Episode 89
UK Pension Risks, SpaceX’s IPO Frenzy and America’s Housing Crisis
Markets continue pushing higher, AI stocks are still surging, and now SpaceX is preparing for what could become one of the biggest IPOs in history. But beneath the surface, Richard and James unpack why some of today’s biggest market stories may be creating risks passive investors aren’t paying enough attention to.
In this episode of From the Trenches, Richard Taylor and James Boyle break down the growing concerns around index inclusion rules, passive investing, and why companies like SpaceX could fundamentally reshape how retail investors interact with the market. They also discuss rising oil prices, inflation pressure, interest rates, and whether America’s global dominance is beginning to shift.
The conversation then turns to one of the biggest issues currently facing British expats in America: UK pensions. Richard and James explain what a SIPP actually is, why so many expats leave old pensions untouched for decades, and the hidden costs, tax complications, and missed opportunities that can follow. They also unpack the upcoming UK inheritance tax changes on pensions and why these rules could dramatically change retirement planning for UK nationals living in the US.
Finally, the episode explores the fascinating “Pig in the Python” demographic theory and why baby boomers may be unintentionally reshaping housing markets, politics, retirement systems, and economic growth for younger generations.
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Expat Wealth is supported by Plan First Wealth. Plan First Wealth is a Registered Investment Advisor serving fellow expatriates and immigrants living across the US on matters such as retirement planning, investment management, tax planning and non-US asset management.
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Expat Wealth 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.
ABOUT RICHARD:
Richard Taylor is a British expat, dual citizen (UK & US). Originally from Bolton, he now lives in Greenwich, CT, where Plan First Wealth has its head office.
As the firm’s leader, Richard launched Taylor & Taylor, now Plan First Wealth, and continues to fuel the firm’s growth. Richard is a Chartered Financial Planner (UK – CII) in addition to holding the IMC (CFA UK) and Series 65 (US – FINRA).
Connect with Richard on LinkedIn
TRANSCRIPT:
Richard Taylor: [00:00:00 – 00:00:17]
Empty nesters own 28% of large homes, while millennial families own 16%. And it goes on to say the boomers are staying in these large homes or they’re moving out into what previously would have been a starter home.
James Boyle: [00:00:17 – 00:00:41]
Maybe even more interesting to me is this idea of the governments of the indexes, right, the indices and how they determine inclusion into things like the S&P 500 and where and when companies can enter. Most distressing or or certainly interested to see how it all turns out is the alleviation of some of the rules to enter the index.
Richard Taylor: [00:00:41 – 00:01:56]
I promise you mate, since then they have not stopped tinkering with it. They will not leave pensions alone. Welcome to Expat Wealth, a Plan first wealth podcast dedicated to helping ambitious expatriates in America and Americans overseas thrive. I’m your host Richard Taylor and Plan first wealth is the business I founded and run today and we work with successful expatriates, immigrants and internationally minded Americans to make the most of their opportunity and avoid the expat landmines. First, a quick disclaimer. While Plan First Wealth LLC is 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 and positions of Plan First Wealth. Information presented is for educational purposes only. Now, if you aren’t already receiving our emails, please go to our website www.planfirstwealth.com and sign up there. It’s free and you’ll be notified every time we drop a new episode. And so much more. Okay, let’s get back to this week’s show. Welcome back to another episode of from the Trenches where myself and my esteemed colleague. Although I shouldn’t say that now, should I? My esteemed partner in Plan First Wealth.
James Boyle: [00:01:56 – 00:01:58]
I thought you’re gonna say I’m not esteemed anymore.
Richard Taylor: [00:01:58 – 00:02:18]
No, you’re very esteemed, at least in my eyes. Otherwise I wouldn’t have made you a partner. But you’re very esteemed, James. But you’re now no longer, no longer just a colleague. You are a partner. I was gonna say partner in crime, but shouldn’t say that. You’re a partner with me in Plan First Wealth. And we are back for a From the Trenches to. Ah, what do we do here, James,.
James Boyle: [00:02:18 – 00:02:29]
Once you peek behind the curtains, right, we show how the business is going to what are our clients concerned about? What are they asking about? What are the conversations we’re having? That’s yeah, the goal here.
Richard Taylor: [00:02:29 – 00:03:12]
How can we use what we see on a day to day basis to help fellow expatriates thrive in America. And hopefully. You know what, building a business is hard. It’s fun, is challenging. And I think it’s quite interesting sometimes talking about that. I hope it’s interesting to people to hear about it as well. So let’s just start with a recap since we last spoke. What’s going on in the world. We’re still at war with Iran. Every week we’re close to a deal, but we’re not really close to a deal. Said deals falls through, oil prices go down. Someone close to Trump makes a bucket load of money on the betting markets. The deal falls through, the price goes. Can it just stop? Can we stop, please?
James Boyle: [00:03:12 – 00:03:41]
It is, it’s almost parody at this point. Right. If you can remove the human toll, obviously. Right. We always talk about these things, but it is wildly frustrating and I think it rem the. The major wild card right now. Right. That we just don’t know how this is going to turn out. And the longer it goes on, the higher the chance for second stream effects. Right. We know that the price of oil dictates just about everything in the economy. I mean, food prices.
Richard Taylor: [00:03:41 – 00:03:46]
And it’s $5 around the corner from me. I mean, I know you don’t do as much driving, you’re in the city center. But you know what?
James Boyle: [00:03:48 – 00:04:04]
I filled up this week for Memorial Day weekend. So the unofficial start to the summer. We were right around 460. So, you know, it’s quite a bit away from what it was. And summertime, people are driving, taking holidays, road trips. We’ll see what happens.
Richard Taylor: [00:04:04 – 00:04:25]
I’ve seen, I can’t remember, I saw it on Reddit or I saw it in the news. People did not travel this Memorial Day weekend because of the cost of fuel. It’s amazing both how cheap fuel is in America compared to the rest of the world. Certainly what I’m used to in Europe or was used to, I’m very used to American fuel prices now, I have to admit. And both how, how low they are in America relative and how sensitive Americans are to.
James Boyle: [00:04:26 – 00:04:51]
Absolutely. We’re such a car centered culture. Everything we do is dictated by the car and getting in the car. This idea of personal autonomy and everyone has their little square metal box to jump into. And it really is, it’s a frequent purchase which we know heightens the scope of inflation sensitivity. Right. People really feel it when higher gas prices hit their wallet. So it’s.
Richard Taylor: [00:04:52 – 00:04:52]
Oh, that’s interesting.
