CHRIS EVERT:
Hi, I'm Chris Evert. Welcome to Episode 4 of What Moves You. An audio miniseries from Morgan Stanley in support of the WTA.
We're here to talk about some of the most common questions you have about money with Morgan Stanley Private Wealth Advisor Nadine Wong, questions like the ones I had over the course of my career.
NADINE WONG:
Hi, I'm Nadine Wong. I'm a Morgan Stanley Private Wealth Advisor and a Global Sports and Entertainment Director. I specialize in serving the unique and complex needs of professional athletes and entertainers.
CHRIS EVERT:
As tennis players, we travel all over the world to work and play. It was one of my favorite parts of the job - the travel. I had so many experiences that were wonderful and saw so many great places. But when it comes to getting paid and paying taxes, all that international work and travel can become complicated.
You're getting paid from a lot of different sources and a lot of different currencies. So there are some unique things to consider.
NADINE WONG:
Earning money around the globe can get complicated very quickly. Different countries have different tax rates, and rates and rules depend on your primary residence. It's important to find a qualified and licensed accountant who has experience in not only your country’s tax laws, but also international tax requirements.
That’s because you may be required to pay taxes in both your home country and in other countries where you earn income. Keep in mind, you want to work with a financial advisor who has experience working with the tax specialist you choose.
Here are a few other tips to help simplify the international parts of your finances:
Try partnering with a bank that allows incoming funds from different countries and multiple currencies. Reduce the number of currencies you keep on hand to the two or three places where you spend the most time.
Use a credit card that doesn’t charge for foreign transactions internationally, and then pay it off in your home currency.
Negotiate and shop around! If you have a relationship with a bank, ask if they can waive fees like wire transfers.
Let apps make your life more efficient. For example, there are apps that can track your location daily. You can download that data quarterly and email it to your accountant in order to check on your residency status.
These are just a few things you can do to save money and stay on top of your finances as you move around the world on tour.
CHRIS EVERT:
Working and playing all over the world is one of the great things about our lives in tennis. But just like you need your coach to help you stay at the top of your game, you need expert advice to make sure you stay on top of all the taxes and fees, especially so you're not spending more than you have to.
That's next time. Thanks for listening.
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