5 important investment decisions you should make before the end of the year
There is only 8 weeks until the end of the year, which means now is the time to look at your financial situation. There are important assessments and decisions to make which can benefit you into the new year and beyond.
Some of these action points below will apply to everyone and some are more specific depending on where you live or the passport you hold. In all cases, you should contact us at Black Swan Capital and we will help you through this decision making and assessment process to ensure you are in the best position before we close out the year and roll into 2025.
5 assessments to make:
1) If you are a resident in the Netherlands and not on 30% ruling, it is the right time to consider your asset position and to think about your Box 3 tax position for 2024. As we always state we are not tax advisors and will not give specific tax advice- you need to speak with a regulated tax adviser for that- but we can say there has been much change and there remains a degree of uncertainty around wealth tax in the Netherlands. Depending on your situation, you may wish to look at the pros and cons of box 3 exempt groenfonds. You will need to assess how it might fit in with your financial plan and then determine when and how to utilise this strategy. Book a meeting with us to see how this can help you.
2) If you are US connected it is a good time to consider the impact (advantage or otherwise) of realising capital gains or losses on your US tax position in relation to your broader financial position. Your US tax adviser can help with this. Depending on where you live, it is also a good time to weigh up whether you can, or should add to your Roth IRA, and more broadly, how you are managing your US pensions. We can help you with your US pensions as well, so speak with us to make sure they remain on track.
3) If you are an expat in Germany, now is the time to look at whether you should be using the tax efficiency of Basis Rente and other German personal and employer pensions. Speak with us and we can see if this is relevant for you.
4) This one applies to everyone: the Review your financial position. If you haven’t done this in the last few months, we recommend you do a review. You can book a financial review with us. We will review your financial plan, your targets, your cash flow, assess your progress towards your targets, and importantly make recommendations for how to make the most of the next year ahead.
5) Finally, revisit your budget and if you haven’t done this already, prepare for the festive season cost bulge. This can help you to identify how inflation has impacted your quality of life and what adjustments you need to make. Keeping ahead of your cash flow and the many incidental and often invisible costs, can have a multiplying effect on your quality of life and achieving your financial targets. And planning ahead for the end of year additional costs can avoid the discomfort of overspending and leave you well prepared to enjoy the season.
At Black Swan Capital, we work with international professionals in Europe to cover all aspects of their financial lives helping them to stay on track and achieve their life goals. If you would like us to help you, or you know anyone that could benefit from our advice, contact us at info@blackswancapital.eu.
This article provides general information only and does not constitute financial advice. You should always seek regulated advice specific to your circumstances and not act solely on general information.
