Ryan Eidson - Money Management for Cross-Cultural Workers

Praise for

Money Management for Cross-Cultural Workers

"It is refreshing to read and use such a clear presentation of the issue of finances for the individual missionary and ministry work. This information is easily accessible and will benefit anyone who is interested in starting or being a better missionary through the accountability of proven money and business practices."

Micheal J. Curtice, Th. D.,
Professor of Missions and Ministry,
Central Christian College of the Bible;
previously worked in Europe and India

"This is a helpful reference book that I would recommend to anyone doing cross-cultural work. "

Dale Hawkins, Executive Director
Outreach International

"Not all cross-cultural workers are gifted with administrative skills. In Money Management for Cross-Cultural Workers , Ryan has done an incredible job of breaking down the somewhat overwhelming lifestyle of a missionary into practical daily tasks that will make their financial accountability much easier . He has emphasized the importance of consistency in reporting and provided new habits that will give cross-cultural workers more time to focus on the primary goal of winning lost souls."

Julie Cheatum, Financial Director
Team Expansion

"Living in an East Asian country for two years was my fifth missions experience, but the first time in which I was 'long-term.' It was extremely important to me that my supporters knew where their money was going. After meeting Ryan and Lori overseas and seeing their approach with financial accountability, I immediately followed their example. This allowed me to keep track of my spending, which resulted in better money management and made it so easy to file my taxes. It also gave me peace of mind knowing that my supporters could track my spending and financial needs. Now off the mission field, I still track every dollar I spend!"

Keira Beck, physical therapist; previously served in African and Asian countries

Money Management for Cross-Cultural Workers

How to Control Your Finances and File Your Taxes While Living Overseas

Second Edition
By
Ryan Eidson

Money Management for Cross-Cultural Workers, Second Edition: How to control your finances and file your taxes while living overseas. Kindle version.
Copyright 2012 by Ryan Eidson. All rights reserved. Published by Copper Coin Press, Macon, MO.
ISBN-13: 978-0-9885294-0-3 (paperback)
ISBN-13: 978-0-9885294-1-0 (Kindle)
Some of the content in this book (included in review and reflection days at the end of each week) comes from a message Ryan taught his senior year of college entitled "Financial Freedom."
This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers & Associations.)
Visit www.crossculturalmoneymanagement.com for more resources.

Full Disclaimer

This book does not constitute the giving of legal or professional tax advice, but it is based on my experience and the advice of professionals with whom I have worked. Please seek the assistance of a tax professional to determine the best possible tax and Social Security outcomes for your situation. You want to make sure that you get all the deductions and credits you can. Don't rely solely on this guidebook to file your taxes!
The information in this guide is accurate as of October 15, 2012.
In this guide I notate several IRS publication and tax form numbers. You can type in the web links I give you, or you can easily search for and download them by number in the search box at the irs.gov website. Just type in f1040 for Form 1040, or p54 if you want the most recent Publication 54. That's an easy way to access the current year's files! All of the IRS resources notated in this guidebook are free.
I provide several web links to help you in your research and learning. Links with the PDF icon ( ) refer to a PDF document available for download.
You may visit www.crossculturalmoneymanagement.com/booklinks for a complete, updated list of all online resources listed in this book. Some of the links are affiliate links, meaning that I may get material or financial benefit if you choose to do business with someone that you linked to from me.
All websites listed herein are accurate at the time of publication, but may change anytime in the future or simply cease to exist. The listing of website references and resources does not imply an endorsement of the site's entire contents. Groups and organizations are listed for informational purposes, and listing does not imply full endorsement of their products, services, or activities.
Tax regulations may change by the time you read this. Always double-check the most recent guidelines with the IRS and with a tax professional.
By reading this guide, you agree that I am not responsible for the outcome of your personal financial decisions or business decisions. I am not responsible for changes to your computer hardware, software, or data relating to any information you act on presented here.

Contents

Preface to the Second Edition

Do you have a good method of keeping track of your money? Many people who travel extensively or live abroad find it challenging to manage their funds. The cost of living differences, currency conversions, bank fees, and other provisions can make it difficult to track your funds. My wife and I discovered these challenges firsthand while living in East Asia. During this time we developed a great way to keep financial records while utilizing multiple currencies in our daily lives.
This is a book for people living overseas or who plan to move abroad. As you follow these day-to-day examples and activities, you will grow in your record keeping skills. After you complete this book, I am confident that you will have excellent monthly reports, and with a little help from a tax professional, you will be able to file your taxes with ease.
I believe that in order to be a faithful steward of all that God has given me, I need to keep track of what I have! By following this book, I will teach you how to keep track of what is coming in and going out of your hands.
With so many payment options and accounts that we use today (checking, savings, cash, PayPal, and cards, not to mention using many of these in multiple currencies), it can be overwhelming at first to begin a system of record keeping. My encouragement to you: Take it slow. Follow this guidebook a day at a time. I structured it this way so that you can learn one new skill at a time, easily mark your progress, and review what you have learned so these new skills become good habits for you.
In this second edition I have clarified many concepts and added some more information that will benefit you as the reader. I greatly appreciate the feedback I received from many people who read the first edition to make this one even better.
May you take the abundant life and wisdom of Jesus Christ within you and display Him though your financial assets!

Ryan Eidson
Macon, MO
October 15, 2012

Introduction

My name is Ryan Eidson. My wife Lori and I each grew up on family farms in the Midwest. We met while we attended college. Then we went to East Asia together for nearly two years.