Hi from Europe..and question for you
- Thread starter Scrimper
- Start date
Bryan Barnfellow
Thinks s/he gets paid by the post
Welcome, Scrimper, from a fellow transplant to Europe. I understand these things that are occupying your mind and don't have pat answers; but do have some questions.
1. If you are an American, are you ensuring that you are submitting tax returns to the US each year? Also, FBAR and FATCA reporting? Very important to pay attention to these things.
2. How much of the rental income is left over after your costs each month, if any? I ask because you need to think about the need to travel back to your native country for family emergencies.
3. You own two properties. How do you allocate funds for maintenance, emergencies, etc.?
4. What are the rules for citizenship in your new country? Is it a requirement for the free/reduced tuition in the universities there?
5. Assuming you are not living in a country where English is a national language (in southern Europe it would be Malta), where are you and your family in terms of acquiring the local language? Fluency would open up more doors for local employment, even if it differs from your current skill set.
Keep in mind that you chose a quite different lifestyle, where you traded some negative things (stress, not enough time with your family) for some highly desirable opposites (relaxed life, lots of time with your family). But with the new lifestyle benefits come a new set of negatives...such as the financial buffer you are missing. My suggestion is to treat this as a business problem -- how to create that buffer -- and soley a short term issue. Solve it by taking on part-time work, which you can do at home, if possible. Or locally, somehow. Once you are satisfied, jettison the work.
Wishing you the best on your adventure. BTW, what you are giving your children is amazing and very valuable. In fact, there is so much VALUE in your new life, much of which isn't generally amenable to valuation in the currency of the high stress/competitive (and sometime soul devouring) life you have left behind. Kudos to you and your wife for unlocking this value!
-BB
1. If you are an American, are you ensuring that you are submitting tax returns to the US each year? Also, FBAR and FATCA reporting? Very important to pay attention to these things.
2. How much of the rental income is left over after your costs each month, if any? I ask because you need to think about the need to travel back to your native country for family emergencies.
3. You own two properties. How do you allocate funds for maintenance, emergencies, etc.?
4. What are the rules for citizenship in your new country? Is it a requirement for the free/reduced tuition in the universities there?
5. Assuming you are not living in a country where English is a national language (in southern Europe it would be Malta), where are you and your family in terms of acquiring the local language? Fluency would open up more doors for local employment, even if it differs from your current skill set.
Keep in mind that you chose a quite different lifestyle, where you traded some negative things (stress, not enough time with your family) for some highly desirable opposites (relaxed life, lots of time with your family). But with the new lifestyle benefits come a new set of negatives...such as the financial buffer you are missing. My suggestion is to treat this as a business problem -- how to create that buffer -- and soley a short term issue. Solve it by taking on part-time work, which you can do at home, if possible. Or locally, somehow. Once you are satisfied, jettison the work.
Wishing you the best on your adventure. BTW, what you are giving your children is amazing and very valuable. In fact, there is so much VALUE in your new life, much of which isn't generally amenable to valuation in the currency of the high stress/competitive (and sometime soul devouring) life you have left behind. Kudos to you and your wife for unlocking this value!
-BB
Last edited:
Thanks BB, nice post! Yeah i think the main issue
for us, of the ones you highlight, is the emergency funds (we are British so waiting to see how Brexit will affect us, but can get another EU passport if necessary, through family). We are down to a few thousand euros as a buffer which isn't good, and although the rental covers our costs quite comfortably, it doesn't really cover big incidentals like trips or car/house repairs. Plus, in order to live this life, we have come to a country (Spain) where the local employment options, where they exist, are poorly paid. That leaves entrepreneurship or remote working; the latter usually involving travel, which is one of the things i wanted to avoid while the kids are very small. If i could find a part time remote position not involving a lot of travel, that'd be ideal. But my expertise is largely in managing significant groups of people and resources (I'm an MBA qualified generalist) so i don't have niche expertise to sell online; I used to excel at motivating and organising people to deliver projects and organisational change, something best done face to face and, therefore, via travel. If anyone has ideas on that front I'd love to hear them.
for us, of the ones you highlight, is the emergency funds (we are British so waiting to see how Brexit will affect us, but can get another EU passport if necessary, through family). We are down to a few thousand euros as a buffer which isn't good, and although the rental covers our costs quite comfortably, it doesn't really cover big incidentals like trips or car/house repairs. Plus, in order to live this life, we have come to a country (Spain) where the local employment options, where they exist, are poorly paid. That leaves entrepreneurship or remote working; the latter usually involving travel, which is one of the things i wanted to avoid while the kids are very small. If i could find a part time remote position not involving a lot of travel, that'd be ideal. But my expertise is largely in managing significant groups of people and resources (I'm an MBA qualified generalist) so i don't have niche expertise to sell online; I used to excel at motivating and organising people to deliver projects and organisational change, something best done face to face and, therefore, via travel. If anyone has ideas on that front I'd love to hear them.
Bryan Barnfellow
Thinks s/he gets paid by the post
Ah, motivating for organisational change! Despite your noting the face-to-face aspects, could any of this expertise be offered online (via Facetime/Skype) for a fee? How about locally in Spain for English speaking executives, so only in-country travel? Also, check out this site: GlobalCharityJobs.com They produce a frequent listing of jobs available in the world of foundations, charities, trusts, etc. You can sign up for it to be emailed to you. While most of the jobs are fundraising oriented (my area of expertise), some are for program managers and, though the vast minority, more are being offered as "work from any country in Europe." You might be able to transfer your management and project management skills to a new space. Take a look.
-BB
-BB
Bryan Barnfellow
Thinks s/he gets paid by the post
A fellow member of the tribe
If I can be helpful, please feel free to call on me.-BB
A fellow member of the tribe
-BB
Most kind BB, thank you!