James Boyle: [00:04:52 – 00:04:54]
Top of everyone’s radar.
Richard Taylor: [00:04:54 – 00:05:21]
I thought that. Yeah, of course. That’s why? I guess that’s the same with groceries. Groceries are a weekly occurrence and gas, depending on how much you use it, is a weekly or bi weekly experience. So, yeah, it’s a very upfront, in your face reminder on a very, very regular basis. But yeah, I am. This is not going to end anytime soon because I just know they just need to grind out. They win by grinding out, they win by not losing. And they’re savvy. Yeah, they’re very savvy.
James Boyle: [00:05:22 – 00:05:40]
And it’s one of those things where the longer this goes on, I think it becomes more and more clear that whatever bargaining chips the US or the administration thought we had aren’t as potent or impactful as maybe they had hoped. And now over the weekend, certainly the holiday weekend, there were some rumblings about a deal. We’ve heard that.
Richard Taylor: [00:05:40 – 00:05:52]
That’s exactly what I mean. It’s just a slight hand. It’s a feint. The cynic in me says it’s all about making money on these prediction markets. It’s pretend there’s a deal, pump and dump.
James Boyle: [00:05:52 – 00:05:53]
It’s a classic scheme.
Richard Taylor: [00:05:53 – 00:06:03]
Oil prices fall. Yeah, it’s just, yeah, it’s just tiresome. And then since we last met as well, Trump went to China. Did you pay much attention to that?
James Boyle: [00:06:03 – 00:06:12]
I, I didn’t, I’ll be honest. So I’m interested to hear your, your thoughts. But obviously the, the various tech barons bent the knee, so to speak, and accompanied them.
Richard Taylor: [00:06:12 – 00:06:12]
Right.
James Boyle: [00:06:12 – 00:06:13]
Is that, was that the big story to come out?
Richard Taylor: [00:06:13 – 00:06:56]
No, for me, I just think it was a. I, I struggle now to see how the balance of power is not shifting. We’re a long, long, long way off. I’m not saying China is about to overtake America tomorrow, but I think we’re on that trajectory. And I think China bossed that summit and then Putin turning up a couple of days later. How can you not read into that? I think America has weakened itself on the global stage and I think it’s accelerated this shift and I just think that’s a. We’ve got, we should prepare ourselves for that. I don’t think it’s going to happen in your lifetime, but I think that the trend is in.
James Boyle: [00:06:56 – 00:07:27]
There’s so much of the kind of ongoing trending headlines, AI, European rearmament, all of this, I think ties into. You make a good point there, which is Pax Americana. Right. America’s role on the global stage. And is that shifting? I tend to agree that we’re certainly seeing developments in established relationships and antagonistic relationships that I think will have long lasting impacts on kind of what is America’s role globally.
Richard Taylor: [00:07:29 – 00:08:50]
I don’t see how a messy democracy, a system I fundamentally believe in by the way. So I don’t want anyone to overreach into this how a messy ineffective which essentially all democracies are, democracy slow moving can possibly compete with a well managed, well run autocracy which is essentially what China is like. I heard it was a fantastic quote. America wins battles because we’ve got the most fearsome military in the world but we lose wars primarily because we’ve got zero appetite for losing manpower which obviously I completely identify with which we didn’t have any wars. It’s ridiculous. And I think that, that China are a power where they’ll happily sacrifice manpower. The, they’re an autocracy, they can direct their, their economy and they’re incredibly efficient and it’s hard for me to believe that, that over time that won’t win. The only counter to that is autocracies generally and in, you know, they just eat themselves because the wrong person gets into power or whatever. And I think the only hope is that China blows itself up with an ineffectual bad leader and, or you know, who knows. But if they carry on this, this path, I think it’s kind of inevitable.
James Boyle: [00:08:51 – 00:09:10]
Their growth has been spectacular. Right. If you look the last 40 years even you wouldn’t recognize the country. So you know, we, we can, we can hope for the best outcome for all the peoples in both places the globe. It feels like we are definitely seeing a shift into more autocratic.
Richard Taylor: [00:09:10 – 00:09:12]
Oh well, maybe that’s the answer.
James Boyle: [00:09:12 – 00:09:12]
More fish.
Richard Taylor: [00:09:12 – 00:10:08]
Maybe, maybe that’s the answer. Maybe it’s not hoping China blows itself up. Maybe it’s America descends into true autocracy. I don’t know why I’m in such a somber mood this morning. Let’s move on. I think back closer to home. What we should be looking at right now, or what’s interesting me is to see what’s going to happen with interest rates. We have a new Fed chairman. He has been put into place essentially by Trump on the promise of lowering interest rates. While Trump has feuded with his last Fed governor pick who wouldn’t put interest rates down further. But Kevin Wash, the new chairman, comes in at such a time when to put down interest rates would be an act of absolute madness. So what’s going to happen? I, I am, I cannot wait to see what happens in what the outcome of this first Fed meeting in June is.
James Boyle: [00:10:09 – 00:10:47]
I agree and especially I think sort of overlooming all this is midterms coming up in November and knowing we talked about this earlier, just how painful, just how visible inflation has been, call it the affordability crisis and nothing, I don’t think this year has done anything to alleviate the consumer from an affordability perspective. With oil staying high, I can’t see that reverses certainly within the next few months. So do we see that manifest in polling come November? We’ll see. And I think the Fed’s position is a difficult one right now.
Richard Taylor: [00:10:47 – 00:11:37]
Really difficult. Really difficult. He stuck between the obvious course of action and a president who has been adamant that rates need to be lower. Although I was listening to someone talk the other day and they were saying they think Trump is signaling that he, even he understands rates. It would be madness to put rates down now. Maybe giving Wash a bit of background, but, you know, I’ve got my reservations about this guy, but ultimately he’s a very experienced central banker and I don’t think he’s a terrible pick, which you’ll just see. And he would, he, he, he must be. He’ll be very cognizant of the fact that his term is going to extend, extend well beyond the end of Trump’s term. So fingers crossed. Although I thought that about, I had high hopes about Scott Besson. You know, Scott Besant came from the world of business, was very highly regarded and he’s just turned into a complete toady. So we shall see.
James Boyle: [00:11:38 – 00:11:42]
And in the backdrop of all of this, markets continue to march higher.
Richard Taylor: [00:11:43 – 00:11:47]
Yes. Well, that’s what we’re here to talk about, isn’t it? They just continue to rave on.
