Moving to a new country can be an exciting and challenging experience. When it comes to managing your finances in the U.S., there are a few things you can do to get started.
1. Open a bank account
Find a bank that suits your needs and open a checking and savings account. You’ll need your passport, visa, and other personal identification documents to do this.
Watch out for hidden charges, like balance minimums, that may eat into any interest you earn. Get a checking account with a very low minimum balance (sometimes no minimum balance if you get your paychecks directly deposited from your employer).
2. Establish credit
Building credit is essential in the U.S. if you plan to (or think you might) make large purchases like a car or a house in the future.
Start building your credit history by applying for a credit card and making on-time payments. Capital One is a good card to start with as they accept people with zero credit history.
Check back in with HorseGrooms for our forthcoming articles on establishing credit history.
3. Understand taxes
The US tax system can be complicated, so it’s important to familiarize yourself with the basics. You may need to file taxes even if you don’t earn income in the U.S. Use google, tax advisors, along with your network, to learn more about your specific tax situation.
Check out our article on employment types: W2, 1099, and LLC for more details.
4. Budget wisely
Create a budget that takes into account your income, expenses, and financial goals. This will help you stay on top of your finances and avoid overspending. Remember savings aren’t about how much you make but how much you take home after expenses and taxes.
Check out our future articles on budgeting for grooms.
5. Plan for emergencies
Make sure you have an emergency fund to cover unexpected expenses like medical bills, car repairs, or job loss. Try for at least 3 months’ worth of expenses to start, and slowly work up to a year’s worth if you can.
Remember, it’s always a good idea to seek advice from a financial professional if you have any questions or concerns. They may not cost as much as you think. Ask around.
This is NOT a financial, legal, tax, or investment advice.
This article is for educational purposes only. It is not advice. Why isn’t it advice? First, I don’t have the licenses necessary to advise you. Second, I don’t know your specific situation, which I would need to know in order to advise you (if I had the licenses, which I do not).
Whenever someone gives you advice, ask yourself these two questions above: do they have the credentials, and do they know your specifics? If either answer is no, treat their advice like a starting point of learning and not as advice.
Let these blogs serve as a starting point in your education, not an end answer. Only you can find your answers to your specific situation.
I love this horse community, especially the parts that come together to celebrate the majesty and generosity of the spirit of horses. I want to provide a starting point for you to learn and empower yourself with financial knowledge, and map your perfect journey through life.
My career: 32+ years as an institutional investor, specializing in technology stocks, corporate, and startup operations. I am an advisor and investor in public companies and private companies; authored the #1 Amazon Bestselling book $100M Careers: the 5 Fastest Paths to Wealth Beyond Your Wildest Dreams; am a financial coach through my $100M Career Amplifier program; have managed multi-million and worked on multi-billion funds; and have been a keynote and guest speaker for many events and podcasts, covering everything from careers, leverage, operations, and technology.