Amy Hoak of MarketWatch in Chicago is a real estate and personal finance expert who helps people get what they need to make smart financial decisions. She recently wrote an article in the Wall Street Journal about questions to ask before taking on an overseas assignment.
Specifically Amy addresses issues related to how currency fluctuations can affect your earnings, managing your money while abroad, taxes and spousal employment. She puts forward excellent questions that any aspiring expat should be asking before taking on a post overseas.
I'd like to add some additional suggestions to build on what she has recommended, as well as build on a previous post on the topic.
10 Tips for Negotiating Your Relocation Package
Here are 10 additional tips on negotiating your relocation package to insure choosing to work abroad does not have a negative impact on your financial situation:
1) Companies are having to do more with less and so expatriate packages are being cut back. Many of the benefits that have historically been provided are no longer standard. You need to be ready to be proactive during the negotiation process.
2) You need to educate yourself about all aspects of the transition - but finances and cost of living in particular - so that you can equip yourself to be your own best advocate. Talk with other expats about these issues - people who are there and living the experience you will be having. They will give you a much more complete picture of what you are looking at expense wise. Do not depend on HR to paint a complete picture for you.