For the vast majority of us, the last few months were marked with worries and instability. Expat families were faced with health risks while travelling in or out of China, school and office closures, as well as the escalating COVID-19 situation back in their native countries.
Whilst life here is slowly getting back to normal, nations outside of China are feeling the strain of COVID-19. The modern world has never been more volatile, uncertain, complex and ambiguous as it is now. Those characteristics can make the task of planning for you and your family’s future feel all the more daunting.
In times like these, we need to remind ourselves that it is not only mental and physical health that are important but also the things you can do to deal with the financial uncertainty.
Vision - The long-term view needs to frame your financial decisions, such as saving for child education, retirement, or leaving a legacy. Goal-based tools can help you visualise your financial future and have peace of mind.
Understanding - Armed with a clear vision of your future, ask what will happen if you spend less and save more. What happens if quarantine lasts longer than expected, or what happens to your planning if the markets fall. Consider the impact of tax and how your assets and liabilities change throughout your lifetime. Plan to benefit from compound interest.
Clarity - Understand the impact of key decisions on life events along the way. Ensure you are informed – and feel informed – about the impact of asset allocation decisions, fees, and taxes. Ensure that you won’t run out of money.
Agility - Annual tax allowances can make an enormous difference. Moreover, when financial situations change, you may need to adapt your plans – a regular review can help keep you on track.
Whatever your plans for the future, whether for yourself, your family or your business, careful financial planning can make a real difference to your life and those you can care about, both today and in the future.
About St. James’s Place Wealth Management
St. James’s Place Wealth Management offers personalised advice on financial, investment and tax planning, designed specifically for expat lifestyle goals and stages of life. Visit their website to find out more: www.sjp.asia
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Please note that due to local legislation they are unable to offer their financial planning services to nationals of the People’s Republic of China.
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