James Boyle: [00:11:48 – 00:12:01]
So obviously top of mind, I think for every investor right now is AI. Right. And the continued dominance of chip makers. I’m sure you saw Micron join the trillion dollar club yesterday with chip maker.
Richard Taylor: [00:12:03 – 00:12:05]
Unfathomable run in the last few months.
James Boyle: [00:12:05 – 00:12:32]
They have near perfect pricing power right now and the demand continues to be there. Will the music end? Maybe eventually. Would we try to predict when and where? Absolutely not. You’ve got to understand that the earnings behind all these things are staggering. Eye watering in a lot of cases. And they continue to be so. Right. Will that continue? Who knows? But, but as of now, the party goes on.
Richard Taylor: [00:12:32 – 00:13:01]
SpaceX, their S1, came out last week or week before. They’re preparing to ipo. I’ve just been hearing it’s a mishmash of different companies trying to justify an almost $2 trillion valuation. It’s just Elon madness. But Elon Stans, is that what they Call them Elon Stans who, who are devoted to everything that this guy does and says and does. Maybe it’ll start out like that, but I wouldn’t go anywhere near this.
James Boyle: [00:13:02 – 00:14:13]
No, me neither. Certainly not. And maybe even more interesting to me is this idea of the governments of the indexes, right, the indices and how they determine inclusion into things like the s and P500 and where and when companies can enter. Sort of most distressing or certainly interested to see how it all turns out is the alleviation of some of the rules to enter the index. There’s different metrics. They look at profitability and lifetime earnings and how long the company’s existed. Some of those have been relaxed because in fairness to the indexes, they’re trying to balance this remit to represent a basket of all stocks or all stocks according to their own metrics and not play favorites, not be partisan in how they’re including these companies. Not an easy job. But you also don’t want to see passive investors, retail investors, pension companies just represent exit liquidity to the whole SpaceX.
Richard Taylor: [00:14:13 – 00:15:10]
For anyone listening, there’s a certain passage of time has to go past before a freshly IPO company can be included in the index, which would then force index ETFs and funds to buy the stock. And for this one of I think Elon’s conditions for listing on the NASDAQ was they’ve got to do after 15 days. And honestly this has given me real reason to. To re examine dimensional as a. As a manager because they kind of index track but not. Not slavishly. Is that the right word? Slavishly? Slavishly they have more flexibility so they don’t have to buy in within certain time frames as per all the other index funds that will have to buy at exactly the same time and thus could cause a spike or in some cases a depression in the price spike of the buying, depression of the selling. So I think it’s a good reason to look at dimensional again.
James Boyle: [00:15:10 – 00:15:41]
It will be fascinating because I wouldn’t be surprised if this is successful and your definition might depend on which side of the trade you’re on. If we see that kind of back doors deal making is maybe putting it too strongly. But if we see that copied among some of the other presumable tech IPOs, we’ll see anthropic and OpenAI potentially, I don’t know, I think it’s too soon to know what it will mean as a sort of retail everyday investor.
Richard Taylor: [00:15:42 – 00:16:22]
It’s a problem though. These companies Dictating. I understand these indexes have to be competitive and all that stuff and someone like Elon obviously has options, but you don’t want the companies dictating to the indexes. This stuff should be universal rules. So definitely I’ve got my eye on this, where this one goes, whether that’s going to cause us to consider index. You and I, I think we’ll talk on this later on. You and I are passionate believers in low cost passive indexing, but this really has got me thinking that flexibility is also a critical piece of that jigsaw, whereas previously I wasn’t that worried about it.
James Boyle: [00:16:22 – 00:16:54]
And the landscape will continue shifting, I’m sure. Right. It’s a reflection in some ways as well about IPOs in general happening much later in the life cycle of business. Or put differently, these companies are reaching massive staggering valuations on the private markets and are now going to start IPOing at a much higher valuation. And what does that mean for the sort of index landscape? It is fascinating. Like I say, I wish we had more clear answers, but I think it’s just too early to tell what it will mean longer term.
Richard Taylor: [00:16:54 – 00:18:47]
I’m excited to announce that Expat wealth has its first sponsor, the Global Financial Planning Institute. The GFPI exists to provide education, community tools, resources and ongoing research for financial planners and other advanced financial professionals working with international and cross border clients in the US and Americans abroad. I’m a GFP Institute fellow and I’ve put all our employees through their GFPI programs when they join us. I’ve met some great people. I’ve learned a ton. It’s a genuine community of internationally minded folk doing their best to serve their clients properly and critically sharing what they know in the oftentimes challenging and ambiguous US cross border environment. And as anyone in this sector will tell you, you’re always learning. So if you work with international clients and or Americans abroad, or if this is an area you’re looking to get into, check out the gfpi@www.gfp.institute you will be glad you did and I hope to see you there soon. Should we move on and talk about the main the main business we’re going to talk about today which is yes, we are getting a lot of UK pensions questions a ton. We’re not entirely sure why. Maybe it’s just some sort of marketing we’ve done has just suddenly reached traction. We’re not sure. Obviously we’ve been doing pensions for, for years and we did loads and then it went a Bit quiet. And now suddenly it’s back again with a vengeance. Everyone’s coming to us with pension questions, I suppose. We also did a webinar recently on UK pension, so maybe that, maybe that spurred it as well. But we had those questions, loads of questions on UK pensions from US residents, and some as simple as, you know, what’s a sip? What should I do with this? What are my options? I got asked the other day how, I think, if someone can bring it into America. So we thought we’d just like do a 101 on UK pensions for US residents.
James Boyle: [00:18:47 – 00:19:00]
And it’s one of those things too, that we talk about probably in some way nearly every episode or just about every other episode of this podcast. So it’s worth kind of, let’s do a high level primer, right? There’s obviously much more to this. We can go into details, but just.
