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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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When moving abroad makes financial sense

By Cameron Micallef

September 17 2019
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Earn

When moving abroad makes financial sense

By Cameron Micallef
September 17 2019

Moving abroad can have a marked effect on your finances, career progression, wellbeing and even your personal aspirations, a new report has found.

When moving abroad makes financial sense

By Cameron Micallef

September 17 2019
Share

Moving abroad can have a marked effect on your finances, career progression, wellbeing and even your personal aspirations, a new report has found.

Banking giant HSBC has undertaken a study of expats that has found a number of benefits associated with life overseas, with many individuals noting increased wealth opportunities despite their facing of unique financial challenges.

Commenting on the report’s conclusions, HSBC’s head of expat, John Goddard, said: “Perhaps the most refreshing finding in this year’s report is the success that young expats are having abroad, crossing borders in an effort to broaden their horizons and improve their lifestyle and finances.”

Young professionals who move early succeed even earlier

The report has found that those who make the move abroad before their 35th birthday see the biggest boost in their pay packets and career potential, compared with older workers.

It noted that almost half (47 per cent) of young expats are moving abroad to further their career and they are reaping the rewards — by becoming more confident and learning new skills.

They also likely to benefit from quicker promotions or move into a new career path entirely, with 10 per cent even indicating that they have started their own businesses since moving abroad.

Where are people flourishing?

Switzerland is the number one destination for expats trying to secure a work/life balance, scoring highest on improvements to quality of life and swift career progression in the findings.

The report also highlighted Hong Kong as a particularly popular location for expats looking to increase their salary, with 51 per cent of young people on the island seeing their income increase on average by 41 per cent.

Two-thirds of expats also indicated a move to the USA as career progressing and to improve work/life balance.

Practical tips for successfully living abroad

Alongside the report’s findings, HSBC has highlighted a number of practical tips for anyone considering an overseas career change.

1. Take action before you arrive – Alongside visas and changing money, it is worth getting ahead on “life admin” while still at home in Australia. Planning for school applications and how you will access services such as healthcare does take time to arrange.

2. Be friendly – The report also found that engagement with social circles opens up a whole new side of living overseas.

3. Pay close attention to your financial affairs – Living abroad means spending and saving can quickly become more complicated. Whether it is due to currency exchange, local tax laws or simply how to budget while in another country, specialist professional advice can make a huge difference in your expat experience.

4. Plan for your future – How long you expect to stay in one place can impact and affect how you deal with everything, from saving money to where your children go to school, the report flagged. Think carefully and prepare for your plans to evolve.

The last two points are of high importance, with nestegg recently reporting on the troubles facing some expats on their return to Australia.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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