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Clear financial goals

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Clear financial goals

  1. 1. Common mistakes that expatriates make - and how to avoid them Part 2: Define clear financial goals Baruch Labinsky MBA, TEP Licensed by the Israel Securities Authority Financial Planner/Investment Manager October 2013 www.Labinsky.com
  2. 2. Most people lack clear financial goals. However, when coming on aliyah it is particularly crucial to recognize your goals. Be aware of the many changes ahead eg salary levels, cost of living etc.
  3. 3.  If you are still working, calculate how to support yourself/family.  If you are a retiree, think how to make your money last.  Think out of the box.  Set clear goals for what is important to you.  Prioritize your expenses.
  4. 4. The Israeli tax system is different to that of your country of origin. Just a few examples:  Israel has a graduated progressive tax system on earned income, whereas investment income is taxed at a flat rate.  New trust legislation means trust income is fully taxable. Consult a professional to ensure your finances are set up adequately to meet new restrictions.  Women are taxed differently to men.  Employees have no reporting obligation in Israel. You must ensure that your salary incorporates all your tax benefits.
  5. 5. Ensure you have correct financial planning strategy in place.  Too many people focus on short-term financial goals, and aim ‘just’ to get through the month.  Put together a budget to ensure that your future needs are also covered.  Ensure that your home country insurance is relevant in Israel. (Whole life insurance does not exist in Israel.)  Ensure your will is compliant with Israeli law.
  6. 6. Ensure you have a Net Worth Statement to understand where you are financially.    Track your finances periodically to ensure you are on target for your long-term goals. Make sure your whole family works together to achieve financial goals. In addition to financial benefit, your children will benefit from the financial skills you are giving them.
  7. 7. Available in stores in Israel and abroad and via www.labinsky.com
  8. 8. For more information and mailing list signup www.labinsky.com