Richard Taylor: [00:19:00 – 00:21:48]
In general, before we, you, you even start there, let me give like a little my rant, my soapbox on why this is so important and what the background is, right? So for us, the vast majority of our clients, not all, but the vast majority of our clients came to America on an intercompany transfer. You know, they were already working in the uk, they were doing well in a big multinational, and at some point, mid 30s, early late 20s, mid 30s, late 30s, they got a tap on the shoulder and said, there’s an, there’s an opportunity to go and do this in America. Are you up for it? And that’s a, that’s a big opportunity and a challenge and a lot of people say yes to that. And everyone comes over thinking, you know what, we’ll come over for two years, see how it goes, blah, blah, blah, 20 years later, they’re still here. And I’ll come back to why that’s important. But when you’re in your late 20s, early 30s, mid-30s, you’ve got UK assets, you’ve got ISAs, you’ve got pensions, you might have a personal pension, you’ve almost certainly got at least one company pension. If you’ve worked multiple jobs in the uk, you might have multiple company pensions. And people just think, right, you know, I’m sure it’s very easy to deal with this in America. How can it not be? Or they don’t even think about it at all, honestly. They just think, I’ll come back to that when I know what I’m doing. You know, I’ve got other things to worry. I’ve got a bigger fish to fry right now, I’m moving to America. My whole life’s changing. I’ll just, my pensions are fine, I’ll leave them where they are, I’ll come back to it later. Twenty years later they come to us saying, look, I’ve done pretty well in America. I wanna, I’m thinking about retirement. I’ve got, I want to get myself, I want to get organized. I know you can do US and uk, I’ve got these UK pensions, what can I do? Right? And that’s great because we can help, we can do us, uk, build a plan, yada, yada, yada, all that good stuff. There’s always a little bit of us. It’s a bit like, damn, dude, 20 years there, that’s 20 years of opportunity cost. Like we could have done something with this 10 years ago, 15 years ago, got you into a, a lower cost, better performing opportunity structure, investments. And what, what is 2, 3, 4, £500,000 could be more. Right? So that’s, you know, if you’re a 55 year old and you’re thinking, that’s me, don’t worry. The what, as they say, the best, the best time to start was 20 years ago. The second best time is tomorrow, so let’s get on it. But for everyone else, don’t try and avoid that trap if you can, because. And I’m, I’m really, I’m on my soapbox here. What we often find is if you’re that person who’s left these languishing for 20 years and then now you think about getting them organized, when you come to someone like us and we take a look at your wider affairs, there’s often other stuff, ISAs, child ISAs, there’s other stuff that could cause a problem. So it can be a bigger problem than just the opportunity cost for pensions. But anyway, that’s for another day. Oh, we’ve covered that extensively.
James Boyle: [00:21:48 – 00:23:10]
So UK pensions, that was beautifully put, Richard. The soapbox was well worth it. So, yes, very high level, let’s say you’re in that position. You have some UK pensions from previous employers. They’ve sat there, maybe done something, maybe not done a whole bunch. What are your options now you’re in the us, you hear us refer to this account type called a sip, self invested personal pension plan. The reason that we work with these tends to be because they offer the most efficient, the sort of easiest vehicle in which to consolidate potentially multiple UK pensions. If you’ve got, I don’t know, three, four, five of these sort of disparate accounts in the uk, this is a vehicle you can gather them all into your name, liberate them, so to speak, from your old employer pensions from whatever structure they’re in right now, you have access to it, you can draw down. There’s a lot of benefits that we’ll talk about. That in a nutshell is what a SIP is. The closest analog if you’re Investing in the US would be an IRA versus a handful of 401 s or 403 BS employer retirement accounts. It’s a way to simplify your affairs, organize them into one efficient account and.
Richard Taylor: [00:23:10 – 00:23:12]
You can’t bring them to the us.
James Boyle: [00:23:12 – 00:23:14]
That’s a key point. Yep.
Richard Taylor: [00:23:14 – 00:23:37]
There is not a facility that’s going to allow you to transfer a UK pension out of the UK into a US retirement account. It just can’t be done. But it’s important to know a SIP is still a UK regulated entity. You’re not going into the unknown, you’re remaining in a. Protected is the wrong word. But a regulated UK retirement account.
James Boyle: [00:23:37 – 00:23:52]
Usually I think when people say I want to get it to the us, there’s different motivations, but usually what they mean is I want access to this, I worked for this money. I want these funds, I want them in my name. I don’t want to worry about any number of companies in the UK that would still be connected to it.
Richard Taylor: [00:23:52 – 00:23:55]
I want visibility. Yes, I want access.
James Boyle: [00:23:55 – 00:23:55]
Yep.
Richard Taylor: [00:23:55 – 00:24:11]
I’d like it in dollars a lot of the time because I live in dollars. My future’s in dollars. You know, what can I do? I want better returns because oftentimes they’re languishing in these old style solutions that haven’t got great cost structures and or haven’t got great investment options.
James Boyle: [00:24:12 – 00:24:40]
Transparency, Right, that’s another one. So if you are someone listening and you have 2, 3, 4, 5 UK pensions, do you know what cost you’re paying right now? I would hazard a guess, anecdotally that 90 plus percent of the time investors don’t know which. Again, it is sort of obfuscated a lot of times and it’s something that we want to try to fix. To your point about USD, you’ll hear us sometimes refer to international SIPs.
Richard Taylor: [00:24:40 – 00:24:41]
Right?
James Boyle: [00:24:41 – 00:24:56]
Really this is a term that just means they are SIPs. So they’re still UK regulated vehicles that play nice, for lack of a better term, with expats. Right. That work with UK persons abroad. Right. US residents.
Richard Taylor: [00:24:56 – 00:25:22]
And I just. Sorry to just jump in again, but let’s make the point that for people listening who know nothing about this, they’re like, oh yeah, great. Who wouldn’t well, you’d be surprised. We literally have a client right now who’s getting kicked off a well known UK platform because they’ve just decided, no us, no US residents, you’re gone out, put everything in cash. This is a multi million pound pension. This, this is real money.
James Boyle: [00:25:23 – 00:25:33]
You know, if I can, when I have my American lenses on it, it is staggering what they’re allowed to do. That, that to me just seems bizarre and unfair.
Richard Taylor: [00:25:33 – 00:25:42]
I’ll take the other side. It’s a, it’s incredible the, the burden the American system puts on the rest of the world.
James Boyle: [00:25:43 – 00:25:43]
Yeah.
Richard Taylor: [00:25:44 – 00:26:36]
So anyone connected to America, do I like the way these institutions behave towards Americans? Absolutely not. But the blame for me, it does not lie with the institutions, it lies with the burden America puts on, puts on them for anything connected to America. Now, now we can get into philosophy. I understand a lot of it is to try and fight money laundering and proceeds of crime and, and tax evasion. And there’s certainly much, much, much more visibility and transparency now. But yeah, someone came on my podcast recently and said, you know, America is the only country that does it, that imposes these burdens. You, you go and open a bank account in France. They’re not asking you if you’re a citizen of the UK or if you’re a citizen Australia, but they are asking you if you’re a citizen of America. And if you are, you’re probably not going to get to open an account. It’s crazy when you think about it. It’s economic imperialism.
