Retirement Simplified: Investing | Social Security | Taxes

Adam Fayed:
some people, they just want to pay the lowest possible tax rate. And ultimately, unless you're already living in Monaco or some Western countries, in general, that's not the case in most Western countries. So even in, say, the United States, obviously you can live in certain states that are more tax efficient, especially for certain types of income. But ultimately, if you want very, very exceptionally low taxes, then offshoring yourself and doing all the structuring is one way to do it.

Disclaimer & Disclosure: Ryan Colden is an investment advisor representative of RPG Family Wealth Advisory. Colden Wealth is a DBA of RPG Family Wealth Advisory. The opinions expressed by the host and or guests in this podcast do not necessarily reflect the opinions of Colden Wealth or RPG Family Wealth Advisory. No information on this podcast should be construed as as investment, legal, tax, or financial advice.

Ryan Kolden: Today on the show, we have Adam Fay. Adam is a financial planner specializing in serving expats and has helped clients in over 100 countries. He's also a regular contributor for Forbes Business Council. Originally from the United Kingdom, Adam is a published author on Amazon, as well as a top financial writer and contributor on Quora.com. Adam, it's great to have you and welcome to the show.

Adam Fayed: Likewise Ryan, I'm really looking forward to the conversation.

Ryan Kolden: So Adam, let's just dive right into it. And I want to get your take on the global kind of outlook right now. So US markets are at all time highs. And as of late, they seem to really only go in one direction, which is up into the right. So what is your general assessment, not only just on US markets, but just kind of the global markets in general, as well as investor sentiment?

Adam Fayed: Well, when it comes to U.S. markets, of course, it's been really driven by the whole AI situation with NVIDIA and some other key companies. So with the U.S., it's been quite a longstanding trend now, because in 2018, 19, 20 kind of time, it was the FANG companies that were really adding to the market's value over time, whereas now it's more still some of those companies, but the new AI companies that are getting bigger and so on and so forth. So obviously, with the US market, most of the companies are actually not doing that well relative to the entire market. So what's going to be interesting is obviously, if the AI boom keeps going higher and higher, naturally, that's going to be a good problem for the US. Because really, if you look at it on a global scale, it's really only the US and China who are anywhere near this whole AI boom. Yes, there are AI companies all around the world. There are companies investing in AI all around the world. Like SoftBank, for example, the Japanese company, they bought into some AI companies. But ultimately, that's where the market's going to either rise or fall. But what's interesting is very long term, ultimately, these things go in cycles. So the US stock markets, people often forget this, they have not always outperformed, of course, from 65 until 82, and 2000 until 2010. International stock markets did much better than the US, and emerging markets absolutely trounced the US from 2000 until 2008. People have a recency bias. So I'm not saying the US aren't you know, good markets, of course, they are one of the best performing markets in the last 100 years, the top three or four. But still, we have to remember the valuations look quite high compared to international markets. And ultimately, unless earnings and things like that catch up, I would expect actually some of the international markets to outperform the US because you've got a strong dollar, you've got strong earning growth in some of those markets. And also, where you look at price to earnings or the CAPE, or whatever you want to look at, except excess CAPE and so on. US does look quite expensive at the moment. And it has been for some time. But I think, as a last comment to your question, what's happening now though, as well, is there's a lot of anti-globalization forces in the world. So what's happening is, you're seeing it with China as well. Because of the tech war between the US and China, a lot of Chinese tech companies have got hammered, but also because of the domestic policy in China. So I think with a lot of emerging markets, they are heavily reliant on globalization. And the kind of anti-globalization forces are going to hinder those countries potentially in the future. So I think that's one of the big geopolitical things that's going on at the moment, because the US is trying to kind of you know, onshore more stuff, same in Europe, same in China. That is good also for those countries that are trying to access the U.S. Like I think certain parts of the Mexican economy are doing well now because they're trying to bypass U.S. sanctions on China, so to speak. But I think that's the big risk for emerging markets. But I still think the U.S. looks very expensive. And really, if you're going to buy the U.S. at this valuation as a non-American in particular who isn't living in dollars is because you're going to bet that the AI boom is going to get bigger and bigger at NVIDIA and those kind of companies.

