Don't leave home without a money plan
Thinking of living abroad? Join the club. Faced with a sluggish job market at home, a growing number of Americans are looking outside the country for career and growth opportunities. Or they may be looking for a retirement haven.
"People are rethinking what they're doing with their lives," says Troy Peden, co-founder of GoAbroad.com, a clearinghouse for overseas internships, volunteer opportunities and work programs. "Many people fantasize about living abroad and now they're taking advantage of the situation (to do so)."
But before you start pricing plane tickets, take stock of the financial implications of leaving the country. Going abroad without a financial plan could have disastrous consequences, from failing to find affordable housing to being unable to return home quickly in an emergency.
What's more, by failing to take the long view at the outset, you could experience surprising financial complications upon returning to the U.S.
Consider these seven financial tips to make the most of your overseas experience.