“I’m Not Pressuring You, I’m Asking You to Do What’s Right”

In all my years of working closely with expats in the Middle East, I’ve seen too many stories of delayed decisions, “its on my list” and neglected financial planning leading to unnecessary hardships.

My message today is not about applying pressure; it’s a heartfelt plea to recognize the importance of proactive financial planning. It’s about doing what’s right for you and your family’s future.

The Consequences of Delay and Neglect:

The Stupidity of No Will: Time and again, I’ve encountered families torn apart by the absence of a will. In the Middle East, where local laws can greatly differ from those in Western countries, the lack of a will can lead to assets being frozen or distributed in ways that the deceased did not intend, leaving loved ones in financial distress.

Guardianship Confusion: Without proper legal guardianship declarations for both temporary and permanent guardianship, I’ve seen children’s futures become entangled in lengthy legal processes. It’s a heart-wrenching situation that can be avoided with foresight and planning.

Debt — A Silent Destroyer: The glamour lifestyle can lead to a lifestyle that outpaces income, culminating in a debt trap. Stories of expats facing legal action or inability to relocate due to unpaid debts are not uncommon.

The Absence of Emergency Funds: I’ve witnessed families having to leave their expat life abruptly due to unforeseen circumstances, compounded by the lack of an emergency fund. This safety net is critical in providing stability during times of crisis.

Savings and Retirement — The Overlooked: The allure of the present often overshadows the need for future planning. The lack of savings and retirement planning leads to stressful sunset years, a stark contrast to the life of comfort and security that every expat aspires to.

Insurance Misunderstandings: Health, life, and income protection insurance are often misunderstood or undervalued until it’s too late. The consequences of being uninsured or underinsured can be financially and emotionally devastating.

A Call to Action:

This is a wake-up call. It’s about taking responsibility for your financial health. As expats, we have unique opportunities and challenges, and it’s imperative to address them head-on. I urge you to assess your financial situation, make informed decisions, and prepare for the future. It’s not just about protecting assets; it’s about protecting your family, your dreams, and your legacy.

Conclusion:

I’m not pressuring you; I’m empowering you. The decisions you make today will shape your tomorrow. The stories I’ve seen are a testament to the critical nature of proactive financial planning. Let’s work together to ensure that your expat journey is secure, prosperous, and fulfilling.

Remember, doing what’s right isn’t just a choice; it’s a necessity.

About Mike Coady

Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.

Mike is an award-winning money coach and industry leader in the financial sector.

Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), a Fellow of the Association of Professional Sales (F.APS), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.

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Blog published by Mike Coady.