Abroad in America

Jimmy Miller
  • 5.0 (6)
  • Investing
  • Updated Semimonthly

As a non-US citizen living and working in the United States, you face many new challenges when it comes to learning and understanding a completely new financial and tax system. Pension plans, taxation of income (both here and abroad), and investments, along with retirement accounts and estate planning considerations, can seem overwhelming. This often leads to inaction and mistakes. The goal of this podcast is to help non-US citizens and cross-border families living and working in America implement effective strategies to take full advantage of the opportunities to create wealth offered to you in the United States, both while you are in America and even once you have left. Sit back and listen as you go behind the scenes with financial planner, author, and speaker Jimmy Miller to learn how to make your time in America as financially rewarding as possible. Be sure to subscribe so you don't miss out on any future episodes. Visit https://www.BaobabWealthAbroad.com for more information and free resources.

  1. Jun 26

    Should You Leave Your Money in America When You Move Back Home?

    Welcome back to Abroad in America with host Jimmy Miller. If you’ve worked, saved, and invested in the United States, what happens when your time in America comes to an end? Should you move everything back to your home country, or can some of your money stay invested in the US? In this episode, Jimmy walks through one of the biggest financial questions expats face when leaving America: what to do with US-based accounts like 401(k)s, Roth IRAs, brokerage accounts, bank accounts, company stock, and other investments. While many expats assume they need to take everything home immediately, that is not always the best move. The US financial system can offer low costs, strong regulation, deep markets, and global investment access, but keeping money in America requires the right structure, custodian, tax planning, and long-term strategy.  Jimmy discusses why leaving money in the US may make sense, when cashing out can create unnecessary taxes or penalties, and why planning before you leave is so important. He also covers the importance of expat-friendly custodians, W-8BEN forms, tax treaties, currency strategy, beneficiary designations, and potential US estate tax exposure for non-US citizens. He also explains why currency planning matters when your future expenses may be in euros, pounds, francs, rupees, rand, pesos, or another currency. For more on this topic, watch our related video: How to Move Money Abroad Without Losing It to Fees (What Expats Need to Know). This episode also includes a warning about expensive offshore investment products often marketed to expats and explains why a simpler, lower-cost, fiduciary-led strategy may be the better path. In this episode, you’ll learn: What to consider before moving US-based money back home Why cashing out a 401(k) early can create taxes and penalties How custodians may treat accounts after you leave the US Why Roth IRAs, traditional IRAs, and brokerage accounts need careful planning What a W-8BEN form is and why it may matter How tax treaties can affect your investment income Why non-US citizens need to understand US estate tax rules How to think about currency risk when your future expenses are outside the US Why expats should be cautious with offshore investment products How an expat-specific fiduciary advisor can help coordinate the moving piecesLeaving America does not mean your money has to leave America too. The key is making sure whatever stays in the US stays there intentionally, with the right plan, the right accounts, and the right guidance. As always, speak with a qualified cross-border tax professional and fiduciary advisor before making major financial decisions. Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

  2. Jun 15

    The 5-Year Rule That Could Cost Expats Thousands

    Many expats working in America contribute to a traditional 401(k) because it lowers their taxes today. But what happens if you later realize that decision could create tax complications when you leave the United States? In this episode of Abroad in America, we explore one of the most powerful retirement planning tools available to expats: the Roth conversion. A Roth conversion allows you to move money from a traditional pre-tax retirement account into a Roth account, potentially creating greater tax flexibility and reducing future dependence on the U.S. tax system. We discuss why Roth conversions can be especially valuable for expats, how the strategy works, and why understanding the Roth five-year rules is critical before making any decisions. You'll learn the difference between the Roth earnings five-year rule and the Roth conversion five-year rule, how a Roth conversion ladder works, and why thoughtful tax planning can help you avoid costly mistakes. We also cover common Roth conversion traps, including converting too much in one year, overlooking state taxes, paying conversion taxes incorrectly, and failing to consider how your home country may treat Roth accounts. If you've already accumulated money in a traditional 401(k) and are wondering whether you still have options, this is an episode you won't want to miss. In This Episode • What a Roth conversion is and how it works • Why traditional 401(k) accounts can create challenges for expats • The difference between paying taxes now versus later • Why Roth conversions can create more flexibility for globally mobile professionals • How Roth accounts can reduce future tax uncertainty • Why converting everything at once is often a mistake • The difference between the Roth earnings five-year rule and the Roth conversion five-year rule • How the Roth conversion five-year clock works • Why converted principal and investment growth are treated differently • How a Roth conversion ladder strategy works • A real-world example of using Roth conversions over multiple years • How to evaluate whether your employer's retirement plan allows conversions • Why paying conversion taxes from outside assets is often preferable • The importance of tracking multiple conversion clocks • Common Roth conversion mistakes expats should avoid • Why cross-border tax planning matters before leaving the United States What's Coming Next • Managing retirement accounts after leaving America • Cross-border retirement planning strategies • Tax considerations for Americans and foreign nationals abroad • How different countries treat Roth accounts • Additional ways expats can create tax-efficient retirement income A traditional 401(k) doesn't have to become a permanent tax problem. With proper planning, Roth conversions may help you create greater flexibility, reduce future tax uncertainty, and build a retirement strategy that better fits a life lived across borders. Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

