Lots of stuff on here. but i'll do a quick take on this.
Portofmanteu - Pm'd me regarding his set up of using credit cards to buy goods at lower rates if you are already left the country. Yes this scheme will be fine because you are buying goods. What i am saying is you going down to any pegged interest rate country and trying to make a "quick buck" is basically impossible for most people on here and you'll likely get caught by the US Govn't so as i said multiple times before don't do this unless you know what you are doing.
Yes absolutely use the exchange rates to buy goods if you have already expatriated, you'd be a fool not to.
Goober: Regarding your PM i think you did a good job doing the "first level" of research and even found a few funds that I would recommend for newbies. I would dig more though, pitch me an idea and i'll happily respond. Right now your comments are too high level, but you've done the baseline work.
The last question on here is on:
Overseas Bank Accounts
In my opinion there are only really 2 types of accounts.
1. Tax Shelters
2. Leaving the Country
Option #1 is ONLY FOR THE RICH You will not be making or saving ANY money if you are sub $100K net worth(still poor). You have to typically wire money amongst other fees and charges that add up if you don't have any money.
To address the college question, i would get a CASH only job. Your best bet is to tutor kids, do some side gigs etc. At the same time, calculate out how much you can make before your financial aid gets tapped in your regular jobs then switch over and start doing side gigs on the amount surplus. This way you can max out your savings.
Option #2. This is a tough one, there are at times rates where it makes sense to invest in a country. New Zealand is an example of stupid high rates where you can invest indirectly using a brokerage accounts. You can also invest in 99.999% of assets through a simple brokerage account so i see very little reason in opening a foreign bank account UNLESS you are leaving for good.
I looked into the DR one just for a short while but didn't see it as lucrative. Looks like inflation there is in the 8%, you have govn't issues and on top of that who knows what currency it is in. Finally, never ever do foreign accounts unless you are doing it in that country in person the amount of corruption in 3rd world countries is absolutely insane! So even on a quick glance looks like its not worth the risk to me, but i could be dead wrong. Only way to find out is to go and dig into the banking system yourself in the DR and put the chasing girls part aside.
Portofmanteu - Pm'd me regarding his set up of using credit cards to buy goods at lower rates if you are already left the country. Yes this scheme will be fine because you are buying goods. What i am saying is you going down to any pegged interest rate country and trying to make a "quick buck" is basically impossible for most people on here and you'll likely get caught by the US Govn't so as i said multiple times before don't do this unless you know what you are doing.
Yes absolutely use the exchange rates to buy goods if you have already expatriated, you'd be a fool not to.
Goober: Regarding your PM i think you did a good job doing the "first level" of research and even found a few funds that I would recommend for newbies. I would dig more though, pitch me an idea and i'll happily respond. Right now your comments are too high level, but you've done the baseline work.
The last question on here is on:
Overseas Bank Accounts
In my opinion there are only really 2 types of accounts.
1. Tax Shelters
2. Leaving the Country
Option #1 is ONLY FOR THE RICH You will not be making or saving ANY money if you are sub $100K net worth(still poor). You have to typically wire money amongst other fees and charges that add up if you don't have any money.
To address the college question, i would get a CASH only job. Your best bet is to tutor kids, do some side gigs etc. At the same time, calculate out how much you can make before your financial aid gets tapped in your regular jobs then switch over and start doing side gigs on the amount surplus. This way you can max out your savings.
Option #2. This is a tough one, there are at times rates where it makes sense to invest in a country. New Zealand is an example of stupid high rates where you can invest indirectly using a brokerage accounts. You can also invest in 99.999% of assets through a simple brokerage account so i see very little reason in opening a foreign bank account UNLESS you are leaving for good.
I looked into the DR one just for a short while but didn't see it as lucrative. Looks like inflation there is in the 8%, you have govn't issues and on top of that who knows what currency it is in. Finally, never ever do foreign accounts unless you are doing it in that country in person the amount of corruption in 3rd world countries is absolutely insane! So even on a quick glance looks like its not worth the risk to me, but i could be dead wrong. Only way to find out is to go and dig into the banking system yourself in the DR and put the chasing girls part aside.