Financial Planning : 5 Key Steps for Expats

Financial planning is about more than just focusing on the numbers in your portfolio. It’s crucial to look at your financial plan with your personal values, lifestyle and legacy goals in mind to create objectives that will see you through your short and long-term goals, creating a foundation for sound decision making and, ultimately, a brighter financial future. This doesn’t have to be a complicated process and most expats can address much of the above by addressing the 5 basic key areas below.

Build An Emergency Fund

If the unexpected happens, you don’t want to be stuck without an emergency fund. Emergency funds can be lifesavers when unforeseen challenges make their way into our lives. So, if you haven’t made any provision for this, it’s time to change that! The general rule of thumb, you should have enough funds in the bank to cover 3 – 6 months of expenses.

Start Investing

Investing should be one of the top priorities. While it may not be the easiest action point on this list, it is one of the best ways to build your wealth. Investing into different assets classes such as stocks, bonds and other assets will give you the potential for a profitable return. Leaving all your money in the bank is likely to mean the real value of your money is being eroded by inflation. The good news for expats is there are tax efficient and tax-free options that are internationally transferable for many nationalities.

Make A Will

If you are an expat and want to make sure your wealth goes to the people you love and care about, then making a Will is the only way to make sure your final wishes are carried out. Making a Will is important for anyone, but even more so for expats who could have their estate spread across two or more countries that apply different rules to who can inherit.

Start or Fine Tune A Retirement Plan

Saving for your retirement probably sounds like the least exciting thing that you can do with your money. The truth is, the sooner that you start, the more secure you will be when your retirement comes. This is involves saving a percentage of your salary each month that you can utilise when you stop working. As mentioned above, there are many tax efficient options for Australian expats that they can continue to you utilise even if they decide to leave Singapore.

Put Insurance In Place

As we grow older, get married, build families and start businesses, we come to realize more and more that expat life insurance is a fundamental part of having a sound financial plan. Taking out term life insurance is inexpensive, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing.

If you would like information on any of the above areas or any other areaa of financial planning, please contact.
Matt Baker, Managing Director, Singapore Expat Advisory
Email: advice@sinaporeexpatadvisory.com
Tel/Whatsapp +65 9432 8781
www.singaporeexpatadvisory.com

Singapore Expat Advisory is an agency for Promiseland Pte. Ltd and are authorised and regulated by the Monetary Authority of Singapore (MAS).
General Information Only This article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products (including funds, stocks) mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment