So you landed that exciting assignment abroad!  Most transfers take place between May and September and according to U.S. News & World Report, as many as 400,000 employees relocate internationally each year ("Taking a Foreign Flier," March 12, 2006).  That means thousands of Americans like you are contemplating or undergoing a move to a city across the globe.  New opportunities await, but they come at the price of stress on uprooted family members and the challenges of moving house.  From finding schools for the kids to locating a new doctor or dentist, to the daily details like grocery shopping with a foreign currency, many aspects of an international move compound the major tasks of making living and moving arrangements.  The one thing you won't have to worry about is getting paid, right?  Well, it's a little more complicated than you might think.  For example, if your employer doesn't make the necessary frequent adjustment, your U.S. salary could be transferred into foreign currency and therefore your day-to-day spending will be subject to changes in exchange rates.  Important personal finance considerations like this often get overlooked in the rush of preparation for an international assignment.    Fortunately for you, your company-sponsored assignment means you have additional resources at your disposal to help ensure the details of life abroad run smoothly.  Here are some valuable tips for people who are transferring to offices overseas this summer, or at any time of year:

Retirement Plnning for Offshore Living - The advantages of outsourcing your retirement have never been better! Why not start a second "dream" career, or retire in a low cost, tropical country? Spend less than 25% of your present monthly budget while maintaining or even enhancing your lifestyle.  Say "goodbye" to your financial planner and her "advice" that you must accumulate at least $1,000,000 or more in liquid assets before you retire or leave your "day job". "Retirement Planning for Offshore Living" will become your personal coach and roadmap to "offshore living". Use the standards provided to identify, compare and analyze your optimal country and retirement or second career haven.

First and foremost, take steps to ensure the stability of your income abroad.  Research cost-of-living information for your home base as well as details about currency rates for the location of your new assignment.  Ask your HR department to ensure that information like this is taken into account as they draw up your contract and pay package.  Ask your employer whether your pay will be set up in U.S. dollars or the local currency, or some combination.

In many cases, there are advantages to using a currency expert to lock in a set currency rate to protect your paycheck from currency swings.
It's called a Regular Payments Abroad (RPA) program, and lets you protect your paycheck from swings in the exchange rate-at no transactional fee for the service. 

2. Take the time to forge financial relationships now, that you'll need later.  Ask HR if your company already has an international banking relationship set up for corporate purposes, and whether you can get a personal account set up at the same institution. 

Ask for help finding a tax specialist, as well.  Come April, you'll be glad that you don't have to figure out the rules and track down the forms required to pay U.S. taxes while you're abroad.

3. Calculate daily expenses before you go, so that you can get a sense of what you'll need to spend in your new country of residence. 

Make your weekly grocery shopping list and go to online sites to calculate your food expenses.  Do the same for transportation costs like
gasoline and other essentials.  Do you plan to join a gym?  Are there medications that your spouse requires? Does your child plan to continue
her violin lessons? 

Measure your estimates against the cost-of-living allowance from your company and evaluate the discrepancies.  Your company may not be able to adjust your allowance, but you'll be spared any surprises and will be  able to adjust your budget accordingly.

Living and working abroad can be exciting and rewarding.  If you take a few steps toward financial peace of mind before you go, you and your
family can focus on the fun and enriching aspects of this once-in-lifetime experience.
 

Patients Beyond Borders: Everybody’s Guide to Affordable, World-Class Medical Tourism - Did you know that 150,000 Americans now travel abroad every year for affordable, high-quality health care?  From Thailand’s American-accredited Bumrungrad hospital to Eric Clapton’s Crossroads Clinic to Johns Hopkins International, health travelers now have a full array of the world’s safest, best choices in healthcare facilities and physicians.  Now available to assist with this growing movement, Patients Beyond Borders is the first comprehensive, easy-to-understand guide to medical tourism.  It’s also a first-rate manual for overseas travel—impartial, extensively researched, and filled with authoritative and accessible advice—carefully culled from hundreds of resources here and abroad. Patients Beyond Borders is absolutely the most thorough and useful guide to health travel for Americans and it’s available to order right now at your fingertips.