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The Financial Benefits
of Being an Expat.
Every week in this article Helen Couldrey, a financial
consultant with the deVere
Group, and also a qualified
English lawyer, will give you
tips and ideas of how to take
advantage financially of being
an expat. Helen has clients in
Bangkok, Hua Hin and ChaAm who she helps to maximise
the financial benefits of living
overseas.
the latte factor
We all make financial decisions everyday… some big,
some small, and some just verging on the ridiculous!
(Yes, that inflatable pool speaker system….what were
you thinking!)
Regardless of what financial decisions we make, one
of the most important things to consider is the actual
thought process behind that decision. Was there any
thought process at all, or was that item purchased by
just going through the motions? Which leads me onto
the key message of this week’s article: that habitual,
unconscious spending can be financially dangerous…
very dangerous indeed. This type of unchecked
spending is often referred to as ‘The Latte Factor’.
When I used to live in London my morning rituals were
as follows: buy the paper (£1), jump on the tube (£5),
buy a café latte (£2), buy some breakfast (£2). That’s
a stonking £10 before I’ve even said good morning
to my first colleague… A quick £6 glass of wine after
work, another £5 to get home…. Over the course of the
working year that’s more than £5,000 with everything
combined, which no doubt could be much better spent.
Habitual, Unconscious Spending Can Be Dangerous.
When you think of the money we waste on non-essential,
CHA-AM AND HUA HIN
Retirement Planning - Education Fee Planning
Regular Savings - Tax Saving
Lump Sum Investments
Helen Couldrey, BA (Hons), L.L.B, CISI
Contact Helen for a finance review
086 088 2127
[email protected]
habitual purchases the mind boggles. However, putting
aside just a few hundred Baht or a few dollars every day
rather than splurging it on non-essentials such as drinks,
magazines, snacks etc. can make a huge difference
between getting richer and staying financially static.
You can very simply remedy this needless spending by
sitting down and reviewing your financial decisions on
a regular basis. You don’t have to change your lifestyle
completely or cut out every last little luxury but thinking
strategically about where your money goes will help
you prevent frivolous or unnecessary purchases. Just
think; short term sacrifice, long term gain.
Reviewing Investment Spending
And it’s not just the non-essential physical items that
we sometimes flit our money away on. Many are also
guilty of flitting their money away each month by
not reviewing the charging structures surrounding
investments. Having investments of any type usually
incurs charges but are you sure that the structures you
already have in place are the most cost effective? If not
then you may be wasting some of your hard earned cash
by not exploring other investment options. For anyone
who has investments, giving them a health check every
so often is never a bad idea.
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