  3. May 28

    Why “Lower Taxes Today” Can Become a Bigger Problem Later

    Most people automatically choose the traditional 401(k) when they start working in America. For expats and foreign nationals, that may be a very expensive mistake. In this episode of Abroad in America, we break down why many expats working in the U.S. should strongly consider using a Roth 401(k) instead of a traditional tax-deferred retirement account. While traditional 401(k)s offer an upfront tax deduction, that short-term tax savings can create major tax problems later, especially for people who may eventually leave the United States before retirement age. We explain the key differences between traditional and Roth 401(k)s, how early withdrawal penalties work, and why many expats unknowingly create future tax liabilities tied to money they may eventually need access to overseas. You’ll also learn why mobility, future residency uncertainty, and cross-border financial planning can make Roth accounts significantly more attractive for foreign nationals living and working in America. Through practical examples, we compare how two expats with the exact same salary and savings habits can end up with very different financial outcomes depending on whether they choose traditional or Roth contributions. If you’re an expat working in the United States, this episode could completely change the way you think about your retirement plan. In This Episode • The difference between traditional and Roth 401(k)s • Why traditional 401(k)s create future tax liabilities • Why expats face unique retirement planning risks • How early withdrawal penalties work • Why the IRS still has a claim on tax-deferred retirement money • How Roth 401(k)s can provide more flexibility for expats • Why future residency uncertainty matters in retirement planning • How taxes and penalties can reduce traditional 401(k) balances • The importance of long-term tax planning for foreign nationals • Why mobility and international living change retirement strategy • How employer matching contributions work • What expats should know about vesting schedules • Why many workers choose traditional accounts by default • Why “saving taxes today” is not always the best long-term strategy • How Roth accounts may create more future financial freedom What’s Coming Next • Roth conversions explained simply • The Roth conversion five-year rule • How to potentially fix past traditional 401(k) decisions • Cross-border retirement planning concepts • Tax-efficient retirement strategies for expats Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Why “Lower Taxes Today” Can Become a Bigger Problem Later

  4. May 11

    The Hidden Costs of Living in America as an Expat

    Many people move to the United States expecting opportunity, higher income, and career growth. And while all of that is real, there is another side of the experience that rarely gets talked about. In this episode of Abroad in America, we unpack the hidden costs of being an expat in the U.S. The ones that don’t show up in your job offer, but quietly shape your financial and personal experience over time. From the excitement of exploring a massive country to the reality of expensive travel, we break down how everyday experiences can add up faster than expected. What starts as weekend trips and new adventures can quickly turn into a consistent, ongoing expense. We also take a closer look at payroll taxes like Social Security and Medicare, and why many expats contribute to these systems without ever fully benefiting from them. Depending on how long you stay, this can create gaps in your long-term financial plan that are easy to overlook. This episode dives into the real cost of staying connected to home, including international travel, time off work, and the emotional weight of maintaining relationships across borders. We also explore the complexity of the U.S. healthcare system, where even having insurance doesn’t always mean predictable or affordable costs. Beyond that, we talk about what it actually means to start over. From building credit and setting up your life from scratch to paying more upfront for everyday essentials, the early stages of living in the U.S. often come with a wave of smaller expenses that add up quickly. We also cover the often underestimated cost of tax complexity. For many expats, managing obligations across two countries requires professional help, ongoing attention, and a level of stress that goes far beyond just filing a return. And finally, we address something that never shows up in a spreadsheet, the emotional cost. Living between two worlds comes with tradeoffs, and understanding those tradeoffs is a critical part of the expat experience. This episode is not meant to discourage you. It is meant to give you a clearer, more complete picture so you can plan ahead, make better decisions, and navigate your time in the U.S. with intention. If you are currently living in the U.S. or considering the move, this is a conversation that will help you think beyond just income and opportunity. If you know another expat who might benefit from this perspective, be sure to share this episode with them. In This Episode • Why exploring the U.S. can become more expensive than expected • How Social Security and Medicare taxes may not benefit all expats • The true cost of traveling back home and maintaining relationships • Why U.S. healthcare is both expensive and complex • The financial impact of starting over in a new country • How tax complexity creates both financial and mental strain • The emotional tradeoffs of living between two worlds What’s Coming Next • A return to tax and investment strategy episodes for expats  • How to better structure your finances while living in the U.S.  • Planning ahead to reduce long-term tax and financial risks Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    The Hidden Costs of Living in America as an Expat

