Financial Life Check
- Christine Lusk
- Jun 23, 2025
- 5 min read
It's Guest Blog Time!
In a culture that reveres prioritizing a lucrative career to live a luxurious lifestyle, you would think we would be better at teaching people how to manage and grow wealth to achieve these cultural ideals. Instead, this crucial life skill is left to caregivers to pass on to the next generation. How many of us were actually taught how to manage and grow our own wealth? I for one was not, and neither was my spouse—and his mom was an accountant. I believe it isn't regularly taught because, as much as the U.S. celebrates money, it is equally taboo to talk about it.
The first time I heard William speak was during a virtual webinar organized by our CLO Office in La Paz. Like many webinars I attended, I took many notes and found inspiration in William's presentation. I can't recall which of his pieces of guidance we implemented but it certainly left an impression. A few years later, when I was back in the U.S. I attended a webinar for EFMs about starting a business. William was one of the guest speakers along with Leah Moorefield Evans. Again, he was well prepared, and offered clear, insightful guidance.
It took us a little while to align our schedule with William's but we are delighted to welcome him as a Guest Blogger so he can share his financial wisdom with our community.
Guest Blog by William Carrington
When you're preparing for a PCS, it's easy to get caught up in the logistics—housing, schools, packing out—but it’s just as important to review your financial foundation. Balancing global transitions with long-term financial goals requires strategies that go beyond basic budgeting, setting you up for success no matter where you're headed next.
My wife served as a U.S. diplomat until 2018, and our family navigated multiple international moves. As a financial advisor, I began working closely with other Foreign Service families to help them prepare for—and thrive through—the transitions that come with global service. Whether from lessons learned the hard way or insights gained from clients, there are strategies I know make a real difference. Here are a few strategies that take you from basic budgeting to financial success—anywhere in the world.
Digitize Your Financial Life Before You Go
Unexpected situations can arise often when you're overseas—natural disasters, evacuations, medical emergencies, and the like. Being able to quickly access your key financial and legal documents from your smartphone or laptop can save time, stress, and even money.
Before your PCS, scan and upload the following to secure, cloud-based storage or a password-protected digital vault:
Passports and driver's licenses.
Estate planning documents (wills, powers of attorney, healthcare directives).
Life and property insurance policies.
Tax returns from the past two years.
Account numbers, usernames, and contact info for banks, investments, and creditors.
Ensure your spouse or trusted family member also knows how to access these files.
Update or Create Your Estate Plan
It’s common to overlook estate planning during a PCS, but it’s actually one of the most important times to get it right. Your location, your family’s needs, and even your legal residency status can shift with every move.
Before heading out:
Confirm your powers of attorney reflect your current wishes and the realities of your
upcoming post.
Ensure guardianship designations for minor children are up to date.
Review your healthcare directive to make sure it still applies and is recognized in your
destination.
If you don’t yet have an estate plan, home leave is a great time to get this done. It doesn’t need to be complicated—but it does need to be in place.
Consolidate and Review Your Investment Accounts
It’s easy to accumulate scattered accounts over time— including 401(k)s, IRAs, and old brokerage accounts. Consolidate where possible, review your investment strategy, and rebalance to keep things aligned with your goals and risk tolerance.
Open Investment Accounts and Buy Life Insurance While Stateside
Many financial institutions won’t open new investment accounts or issue new life insurance policies if you’re residing overseas. Home leave is the ideal time to address this. Don’t wait until you're back at post and find out it's too late. Home leave is also the best time to establish online access to your Social Security account at SSA.gov. And, if you are considering using a particular state (like SD) as your tax domicile, attend to that during home leave as well.
Build Cash Reserves by Adjusting TSP Contributions
If your cash reserves are low, about six months before departure, consider reducing your TSP contributions to 5% of your salary –the minimum needed to get the full government match. This temporary shift can help you build up cash reserves for move-related expenses and reduce the need for a pay advance. It won’t derail your long-term retirement plan and provides you flexibility when you need it most.
During the recent USAID reductions, many of my Foreign Service clients found themselves facing unexpected career disruption and financial uncertainty. Because we had already built a strong planning foundation together, I was able to quickly update their financial plans and help them make informed, confident decisions during a high-stress moment. That experience reinforced for me the power of having a base plan in place—and a trusted advisor who understands your unique situation—before life throws you a curveball.
Foreign Service professionals are a remarkably self-reliant group and often prefer to handle much of their financial lives on their own. But even the most financially savvy individuals can benefit from professional guidance—especially during transitions, crises, or major life events. The core members of a strong financial advisory team usually include a financial advisor, an estate planning attorney, and a tax preparer. Many of these services can be accessed on an as-needed basis, often at a very reasonable cost and without ongoing commitments.
Pro Tip: You don’t need to outsource everything, but it is important to gain expert insight when it matters most.
A PCS is more than just a move—it’s a chance to reset and realign your financial life. Taking a few proactive steps now can save you time, stress, and money later on. Whether it’s digitizing documents, adjusting your TSP contributions, or reviewing your estate plan, these small moves can make a big difference—especially when you're navigating life from another continent.
William's Bio
William founded Carrington Financial Planning to leverage his experience as a Foreign Service Eligible Family Member (EFM) and his knowledge of financial planning to assist other members of this unique community. William is a CERTIFIED FINANCIAL PLANNER™ (CFP®) and a Retirement Management Advisor (RMA®). He is also a fiduciary, fee-only, and a NAPFA-Registered advisor.
William offers comprehensive financial planning and portfolio management services to USG employees, private industry employees, and small business owners. Since founding his firm, William has served hundreds of Foreign Service clients, and as he often says, he “eats, sleeps, and breathes Foreign Service financial planning.”
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