James Boyle: [00:26:36 – 00:27:03]
Yeah. America has bullies a lot of ways and one of that is financial reporting. A lot of this stems back to things like FATCA in the US that places an enormous burden to your point. And really the corollary to that then being an enormous potential liability on any platform that’s interacting with U.S. persons. And that’s why a lot of the times they just say flat out, okay, we’re selling all your investments and see you later.
Richard Taylor: [00:27:03 – 00:27:03]
Good luck.
James Boyle: [00:27:03 – 00:29:04]
There’s a door. Yes, good luck. So a SIP deployed correctly can manage a lot of this risk, can get it into a vehicle. Again, all those reasons we just mentioned, the transparency. You get a control, you know what you’re paying, you know how to access it, potentially invest in USD. It’s a way to, if we kind of paint a picture of that ideal scenario instead of having 3, 4, 5, 10, 12. I mean we’ve seen clients that we work with that have a laundry list of accounts through no fault of their own. But we want to start to Try to streamline that, simplify it, get those accounts into your name and working for you. Right. That’s the key part here. Not 10 different accounts pulling in 10 directions, simplified portfolio, everything pulling in one direction. US and UK. A SIP is the perfect vehicle to accomplish that. Again, we won’t get into too fine of the details here, but drawdown options tend to be much more flexible in a SIPP than, for example, an old UK employer pension. Some of these UK pension companies effectively don’t offer drawdown options. There might be some limited, or you can buy an annuity, which. Side note, we’ve heard that if someone tries to do that as a US person, that option is gated. Yep. They’re not able to. Sometimes they say lump sum, that’s the only thing we’re going to offer. You have to take everything all at once. Then we have to think about the tax implications. Again, when we think about these UK pensions being in a locked box, to some degree, the SIPP affords you an enormous degree of flexibility. In comparison, there is a lot that goes into transferring into a sip. Right. The logistics of that, the process of it. There’s different complications when it comes to what I’d call defined contribution scheme. Right. That behaves like a pot of money versus a defined benefit, final salary.
Richard Taylor: [00:29:05 – 00:29:28]
Let’s be clear, we basically don’t do this anymore. You know, we’ve. Yeah, we haven’t. Haven’t been involved in one of those in years. And if I’m honest, I don’t see us ever doing one again. Listen, maybe don’t hold me to that. I don’t know what’s going to happen, but I wouldn’t be surprised if we never do another defined benefit pension ever again. We’re not involved, we don’t do them. But if we’re not involved in one,.
James Boyle: [00:29:29 – 00:30:34]
We’re sort of talking around it. But just to kind of give the audience some context, if you have any degree of guarantees on your pension, be it some kind of guaranteed growth rate or interest rate or payout rate, those pensions fall under a different sort of regulatory framework in the uk. Really what it means is there has to be a very compelling reason to make any changes away from that kind of pension. Usually that involves a lot of cost, too. From a financial perspective, it has to be very compelling. Oftentimes, because of the very stringent requirements, it’s not going to meet those needs. So it’s not going to make sense. We wouldn’t do it. There are reporting requirements, just as there are with UK pension, so we don’t need to get into the weeds for that. We’ve spent many a podcast episode discussing that. But at the end of the day, if you think of. They keep saying this phrase, sip. What is that? That’s exactly what it is. A vehicle to consolidate, simplify, organize your UK pensions in a way that’s accessible, flexible and transparent.
Richard Taylor: [00:30:34 – 00:30:34]
Yes.
James Boyle: [00:30:34 – 00:30:36]
How’d we do? How was our 101?
Richard Taylor: [00:30:36 – 00:32:59]
We did good. And then should we just do a little two minutes? All right. Maybe five on taking benefits and the IHT changes that are coming in the UK. So the one big difference between SIPs and the U. S equivalent IRAs is UTE SIPs or UK pensions are entitled to what’s called PCLS pension commencement lump sum. Although it doesn’t actually have to be taken as a lump sum, essentially it’s 25 up to a certain maximum. I can’t remember the exact figure is can be taken tax free in the uk. It is not clear or it’s not confirmed how that is treated. In the US There are tax advisers who believe it’s taxable, there are tax advisers who believe it can be taken tax free as a lump sum and there are tax advisors who believe it’s very unclear and taking it as a lump sum is. And tax free as a risk. But maybe if you take it as a periodic payment, there’s a case to be made. We’re not going to get into that now as I’m podcasting on it in the past. If you want to go back and listen to what I did with Chris hall in January, I think it’s number 62 or something, you can go and have a listen as we get into that, because that’s something we get asked all the time. This is something that’s. If this applies to you, it’s very, very important. You work the tax advisor, you report it correctly, whatever position you take and then if there is any, any, ever, any comeback from the irs, you can support any position you took with a professional. The rest of it, the remaining 75% withdrawn as an income and taxes and income in the US you want to apply for what’s called an NT tax code, a non taxpayer code in the UK because otherwise tax will be withheld at source and you’ll have to claim that back. That’s a bit of a process takes about a year, so I’ve heard it can be much quicker, but in our experience it’s taken about a year and then a big change coming from April 2027 is UK pensions are going to be included in UK inheritance tax. Previously this wasn’t the case, whereas now they’re all going to be included. So you’ll still get your personal allowance in the UK, which I think is £325,000 per person. But after that there are the. Any addition, anything over that is going to be subject to inheritance tax in the UK at 40% and then I believe income tax to the beneficiary. So that’s a lot of tax, that’s.
James Boyle: [00:32:59 – 00:33:01]
A significant change, a lot of tax.
Richard Taylor: [00:33:02 – 00:34:10]
So this is going to change the strategy for a lot of people. They want to just leave these as like compounding tax free assets. But the UK’s government has done this to encourage people to stop using this as a tool to pass on money to their heirs. But they want these pensions are meant to be used to provide an income for retirement and they’re hoping or expecting that this will encourage people to draw down on it. Much like it’s, I guess in a way it’s kind of like RMDs in the, in the US so, so RMDs in the UK are called required minimum distributions. So the government gives you tax relief on the way in when you’re making contributions, but then they want that tax back when you take money out. But to stop people hoarding money in IRAs, they require them to take money out from a certain age. I think it’s 72 and a half increasing each year. It took very substantial sums of money. So they get that tax back. Well, the UK government hasn’t done something like that, but I guess this is their version of adding inheritance tax to encourage people to get money out and pay income tax much, much sooner, much, much quicker. I think there’s some merits that I think this is a ham handed approach to it, but there is merit to encouraging people to use pensions as a pension.
