You’re planning your next big repat, except this trip leads toward your financial future. You must ask yourself: Where am I now? Where do I want to be? How am I going to map out my path? Will I take advice from peers, blogs, or professionals? A successful financial future begins with creating a plan, and requires:
- Setting your destination: Building realistic goals is arguably the most fundamental part of the process. Regardless of whether you are just starting out or nearing closer to retirement, it is essential to have an idea of where you want to go and the kind of lifestyle you want to have.
- Taking Inventory: Before heading out of Kingdom and across the causeway, it’s time to take inventory. Assessing your financial position involves gathering all of your assets and liabilities.
- Mapping out a Path: You know where you want to go and have a basic understanding of your net worth and the steps it will take to arrive at your destination.
- Rerouting: While attempting to navigate the streets of Bahrain on your way to the airport, it’s important to be mindful that we will not always be able to take the fastest route to our destination.
- Keeping your long-term destination in mind: The ride isn’t always a smooth one. Unexpectedly, your Saudi bucket may get full. It is important to know what your options are at that point. Maintaining a consistent strategy for the long-term will help you ride out waves of volatility.
Understanding the basics is a good first step to formulating a successful financial strategy. However, a professional financial planner can act as a guide and resource for you along the way to help you enjoy your journey without too many hiccups.
Be sure to visit Aramcoexpats.com next month to learn more about the basics of debt management, in part 4 of 12.