Ryan Kolden: So you kind of hit on this and I actually wanted to talk to you about this, but because you live outside the United States, for anyone who's wondering, Adam is located in the UAE, but it's been well-documented that investors have this tendency to concentrate all of their investments in their home country. So rather than diversifying globally, they have a home country bias. So US investors have a tendency to only invest in US stocks, Germans and German markets, United Kingdom, UK markets, and so forth. So what's your opinion on including foreign and emerging markets into a portfolio? So basically having a globally diversified portfolio rather than just a home country.

Adam Fayed: Well, I think for non-Americans to begin with, it's a no-brainer really, because if you think about it, the UK is about 6% of the global stock market. Canada was something like whatever, 2% or whatever it is. So for non-Americans, I just think it's a no-brainer really. For Americans, there is this train of thought, which was articulated by Jack Bogle, the founder of Vanguard. He had a training for, as did some other people, that, look, the US is international in terms of the companies. Because, like, Starbucks, Apple are companies like that. You can look out your window anywhere in the world and find these companies everywhere. So some people would think, well, at the end of the day, you're buying internationally, you'll be buying the S&P 500 anyway. However, one thing I would say is, if you look historically, the US and international markets have taken it in terms of outperforming each other. And the US has had a very long period of outperformance now. Historically, extraordinary, in fact. I think this is the longest period ever where the US has pretty much outperformed. Not every single year, but as a period. And that simply, I think, can't go on forever. There is a chance that, obviously, with the AI boom, a fourth industrial revolution that actually the US is on top of this. I'm not saying it's impossible, but the US can't outperform for another 10 or 20 years when it comes to the stock market. But overall, I would still say, even if it's 10% or 20% or whatever of a portfolio, having direct international exposure makes a lot of sense. That's my take, because also you're reducing your risk as well. And investing isn't just about the best game. It's also about reducing risk, I would say.

Ryan Kolden: Yep. I was actually having this conversation recently with a friend, maybe a couple of days ago. And the other kind of piece that he brought up, which was, so not only the quantitative perspective, looking at the data, but like you kind of mentioned, but also the aspect of just like human nature and behavior, which is like people want to win. And do you think all these other countries want to continue to you know, not to be in the shadows, and they're going to ultimately do whatever they need to develop themselves to try to become the best. And that ultimately means growing and stepping out of the shadows. So I'm 100% in agreement with you. Now, the next piece that I kind of want to that is interesting that's happened recently was that the European Central Bank has recently made the decision to lower interest rates. And that's kind of been what everyone's waiting on here in the United States is they're just kind of waiting and hoping the Fed will lower interest rates. But how might the ECB's decision to lower rates affect the euro as well as the dollar?

Adam Fayed: Well, it's interesting because it's quite a timely question because just an hour or two ago, the British Central Bank also, they didn't officially decrease rates, but inflation in the UK has gone down to 2%, which is the target for the first time for like two or three years. So it's almost guaranteed pretty much that the UK is also going to reduce interest rates pretty quickly. But here's the thing as well. The U.S. economy overall, I'm not saying it's a perfect situation, but it's stronger than the Eurozone and stronger than the U.K. and stronger than Japan. That means interest rates are likely to be higher for longer in the U.S. versus the other countries. That doesn't mean in 2028, for example, interest rates are going to be higher in the U.S., but probably later this year and next year, interest rates are going to be higher in the U.S. So that probably means that unless the markets have fully priced this in, that the US dollar strength is going to continue and the dollar could actually stay at the same level or get stronger against the euro and the pound and other major currencies. I mean, look at the yen at the moment. I mean, when I lived in Japan a few years ago, it was 100 to 1, and now it's about 160 to 1. against the dollar. That's a huge depreciation. So I do think, though, I'm not one of these people who think it's likely that the Federal Reserve will not decrease interest rates. I do think it's likely that they will do something later this year. But it does seem to be the case that rates are going to stay higher for much longer than expected in the US, unless something breaks. I mean, last year, with the mini banking crisis, people thought it would break kind of quite easily, but it seems like the economy is a bit more robust than people expected.

