Posts filed under ‘Personal Finance’
transferring money from abroad using IsraTransfer
Over the past few years I have gotten many mails with questions about salaries from abroad. While I can help with the pension and budgeting part, more help is needed, specifically when moving the foreign currency to Israel and not getting ripped off on the exchange rate. I was thrilled to see IsraTransfer ‘s service and to this day I have only heard positive customer feedback. I asked the people at IsraTransfer to explain their service on this blog for whomever has need of such a service.
Have you been wondering why the bank charges so much in fees when you want to send money over from back home? Well, the answer is, because they can. Don’t worry, we’re here to help!
IsraTransfer is Israel’s premier wire transfer specialist for individuals and businesses. We offer various services to fit your needs. IsraTransfer is also the exclusive operator of the AACI Foreign Exchange Program which offers the most secure transfer alternative to your bank.
The Service
Our basic service is simple: A client sends us funds (bank transfer only) in a foreign currency (i.e. USD, GBP, EUR, etc), IsraTransfer converts the funds into Shekels with the trading desk of the bank at a wholesale rate, and then send the Shekels on to the client’s bank account. No receiving fees, no converting fees, and the best rates.
For Individuals
The most prominent reasons individuals transfer money into Israel are for property purchase and Aliyah. While most transfers for these purposes are simple money-in money-out operations, IsraTransfer can also help you with strategic transfer planning to ensure you are getting the most out of your foreign exchange.
One of the other main reasons for making transfers is fixed income such as Social Security, pension, or other investments. This is an area we deal with frequently and we can help maximize your payments.
If you are planning on making Aliyah, buying a home in Israel, or simply need to make regular payments into Israel - contact us!
For Business
There are a few services we offer for businesses that work internationally. Some companies have the need to transfer money in between the organization, such as for payroll and billing, other organizations do business overseas requiring payments for goods or services, and some businesses collect money in Israel for services.
We offer companies the same basic transfer setup for regular payments, but we also have risk solutions available for companies that are exposed to the fast-moving currency market. Hedging offerings include Forward Contracts and Currency Options. IsraTransfer can help your business with the right solution to fit your needs.
IsraTransfer’s team has over 20 years combined experience in the foreign exchange market and we have a deep understanding the global currency market. Please feel free to contact us at any time by phone 074-701-8887 or email info@isratransfer.com. You can also read our great interviews and article on our blog.
We would love to hear your thoughts, questions, and issues on money transfers and currency exchange. Please leave us a comment below!
Israeli Investing 101
I’ll be blunt. When it comes to investing, most people have no idea what the hell they’re doing. But it doesn’t have to be that way. Israel’s financial system has a fantastic system in place in order to help people invest safely and wisely. And the best part is that quality, objective financial advice is usually free.
Before you need to invest, you need to know why you are investing. Investing in order to save for a down payment on a mortgage is not the same as investing in order to preserve the value of money, nor is it the same as investing for retirement. Each of theses goals has a specific rationale behind it that impacts the risk one is willing to take, the amount of investment and the oversight required.
Once you know why you are investing and how much you are looking to invest, the next step is to find someone to help guide your investments. In Israel, the person to look for is a yoetz hashkaot, a certified investment advisor. This is not the same as a meshavek hashkaot, someone licensed to sell investments. Only a yoetz hashkaot is entirely objective, a term with significant legal ramifications. Buying investments from a meshavek hashkaot is like buying a second hand car and relying on the car salesman for a fair assessment. I am not saying that the meshavek hashkaot is lying, but his goal is to sell you the best financial option that he has to offer, not necessarily the best financial option from among all the options available.
Finding a yoetz hashkaot is easier than you think; just go to your bank and ask for one. Speaking with your yoetz hashkaot at the bank and receiving his advice an analysis is free, although the bank does take a commission of 0.4% – 0.7% on buying and maintaining some investments. Some banks do not offer investment counseling unless you have a lot of money. If you have a bank like this, I suggest speaking with the manager or telling your banker to #&@% off; many banks offer free advice, regardless of how much money is being invested. I bank at Mercantile, and I received free investment counseling even though I began with only NIS 7,000 (I am not sure if the policy of offering and limiting investment counseling depends on the bank or the specific branch.)
