If you’re a young kiwi, you’ve probably got some sort of plan to leave our fair shores in search of adventure overseas. Either your big O.E. or jumping the ditch to go work in Australia.
All very exciting of course. For sure, pack the bag and get the passport, but also spend a while focusing on a backup plan – life can serve you a lemon at any time – including when travelling the world! Travel insurance is a must (and relatively cheap) if you’re off overseas, and if you’re off to work in Australia, you’ll need trauma, TDP and death cover. The Australian Government won’t be hospitable if anything happens while you’re there, so you need something in place before you go. If you don’t, you may have to face being shipped back home and living with mum and dad in the event of something unexpected taking place. One step forward … and three steps back.
There’s an old Arabian adage that goes, ‘trust in God but tie up your camel.’ By all means it’s important to trust that all will work out well in your travels, but along with a good attitude, do what you can to mitigate any unwanted outcome too.
Both of my daughters have travelled overseas and both have needed their travel insurance – meaning their unplanned events (stolen and broken personal property) were not too financially devastating.
Be a smart kiwi. If facing a life change (of any description), come see us at WealthDesign. For the sake of half an hour of your time, getting yourself prepared and ready to go financially, is well worth the effort in the long term.
John Barber