Should I Invest Money While Abroad?
After you’ve been working overseas for awhile, you may be in the happy position to have a bit of extra money that you’d like to invest. The next question is then how and where should you invest it?
I am not a professional financial consultant, but my deep-seated opinion is that, unless you are planning on spending a very long while abroad, you should invest your money in the country you are from.
From time to time, you will learn of some new or exciting investment chance overseas, perhaps in the country in which you’re working.
These deals may be tempting, but I’d advise against investing in these plans unless you have already lived in the country for a while and have a very good knowledge of the financial and legal system of that country.
As most foreigners don’t know much about money and legal matters abroad, we are often targets for unscrupulous parties trying to make a buck off of us.
Of course, there is plentiful financial advice on-line, including global tips from Motley Fool, but I’d say that unless you already have first-hand experience and know-how, you should take this advice with caution.
Even if you research something well, there may be small details or fine print that you weren’t aware of which can make overseas investments riskier than investments in your home country, where you’ll have a better grasp of the legal ramifications.
Investments For The Years to Come
That said, if you have chosen a foreign country that you’re planning to stay in for the rest of your life, perhaps you’ve retired there or have gotten married there, then perhaps you might consider investing in that country.
First though, listen to anecdotes from the people you meet who have already invested there. Research everything carefully, you’ll be glad you did.
Hot Air On-line
As frequent readers of this blog know, I often recommend people check discussion boards on-line for good on-the-ground advice about foreign countries. However, unfortunately, there are a lot of people who know nothing about investments posting about money matters (especially on the TEFL discussion boards). I have thirty years’ experience in real estate and the stock market, and an MBA, but I’ll often get people half my age, with no experience at all, trying to give me their own “hot tips.”
A lot is said about foreign currency trading, property investments, etc., but in reality, flipping a coin may be a more informed decision. So, take all on-line advice carefully.
TED’s Tips™ #1: Before you put your own, hard-earned, money into an investment scheme, research diligently or even consider paying a professional for some advice.
TED’s Tips™ #2: Consult an English teacher for advice on grammar or lesson planning. Don’t consult one for investment advice. Just sayin’.
TED’s Tips™ #3: Do consult a qualified financial consultant – from your home country – before making any significant decisions. Even then, be careful.