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.
Two Steps to Get Started on Aligning Your Money with Your Values
Are you familiar with ESG Investing? It’s a trending investment philosophy that combines two goals: positive investment returns and positive impact on society, environment, or business performance. It falls under the larger umbrella of “sustainable investing” but ESG specifically stands for Environmental, Social and Governance investing. These are the three central factors ESG investors use when measuring the sustainability of stocks in their portfolios – and determining whether their investments support their values.
Tools to Help Creatives and Other Self-Employed Individuals Plan for a Sound Financial Future
Much of the retirement advice you hear is of the “start saving early” and “take advantage of your employer match” variety. However, those things may not be possible for everyone. Many small companies and startups don’t offer a 401(k) or similar retirement savings plan, and those who are self-employed or independent contractors are entirely responsible for their own benefits, retirement planning vehicles included.
If you’re in this boat, don’t despair. While the path toward a financially sound retirement may not be as obvious for you, your options might even be better. We’ll review several below.
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.
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.
