Expat Wealth - Cross-Border Financial Advice for Expats in America and Americans Abroad

Richard Taylor and James Boyle are in the trenches, giving you the latest reports and their unfiltered takes on what’s going in the world of investing and financial planning.

There’s been a 25% increase in the markets from Oct 2023 to March 2024, followed by a noticeable downturn in April.  Most of us know the importance of sticking to investment plans, but how do we create one, and how do we keep a steady hand in volatile times? Rich and James also talk about non-US investments for Brits living in America, and the inevitability of dealing with Passive Foreign Investment Companies (PFICs).

Also covered: Richard shares his reflections on turning 40 – it’s a milestone in our personal life but it’s also a key step along the way as we plan for our retirement. 

The three key takeaways from this episode: 

1.     Market Volatility and Investment Strategy – financial markets are inherently volatile, it’s important to stick to investment plans and maintain a steady investment strategy despite fluctuations. Endure short-term losses, achieve long-term gains.

2.     Tax and Investment Compliance for Expats – the complexities of managing investments in the US for British expats are numerous, navigating the tax implications and reporting requirements of PFICs is essential to know. It’s critical to be compliant with tax laws and potential consequences of mishandling foreign investments. 

3.     Personal Reflection and Life Planning – Ferris Bueller said it best (Richard’s 40 – excuse his dated references), time moves pretty fast, if you don’t stop and look around once in a while, you might miss it. Planning the time you have is essential – balance professional focus and success with personal satisfaction and wellbeing.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In the UK you've got four countries that make up the United Kingdom, governed by HMRC. In the US, you've got 50 little governments that reside under that umbrella. They each have autonomous authority to set their own rules, and that's where we see people stumble the most. 

Christy Waskobojnik is a tax advisor specializing in US-UK cross-border matters, and head of business development for DYUSA, a tax and accounting firm. This week's Ask An Expert with Christy focuses on advice for business owners thinking of starting up in the US. 

The three key takeaways from this episode: 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Plan First Wealth, the company behind this podcast, works with British expats in America.  We're seeing the same avoidable mistakes and missteps when it comes to financial planning - some of which have been going on for years and can be very costly to resolve.

So, we want to address the problems. As a result,  Always An Expat is changing and the show's remit is expanding. However, our objective remains the same - we want to help fellow British expats thrive in America, by avoiding the landmines and taking advantage of all available opportunities.

We're very excited to introduce We're the Brits in America, which will replace Always An Expat. Going forward, a few different shows will sit under the We're The Brits In America umbrella.

We are going to have Ask An Expert, where I'll tap into my network and bring subject matter experts - professionals in the US/UK advisory space - on to highlight some of the challenges and also the opportunities that accompany being an expatriate in America.

Then there will be From The Trenches, where myself and colleague James Boyle bring you our take on what's going on in the world. We'll do a deep dive into some technical topics that you can find on our website, and we'll give you our thoughts on some of the popular financial planning aphorisms, all interlaced with the real stories and observations that we encounter on a daily basis in the field.

Always An Expat will still exist, where I will bring in an interesting expat to talk about their experience in America, but it will now exist alongside Always An Expat and From The Trenches.

I hope you enjoy! More importantly, I hope you thrive!

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

This week Richard is joined by longtime friend and expert in foreign exchange and global payments (and East London native) Mark Ridley. Together they explore Ridley's personal and professional journey as a British expat living in the United States, highlight the nuances of expatriate life and discuss the challenges of adjusting to a new country and the opportunities it presents.

Three main takeaways from this episode are:

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Jeremy Bettel, founder and CEO of Vitality Collective, shares his journey as a British expat in America and his career in high-performance professional sports. 
He discusses his move to the US for education and career opportunities, his experiences working in the NBA and NHL, and his transition to New York City Football Club. 

Together, Jeremy and Richard explore the themes of identity, self-validation, reevaluating priorities, and the pursuit of a well-lived life. As always on the show, the conversation explores the differences in mindset and financial responsibility between the UK and the US. The importance of having an emergency fund and avoiding excessive debt is emphasized. The concept of the American Dream is discussed as the opportunity to build one's own future and be in control of one's destiny. The episode concludes with closing remarks and contact information for the guest.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

James Boyle and Richard Taylor are joined by guest Simon Misiewicz, property tax specialist, to focus on US-UK cross-border financial and tax planning for British expatriates in America. 

The trio emphasizes the critical need for British expats to have both a US-UK cross-border tax advisor and a financial planner, and the importance of these professionals collaborating closely. They look at US retirement accounts, stressing their significance in wealth creation for expats in the US and the intricacies of managing UK pensions from abroad. The discussion highlights the complexities of navigating US financial systems, such as understanding 401(k)s and other retirement plans, and underscores the importance of compliance and strategic financial planning. The episode also touches on recent changes affecting expats' voting rights and encourages listener engagement and questions.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Steve Statler, Chief Marketing Officer at Williott, shares his journey from the UK to the US and his experiences as an expat. He discusses the cultural differences between Israel and the UK, the challenges of moving to a new country, and the financial and immigration issues he faced. 

He opens up about his father's struggle with schizophrenia and the difficulties of managing family matters from a distance. It's an emotional and honest account of expat lift, wrapping up with a reminder of the importance of seeking professional advice for financial and tax matters. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In this bonus episode, taken from the Plan First Wealth & Friends series, Richard Taylor is joined by Richard Bradstock to examine the complexities of cross-border financial management for expats. Richard shares insights on the property market's current trends, noting the investment prospects amid changing interest rates and market dynamics. The discussion includes a look at:

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Richard Taylor is joined by Rob Tye to discuss his remarkable journey from Harlow to Wisconsin, where he unexpectedly discovered his entrepreneurial calling. This episode explores the birth of Necessity Media during economic upheaval, highlighting Rob's ingenuity in identifying market needs during a crisis and his innovative approach to influencer marketing. 
Rob shares his experiences with navigating personal and business finances, tackling the complexities of credit systems, investments, and teaching others about financial stability. He delves into the importance of strategic planning and wealth preservation, providing a unique perspective on adapting to shifting marketing landscapes and societal changes.

Rob's story of transforming adversity into opportunity, shows us the power of resilience and adaptability in the face of foreign financial systems and legal challenges. This episode is a must-listen for anyone interested in entrepreneurship, financial literacy, and the art of turning dreams into successful ventures, especially in challenging economic times. It offers valuable lessons in seizing opportunities, understanding the importance of financial planning, and the critical role of foresight in business and life.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In this episode, host Richard Taylor interviews Barry Richards, the group president at First, a global brand experience agency. Barry shares his journey from being a chef in the UK to working in corporate event management in New York and raising a family in the American suburbs. They discuss the challenges of commuting from Connecticut to New York, the differences between working in the UK and the US, and the opportunities and mindset in the US. 

Barry also reflects on the experience of raising his children in the US and the benefits of the American education system. What are the cultural differences in parenting between the UK and America? The way we view alcohol differs in the US compared to the UK; what's the impact of this on parenting? And as always, what does Barry think of the American Dream?

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.