| Pages in topic: < [1 2] | Emergency survival when incapable of working Thread poster: Dylan J Hartmann
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| The stock market | May 17, 2016 |
Mirja Maletzki wrote:
I’m a big fan of passive income. This doesn’t have much to do with translation itself but for me it's one of the the ultimate goals in life.
Excellent ideas. There are also medical insurance companies that specialise in expats worldwide and who pay commission on business passed to them for the life of the contract. In some cases, such insurances can be a better deal than those available domestically, and better suited to an expat's needs.
But one has to be careful about the stock market for the time being, as the global financial system is still in upheaval, and some observers believe another crash is a realistic possibility. There are still opportunities; one just needs to know what one is doing, and index trackers or blue-chip companies are not necessarily the best option today. Many observers believe the stock market is generally overvalued, and a crash could reset that.
Of course, banks can collapse too, as we saw in Cyprus. The euro could begin to fall apart, as it is an inherently unstable and artificial currency based on more or less incompatible economies pulling in different directions. Interest rates are now negative in much of Europe, so even depositing funds in a savings account could soon cost money. One simply cannot automatically presume anything is safe today, even banks.
Then there are the more exotic threats such as the IMF's proposed 10 % wealth tax in the EU: http://www.hwminc.com/blog/2015/06/imf-proposes-10-confiscation-all-accounts-europe , but it would require national legislation in every country, and considering that it would be considered downright theft by many, hitting those who have been most responsible and saved the most, one must doubt if it is a realistic threat. In any case, many over-indebted governments are searching everywhere for money to grab.
| | | | | Get well soon | May 17, 2016 |
DJHartmann wrote:
...So following this experience, I wanted to ask the community, have you thought about the unexpected? How have you planned to survive through it? ...
Do serious savings pre-kids, do savings post-kids, buy flats, rent them.
Missus works part-time.
This is enough to pay bills and feed both children and the dog, but not enough to have a life and save.
I've also been meaning for years to make a will and a similar move to Tomás' "brochure", but I have yet to admit that I'm no longer immortal.
Only 15-20 years to go and I retire. Or not.
Philippe
| | | | | Get well soon | May 17, 2016 |
Nothing important to add to the great comments from our fellow translators. However, and sorry if it might sound as a silly idea, perhaps voice recognition could be of some help, if you have trouble typing.
I myself am not using voice recognition, but I would consider using it if I had trouble typing at some point.
| | | | | Best wishes! | May 17, 2016 |
I know how it feels (I once suffered a crash with my bicycle into a car too, in 2005).
2013 I´ve read in a Dutch newspaper something about a kind of cooperation amongst freelancers (most of them not engaged in our business), who founded something like an aid fund based mostly on mutual trust. The coverage wasn´t very high and not settled for long term financial losses in cases of accidents and longer sickness, that´s why I think you / we´ll be better off with all the tips from the coll... See more I know how it feels (I once suffered a crash with my bicycle into a car too, in 2005).
2013 I´ve read in a Dutch newspaper something about a kind of cooperation amongst freelancers (most of them not engaged in our business), who founded something like an aid fund based mostly on mutual trust. The coverage wasn´t very high and not settled for long term financial losses in cases of accidents and longer sickness, that´s why I think you / we´ll be better off with all the tips from the colleagues above.
Gute Besserung!
Matthias ▲ Collapse
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| Emergency fund | May 18, 2016 |
I'm very sorry to hear about your accident - it sounds awful. I hope you make a full and speedy recovery.
Philippe Etienne wrote:
Do serious savings pre-kids, do savings post-kids, buy flats, rent them.
Missus works part-time.
...
My thoughts exactly. Have a partner who works at least part-time or who has the skills/ability to work if needed. Eliminate and avoid debt. And most importantly IMO: have and maintain an emergency cash fund of at least 3-6 months of living expenses. It doesn't take a bike accident for an emergency to occur - your work could even just dry up for a month or three. There are quite a few financial advisors/gurus out there. One of my favorites is Mr. Money Moustache, if you want to check him out.
| | | | | Post removed: This post was hidden by a moderator or staff member for the following reason: Empty |
(Didn't realize I was signed in on my wife's account just now, and posted this accidentally in her name at first)
DJ, I'm also glad to hear you're on the mend, and very sorry you had to go through this.