Ryan Kolden: Adam, I want to go ahead and transition into discussing what you do, your expertise, which is helping expats with their financial lives. But I first want to talk about why we're even discussing this in the first place. Because this is a pretty common thing that's been coming up. I myself deal with clients and they express to me interest in moving abroad. So in your opinion, What are the main factors that are driving people to consider expats, to consider leaving their country altogether?

Adam Fayed: There's a few things that are really driving this, I would say. So one thing is just tax some people. For some people, they just want to pay the lowest possible tax rate. And ultimately, unless you're already living in Monaco or some Western countries, in general, that's not the case in most Western countries. So even in, say, the United States, obviously you can live in certain states that are more tax efficient, especially for certain types of income. But ultimately, if you want very, very exceptionally low taxes, then offshoring yourself and doing all the structuring is one way to do it. But I think the narrow reason is for certain people, they might not like the political situation. So, for example, You know, I think at the moment there's a lot of Canadians, for example, who are looking to move overseas because they're not happy with what Trudeau's doing rightly or wrongly. Or for example, in the UK at the moment, they're changing the non-domiciled scheme and they're bringing in more tax on the wealthy. And of course, that kind of leads to a situation where people feel like it's not just a tax, it's more like they don't feel like that wealth creation is something to be celebrated. And likewise, I think in the U.S. it's probably less extreme than that for now, but obviously the U.S. has a big divide between those who want less taxes on wealthy people and those who become slightly anti-wealth. So traditionally in the U.S., of course, you didn't really have a hard socialist party at all. The Democrats were really quite moderate compared to, say, the equivalent in mainland Europe, for example, But there is a feeling among some Americans that maybe in the last 10 years or so, there has been a move towards some people on the political spectrum being a bit more anti-wealth, if you see what I mean. So there are people talking about a wealth tax, for example, in the US, including unrealized capital gains for billionaires and so on and so forth, or multi-millionaires. And even if you're not a billionaire yourself, some people might not like that. So I think the political winds of change are one thing. taxes and everything. But for some people, it's just lifestyle. Because let's say now, you've got a lot of people who are nomads or they've got a digital business, that could be a YouTuber, that could be an owner of a company. For example, of course, my company is an online wealth management and wealth structuring business, but I can move pretty much anywhere in the world if I can get a visa. So of course, for some people, they've got a remote job. Even if they continue to be American taxpayers, they might just think, well, I want to live overseas. I can remember 10 years ago, I met an American guy who lived in Cambodia. And he was still paying tax in the US system because he actually wanted to do that for his own reasons. But he just thought, you know what? For a few years, I can live in a cheap country, have a great experience, maybe learn a new language. And then decide from there on in, do I go back to the US or do I maybe even change my tax residency and structure? So I think there's a wide range of reasons, really, that people do it. But I think at the moment, the world is getting a bit smaller. And COVID did show people a new way of doing things. The number of people working from home and doing business online has skyrocketed since the 90s, I would say. But more recently, it's completely skyrocketed, right?

Ryan Kolden: That makes a lot of sense. And one thing that I was wondering, you know, as I was preparing to speak with you is the different countries that people are moving to. Do you see any kind of a trend or just major commonalities come up, you know, that people are moving to specific countries? Yes. Or is it all over the place?

