Looking for advice, criticism, and guidance

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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Topic Author
retirementandpf
Posts: 31
Joined: Tue Apr 16, 2013 6:34 pm

Looking for advice, criticism, and guidance

Post by retirementandpf »

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Calm Man
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Re: Looking for advice, criticism, and guidance

Post by Calm Man »

Wow. FIrst the educational cost more than offsets the health care savings. That is for one kid as you point out. The other may get a substandard education because of costs while the first doesn't? As a parent I couldn't do that to one of two children. But nobody here can possibly advise you on this decision. It is not an economic one. Living in Turkey would be unfathomable to many of us and maybe some would love it. But a comparison of living in Turkey vs the US is apples and oranges. Is the wife, a native American, happy living in Turkey? Are your employment options good and possibility of advancing good?
ThatGuy
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Re: Looking for advice, criticism, and guidance

Post by ThatGuy »

Will both children end up staying in Turkey? I wouldn't be surprised if the elder one bolts back to the states for college, or elsewhere, for instance. Would you be happy living in a different country from a child?
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livesoft
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Re: Looking for advice, criticism, and guidance

Post by livesoft »

Your questions are really unanswerable, except I would not bother with a 529 plan if I was living outside the US.

Not for the OP, but for others reading the thread: I don't see a problem with living in Turkey and raising a family in Turkey. I have visited Turkey and my spouse has been there more than once.
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Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

livesoft wrote:Your questions are really unanswerable, except I would not bother with a 529 plan if I was living outside the US.

Not for the OP, but for others reading the thread: I don't see a problem with living in Turkey and raising a family in Turkey. I have visited Turkey and my spouse has been there more than once.
Agreed! My wife and I visited Istanbul 4-5 times before we moved. For us, there is not much difference between New York and Istanbul except Istanbul offers more life style choices such as family, food, etc. for us.
GenXer
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Re: Looking for advice, criticism, and guidance

Post by GenXer »

Sounds like a wonderful experience for your whole family, including the extended family.

You've lived in Istanbul for ... 2 months? I'd hold off on selling and buying real estate for awhile. You've got a little less than 5 years to sell your NY home to qualify for the homeowner's exclusion (two of the last five years, right?). You might not want to wait that long, but I'd give your family at least another year, preferably two, to make sure that living in Turkey is something you want to do indefinitely. Your work situation could change. Or the political situation. Or your wife could start longing for home. Give yourselves a bit more time.

Second child's schooling. Again, you've got a few years to figure this one out since it sounds like s/he was born in 2013. Relax and let your older child's experience at the international school unfold. You'll meet people whose kids go to the local public school and decide whether that sounds like a good option. (Just make sure that 2nd kid learns how to read, write and speak English as well as the first--that'll help with opportunities in education, work, etc. It's surprising how many ex-pat English and Americans I met in Spain whose children didn't really speak English well.)

Good luck!
Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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reggiesimpson
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Re: Looking for advice, criticism, and guidance

Post by reggiesimpson »

To be blunt i see nothing but turbulence for your children. Plan on staying for a limited amount of time and explain that to your children. Set your eyes on moving back to the U.S.
livesoft
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Re: Looking for advice, criticism, and guidance

Post by livesoft »

To be blunt, I know many families who have had young children living overseas. I know many folks who lived overseas as young children with their parents.

As for turbulence, I won't mention all the children killed in the US by senseless violence.
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reggiesimpson
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Re: Looking for advice, criticism, and guidance

Post by reggiesimpson »

livesoft wrote:To be blunt, I know many families who have had young children living overseas. I know many folks who lived overseas as young children with their parents.

As for turbulence, I won't mention all the children killed in the US by senseless violence.
And thats why the OP came here for advice. He gets your opinion and mine along with many others.
Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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snowman
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Re: Looking for advice, criticism, and guidance

Post by snowman »

I had to respond to this post, as it really brought back some memories!

My wife and I we contemplating similar move years ago when our kids were little. I am a dual citizen (not Turkey, but that's besides the point), she is US citizen only. My entire family is overseas, hers is here in the US, yet it was my wife that was more comfortable with the decision to move. I know how you and your wife feel, so congratulations on the move! In the end, we ended up staying, mostly because at that time we did not have self-employed income like you do. Plus, she was at home with kids, so I would have to quit my job, move overseas, and then look for some sort of self-employment opportunity. We decided to stay, although both kids spent summers there and at one point in time lived there with my family so they could go to local school just for the experience. It was their choice, and they both loved it! You cannot explain any of this to Americans who think this is the safe center of the universe, and the outside world is one big scary place, so just ignore those comments and enjoy the experience.

Anyway, back to your questions.

1. Real estate is very local, so it's hard to advise. We were contemplating buying vs. renting, mostly because rental properties were small apartments and houses were generally not rented out. A lot depends on where all your family is located etc., so I don't think anyone can give you clear answer on that.

2. Bad idea, simply because you are differentiating between your 2 kids who gets what kind of education based on finances. I would give them both the same opportunity, unless it's the kid that begs differently. We faced the same dilemma - free local school vs. $15K "international" school. Our thought was definitely local, for 2 reasons: 1. we wanted them to be immersed in the culture, and to make friends with kids whose parents had similar values to ours (if not means); 2. the international school was overall better than most local schools, but nowhere near the top public schools in the US, plus it attracted kids of local "rich" parents in addition to some expats. Depending on your values, you may or may not have a problem with that. The point is you did not get much for your money. The school where my kids went to for a semester later on was a local one with focus on math and science; it was a good choice. If I were you, I would research all local options if you have not already; international school may be better, same, or worse, unless your older kid is not 100% bilingual and therefore international school becomes "easier", though still not the only option.

3. No. Even if you stay that long in Turkey, your kids will more than likely go to college in the UK or US, potentially elsewhere in Europe or even Turkey. It's a choice you will be making together, with the kid being primary driver, so I would not lock my money into 529.

4. Again, personal decision. I would sell. Your taxes are going to be complicated enough going forward, you will have to file US tax return until the day you die, no matter where you live! I would sell just to simplify my life.

Which brings me to another point - taxes. It's not going to be easy, so give it some thought if you have not already.

I wish you and your family good luck! I think you made a fabulous decision, and you and your kids are going to be rewarded for it in many different ways in the future. Feel free to ask if you have any other questions.
Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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reggiesimpson
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Re: Looking for advice, criticism, and guidance

Post by reggiesimpson »

Housing market on Long Island (for sellers) is looking good http://online.wsj.com/news/articles/SB1 ... 4026086106. Sell, keep or increase rent?
HurdyGurdy
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Re: Looking for advice, criticism, and guidance

Post by HurdyGurdy »

You could even hire a very well trained Greek Mathematician or Violinist as a private tutor for your kids, for not much money.
Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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Topic Author
retirementandpf
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Re: Looking for advice, criticism, and guidance

Post by retirementandpf »

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HurdyGurdy
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Re: Looking for advice, criticism, and guidance

Post by HurdyGurdy »

I'm serious, I was listening to the radio, a program about the massive migration of well prepared Greek young people to Turkey, many of them trying to make a living there. Of course you will know better.

There it is: http://www.eurasianet.org/node/62990
http://pri.org/stories/2013-03-04/turke ... elves-less
Yeah, not many yet it would seem.

Afterschool tutoring I was thinking.

Anyway, it sounds like good plans, in a very interesting place. Can Turkish students easily attend other European universities? And there are good Turkish universities also, at least I see plenty of papers written by Turkish faculty.
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