Regarding your question, I do think it's important for expats or near-expats (like myself) to learn to play the 'game' in their home country. By this I mean that many states/nations have certain requirements that expats have to meet to qualify for medical programs and be... See more (Didn't realize I was signed in on my wife's account just now, and posted this accidentally in her name at first)
DJ, I'm also glad to hear you're on the mend, and very sorry you had to go through this.
Regarding your question, I do think it's important for expats or near-expats (like myself) to learn to play the 'game' in their home country. By this I mean that many states/nations have certain requirements that expats have to meet to qualify for medical programs and benefits, which are often quite useful. Although I spend a few months each year in China, I've been sure to maintain my Massachusetts state residency (including paying MA taxes) and eligibility for MA state healthcare. If something catastrophic were to happen, I'd be able to receive the same care as any other MA resident, which is far better than what I'd receive in China.
It sounds like you're in more of a full-time expat situation, but perhaps you could look into whether or not you can take steps to qualify/remain qualified for state/federal benefits in your home country? I would think that if you're still in good standing tax-wise, you might be eligible for state or federal disability/unemployment programs if something horrible were to happen? It might even be worth looking into whether or not you're eligible for short-term benefits while you recover from this?
I know you're from Australia, but for those from the US who are curious, check out disability.gov . This document has even more info: https://www.ssa.gov/pubs/EN-05-10029.pdf . For this program at least, it looks like only disabilities that would cause one to be unable to work for more than one year qualify, and that you would need to have been paying taxes for a certain number of years as well. So yet another reason to pay taxes!
Once you've ensured that you're eligible for state/federal benefits back home, I think the rest has been covered: life insurance, travel insurance that includes med evac, and as much in savings as possible.
Hope you keep getting better good sir!
[Edited at 2016-05-18 16:14 GMT] ▲ Collapse
| | | | Kay Denney 
France
Local time: 13:17
French to English
| as a fellow cyclist | May 18, 2016 |
first of all as a fellow cyclist, I commiserate with you and I hope you recover fully asap!
it's true that the roads can be really hairy in Thailand! we rented motorbikes and I preferred to remain a passenger, I was too scared to drive.
Since I slammed into a tree a few years back (swerving to avoid a pedestrian on the cycle lane!). The scan showed considerable bleeding in my brain and the doctor told me I was only a millilitre short of permanent brain damage. I have wo... See more first of all as a fellow cyclist, I commiserate with you and I hope you recover fully asap!
it's true that the roads can be really hairy in Thailand! we rented motorbikes and I preferred to remain a passenger, I was too scared to drive.
Since I slammed into a tree a few years back (swerving to avoid a pedestrian on the cycle lane!). The scan showed considerable bleeding in my brain and the doctor told me I was only a millilitre short of permanent brain damage. I have worn a helmet ever since.
As for tiding over, my partner happens to earn five times what I earn so he's the one who needs to avoid accidents! He's fully insured and I have a nest egg hidden away because I refuse to believe that insurance companies will cough up what they owe in a timely manner if at all.
And your daughter is a real cutie! Well Thais are in general, and I love the Eurasian look ▲ Collapse
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| Wishing you a full recovery! | May 20, 2016 |
Glad to hear that you are starting to recover, and yes I have taken steps to protect myself/family in the event of an accident or worse.
I took out private insurance coverage, which would replace my income in the event of an illness or accident, and also pay my social tax contributions for me after a certain period of medical related inactivity. There is also a lump-sum coverage for death or disability, and some other provisions that I hopefully will never need. I took out a fairly ... See more Glad to hear that you are starting to recover, and yes I have taken steps to protect myself/family in the event of an accident or worse.
I took out private insurance coverage, which would replace my income in the event of an illness or accident, and also pay my social tax contributions for me after a certain period of medical related inactivity. There is also a lump-sum coverage for death or disability, and some other provisions that I hopefully will never need. I took out a fairly extensive insurance policy mainly to protect my family should something happen to me. I am the main source of income for my family, we have two young children, car payments, house payment, etc, and my husband is disabled and doesn't work. It would be an immediate financial catastrophe for us if I had to stop working for medical reasons, so I sleep much better with this insurance!
Yes, the coverage is rather expensive, and perhaps it might be better to stop the insurance and increase our savings, but for the last 8 years it has been really difficult to keep savings, for various reasons. ▲ Collapse
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