Adam Fayed: Yeah, I mean, it is a little bit all over the place from the point of view. Obviously, if people have a personal reason, like there's some people who have a spouse or something, in which case they could be anywhere, right? But in terms of the commonalities I've seen, I think the higher net wealth clients, they're more likely to go to a place like a UAE or Singapore or whatever, but it does depend on where they come from. So right now, a lot of wealthier Chinese are going to, for example, Singapore. whereas the UAE is getting a lot of people from all around the world right now. In comparison, I think a lot of Canadians and Americans are going sometimes somewhere which is a bit closer to them. So, for example, Mexico, or I think even the likes of Paraguay, is still not a mainstream destination, but for nomads it's getting a bit more popular. I think for people who are, say, for example, mid-income expats or nomads, somewhere like a Bali or Malaysia or Southeast Asia, you could say Thailand as well is quite popular, but it does depend on the individual. So Bali has become a hot spot for people. more generally. And of course, for Russians, for example, they're not allowed in many cases, unless they've got a second passport in many countries. So for them, it's more like the UAE, Bali, and a few other places. So it does depend. But I think what was interesting is I was reading a report about where most wealthy people are going. And I think, you know, UAE and Singapore are in the top 10, but also in terms of Western countries, I believe Australia and a few other places are still getting a lot of people. But I guess that's because they're so close to China and India as well, relatively speaking, at least.

Ryan Kolden: Right, right. And I know there's a ton of stuff that goes into going to a different country, specifically for retirement. But broadly speaking, for people who are considering making this move for retirement, what kinds of things do they need to start considering planning and thinking about?

Adam Fayed: Well, if they're going for retirement, I would say a retirement visa is one thing. Health insurance is another thing because ultimately, of course, insurance can become more expensive as you get older. I would also say double taxation and how that's going to be treated. Are you going to get taxed on your pension in the other country? Are you going to get taxed in the US? those things are important. Also, I'd say what kind of assets are you going to own? Because I was just reading an article, I shared it online today. I think he's American or he lived in the United States at least. He retired actually early in his 30s. And now he's going back to work because basically he didn't factor in all the equations that could result from being retired. And he had two or three kids unexpectedly, and he wasn't expecting that just because they tried for years, and now he's having to go back to work. And he's still in his 50s, so he's lucky compared to some people. But of course, the normal retirement planning overseas is still important, right? Because people could run out of money. So you don't want to be completely into cash, because that is a huge risk to inflation. You don't want to be 100% in stock market either. So you need to have a good portfolio for your needs. You might also want to consider the currency risks. So for example, if you're in the euro zone, as an example, do you invest more in funds that are denominated to that currency? Or would you just say, well, I'm going to have a US dollar portfolio and hope that the exchange rate keeps getting better or stays the same? So those are the main things I would say people should care about in terms of purely financial things. I would say briefly on the non-financial things, obviously, just having some kind of social network abroad might be important because, you know, when people are older and they're not going to work and maybe they don't have loads of friends in that country, probably having some kind of social network is also important.

Ryan Kolden: I, Adam, I used to be in the military. You're just talking about social network. And I lived in Bahrain for quite some time. And one of the things that was interesting is the expat community that is there. And they had an Australian rugby club while I was there. And they also had a British… I was literally called the British club, but it was this area where all the expats would get together. And even though it was called the British club, they had all the Australians, Americans would all kind of congregate there on certain days. So it was pretty fun. But yeah, it would be super lonely to move somewhere just for the tax reasons alone and not have any kind of social network or enjoyment, which commonly I hear, I don't know if you've dealt with this, but I've heard a lot of people Seem to regret their move to Puerto Rico sometimes for that reason but from the United States specifically, but The next thing I wanted to ask you was How long should you know if someone's seriously considering this move? How long? Would you say that they should start preparing in advance? So is this something that they can just do off the cuff six months, two years in advance? What's the process? I'm sure it takes quite a while to get a visa.

