Common Financial Problems You May Face as an Expat
Being an expat can be quite a challenge. There is the whole “adjusting to the new culture” thing and it only gets even more complicated when you have to help your family settle in to a strange environment. But, one of the most difficult things you face as an expat is handling your finances. David Reed of Oscar Winson points out some of the most common financial problems you might face as an expat and provides you with the respective solutions for those problems.
Currency changes can be one of the most common issues you might face as an expat. You’ll probably be seeing yourself in a scenario where you earn in one currency, live in a place with another, and make important payments in a third currency. It can seem extremely confusing. Also, with the exchange rates constantly fluctuating, there is always a risk of losing money. This can lead to a financial chaos of sorts. The situation could turn for the worse if your job involves further shifting to newer locations.
As a solution, David Reed suggests opening up a multi-currency offshore account. This type of account will serve your need for a centralized account and keep all the confusion to a bare minimum. You can handle your money from any geographical location and have the convenience of working with a single financial institution.
Planning for retirement can become complicated for expats, especially if their savings are distributed across multiple locations. This can lead to confusion regarding whether there are enough savings to manage post-retirement expenses and also, the savings might fail to actually offer any real benefits.
David Reed’s solution to this is to talk to a professional financial advisor, especially one that has considerable experience working with expats in the past. A professional advisor can tell you about the many options available and explain to you about which ones work the best for your situation.
Also, the advisor must be trustworthy and reliable. For instance, Oscar Winson has been providing financial advice to expats for years, which has earned us plenty of credibility and trust.
Expats do not have the benefits of subsidized or free healthcare in the countries they work in. Even if the healthcare were to be affordable, the reliability of state sponsored healthcare can become an issue.
As a solution, David Reed suggests that expats get themselves some comprehensive medical insurance in order to get the best healthcare possible. There are plenty of options in this arena and talking to a financial services advisor such as Oscar Winson can be quite helpful.