As a NRI your finances are a bit different compared to that of resident individuals, different in the sense, it add layers of complexity related to taxation, product options like real estate or equities/mutual funds, currency risk, and drastic cash flow changes.
I have travelled many countries in past 15 years met 100’s of NRI and interacting with them I found below challenges you face as an NRI
- When should I come to back to India? The answer always is “Just in few years”
- What about my existing income vis a vis India’s income when I return back?
- Should I buy a home or rent in the country where I am staying?
- Can I achieve financial freedom before I return to India?
- Do I invest in NRE FDs paying 7% or global equities expected to deliver between 4-6%?
The list is endless……..
Understanding the big picture in life helps you find answers to the above questions and have more clarity in your financial life. If you focus only on investments and returns, you lose focus on why you need the money for and what value it adds to your life.
Financial Planning is not just about investing money into the best mutual funds and getting the best returns. Money and investment products are only tools. Financial planning is more about how your money is helping you achieve what you want in life and to live a more peaceful and happy life.
My experiences says, many NRIs have enough resources to achieve financial freedom, but don’t realise it true potential and still lead a stressful life, giving up many things. You have benefit of large monthly surpluses and if you fail to put it to optimal use it hampers to achieve your life and financial goals both. Having a proper plan and understanding the big picture will help you to make better and fully informed career and life decisions.
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