Adam Fayed: Well, it does depend on the country, right? So some countries, basically, let's say you're on vacation and you're really loving that country and you're on a tourist visa. In some countries, you can just, I think, pretty much apply in the country for a retirement visa and then just do it, right? If you want to be spontaneous and do that. It is fine in certain countries to do it that way. I would say, you know, for most people, two or three months is okay, because what I have seen is if people engage in analysis paralysis, they never make any kind of decision. I'm sure it's the same moving internally in the country, right? Especially a country the size of the United States. Some people might consider moving internally, and they always talk about it, and it never happens, right? So I would say don't like take too long because all the things you might actually want to decide on. I think most people could be done within two or three months, unless like the visa is very slow or something like that. And I think all the information you could need, you can do that relatively quickly. The only thing you might want to consider is actually just deciding, okay, I'm going to spend a month or two. in this location before doing anything else, just deciding, is this the kind of place I want to be? You know, some people might even go to 3 or 4 locations, you know, especially if they've got a partner, they're both retired, have a look at different locations, see, is this likely to be for me? Of course, it's not the same as actually living in the country, but it does give you a flavor about things like the social life, as you mentioned, right? Because, you know, if you're used to being in, I don't know, New York, And then you go to Puerto Rico. Now, I'm not an expert on Puerto Rico, but I imagine the social life is probably not as good there as, say, New York. You might get a shock, and you might think, well, this isn't for me. But if you're just looking for somewhere which is quiet, it might be for you. So I would say have a look at a place if possible, even if it's for a few weeks. I think that's a good idea.

Ryan Kolden: I'm sure one of the biggest concerns when you start working with people is, you know, what do I do with my bank accounts? What do I do with my retirement accounts, my 401k in the United States IRA? And I know there's different versions of that abroad, but can you briefly describe the process of what happens to a person's bank accounts, their retirement accounts when they leave? their country and move abroad. I know it's probably different for every country. So either you could give the answer for the United States or just generally kind of what considerations people should think about when setting up their banking system in a different country.

Adam Fayed: Well, what I have seen is for Americans, the whole bank account situation is a little bit more straightforward than for British people from the point of view that I think a lot of Americans who go overseas, they do sometimes still have some kind of postal address in the US. And more often than not, a lot of Americans do keep their bank account open in the US. That doesn't mean they don't open up offshore accounts as well. But I have seen a lot of banks will just say, well, if you're still living in the US, we're going to still accept you. Or for that matter, if you keep a postal address, we're going to also have you. So I would say just for normal bank accounts, it is often possible for the US expats to keep that. But it does depend on the institution because, for example, in the UK, I have seen several clients be debanked. And it's actually quite a hot topic in the UK that debanking is an issue, right? Not just amongst expats, but also high-risk industries and so on and so forth. So British people have seen it a lot. When it comes though to actually the investments themselves, that's when you have to have a discussion with me or someone else and say, well, is it sensible to manage it from the US? or is it sensible to manage it offshore? And that does depend on the asset in question, because obviously certain assets, like pension assets, it's not always easy to transfer those kind of assets offshore, depending on the country you're in. But it's always good to have a checkup, if you like, on your updated financial situation, almost like an MOT. You take your car for an MOT, a checkup, and I think it's good when you move abroad to actually get a checkup on your finances as well. But in broad strokes, I would say a lot of people can keep a US bank account when they move offshore, but it does depend on the bank's rules. And then when it comes to the assets, then it's always a question about, again, which brokerages are going to accept you. and which brokerages are not. Because some brokerages and some advisors, I'm sure you know, Ryan, I mean, there's some advisors offshore who just tell their clients, well, if you move offshore, you leave America, I can't advise you anymore, for example. Or you might know some individual companies or banks who say, well, sorry, we can't advise you anymore because of our compliance. But then there's other companies who are quite comfortable taking overseas Americans.