James Boyle: [00:34:12 – 00:35:28]
I think I could say this as of record, I’m just off a joint tax call. Right? A call with one of our clients and their tax advisor. Very good conversation always. You know, these rules change. That’s a big one. That’s a significant shift. It has impacted how we build income plans, how we treat these assets as, as, as it must do. Right. But one of the things that we had talked about is pensions are a hot topic in the UK right now. Right. There is some obvious motivation Will, to, to change how these assets are being taxed, how they’re, you know, sort of the role they play in the UK budget for high earners. Certainly. I think if you’re someone in our AUDIENCE who has assets in UK pensions and you have left them lie fallow. Nothing wrong with that. That’s a very common situation to be in. But know that this spotlight, so to speak, I believe, and certainly this tax advisor was agreeing, is only going to get more prominent. Right. I don’t think this open question of pension assets is going to go away and it really should impact how you’re thinking about these and how they’re incorporated into your plan. Right. Overall.
Richard Taylor: [00:35:28 – 00:36:54]
Right, James? So I started work in 2007, I think so before in 2006 there was something called a day in the UK. Prior to 2006 there was just this mishmash of pension regulations and it was just frankly a shit show of different schemes and plans and rules. And then a day came in and a day was meant to be this like, right, we’re going from all of that to this one new system. It’s meant to simplify the whole thing and it did. Right. Although a lot of that old grandfathered stuff, a lot of that old stuff got grandfathered in. So a lot of times when you see protected tax free cash, you know, from the 80s and stuff, when you see guaranteed annuity rates, you haven’t seen them in a while. When you see a lot of that is, is, is grandfathered in from pre a day and 8 pro say day was meant to be like, right, we’re simplifying it, streamlining it. Yes, all made sense. And I promise you mate, since then they have not stopped tinkering with it. They will not leave pensions alone, I think because it’s, it’s a stealth tax, it’s a way to tax people who are, who are perceived to be rich because you have a million pounds in your pension, but who aren’t really rich. No one’s weeping for someone with a million pounds in the pension, you know, and they’ve just not stopped buggering with it. And it has completely undermined the public’s faith in pensions because the rug is constantly getting pulled. For me it is just a poster child on bad policy anyway. God, really, I’m having on a rant today, aren’t I?
James Boyle: [00:36:56 – 00:37:12]
I mean it’s, you know, these are important things and like I said, we’ve gotten a rush of inquiries about UK pensions and people wondering what can I do and what should I be thinking about? These are things that impact, right, your financial lives, your lifestyle is moving forward. So it should be.
Richard Taylor: [00:37:12 – 00:37:15]
They form an important part of our clients retirement plans.
James Boyle: [00:37:15 – 00:37:17]
Absolutely, absolutely. Yep.
Richard Taylor: [00:37:17 – 00:37:39]
Really important. Yeah. Right, okay. All right, so moving on we. You shared an article with me, I read last night. Absolutely fascinating. I don’t, I don’t even know what we’re going to cover off here, but this article is on Fortune magazine is called the Pig in the Python. What an image. The pig in the Python.
James Boyle: [00:37:39 – 00:37:41]
I was gonna say it’s a very evocative title.
Richard Taylor: [00:37:41 – 00:37:50]
Right. Baby boomers are strangling the economy they built by refusing to move or retire. This was a fascinating read.
James Boyle: [00:37:50 – 00:37:50]
Yes.
Richard Taylor: [00:37:50 – 00:37:57]
New York Times came up with this metaphor for, for the baby boomers in 1974.
James Boyle: [00:37:57 – 00:37:57]
Yes.
Richard Taylor: [00:37:57 – 00:38:02]
They have been aware of this for a long time. Why don’t you tell us what this is about?
James Boyle: [00:38:03 – 00:38:21]
So a couple of things that we come back to on these episodes too is this idea of demography, demographics and shifting demographics and how that works economically. What are the sort of downstream impacts of these kind of shifting demographics? This metaphor to kind of paint a picture.
Richard Taylor: [00:38:21 – 00:38:22]
Pig and the python.
James Boyle: [00:38:22 – 00:38:29]
Pig and the python. Right. The idea being that the baby boomer generation. So after the end of World War II.
Richard Taylor: [00:38:29 – 00:38:29]
Right.
James Boyle: [00:38:29 – 00:38:31]
I’m sure everyone’s familiar. Yeah.
Richard Taylor: [00:38:31 – 00:38:34]
76 Million babies. 76 Million.
James Boyle: [00:38:35 – 00:40:15]
Enormous. Yep. So if you picture the baby boomers, and this is not to insult anyone, this is just a metaphor. It’s very evocative imagery. As we said. You picture that generation as the pig in the proverbial python. It’s moving down the digestive track. Boomers are now getting into their late 60s, early to mid 70s. Oldest, I think are getting into their 80s now are close to it. This study is an update on some of those studies in the 70s. Incredibly prescient, by the way. They predicted a lot of this in the housing space, in the labor market space, wages. As those boomers retire or don’t refuse to in some cases. What are the downstream effects? How does that affect the housing market? How does that affect wages for young workers? How does that affect job openings, employment? Very wide reaching study. I believe this was a Stephen Ruggles, he’s a demographer at the University of Minnesota, essentially did an update of these labor force flows decade by decade from 1910 to 2040. So they’re even projecting out over the next 14, 15 years and sort of the impact of this. There is a lot to unpack here, certainly more than we can uncover in five or 10 minutes. But I would encourage, number one, all of our listeners to go ahead and find that and read it. Many of the things that are talked about and generate headlines and unaffordability of housing and things, a lot of it can be put at the feet of demographic shifts. Right. Of a very large generation that has historically and currently held on to things like their homes. They’re not downsizing as much.
Richard Taylor: [00:40:15 – 00:40:18]
Their homes, their jobs.
James Boyle: [00:40:18 – 00:40:19]
Their jobs.
Richard Taylor: [00:40:19 – 00:40:20]
Politics.
James Boyle: [00:40:21 – 00:40:59]
It was another one I would add in there. There’s an element of succession planning as well, which I found interesting. This idea that. As opposed to an emphasis on a sort of Runway for younger generations to claim those leadership roles. Right. In a lot of cases, and the author points to a few specific examples, it’s sort of been talked about, implemented. And then when push comes to shove, the person holding the position disappears and maybe leaves them with a sort of bequeathed wealth to help them give them life support. But there’s no real specific succession plan in place. In other words, it was a failure.
