On this episode of Financially Naked: Stories from The Financial Gym, our hosts, Kadri Augustin and Jill Wagner, Certified Financial Trainers, dive into how to move and live abroad. Kadri and Jill share their experiences living in various parts of the world, including France, Ecuador, Jamaica, Spain, and beyond. They discuss the unique challenges and financial lessons learned from their international moves, offering insights and practical tips for anyone considering a life overseas. Join us as we explore the joys and hurdles of embracing new cultures, managing finances across borders, and following your dreams to new destinations.

Planning and Financial Lessons

Preparing Financially: When planning to move, you want to create a budget to support the expenses of the new place. You can research, plan, and then add a buffer. Things are always more expensive than anticipated, so the buffer is important.
Visas: If you plan to stay in another country for a while, there will likely be visa requirements and rules. It’s important to understand what you’re allowed to do while there, such as working or earning an income.
Deciding Factors: When Jill was younger, her decisions to move were much more impulsive. This changed once she had her son. How much preparation and planning you need to do will depend on your life, preferences, and situation.
Lessons learned: No matter how much you prepare ahead of time, things will always come up. Traveling and living abroad will teach you many life and financial lessons.

Preparation Tips & Tools

Do your research: Learn as much as you can about a place before you arrive. Some things can only be learned through experience, but taking the time to learn the basics about how a place operates can make the transition smooth when you move.
Do your research: Learn as much as you can about a place before you arrive. Some things can only be learned through experience, but taking the time to learn how a place operates can make the transition smooth.
Language: If the language is different than your native tongue, spend some time learning the basics.
Make connections: Knowing someone when you move to a new place can be a huge help! If you don’t have a connection, you can meet people through Facebook groups, blogs, or other online forums.
Saving: When she moved to New York, Jill had a cushion from an inheritance. For the other moves, she was strategic and saved ahead of time. Savings can help with flexibility and stability when you move.
Money and logistics: Each country has different banking rules and regulations. Depending on where you are, you may or may not be able to open a local bank account. Tools like Wise, Revolut, and Remitly can make international financial management easier.

Final Thoughts & Tips

Taxes: If you’re an American citizen living in another country, you still have tax obligations to the US. You still may need to file a return or pay. Find a tax professional who understands these nuances.
Financial cultural differences: Different countries have unique financial cultures. For example, some countries have a different credit system than we have here in North America.
Embrace the experience: Everywhere you go will be special and unique. Don’t expect things to operate how you’re used to. Diving fully into a place and the local culture means you’ll have a much richer experience.
Have an open mind: Don’t have hard and fast expectations for how your life will be when you’re in a different place. Be open and ready to try new things and take risks.
Take the leap: Don’t hesitate to make a giant leap, even if it feels intimidating. Embrace the journey, follow your dreams, and don’t be afraid to try new things.

If you want to work with a Certified Financial Trainer to help navigate your finances or plan a move abroad, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.