Why is it important to review your financial arrangements?
Initial advice can be very useful in order to get a better understanding of how to better manage our financial situations. However, throughout life, it is normal that we experience unexpected setbacks & problems that may affect our current situation. That’s why reviewing your financial plan is essential to long term financial security.
Here’s why annual reviews are important: (just to name a few)
- Your personal situation may have changed
- Your lifestyle and financial goals may have changed
- You may be affected by changes in legislations
- You could be paying more taxes than you need to
- Your insurance needs may have changed
- Your debts may not be effectively managed
Unfortunately, many expats fail to do this which can result in negative consequences. This is particularly important when it comes to medical or life insurance as the majority of companies provide an allowance and hold each individual responsible to make their own arrangements.
Many people who move abroad enjoy their experience so much that they remain an expat for a long time and even decide to set up their own business. In these multi-cultural societies, it is likely for an expat to marry someone from another nationality or religion.
So that your move into a business or with a partner of a different nationality has the best possible chance of success, coaching is a stress-free and easy way to talk through any questions or issues that you could be facing.
It is best to always be prepared for these situations and to reach out for any guidance and support.