Ryan Kolden: Yep, I know exactly what you're talking about. There's one country in specific that it's Canada that I can't advise on, but there's all these other countries that are all around the world that you can. Canada is always the one that kind of is surprising to me, for me specifically. But the next thing, and I don't mean to make this an entire show on estate planning, because quite frankly, That would probably be best suited by an estate attorney. But in your case, just generally speaking, does somebody who decides to move abroad need to have separate wills for each country where they have assets? Or do they need to only have one in their home country? What does that generally look like?

Adam Fayed: Well, it's a good question because it's something that a lot of people forget about. So I'll give you an example. For British people moving offshore and overseas, it's much easier than for Americans to not have to pay tax to your home country. So for example, for Americans, Because of the overseas taxation rules, the citizenship by taxation rules that exist, the U.S. and Eritrea, I think, are two of the only countries in the world that tax expats above a certain level anyway, and you have to put in a tax return. So for Americans, of course, it's very easy or difficult, should I say, to completely get rid of your U.S. tax obligations, even on income tax. But the UK, in most countries, is very easy not to have to pay income tax to your home country's government or most taxes. So a lot of British people and other people think, okay, so that means I never have to pay tax again to the British government. But the thing is, inheritance tax is based on domicile. It might be changing, but basically if I wanted to bore the viewers with all the detail, basically you could be a British person, you could have lived overseas for 40, 50, 60 years, never paid any income tax, never paid any capital gains to the UK government, but then God forbid you die, and then you've got an inheritance tax liability to the UK government because domicile is not the same as residency. So, for example, in that case for British people, it then makes sense to say, okay, what do you do here? Do you set up wills in individual countries, as you say, or do you set up a trust, or do you set up, for example, something like, some kind of wrapper, like a life insurance wrapper, where you elect beneficiaries, which is like a letter of wishes. How do you structure it? In general, though, what I would say is wills and probate is a long process. I don't know how long it takes in the US. In some countries, it can take months or even over a year. So if you want your assets to go quickly to your family, regardless of tax, then having some kind of structure in place could make sense. When it comes to the US, obviously, it's a little bit different because of your taxation system. and how you do it. But what I would say in general is having a structure in place anyway for how your estate is going to be dealt with when you die is a good idea, because it isn't just about tax. It's more like peace of mind. If you were to die, how quickly are these assets going to go to your loved ones? Do you want to put any rules in place, like saying, OK, you're not going to get all the money on day one? Or if I'm disabled, what's going to happen to x, y, and z? So, I'd say estate planning in of itself is a good exercise beyond tax.

Ryan Kolden: Yeah, the 1 of the things that you said there, that was a really big. A big thing for a lot of people, I think, where they commonly do things wrong when it comes to estate planning is a lot of the times they'll structure things where it's like someone turns age 30, they get a lump sum. 40, they get a lump sum. 50, they get a lump sum. It's just however the the person decides to structure it, but you brought that up real quick and it just made me think about, especially in the case of high net worth individuals and their family members, if you structure something like that and that person is involved in some kind of litigation, they may not want the money. It's interesting that you brought that up. I'm sure you probably have that discussion with your clients, but I thought that was important. I know we're not talking about estate planning, like the purpose of this show, but that is something that I think is a huge point for people is, you know, your beneficiaries may not want that money at a certain age. It can actually expose them to getting it taken, right, if it's inside of a trust and it's protected.

Adam Fayed: One thing, sorry, also, I'd also say In a country like the US or any country where litigation is quite frequent, let's say, I would say what you just brought up is a very, very good point. Litigation could happen all around the world, but there's a bunch of countries, including the US, where it seems to happen quite a lot. It's fair to say, right? I think the US has more lawyers than the rest of the world combined or something like that. So I would say for high-level Americans, but in general, of course, high-level people all around the world are more likely to get sued. But I think in the US, I think anyway, a lot of high-level individuals are very sensitive about that issue. I think it's a huge risk. But in fairness, it is a risk in other countries as well. But I think in the US, litigation is, statistically speaking, occurring more often than most countries.

