Top Wealth Management Mistakes made by Expats

If you're considering making the move to a different country, living as an ex-pat is an exciting experience. While many individuals relocate with ease, however, many fall into some major financial traps and be detrimental to their overall financial plan.  

With assets and liabilities, advisors of wealth management in Tunbridge Wells help people to establish a plan for their business. This can be achieved by implementing strategies that help the transition into a new financial state.

We will review the most serious financial mistakes that ex-pats make – take note of them and try not to fall into the same traps!

Underestimating the cost of living

When you are calculating your budget for the new home, be aware that living expenses can be very different between your country of origin and the one you're moving to. Many ex-pats commit the error of calculating their budgets by calculating on a basis of like-for-like. 

Living the high-life

Many people get caught in the excitement of moving to a new location. It can be that you'll spend money like you're traveling, instead of getting settled into a new way of life. 

Life Insurance

Being an international ex-pat you have to ensure that your life insurance policies are carrying cover for you in the country of your choice. Because a majority of policies do not or will be extremely restricted, it's a great idea to seek advice from a financial adviser to help you set up the right coverage.

If you are unsure, consult a professional or consult with other ex-pats living in the country you're planning to move to for assistance and advice on settling overseas.