The importance of a financial plan. The following article is an excerpt from our whitepaper “Top 5 Financial Tips to Help Expats Prosper Amidst Economic Uncertainties”. In this whitepaper, we discuss the key points expats must be aware of to maximize their financial opportunity while living and working overseas. You can find the full version of the paper here.
Expats can be particularly vulnerable to poor financial advice because the rules relating to the industry differ from nation to nation, and the products and solutions they can potentially benefit from differ from those they are perhaps used to in the UK.
Securing professional financial planning assistance and having a financial plan is a waste of expense and resources if your engagement only goes so far as to ask some basic questions or ‘get a feel’ for how you may wish to proceed. Certainly, it may take some research to find the most reliable assistance for your specific requirements, but once you have this relationship up and running it makes sense to plot out your financial future in as much detail as possible to make the best use of your financial situation.
If your expat assignment window is shortening, then the time is now to set up a standardised framework and financial plan for financial goals. This means that, should your situation change, you will still have implemented a detailed set of financial obligations and tasks that have been designed to get you where you need to be. This framework of understanding is important to maintaining a coherent financial strategy going forwards.
Significant goals such as children’s education costs or mortgage responsibilities require a longer-term commitment, which in turn demand a detailed understanding of how your financial circumstances may change and how you can operate within those changes to stay on track with your goals and obligations.
Be detailed. Work with a professional to look beyond immediate financial concerns and envisage the uncertainties life can generate. There needs to be room for family, sickness, changes in your work situation, all pivots that require the financial security that comes from preparation.
Download the full report and start your path to a new financial plan here.