DiplonomicsThe art and science of achieving financial independence while pursuing a career in the US Foreign Service
We serve members of DOS, USAID, FCS, FAS, DS, and other agencies.
A life in the US Foreign Service presents unique financial challenges and opportunities. As the only financial planning firm dedicated to serving the Foreign Service community, Carrington Financial Planning has gained tremendous insight into the financial lives of Foreign Service employees. We use our expertise to provide advice on a wide range of personal financial issues.
What Topics Are Addressed During The Planning Process?
Retirement, Foreign Service benefits, the Thrift Savings Plan (TSP), FSPS pension, EFM employment, homeownership issues, rental property, college funding, investments (IRAs and taxable accounts), insurance, estate planning, student loans, budgeting and other issues.
The Thrift Savings Plan is an excellent vehicle for accumulating retirement savings. If managed properly, it can grow to be your most valuable asset, even surpassing the value of your home. The TSP is intended to be one-third of the FSPS retirement system, yet participation is optional and the burden is on employees to manage their own TSP portfolios. We help you choose the annual contribution amount and appropriate fund allocation to provide the best chance for a successful retirement.
Uneven Cash Flow Issues
Total family income can vary considerably from post to post making financial planning difficult. We have developed a process to help clients plan for a secure future in spite of the uneven cash flow often experienced throughout a Foreign Service career.
Absentee Homeowner Strategy
Many FS employees have enjoyed the benefit of building home equity by renting out their primary residence. The idea of being an absentee homeowner is unappealing and even frightening to many people. However, it is important to understand this unique opportunity. We can help you decide if owning and managing property while overseas is right for you.
Tandem Economics: 1+1 Is Greater Than 2
William Carrington presents a webinar series called “Financial Planning for the Foreign Service: Pathways to Financial Independence”. Please contact us for details about the next webinar broadcast, or check the Foreign Service Money Matters blog on this website or on Facebook.