Richard Taylor: [00:40:59 – 00:42:18]
From that perspective, I find the homes one fascinating and I don’t know what they do about it. Listen to this. Empty nesters own 28% of large homes, while millennial families own 16% of. And it goes on to say the boomers are staying in these large. These large homes or they’re moving out into what previously would have been a starter home to be close to the grandkids. And you know what? Like, I can’t blame them for this. Like, they’re locked in at low interest rates. So you’re either trapped in that big house because of low interest rates and it’s just, it’s just not feasible to move. And if you’ve still got a mortgage. And who can blame someone who maybe now isn’t working and is thinking about their long term financial security or of moving. Never. It never occurred to me that they also might be taking starter homes. But I’m not going to begrudge a boomer who wants to close their grandkids and buys a small home. I think that’s a great move. The problem isn’t. I think the problem is politics, which I’m going to come to in a minute. But it’s the not building enough new homes I can’t blame people for. That is a massive problem. 28% Of large homes are owned by empty nesters, while 16% of millennial families. That’s trouble. That is really.
James Boyle: [00:42:18 – 00:42:38]
It is. And the goal of policy, you would hope, is to correct for some of these economic external forces where we shouldn’t be buying house or, excuse me, building housing. There’s a very real supply crisis. And then you could get into the political aspects of NIMBYs and not wanting property values to go down and that there’s all this political will.
Richard Taylor: [00:42:38 – 00:43:02]
This, this is the problem. I think the problem is the politics and that nimbyism is self interested people voting for their candidates who are boomers who then protect the status quo. And we’re not going to get out this, this for me is this is the big crisis. Boomers are 43 of Congress despite being only 23.7% of the population and they are 61 of Senate.
James Boyle: [00:43:03 – 00:43:05]
61.
Richard Taylor: [00:43:06 – 00:44:34]
So whereas millennials are 25 of population and only 16 of Congress. And why this is so dangerous is this was the argument made in 1974 and we’re now in 2026. I think this is happening in real time. Back in 1974, Baker argued in the Times that as the boomers pass and reach retirement age, I. E. Now both the childless and the childbearing factions will probably make common political cause against a diminished young population which would be increasingly hard taxed to pay retirement benefits for the aging majority. And then that’s the end of that quote. That sounds very much like a generation voting itself largely via the boomer dominated Senate. Ever more generous benefits on a surging 39 trillion national debt as large as the economy itself while kicking the can down the road so the next several generations can figure out how to pay for it. I think that is the crux of our problem. The boot. This is why we need term limits or age limits in Congress. The boomers in Congress need to relinquish power to Generation X and Millennials who can then, who can then fight, fight the NIMBYism and all the other. We’re all inherently self interested. I’ve got, you know, we’re all going to be, we’re all gonna be self interested. But that, but the, the, the, the problems they are storing for the next hundred years are really serious and they need to leave the politics and let the younger generation try and have a go.
James Boyle: [00:44:35 – 00:45:44]
It goes back to this perennial question. You can look at economies like Japan. We’ve talked about aging populations and what does that mean from a productive labor force perspective and where their dollars are going as far as a division between supporting older generations or productive use in society. These are very big questions and I agree with you. We keep coming back to this theme of demography and shifts in demographics. I don’t think we’re going to get away from this. It doesn’t feel like there’s an off ramp here. There’s some hand waving about maybe AI productivity gains and AI or technology starts to help fill some of the gaps. And maybe it does. I think that’s an open Question right now. It will be fascinating to see. Again, I wish we had direct answers. I know we’re raising a lot of questions here, but. But in some of these cases, it’s too early to tell. But to your point about a 1974 study being this prescient to essentially call 50 Years of Economic development as it relates to this generation, fascinating.
Richard Taylor: [00:45:44 – 00:45:57]
So Fortune magazine, the pig in the python, baby boomers are strangling the economy they built by refusing to move or retire. I don’t really hold it. Like I said, I actually think the problem is the political realm. I think a lot of it flows from that.
James Boyle: [00:45:57 – 00:46:24]
And you know what? To land on a more positive note, because I know there’s a lot to be taken from that article, but our audience, I suspect our broad audience, not that we’re in contact with all of them, but certainly the ones we speak with generally don’t fall under this umbrella. Right. We work with expats. These are people who are globally mobile, who are active. Right. They’re not staying in a corporate role for 40 years as a desk drone.
Richard Taylor: [00:46:24 – 00:46:25]
Conscientious.
James Boyle: [00:46:25 – 00:46:44]
Yes, conscientious. And if they are working past what you might think of as traditional retirement, they’re doing interesting things. Right. I know we had an episode of this very podcast where we talked about board positions and mentorship roles and leadership roles. So this is not to disparage the audience. Listen to this. It’s much more. Right.
Richard Taylor: [00:46:44 – 00:47:07]
But as I learned from another episode I did recently, 3.8% of the global population are immigrants. Expats. That I cannot believe. It’s so low. So this is not expats in my. Or immigrants, in my opinion. But we don’t make up a meaningful percent of the population. So 3.8. Can you believe that? I guess it’s because we live in this world.
James Boyle: [00:47:08 – 00:47:13]
We’re in a bubble. Yeah. We’re in our expat bubble, but yeah. And think of all the animus that it generates.
Richard Taylor: [00:47:14 – 00:47:22]
Oh, yeah, let’s not go there. Right. Should we quickly do little. Pick a mix? What’s. What’s on your radar at the moment?
James Boyle: [00:47:22 – 00:47:36]
Let’s see. I have just started reading. I say just started, but it gripped me. So I’m about a third way through after a couple days. Patrick Raden Keefe, writer. I’ve talked about on this podcast, author of a book called say Nothing, author.
Richard Taylor: [00:47:36 – 00:47:43]
Of Gosh, say Nothing, the Belfast book, the ira. That is a fantastic book. I don’t know if you and I have talked about this.
James Boyle: [00:47:43 – 00:47:45]
You know, I don’t think we have no.
Richard Taylor: [00:47:45 – 00:47:50]
I will be very interested in reading whatever you’re about to say because that book was tremendous.
James Boyle: [00:47:50 – 00:48:09]
He’s an incredible writer. He also wrote Empire of Pain about the Sackler family and the opioid crisis in the US I think this is his newest one, although someone should fact check me on that. But it’s called London Falling. Starts as a. I’m not going to give any spoilers, I’m only about a third of the way through.
Richard Taylor: [00:48:09 – 00:48:09]
Yes.
James Boyle: [00:48:09 – 00:48:19]
Starts as it almost reads like a mystery but it’s a true story. Young man, promising young man falls off a balcony in London. It happened.
