement planning, wealth management

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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.