COVID19 #coronavirus will result in many expats losing their jobs and the reality is that this will cause many people a massive financial loss as well as untold stress.
For those with families, this may result in having to find new schools and returning to your home country.
While it may be impossible to protect your job during these difficult times, it is possible to protect your income and alleviate some of the stress and worry around this happening. For many expats working in places like the Gulf and Asia, companies offer very little financial assistance when they don't need your services anymore. It is unlikely your country of nationality will also help much if you are forced to return.
Loss of job can also be a problem if you are married or with a long term partner and you are different nationalities.
You may struggle to both move back to the same country and perhaps you have not even thought about this?
Here's what we advise you to do if you lose your job & have to leave the country you're currently in:
On the financial side it is possible to protect your income and take out insurance so that if you become unemployed the insurance company will normally pay a percentage of your salary until you find another job.
On the personal side, Covid19 has shown many people how little they have thought about these possibilities and how important it is to plan and discuss ahead for events like this.
We live in a volatile world where the only constant in life is change.
For many of us the reality of losing our job will happen many times during our life. It is therefore important to plan and make sure that you address both the financial and personal issues of unemployment.
Unemployment will always be an issue which will cause sadness and stress, but having a plan will make it more bearable and give you more confidence when events like this happen.
If you fail to plan, you plan to fail.
Make your plans now with the help of a financial coach, book an appointment, get in touch now. The journey ahead starts by taking the first step, let us guide you into a happy, secure & prosperous future.