Richard Taylor: [00:48:19 – 00:48:33]
Promising man went to went to Harrow or something. Went to a very very upper Cross British public school but didn’t quite have the wealth of some of his colleagues right. Of his school friends and tried to act the part and fell into this world.
James Boyle: [00:48:33 – 00:49:19]
So it’s sort of slowly peeled back and you start to see this broader conspiracy of lies and exaggerations and falsehoods and there were other parties involved and somewhat dangerous faction so to speak. Really compelling read. It’s one of those where it’s gripped me and I’m like got to figure out what’s happening and what ultimately comes of it. But highly recommend. Again the book is called London Falling. Patrick Rattan Keefe it starts to get into a sort of examination of class in London and and immigration plays a big part of the story. It starts to look back to the 70s and 80s and some of the sort of Thatcher era policies and sort of downstream effects of that. Highly recommended.
Richard Taylor: [00:49:19 – 00:50:16]
Yeah I’m definitely going to check that out. I’m reading about Stalin at the moment book called Young Stalin which is a precursor to there’s a very very widely renowned book called Stalin and the Red Core or something. It’s a. So I’m reading I’m in a Stalin hole right now which is very interesting is like I studied him at school or studied the Russian Revolution but his as is always the case this what I kind of hadn’t done the work and I assume that he was almost a two dimensional character is of course much more interesting and multi layered than I ever really gave any credit for. So that’s interesting to me. But what I’ve also started doing is first time I’ll talk about a non podcast I’ve started listening to an audiobook I don’t listen to audiobooks. I read books and I listen to podcasts and I don’t do audiobooks because I just I don’t know I can’t take in the information the same way. Audiobook.
James Boyle: [00:50:16 – 00:50:17]
I’m the same way.
Richard Taylor: [00:50:18 – 00:52:04]
But apparently I thought that was the case for everyone. But apparently there’s a study that shows it’s identical really, Whether you listen to it or you read it. Apparently you retain the same information. Maybe that’s true. That’s not true for me. So I don’t, I don’t read audiobooks. But two things. One, I shouldn’t hesitate to say this. I am bored sick of investment podcasts. I mean I listen to a lot of like current affairs, economy, investment, political. And I still, I still listen to the Daily from the New York Times every day and I still listen to political ones. I think they’re very relevant. Although I am getting a bit fatigued because it’s just, yeah, they call it footing the zone. I just find this whole atmosphere, it just bit exhausting. But investment ones are so linked to our day to day job. But you and I are, so you and I, we fundamentally believe in this. In low cost, passive, get your asset allocation right. There is a bit more complexity around the edges, but by and large get it right. Invest and then just walk away. Just, just stop tinkering with it, look the other way, stop messing with it. But all these investment podcasts, although they sometimes pay lip service to that, they’re all about what’s going on right now and how you should be thinking about from an investment point of view. And I’m just kind of like. And one, I’m just fatigued with the overall environment and two, it’s just, I think it’s counterproductive and I’m just a bit tired of it. So I, so I’ve stopped, I’ve draw, I’ve ditched the, the investment podcast, the economic podcasts, and I’ve picked up an audiobook and I picked this audiobook because it’s a book called Citizens by Simon Sharma. It’s an absolute tome. I’ve also got the Hard Bot book. It’s about the, the Russian French Revolution, but it’s not on Kindle. And I, because I read in the dark and I like to hold a book with one hand, I can’t go back to regular books.
James Boyle: [00:52:04 – 00:52:07]
So it’s not, it’s not digitally available at all.
Richard Taylor: [00:52:07 – 00:52:08]
I guess it’s not on order.
James Boyle: [00:52:08 – 00:52:10]
It’s not a book.
Richard Taylor: [00:52:10 – 00:52:22]
Yeah, so. So I thought, right, I’m kind of, I’ve got, I’ve got some space and I do a lot of walking each day with the dog and stuff. I’ve got a bit of space. So I’m diving into this audiobook, but I do wish I was reading it.
James Boyle: [00:52:22 – 00:52:44]
I think we’ve talked about this before. I feel like I’m such a visual learner and I have trouble, oddly, because I do, same as you. I listen to a ton of podcasts, but I feel like I cannot retain information or pay as good of attention. That’s a poor way to say it, but audiobooks lose my attention very quickly, I find. Yeah, I should revisit though. It’s been many years since I tried.
Richard Taylor: [00:52:44 – 00:53:02]
One, but I’ve have be but because I’m not. I’m not because it’s not on Kindle. I’m probably not never going to read it unless I listen to it. And I just thought, right, I’m. I’m just got bored of another like, oh, this is what’s happening. This is what you should be. And I’m thinking this is not what you should be doing from investment point of view, you should be doing absolutely nothing.
James Boyle: [00:53:02 – 00:53:02]
Yeah.
Richard Taylor: [00:53:03 – 00:53:13]
So I ditched that and I’ve started Citizens by Simon Sharma. It’s a. It’s a absolute whopper of a book. I think it’s like 37 hours or something. So, yeah, I’m getting into.
James Boyle: [00:53:13 – 00:53:15]
That’ll keep you busy for a bit. Yeah.
Richard Taylor: [00:53:15 – 00:53:15]
Yeah.
James Boyle: [00:53:15 – 00:53:16]
That’s a lot of dog walks.
Richard Taylor: [00:53:17 – 00:53:31]
Yes, Any excuse, mate. Love walking the dog. Right. So, James, my, my, what do you say? My scene partner. Missing partner in crime. Good to see you again. Thank you for this. And we’ll be back next month.
James Boyle: [00:53:32 – 00:53:34]
Absolutely. Good to see you, Richard. Talk soon.
Richard Taylor: [00:53:34 – 00:54:32]
All right, folks, that’s another episode of Expat wealth under Our Belts. Thank you for listening. I appreciate it and I appreciate you. If you’re enjoying the show and would like to support the mission, which is to help ambitious expats thrive in America and ask you to subscribe to the POD wherever you listen and also consider leaving a rating and review. This stuff really does matter. Please help us get this information to the people who need it, that is to your fellow expats. Just a quick reminder that this show is brought to you by Plan First. Well, we are a US based financial planner and wealth manager and we help successful American and international families living across the US to make the most of their opportunity and ultimately to retire happier. If you’d like to know more about how we might be able to help you, you can find us on our website, www.planfirstwealth.com or you can look me up on LinkedIn. Do get in touch. We’d love to hear from you. As always, thank you to the podcast guys for their help producing this episode and the entire show. See you next week.
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