Alternatively, you can look for a private yoetz hashkaot who will take a different commission (or maybe just a fee for his advice and analysis) and will do the buying and selling of investments for you or show you how to do it yourself. If your Hebrew isn’t that great and your bank doesn’t have someone who can speak English, it may be worthwhile to find a yoetz hashkaot who speaks English. Also, if you’re not comfortable with your bank’s yoetz, you should find a private one. Just make sure that the person you find is a yoetz hashkaot, not a meshavek hashkaot.
Once you know why you’re investing and you have a yoetz hashkaot, you’re almost ready to go. The yoetz will begin by explaining his liability to you and then give you some simulations to test how you feel about risk. In most cases, your yoetz will take a few minutes to talk you out of investing in the currency market and begin to direct you to mutual funds (as a Dave Ramsey fan, I appreciate this). Depending on your adversity to risk, the yoetz will find a few funds that match your preference. Finally, you’ll compare funds by discussing the risk, the sharpe, and fees.
A good yoetz hashkaot is not just someone who can give you good advice, but is also someone who holds your hand and explains everything to you clearly so that you can make a decision. Let me say that again – so that you can make a decision, not him. Don’t invest anything if your not 100% comfortable with the decision.
What has your experience been investing in Israel? Is there a bank or yoetz hashkaot that you recommend?
Freelancing in Israel: Oved Atzmai vs Billing Company
Congrats, you’re considering starting your own full time business. Or maybe you’re just looking for a little money on the side. Sooner or later, someone is going to want a cheshbonit mas (tax receipt) and its time to stop working under the table; it’s time to register as a freelancer.
In Israel, you register as a freelancer or Over Atzmai (hereinafter OA) as either an osek patur or osek murshe. An osek patur earns less than NIS 76,884 and does not charge VAT for his services. If an OA makes more than NIS 76,884, he or she registers as an osek murshe. An osek murshe does charge VAT, but can reclaim VAT on business expenses. You can change from an osek patur to an osek murshe mid-year (when you come close to the 76,884 line you have to change your status) and once you are an osek murshe, you cannot be an osek patur again for at least two years. Finally, some professions such as accountants, lawyers and doctors may only register as an osek murshe. Regardless of what you choose, the process is the same: register at the tax authority, then mas hachnasah, and then bituach leumi Once you are registered, you have to file regular reports, prepay VAT every so often (for an osek murshe) and file an annual report.
Sounds difficult. Is there an easier way?
I know, the reason you became a freelancer was so you wouldn’t have to leave the couch and put on pants; going to so many government offices seems out of the question. Fear not, there is an alternative; you can register with a billing company. A billing company is a company that hires you as a worker. You work as a freelancer, the company does your billing and the company takes a small cut of your revenue and pays you as a worker. Since you are working under the guise of another company, you pay both the employer and employee side of all taxes and investments. Billing company freelancers (hereinafter BF) do not issue personal receipts, but send the money to the billing company and then ask their billing company to issue a receipt. All that the billing companies ask for in return is a small percentage of your revenue.
So which is right for your?
This is a very complicated question that gets to the heart of a very important matter – tax planning, or more honestly, tax avoidance. With tax rates as high as they are in Israel, saving money on your taxes can mean a world (or at least a paycheck) of difference.
1) Tax deductible expenses: Expenses are deductible for both OAs and BFs. The only difference is that OAs can also deduct some living expenses (a portion of arnona, electricity, water and va’ad bayit). In addition, OAs who are registered as an osek murshe and BFs can also receive back VAT on most expenses (for some such as a car and cell phone, you only get back 2/3 VAT. Car rental expenses receive no VAT at all). Click here for a full list of deductible expenses for an OA including VAT reimbursement rates.
2) Charging VAT: Despite popular belief, VAT is more of a tax on the seller than on the buyer. Like all taxes, it leaves a tax incidence, but in a world of many suppliers, VAT is really less of a 16% sales tax on the consumer and more of a ~14% tax on the supplier. An OA is allowed to not pay this tax as long as he is an osek patur. One he is an osek murshe, then he is in the same boat as the BF, who always charges VAT.
3) Bituach Leumi. OAs pay 9.82% on all salary below 60% of the average wage (meaning on the first 5,000 of revenue) and 16.23% on all revenue after that. BFs pay 3.95 on the first portion of revenue and 17.9% afterwards. This means that until ~ NIS 14,200 revenue BF’s pay less, but after 14,200 revenue, OAs pay less. All in all, the difference is not that significant until an OA starts making a lot of money. Another difference is that OAs pay a minimal amount of Bituach Leumi (NIS 212) every month, whether they receive income or not. BFs only pay bituach leumi during months they receive income.
