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Secrets to surviving first years in Israel - Labinsky Financial, Dec-2013

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Secrets to surviving first years in Israel - Labinsky Financial, Dec-2013

  1. 1. Secrets to Surviving Your First Years in Israel Baruch Labinsky MBA, TEP Licensed by the Israel Securities Authority Financial Planner/Investment Manager December 2013 www.Labinsky.com
  2. 2. What is Financial Planning? Not an event but a process Paradigm shift  Creating a personalized roadmap  Analogy of airplane  Lifecycle process 
  3. 3. Common Mistake #1 Continue financial life as if living in former country      Easier in many ways Currency issues Matching of revenue and expenses Lost Israeli opportunities (real estate) Investing
  4. 4. Common Mistake #2 Lack of financial goals  Create your definition of success  Both short term and long term goals Employment, retraining, hous ing, language  Align lifestyle to goals  Financial success is implementing goals
  5. 5. Common Mistake #3 Lack of understanding the system    Unnecessary expenditures Unrealistic expectations Inability to plan
  6. 6. The Israeli System  Understand Israeli tax system No universal reporting requirement  Teum mas  Tax credits, women vs men  Donations  10 year tax “holiday” for olim  Fixed investment tax 
  7. 7. The Israeli System #2  Bituach leumi When to start paying… or collecting  Income supplements  Maternity leave  Handicaps  Special exceptions committee  Pensions 
  8. 8. The Israeli System #3  Investing  Through the banks or brokerage houses  Currency diversification  US tax issues – PFIC  Fees vary greatly
  9. 9. EMPLOYMENT BENEFITS o Understand the Israeli employment benefits! o o Long term retirement savings plans o o o o Types of standard benefits – significant savings Bituach Menahalim Keren Pensia Keren Hishtalmut Self-employed business structuring options
  10. 10. Budgeting!!  Why critical in Israel?  Awareness  Solving financial problems  Improves control over resources  Prioritizing  Improves family communication  Goal tracking  Long term and unexpected  Most important tool you have!
  11. 11. General tips Live within your budget  Research prices - internet, friends  Negotiate everything!  Buy used - janglo, groopbuy.co.il, ebay  Check your bills  Plan ahead  Cash is king 
  12. 12. QUICK TIPS Find a „guardian angel‟  Educate yourself  Investigate oleh discounts  Research before committing   Accounts and policy information
  13. 13. Annual Statement of Net Worth  Monitoring your financial progress  Is the issue temporary or system  Easier to create reward system for an enjoyable process
  14. 14. Importance of Tracking
  15. 15. Importance of Tracking
  16. 16. Importance of Tracking
  17. 17. Available in stores in Israel and abroad
  18. 18. More information and mailing list signup www.labinsky.com 972 (0)2 991 0029

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