A friend asked me what financial advice I would give a young person just starting out in the world or work. With my eldest leaving university this year, this is a topic I have given some thought to, so here are 10 tips and a reminder to the rest of us of how to stay financially healthy.
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As many UK Expats will be flying back to Blighty over the Summer, I thought a reminder to take your international medical insurance membership card would be helpful. Remember with the exception of A&E, treatment on NHS is only free to UK residents.
For many years I have recommended all of my UK clients to pay voluntary national insurance contributions (NICs). Payment of voluntary NICs is important because some UK benefits like the Basic State Pension and the New State Pension (NSP) are linked to a person’s contribution record.
Appointing someone as your guide in the financial jungle can be a daunting task. How do you assess whether they are any good? What pro-active steps can you take to make sure the person who you are dealing with has the knowledge and experience you want?
Hopefully you have managed to enjoy some of the Rio Olympic Games. The tremendous effort of thousands of athletes competing over two weeks is a marvellous spectacle. Of course, we all know the years of training it takes just to compete at this level. Many Olympians have full time jobs outside of their sport as well as families which makes their achievements all the more outstanding. There is not a single competitor who got there by chance. They had a plan and stuck to it. Where others saw reasons to give up, they saw challenges to be overcome.
Buying a property, whether it is the first or 21st is a big deal for most people. Whether it is for investment purposes or to live in usually involves a significant percentage of a person’s wealth. Therefore every precaution should be taken before committing fully to such an investment.
There are now 75 posts available on my blog. That’s about 37,000 words on a wide range of financial topics. Hopefully, if you have read these posts you will be better armed to tackle financial decision making. This week I am giving you three tips which will help you avoid some financial mistakes many expats make.