It never fails to astonish me how people can move abroad without understanding the implications of that decision. What do I mean by that? I mean truly stopping to consider and understand what the new situation will mean for their future. For instance what are you intending to do with your investments with your nest egg, allowance and property, all these things are often glossed over in the decision making process when of moving abroad.
It makes sense to be excited, after all we are only human and change is exciting and there is nothing like moving abroad, the big adventure if you will, the prospect of a new country a better climate, new mates, new work and so on. So it is clear that folk rarely stop to consider the uninteresting things like their financial situation in any great depth.
So what if you have moved abroad, have you stopped and suddenly thought about the bigger picture? You've realized that you're living in a whole new world and away from your comfort zone. It's easy to be swept along when referring to information; unexpectedly everybody around you is an expert in everything from QROPS answers to Krugerrand and a great number of other products which you've probably never heard of.
Here in lies the difficulty, how many of these wanna be experts are actually qualified to give you the guidance, I'd say few, if any! Even the people you believe are qualified frequently aren't. Now maybe I am traditional but if you've worked and saved hard all your life, does it truly seem sensible to just hand over all your financial affairs without doing your required groundwork on them?
It's very important to understand that many of those folk are just out to earn money from you! Sadly that's the fact and your own interests are sometimes not their main priority, it is not nice but that's how it is. Bearing that in mind it makes such complete sense to check out the person or company that you're gaining the guidance from, before proceeding to make any type of commitment to them. You know the old saying that, if it sounds to good to be true then it probably is, is the single thing you could have playing in your mind's eye when the "expert" informs you that you'll make 20% each year assured with little to no risk, alarm bells should be ringing really loudly at this point?
So essentially do not get suckered into something just because it sounds good, do your due research, make sure you understand who you are dealing with, have them checked out and obtain references, you'll be pleased that you did.
It makes sense to be excited, after all we are only human and change is exciting and there is nothing like moving abroad, the big adventure if you will, the prospect of a new country a better climate, new mates, new work and so on. So it is clear that folk rarely stop to consider the uninteresting things like their financial situation in any great depth.
So what if you have moved abroad, have you stopped and suddenly thought about the bigger picture? You've realized that you're living in a whole new world and away from your comfort zone. It's easy to be swept along when referring to information; unexpectedly everybody around you is an expert in everything from QROPS answers to Krugerrand and a great number of other products which you've probably never heard of.
Here in lies the difficulty, how many of these wanna be experts are actually qualified to give you the guidance, I'd say few, if any! Even the people you believe are qualified frequently aren't. Now maybe I am traditional but if you've worked and saved hard all your life, does it truly seem sensible to just hand over all your financial affairs without doing your required groundwork on them?
It's very important to understand that many of those folk are just out to earn money from you! Sadly that's the fact and your own interests are sometimes not their main priority, it is not nice but that's how it is. Bearing that in mind it makes such complete sense to check out the person or company that you're gaining the guidance from, before proceeding to make any type of commitment to them. You know the old saying that, if it sounds to good to be true then it probably is, is the single thing you could have playing in your mind's eye when the "expert" informs you that you'll make 20% each year assured with little to no risk, alarm bells should be ringing really loudly at this point?
So essentially do not get suckered into something just because it sounds good, do your due research, make sure you understand who you are dealing with, have them checked out and obtain references, you'll be pleased that you did.
About the Author:
Whether or not you are a financier or just interested in the markets, Joe Davis offers viewpoints of the markets and economic news from both a technical and fundamental perspective. Other articles that might be of interest - covering pensions, investing, QROPS and QROPS Pension solutions.
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