Ryan Kolden: Um, so Adam, this, this conversation has been great. I've really enjoyed it. And we're starting to come to a close here. Um, is there anything else that you, you want to leave the audience with, with anything we talked about today, whether it comes to, um, repatriating themselves or, uh, the macroeconomic environment, anything else you want to touch on before we close?

Adam Fayed: Yeah, I would just say when it comes to moving abroad, or for that matter, probably moving anywhere, there's never going to be a perfect time. So I left the UK actually one day after graduation. And it was a good time to leave the UK because it was just after a recession. But obviously, maybe doing that on PayPal isn't the best decision, maybe. But obviously, things worked out, and it just shows you sometimes you've just got to take the leap. So it might sound like it's not a good idea, for example, to be paid trade or ex-paid trade, let's say, one day after you retire or whatever it is, or move to a different part of the US. But ultimately, often there's no good time to do anything, right? I mean, a lot of the people who start a business do it when they're pregnant or whatever. So there's never going to be a perfect time to do anything, whether that's start a business, whether that's invest, whether that's expatriate or repatriate for that matter, back to the US or back to the UK. Sometimes you just got to do it right and then just say, right, I'm all in here and this is what I want to do. Which leads me to the final comment you mentioned about the geopolitical environment and so on. But I've been doing this long enough, and I'm sure you have too, Ryan, where one thing that is always in the news is doom and gloom. I can remember no matter what the year, people are afraid of something. And this year is a US election year, right? And I can remember vividly in 2016, people, regardless, by the way, of their political persuasion and views, people were terrified of Trump getting elected. They thought it was going to lead to the market crashing. In 2020, people were absolutely terrified of, well, they were terrified of Biden and Trump's support and vice versa, but they were terrified of one side not accepting the election result. And both times, Things happened like that, but the markets were fine, right? In fact, I think the markets, the US markets, the day after Trump was elected and the day after he refused to accept the election result in 2020, the markets went up, which was completely different to what the media was saying first. So all the doom and gloom. So I'm sure in the next few months, there'll be more doom and gloom. There always is. Every single year, there's doom and gloom about assets, but I would not trade based on the media or kind of doom and gloom. I'll just kind of try to look at it a bit more rationally. I know it's difficult, but I'm sure you've seen the same thing, Ryan. I mean, I think getting worried about media reports is something we deal with every month or every year in our job.

Ryan Kolden: There's some kind of, what you said just made me think about, there's some kind of graph or chart that I've seen, I've seen multiple times, but it shows the S&P 500 by itself, just going up and to the right over time. And then it overlays it with the different presidencies, whether that would be Republican or Democrat. And at the end of the day, it doesn't make a difference. Like the market's going to do what the market's going to do. So at least in the long term. Adam, thank you so much. So, if people want to get in touch with you, what's the best way to do that? Where can people learn more about you, get in touch with you?

Adam Fayed: So, the best way is my website, which is adamfired.com. That's A-D-A-M-F-A-Y-E-D.com, and all my contact details are on there.

Ryan Kolden: Perfect. So I'll go ahead and make sure to put your website in the show notes in the description. That way people can find it. Adam, again, I appreciate having you on the show. And that's a wrap for today. Take care and we'll talk to you soon. Hey, real quick before you go, thanks for listening and please remember to hit follow on your podcast player. You won't miss any episodes and it helps support us bring you the show. Today's show notes and resources are available to you by clicking the link in the description. The opinions and views expressed here are for informational purposes only and is not tax, legal, financial, investment or accounting advice. This material is educational in nature and should not be deemed as solicitation of any specific product or service. All investments involve risk and a potential for a loss of principal. Should you need such advice, please consult with a licensed financial, tax, or legal professional. Neither host nor guest can be held responsible for any direct or incidental loss incurred by applying any of the information offered.