Are you a migrant from the UK now living in Australia?
Do you struggle to understand how finances work in Australia? You know it is pretty different to the UK but not sure how best to make it work for you? If so, read on.
You are not alone. Every year tens of thousands of UK migrants arrive in the lucky country. All are desperately wanting to succeed having gone through the painful process of leaving friends and family behind.
I felt this and still feel this 17 years after arriving here. You think it will be easy to blend in, after all they speak English don’t they? (Well almost!!)
The thing is you don’t know what you don’t know. For UK migrants, finance in Australia can be daunting.
Money is very different (apart from the pound and the dollar) and building wealth so that your family can enjoy that fantastic lifestyle is so important. After all, the last thing we want to do is to land back in London or Manchester exclaiming that “it didn’t quite work out”!
Understanding the Differences
The emotional and physical toil of migrating halfway around the world can never be underestimated. But it is usually sometime after arrival in Australia where we really start to think about how different it is and how some things really need sorting out.
You sort of just accept things the way they are. Building a house, home auction, open houses are just a few of the things that are really very different.
Long term wealth creating, risk protection for your family, superannuation and pensions are all things that I spent very little time thinking about when I lived in the UK. But here, somehow, they are much more important.
I am not sure why but often with my wife (also from the UK) we compare how financially savvy Australia is compared to the UK. We see a big difference in the outlook here.
Learn from My Experience
The point about all of this is that I have been there, seen it and done it. I can help you understand the way it works and why it is important for you to know. We also talk about things you have left behind and if and when they can be brought over.
More so than anything else we talk about life, your lifestyle and how to find your own financial freedom.
Have a go at my Australian Money Checklist Questionnaire
This short quiz is designed to help UK migrants understand their knowledge of finance in Australia.
See how you score, and I look forward to speaking to you soon.
Baldwin Financial Services is based in the northeastern suburbs of Adelaide.
Contact us to find out how we may be able to help you.