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ExpatWealth

Expat Personal Finance: Balance Sheets for Expats living in Shanghai

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ExpatWealth    0

‘Every man is rich or poor according to the degree in which he can afford to enjoy the necessities, conveniences, and amusements of human life.’ – Adam Smith, The Wealth of Nations (1776)

At the time of writing, I am in the process of helping a British expat couple do just this – a personal balance sheet. They are intelligent, capable, multi-lingual expatriates and are paying me 7500 RMB per day to help them understand their own finances.

Only last month I completed similar work for another expatriate couple relocating from Dubai to Shanghai that had managed to get into such a pickle that their joint income of almost $12,000 each month was simply not enough to support a rather simple lifestyle for two.

If these people can get unstuck and lose track, then I’m certain it can happen to anyone. It is a very common problem – spending so much time earning a living that you have no time to plan what to do with it. A projected departmental budget for next year will get analysed in depth, but next month’s grocery bills.

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