  5. Apr 29

    Why Working in America Feels So Confusing for Expats

    Many expats move to the U.S. expecting to adjust to a new job. What they don’t expect is having to decode an entirely different workplace culture. In this episode of Abroad in America, we step away from taxes and investments to explore something that affects nearly every expat living and working in the U.S.: understanding how the American workplace actually works. From meetings that start with small talk instead of the agenda, to communication styles that are more indirect than they seem, many of the unspoken rules can feel confusing at first. What might sound polite or positive on the surface can carry a very different meaning underneath. We break down the subtle dynamics that shape everyday interactions, including how feedback is delivered, why being “busy” is often treated as a signal of commitment, and how workplace hierarchy can feel both informal and high-stakes at the same time. You will also learn why self-advocacy plays such a critical role in American work culture, and how visibility often matters just as much as performance. For many expats, this can feel uncomfortable, especially if you come from a culture where your work is expected to speak for itself. This episode is not about changing who you are. It is about understanding the system you are operating in, so you can navigate it more effectively without losing your authenticity. If you are working in the U.S. or planning to, this conversation will help you avoid common misunderstandings, build stronger relationships, and feel more confident in your day-to-day interactions. You will also get a preview of what’s coming next as we shift back into financial topics, including the hidden costs of becoming an expat in America and how to better prepare for them. If you know another expat who is still figuring out meetings, emails, or workplace expectations, share this episode with them. Stay curious, stay open, and as always, keep exploring. In This Episode • Why meetings in the U.S. often start with small talk and what it really means  • How indirect communication can lead to misunderstandings for expats  • The “feedback sandwich” and how to interpret it correctly  • Why being busy is often seen as a sign of commitment  • How workplace hierarchy can feel informal but still carry real stakes  • The importance of self-advocacy and visibility in American work culture  • How to adapt without losing your authenticity What’s Coming Next • The hidden cost of becoming an expat in America  • How lifestyle and financial decisions in the U.S. impact long-term outcomes  • A return to tax and investment strategies with an expat-focused lens Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Why Working in America Feels So Confusing for Expats

  6. Apr 9

    Why Your Tax Refund Could Be Costing You More as an Expat in America

    Many expats in the U.S. are told to focus on one thing when it comes to taxes: get the biggest refund possible. But what if that advice is actually working against you? In this episode of Abroad in America, we break down a critical misconception that impacts thousands of expats every year. While tax preparers play an important role in navigating a complex system, most are trained to think in short-term timeframes. Their goal is often to optimize your current-year return, not your long-term tax outcome. And for expats, that difference can be costly. We explore why strategies that look good today, like maximizing deductions or contributing to pre-tax retirement accounts, can create serious tax consequences later. Especially when you plan to leave the U.S. and take your money home. Using simple examples, we unpack how tax-deferred accounts like traditional 401(k)s can act more like a loan from the IRS than true tax savings. You will see how taxes compound over time, how early withdrawal penalties work, and why many expats unknowingly set themselves up to lose a significant portion of their savings. This episode also explains the key difference between tax preparation and tax planning, and why working with someone who understands both, especially in an expat context, can make a meaningful difference in your long-term financial outcome. If you are living and working in the U.S. as a non-citizen or planning to return home one day, this is a conversation you cannot afford to miss. You will also get a preview of upcoming episodes where we will dive deeper into strategies like Roth 401(k)s, Roth conversions, and how to potentially reduce or avoid unnecessary taxes and penalties when leaving the U.S. If you know another expat who could benefit from this, be sure to share this episode with them. Stay curious, stay open, and as always, keep exploring. In This Episode • Why maximizing your tax refund can actually increase your lifetime tax burden • The difference between tax preparation and true tax planning • How traditional 401(k)s can create hidden tax liabilities for expats • Why deferring taxes is not the same as saving taxes • The impact of early withdrawal penalties when leaving the U.S. • How short-term advice can lead to long-term financial consequences • What expats should consider before following standard U.S. tax advice What’s Coming Next • How Roth 401(k)s can help expats avoid future tax traps • Understanding Roth conversions and the five-year rule • Strategies for leaving money in the U.S. and using tax treaties to your advantage Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Why Your Tax Refund Could Be Costing You More as an Expat in America