4) Pension: Both BFs and OAs can put aside money for pensions. BFs can put aside up to 7.5% from the employee side (which means after tax money, but 35% of the deposit is a tax credit, 7.5% from the employer side (tax and bituach leumi exempt money), and up to 8.33% for pitzuyim (also, tax and bituach leumi exempt money). Note that the percentages from the employer side turn out to always be a bit less than listed above because these are percentages of your declared salary after you remove the deductible and refundable expenses, including the hishtalmut and pension (there is some complicated math in this). OAs can also put aside money for a pension, 5% from the employee side and 11% from the employer side (both have the same tax deductible policies mentioned for a BF).
5) Hishtalmut: One of the best ways to get some money past the tax man is by paying to a keren hsihtalmut. Typically, a keren hishtalmut, allows a worker to pay in 2.5% of his or her income, which the employer matches with 7.5%. Since BFs are paying both the employer and employee side, this means that they get to pass the 7.5% through tax free and bituach leumi free (Note: like pensions, percentages are a bit less than 2.5% and 7.5% because these are percentages of your declared salary after you remove the deductible and refundable expenses, including the hishtalmut and pension). Similarly, an OA may deposit 2.5% from the employee side, but only 4.5% from the employer side.
6) Social Security: This is where the OA’s have it rough. If you’re an American and registered as an OA. you’ll have to pay 15.3% of your revenue (before taxes, but after deductibles and bituach leumi) to the US government for social security. This is sometimes a good thing, because if you’re close to having 40 quarters, being an OA can push you over the edge, but it also means you’re going to be paying a lot of extra taxes. (For those interested, I plan to have a post discussing the social security issue at length in the near future). Again, this tax does not apply to BFs at all.
7) Billing company fees and accounting fees. Billing companies charge a certain percentage of your initial revenue as a fee for its services (the fess is paid on revenue after removing VAT, but before removing expenses.) This fee covers not only billing, but all Israeli accounting expenses you’ll need throughout the year including deductions, refunds and tax planning (fees range from 4% – 7% with a maximum fee per month). Similarly, an OA requires the services of an accountant. I know there are many OAs out there who choose to do it alone, this is often a huge mistake. The major perk in being an atzmai is the ability to utilize tax exemptions and if a worker is not using an accountant he or she risks either not taking advantages of all the tax advantages at his or her disposal or, conversely, committing fraud. The cost of an accountant is usually between NIS 1000 and 3,000 a year for preparing an annual report. Obviously this price varies depending on the extent of the time and service you need from your accountant.
Some final thoughts:
There are a variety of billing companies that can offer you their services (Yeul Sachir, Atzmai Sachir, Autotax, Cheshbonit Sachir, Sveram & Taxpay to name a few.) When choosing a billing company, it is important not only to look at the fee, but the level of customer service offered. I have heard good reviews from customers from Yeul Sachir. If you have worked with any of these companies, please share your experience in the comments below.
Many choose to be an OA because issuing a receipt from one’s own company looks more professional.
Despite what many say, and what I have been told in the past, it is not a big deal to close a tik. Just speak to your accountant and he or she will probably do the paperwork for you for a small fee.
This is the first time I am posting about this topic and I anticipate feedback and corrections. I’m going to be on vacation next week, so if there is any problem, please e-mail me and I’ll correct it when I come back. In the meantime, please enter any comments relevant to this topic below.
more than just food: items you can and should buy in the shuk
Back in the old country, I would search websites and stores in order to find a bargain, but here things are different. In a country where Amazon.com means nothing and price tags are only a suggestion, shopping is less about making an informed decision and more about finding your prey and going in for the kill. As any Israeli knows, the best place for aggressive energetic shopping is the shuk. But while most people think of the shuk when buying food, there are tons of bargains to be had on other items as well. For example:
(1) Children’s toys: I know, I spoil my child, after all, everything I ever bought for my son was imported all the way from China and/or Vietnam. Lead paint and child labor jokes aside, if you’re looking for something simple like a toy truck or a doll for a young child, there is no reason to spend 5 times as much on an identical item in a toy store. There may be some toys which are worthwhile to get in the store, but the overwhelming majority of toys for your children (and their friends’ birthdays) can be bought in the shuk.
