What It Means Being From Another Country While Managing Money

August 28, 2024 I am originally from Colombia, South America. I am a citizen of both countries and for many years, I have shared financial responsibilities in both the United States and Colombia. During my first years in this country, I held many different jobs during the week, living paycheck to paycheck, working overtime, with no vacation or benefits of any kind, to make ends meet.The years passed, and I was able to get a job in my professional field. My finances started getting more organized, and I started building my credit. But the money I was sending to Colombia was never organized into the budget. I guess I thought of that part of my life as a side responsibility, so I used to get part-time jobs to be able to make extra money.A few years back, I started to understand that even though I am not living in Colombia, I needed to think about the what-ifs. What if I retired there? What if I want to buy a property? What if my family needs help? What if I need to travel there more often?I started to have some recurring expenses related to Colombia, but they were not included in my Budget. Somehow, I managed to pay for them, but still didn’t view these expenses as related to my financial responsibilities here.When I started Project Money, my coach asked about these expenses. She pointed out that they were recurrent monthly expenses and asked me why they were not in my budget. To my surprise, I said, “It never occurred to me.”My budget now includes monthly expenses, like paying for investments there, insurance, travel expenses, retirement plans and unexpected emergencies. I understand now that having a complete picture of my finances is helping me to be more proactive in planning for my future here and there because whether I believe it or not, I am between two countries, two loves and two livelihoods. I could decide to retire here or retire there. Maybe I need to help my family, or simply, I do not want to be a burden for my family.Now, I can see the whole picture of my finances, and I can tie my financial objectives to my future, whether it is here or there. Either way, my coach understands what people from different countries do for their families while trying to build a life in a different country. I truly appreciate how understanding and helpful her advice has been to me.
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