  7. Mar 18

    5 Costly Tax Mistakes Expats Make in Their First 2 Years in the U.S.

    Moving to the United States can open the door to incredible opportunities—but it can also introduce a level of tax complexity many expats never expect. In this episode of Abroad in America, Jimmy Miller steps back from individual tax rules and looks at the bigger picture: the most common mistakes expats make during their first two years living and working in the U.S. Many newcomers assume the American tax system works like the one in their home country. Unfortunately, that assumption alone can lead to major reporting issues, missed filings, and costly surprises later. Jimmy breaks down five patterns he sees repeatedly—from misunderstanding worldwide taxation and leaving foreign accounts unchanged, to hiring the wrong tax preparer or ignoring reporting requirements because nothing seems to happen. He also explains why certain financial decisions that look smart in the short term—like contributing to traditional tax-deferred accounts—can create problems for expats who eventually plan to leave the U.S. If you’re new to the United States or planning a move, this episode will help you understand the rules earlier, reduce stress, and avoid expensive mistakes. In this episode you’ll learn: • Why the U.S. taxes worldwide income once you become a tax resident  • How foreign accounts and investments can create reporting obligations  • Why many expats accidentally hire the wrong tax preparer  • The hidden risks of traditional 401(k) accounts for people who may leave the U.S.  • Why “no IRS letters” doesn’t always mean you’re compliant Living abroad—especially in the United States—comes with challenges. But with the right awareness, you can avoid the most common pitfalls and focus on the opportunities that brought you here in the first place. Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    5 Costly Tax Mistakes Expats Make in Their First 2 Years in the U.S.

  8. Mar 4

    FATCA Explained: Form 8938 and Foreign Account Reporting for Expats

    There’s an important reporting rule that affects many expats living or working in the United States — and it often shows up as a surprise. In this episode of Abroad in America, we break down FATCA and Form 8938, one of the most misunderstood parts of U.S. tax reporting for people with financial connections outside the country. While many expats are familiar with the FBAR requirement, Form 8938 operates under a different set of rules and applies to a broader range of foreign financial assets. If you maintain bank accounts, investments, pensions, or other financial assets outside the United States, understanding how FATCA works — and how Form 8938 fits into your tax return — is essential to staying compliant and avoiding unnecessary penalties. We explain the purpose behind FATCA, why foreign banks now report account information to the U.S. government, and how Form 8938 requires individuals to disclose certain foreign financial assets as part of their annual tax filing. You’ll also learn how Form 8938 differs from the FBAR, why the reporting thresholds are different, and why some expats may have to file one form, the other, or both. In this episode, we cover: What FATCA is and why the law was created  How foreign banks report U.S. account holders to the IRS  What Form 8938 is and how it fits into your tax return  The difference between FATCA reporting and FBAR reporting  Which foreign financial assets must be disclosed  The reporting thresholds that trigger Form 8938 filing  Why some expats must file both Form 8938 and the FBAR  Potential penalties for failing to file when required For many expats, these rules can seem complicated at first. But once you understand the purpose behind FATCA and how Form 8938 works, the reporting process becomes much clearer — and much easier to manage. Visit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSDownload our guide for foreign nationals in the USFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    FATCA Explained: Form 8938 and Foreign Account Reporting for Expats
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Ratings & Reviews

5
out of 5
6 Ratings

About

As a non-US citizen living and working in the United States, you face many new challenges when it comes to learning and understanding a completely new financial and tax system. Pension plans, taxation of income (both here and abroad), and investments, along with retirement accounts and estate planning considerations, can seem overwhelming. This often leads to inaction and mistakes. The goal of this podcast is to help non-US citizens and cross-border families living and working in America implement effective strategies to take full advantage of the opportunities to create wealth offered to you in the United States, both while you are in America and even once you have left. Sit back and listen as you go behind the scenes with financial planner, author, and speaker Jimmy Miller to learn how to make your time in America as financially rewarding as possible. Be sure to subscribe so you don't miss out on any future episodes. Visit https://www.BaobabWealthAbroad.com for more information and free resources.

Information

  • Creator
    Jimmy Miller
  • Years Active
    2020 - 2026
  • Episodes
    18
  • Rating
    Clean
  • Copyright
    © 2026 Abroad in America
  • Show Website
    Abroad in America