(2) Linens and clothes: If you’re looking for a nice suit, I wouldn’t recommend beginning with the shuk; but if you’re looking for socks, undergarments, towels, sheets, t-shirts and shorts, there is no point in spending tons of money in the mall when the shuk offers the same thing for less than half the price.
(3) Electronics and Kitchen utensils: While fancier electronics should be bought at a place with a suitable warranty, simpler household items such as an iron, kettle, space heater, toaster oven, bug zapper, hair curler and telephone are significantly cheaper in the shuk. Also, common kitchen utensils such as pots, pans, knives, tenderizers, silicon tins and more are usually available in the shuk for very cheap.
Alternatively, these items can be found at bargain prices in Haredi neighborhoods as well.
What other items do you buy at the shuk? Is there an alternative place you go to buy some of the items mentioned above for cheaper prices?
the hidden costs of ‘free’ travel insurance policies (from Ha’aretz)
Haaretz put out a great article about the buying insurance when going abroad:
The hidden costs of ‘free’ travel insurance policies
Nobody wants to think about ending their vacation in the hospital. That may be why, unlike car, health and life insurance, travel insurance is usually a last-minute affair.
Nobody wants to think about ending their vacation in the hospital. That may be why, unlike car, health and life insurance, which most people investigate thoroughly before choosing a provider – consulting with friends and experts, comparing prices, even (shudder) reading the policies – travel insurance is usually a last-minute affair, arranged in between packing your bags and checking the weather forecast at your destination.
Another reason people take travel insurance so casually could be that it’s relatively inexpensive. Somebody offers you a policy with your ticket, or you get it through your credit card. Roughly half the travel insurance policies in Israel are issued by the country’s health maintenance organizations, the kupot holim, according to estimates by industry insiders. Most of the rest are from credit card companies and travel agencies, while actual insurance agents are believed to control only 10% of the market.
The price differences among these sources are negligible. But when it comes to coverage the differences are significant, making it important for travelers to do a little homework before setting out for the airport.
1 Don’t make do with the free coverage provided by your credit card issuer. It may not cover the cost of hospitalization.
The credit card companies do not charge customers for basic travel coverage, and in some cases it is automatic; the customer doesn’t even need to contact the company for it to kick in. The problem is that free policies tend to have more constraints and limitations than policies you pay for. Any serious injury or illness requiring surgery or protracted hospitalization will probably leave the policy holder owing huge sums to the overseas hospital.
That’s because they do not provide for full reimbursement. Free policies issued by the credit card companies set a cap on daily hospitalization and other costs, while policies that cost money generally cover more.
For instance, the Visa Cal credit card company will pay up to $450,000 for hospitalization and other medical costs, but has a $2,000-per-day limit on hospitalization reimbursement. If your medical care costs more per day (or in total ), you are responsible for the balance. Isracard has the same daily cap. Leumi Card’s is lower, at $1,350 a day. Sources in the insurance sector say hospitals in Europe and the United States charge at least $3,000 a day.
The credit card companies do offer policy upgrades – for a fee, of course.
2 Do you have high blood pressure, heart disease or some other preexisting condition, chronic or otherwise? You may need special coverage as part of your travel insurance.
A preexisting medical condition is a “medical condition for which the policy holder received drug treatment, medical care or hospitalization in the six months before the trip,” says Michal Weiner, head of the medical-insurance and personal accident department at AIG Israel. If you travel abroad without coverage for a preexisting medical condition that causes you trouble you will wind up footing the entire cost of care yourself, she warns.
The credit card companies’ basic, free policies do not provide this coverage; you can get it, but you have to pay.
Anyone with a chronic condition such as asthma, slipped disc, heart disease or diabetes – even if the condition is stable – should think about this carefully.
Of the kupot holim, Leumit and Maccabi each offers a one-size-fits-all travel insurance policy that cover preexisting conditions. Clalit and Meuhedet both offer riders, supplemental insurance, at a reasonable per diem rate.
3 Even if you bought an insurance policy through your health care fund, it isn’t the actual insurer, and the actual insurance company won’t be aware of your medical condition. You should advise your insurance agent accordingly.
A few months ago the insurance commissioner at the Finance Ministry, Oded Sarig, issued a draft clarification on medical insurance policies sold by insurance agents, which for the purposes of this article include the health-care funds.
One of the reasons for his paper was that, as Sarig noted, a health-care fund member could mistakenly think that when they purchase travel insurance from their health care provider, the policy is tailored to their medical profile. That’s a big mistake.
