For New...and Not So New...Olim
By Douglas Goldstein, CFP
For New...and Not So New...Olim
By Douglas Goldstein, CFP
Your new wallet, replete with shekels, may feel full. But without careful planning it will empty quickly. Now that you’re in Israel, remember this:
Update your financial plan and budget
As life in Israel is different from the “Old Country,” your monthly budget should be altered. While certain items (school tuition) may be cheaper, other items can be more expensive (car purchase). If you plan to write dollar checks to fund your Israeli bank account, note that Israeli banks may take several weeks to clear overseas checks. Plan accordingly so you don’t go into minus while waiting for your dollars to clear.
During the beginning months of your aliya, your budget is sure to include many miscellaneous expenses. While this may take a bite out of your savings, plan on paying yourself back. Don’t put off starting a savings program “until things settle down.” Have a concrete goal like, “I will start savings with my third paycheck.”
Work is different
When job-searching, make sure you understand the full compensation package. Employers are required to pay part of your transportation, and full-time workers are legally entitled to vacation/sick days, as well as certain holidays. You may want to download our free retirement planning worksheet in order to help you understand your benefit package (www.profile-financial.com, under the “financial planning” tab).
Ask for advice
While it may be intimidating to be at the “bottom of the totem pole,” there is no way that immigrants can be expected to intuitively understand the ins and outs of their new country. Ask everyone for advice on things ranging from the cheapest supermarket, the best place to buy clothes, and what is really necessary for your children. May your aliya be both financially successful and personally fulfilling.
Douglas Goldstein, CFP, is the director of Profile Investment Services. He is a licensed financial professional both in the U.S. and Israel. He offers securities through Portfolio Resources Group, Inc. member FINRA (formerly NASD), SIPC, MSRB, SIFMA. Accounts carried by National Financial Services, LLC., Member NYSE/SIPC, a Fidelity Investments Company. His book, Building Wealth in Israel: A Guide to International Investments and Financial Planning, (with a guest chapter on taxation by Leon Harris, International Tax Partner, Ernst & Young) is available in bookstores, on the web, or can be ordered at www.profile-financial.com, (02) 624-2788 or (03) 524-0942.
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