What to do with your hard earned dough.
‘Dear Oneika, where do you store your money since you have lived and worked in so many places?’
Ah, money… Always a concern whether you are travelling or not!
Over the years, I have gotten many permutations of the above question. The answer, unfortunately, is not so cut and dried.
I credit myself with making some really good financial moves in life that have allowed me to save a good amount of money all whilst financing my travels.
However, truth be told, while I am great at saving, I have not made the smartest decisions when it comes to storing my hard earned cash. After living in a number of different countries over the last few years, I have a number of bank accounts scattered around the world. Many of these have very low interest rates, which means that essentially my money is sitting dormant in an account collecting dust and not growing — a real shame.
Having a number of my friends and loved ones working in finance, I am not without help to figure out how to invest my dollars, pounds, and euros. Lately, I have been investigating the possibility of stowing my savings in a high interest offshore bank. However, the notion of starting up a specialist off shore bank account seems foreign for someone as clueless about the financial markets as me. Off shore banking has always seemed something for millionaires, and I am far from being one.
That said, upon sleuthing, I have discovered that these types of bank accounts are far more common for regular folk like me than I would have thought. Since banks in places like the USA and Canada are often limited in the amount of interest they can pay on their clients’ accounts, many regular people (not necessarily money savvy) have been looking for open up accounts in exotic and far flung destinations. Countries like Hong Kong (my current place of residence) make it easy to set up high interest accruing bank accounts, so I may just end up making the leap sooner than later!
While it would appear that the opportunities for this sort of thing are endless, I would highly recommend thoroughly researching the possibilities before commitment to any one country or financial institution. Any extra money you make off interest could be used to fund another trip, after all!
How do you invest your money? Do you have any bank accounts outside of your home country or country of residence?
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