“The policy holder figures the health-care provider knows them thoroughly and checked their medical records before offering the policy, but it isn’t so,” says Yaron Baron, sales manager at the DavidShield insurance agency. “The kupat holim is serving as a marketing channel. Clal Insurance or Harel is providing the actual insurance.”
4 Usually a $500,000 policy is adequate. All travel insurance policies have a coverage ceiling of between $500,000 to $1 million; the truth is that the number usually doesn’t matter much.
“In most cases the coverage offered by medical and hospitalization policies is high enough,” says Baron, even though his agency offers PassportCard, with coverage of up to a million dollars. He thinks the number is mainly a marketing gimmick: He says he cannot recall a single case of a traveler needing more than $500,000, the lowest ceiling of any Israel travel insurance policy.
That does not mean that such cases do not exist, of course. Gabi Nakibly, VP marketing and sales at Clal Health Insurance, recalls the case of a customer who collapsed while in the United States and ended up in the hospital for 10 weeks. The bills came to $2 million. “Since we have working relations with hospitals, we managed to get the bill reduced,” Nakibly says, adding, “But that was an extreme case.”
5 Tailor your policy to your trip. If you’re going to spend your vacation mountain-biking on single-track trails skirting deep gorges, white-water rafting or doing some other extreme sport, do mention it to your insurance agent so you can purchase appropriate coverage. If you’re taking along expensive equipment mention that too, and find out how to get it insured as well.
Note that standard baggage insurance also has a cap, usually $1,000 per piece but sometimes as much as $3,000.
If you’re taking expensive items, such as a laptop, gold jewelry or a smartphone, you’ll need extended coverage.
6 Make sure your travel insurance picks up the cost of flying you back to Israel for medical care, if necessary. It will raise your premium for your entire trip by about $15 at Meuhedet, for instance.
7 No matter what insurance policy you buy, there will be co-payments: You will pay part of the bill. How much depends on the policy and the issuer.
And one other thing. Make sure to hold onto all your receipts; without them your insurer won’t reimburse a single cent.
the best time to buy
Sometimes getting the best deal isn’t just about where you go, but when you go as well. Once a year, lifehacker.com puts together a list of the best time of the year to buy everything.
I think most of the items in this article apply here as well.
What items do you think have a different best time to buy in Israel?
yad2 – another man’s treasure
A few months before we got married, my wife and I began searching for some furniture for our new home. Luckily, we had friends and family with an extra computer table and even a dining room table. The only thing we had to pay for was our bed. Unfortunately, the only decent bed we could afford was a child’s bed with a second pull out high-riser.
Or so I thought. Like most Americans of my generation, I was taught that giving your old stuff to charity is a great thing, but buying second hand is just not done. So we bought a new bed, even if it was bottom of the line. I didn’t have the ₪ 3,000 for a brand new pair of beds, and certainly not enough to get actual mattresses.
As the years began to pass, a lot of the furniture we received broke, fell apart, and even just wore itself out. The first to go was our computer chair which, due to a pipe bursting, got wet inside of the material and began to fill up with mold. I looked around the internet for a chair until I somehow came across yad2.co.il and saw that someone was selling a brand new black computer chair for only ₪ 100.
And so, my love for yad2 began. When my dining room table broke, I found a second hand dinning room table and chairs for ₪ 200. When my son’s stroller was stolen, I got the upgraded version of the same stroller for only ₪ 250. And when my son celebrated his first birthday, I got him a full sized bean bag (פוף) for only ₪ 20.
Yad2 has more than just second hand bargains; it has a section for stuff being offered for free as well. It was through yad2 that I found a feeding chair for my son, as well as several toys and books (in English and Hebrew).
After 4 years of slowly learning that second hand was okay, my wife and I came full circle and decided to get a normal bed. After searching for a couple of weeks, we found a slightly used pair of beds (with הפרדה יהודית) and mattresses for ₪ 550, a little more than a third of the original price we paid for our new bed 4 years ago.
If you need any furniture, I highly recommend using yad2. Whether you are a student, a couple just starting out, or simply someone who likes to find a bargain, yad2 has a ton to offer. The most important thing when using this site is patience. You may not find your ideal dining room table the second you look, but it will very likely appear within 6 weeks.
PS – June through August is an especially good time to buy second hand items, as it is the time of year when many people move. You can also check Janglo for lists of second hand goods from people moving back to the United States.
Do you know of another good site for second hand goods? If so, please mention it in the comments below.
simple tips to create an effective budget plan
Hi. In keeping with the last post’s ending about the importance of keeping a budget, no matter how simplified the budget, the following guest post was submitted outlining a few steps to get going in the right direction. In the next post, we’ll get back to housing solutions.
Author’s Bio: Sophie Kinsella is a contributory guest columnist for various websites and communities including Oak View Law Group and CMFA . She has completed her Graduation in Finance and is currently working with an Investment company located in California. She has written some great articles on topics like bankruptcy, investment opportunities, debt management plan and more.
People are generally afraid of formulating a budget plan but it is an essential part to manage your finances. Consumers who did not plan a budget they generally incur insurmountable amount of debt as they start spending recklessly. If you are struggling to pay off your debt then formulating a debt management plan can help you eliminate your debt. If you hire a debt management company then the credit counselor will evaluate your financial situation and create a budget plan so that you can pay off your debt with ease. If you are preparing your own budget plan then here are the following things that you need to keep in mind:
1. Calculate your owed amount:
Try to calculate your total amount of debt you owe to the creditors along with the interest on it. Write down amount of debt your need to pay back in descending order of the interest rate. You need to keep aside a potion of your income so that you can start paying off your debt. Put extra money towards high interest loan so that you can eliminate it immediately.
2. You need to plan your budget according to your financial state. Therefore, track your income and expenses as it will help you prepare a stringent budget plan. You can maintain an excel sheet where you can incorporate your daily expenses as it becomes easier to track your monthly expenses.
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Items |
Week #1 |
Week #2 |
Week #3 |
Week #4 |
Monthly Expenses |
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Groceries |
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Transportation |
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Electric bills |
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Medical expenses |
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Emergency exp. |
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Entertainment |
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Total weekly expenses |
This chart will help you check whether your expenses exceed your income.
3. Curtail your extravagant lifestyle:
When you plan your budget then your prime objective should be to pay off your debt. You can curb your lavish lifestyle to utilize the money to pay off the debt. Avoid eating at a plush restaurant when you can arrange a good sumptuous dinner at home. You can reduce you unnecessary expenses like gym memberships, splurging on branded clothes and curb your entertainment expenses. The money you save can be used towards paying off your debt.
4. Open an emergency fund:
You can set aside a portion of your income in the saving account as it can be used in time of financial crisis. If you have an emergency fund then you don’t need to skip your debt payment to pay for the unexpected expenses.
Budgeting is about managing your finance in an organized manner therefore you don’t need to panic while planning your budget. It will help you secure your financial future and liberate you from debt.
components of a financial plan
I am not sure at what point after I began trying to take control of my finances that I realized I had no idea how to know if or when I would actually attain the control I was seeking. When would all the obsessive research and spreadsheets be enough that I could confidently say that I was in control of my finances?
While there is no magic formula for the perfect financial plan, I knew that whatever plan I’d follow, I would have to take into account four phases of my life: the present, the unknown, the past and the future. Below is the list I compiled of the major components of my financial plan:
(1) The Present: Make sure you spend less than you earn
- (a) Live on a budget – this means composing a monthly spending plan, including your fixed expenses, variable expenses and tzedakah
- (b) Occasionally review and attempt to reduce expenses
- (c) Increase income – this includes watching your investments (for example, your keren hishtalmut) to make sure you are getting the most out of your money.
(2) The Unknown: Plan for occasions when things do not go according to plan
- (a) Build an emergency fund – follow the advice of Dave Ramsey’s baby steps
- (b) Make sure you have the correct forms of insurance (if you are unsure what insurance you may need, see my series about insurance: Part 1: an overview of the different kinds of insurance and Part 2: how to buy insurance)
(3) The Past: Deal with your financial past
- (a) Pay off your old debts (use the debt snowball)
- (b) Change your mindset (#$@& the Joneses!)
(4) The Future: Plan and build towards your ideal future
- (a) Compose an Estate plan so you can control what happens to your money and other important assets when you die
- (b) Learn to choose and manage your Keren Pensia: If you are unsure how to go about this, please see Shomer Shekalim’s series on the Israeli pension system here.
What other items do you think are important to a financial plan?
PS – As you can see the plethora of links above, I have written on all of the subjects above except one – planning for an estate. If anyone has had any experience and would be willing to speak to me about it or write and article, please contact me at jonnydegani@gmail.com.
