In today's quick intro, Andrew emphasizes the fact that 'off-the-shell' passports are no longer the go-to choice. That is because respective governments are noticing these people are potential tax evaders and are denying access to renounced citizens. Instead of finding the quickest and cheapest method, invest the time in securing your future and find a country you would actually like to live and be a productive citizen in, then acquire the passport.
Key Takeaways:
Andrew's Editorial:
[1:25] Spain is falling apart.
[1:50] Some countries in Europe have between 30-40% youth unemployment.
[2:50] Why won't Andrew buy property in Spain?
[4:20] If Andrew had to compare the US to Spain, he'd be more optimistic about the US.
[4:40] Can Spain even hit rock bottom?
[7:55] Andrew explains why you have to get your passport/legal documents done correctly and legally.
[10:10] Andrew is currently in the process of getting an economic citizenship and it wasn't cheap.
[11:05] The cheapest and fastest passport isn't always the greatest and Andrew doesn't recommend it.
[15:40] Will there come a day when the US looks at all the US-born people who have gotten off-the-shell passports?
[17:40] The EU is not looking to let a lot of people in right now.
[19:00] Planning on renouncing your citizenship or getting a second passport? You need strategy.
[24:00] Do things that will solve your problem. If you want to travel the world, then having a weak passport won't get you there.
Interview:
[25:45] Why did Milos want to be an entrepreneur?
[29:15] Rebellion is just a symptom of the entrepreneurial spirit that you have.
[30:45] Why did Milos leave New York for an education?
[34:25] What was the first thing Milos did to start his company in Poland?
[39:40] It was a difficult job to teach Polish staff the standards of customer service.
[43:35] Could Milos’s business work in Serbia?
[45:20] What are some of the pros and cons of Poland?
The Lighting Round:
[50:10] One business – Grocery store.
[51:20] One country – Panama.
[52:05] One book – Nietzsche.
[53:55] One tool – Evernote.
Listener Question:
[56:25] Why does Andrew recommend Cambodia and not Vietnam?
[58:10] People in China and Asia love buying real estate.
[59:35] Cambodia is a great place to invest.
[1:00:50] Time is not on your side.
Mentioned in This Episode:
Andrew currently loves Eastern Europe and talks about how to safely allocate your assets so that they work for you both on a short-term and long-term basis. Andrew recommends that entrepreneurs should first focus on creating a location-independent business that will give them the financial freedom that is needed to travel. Once you've established yourself there, focus on income-generating assets, and then focus a good 10-15% of your investment portfolio on long-term value investments like property.
Key Takeaways:
Andrew's Editorial:
[2:40] It's easy for folks to buy property in Eastern Europe.
[5:45] When you have the resources to invest, it's important to know how you're allocating those assets.
[6:40] The best way to allocate your resources? Have a location-independent business.
[9:00] Don't be held back by doing 'just one more' local deal in your country.
[10:50] If you have a million dollars, but no plan to keep generating more money, then you have to be more cautious with your investments.
[12:30] Income-generating assets should be a good part of your portfolio.
[17:40] Andrew talks on why he likes purchasing land.
[18:55] Andrew recommends to put 10-15% of your portfolio into something that has a long-term value.
[20:30] What's going on in Africa? Listen to today's guest to find out.
[21:35] Really take a hard look at your asset allocation.
Interview:
[25:00] Andrew welcomes Fabian.
[25:25] Why did Fabian become an entrepreneur?
[28:45] It was Fabian's dream to travel, so his business had to be location-independent.
[32:00] What is the coolest job in the world? Google had an answer for Fabian.
[34:00] What was Fabian's 'ah-ha' moment for creating a company that matched his lifestyle?
[35:40] What kind of flags can you plant in Africa?
[36:45] How does banking work in that side of the world?
[39:25] Fabian has learned four languages, thanks to traveling.
[41:15] Africa houses some of the friendliest people around the world. Fabian highly recommends you visit and see the culture for yourself.
The Lighting Round:
[41:55] One business – Don't know.
[42:55] One country – Chile.
[43:25] One book – Vagabonding by Rolf Potts.
[43:45] One tool – Calendly.
Listener Question:
[46:00] What does Andrew think about the hotel business in an emerging market?
[46:20] First of all, what is Andrew's definition of an emerging market?
[47:45] Andrew is not a fan of the hotel business in general.
[49:25] The hotel business is too expensive and it requires a lot of knowledge to successfully pull off.
[52:00] Start small. Perhaps a bed and breakfast-esque place first?
Mentioned in This Episode:
Andrew is excited to bring on Vít Jedlička, the President of the self-declared libertarian country Liberland. Vít is a politician, publicist, and an activist. During Andrew's intro, he expresses concerns about becoming a citizen of a country that is not yet recognized by the world. With that being said, he is pro-Liberland and loves what Vít is doing. Vít gives an update on the current political stance Liberland has with the rest of the world and so much more on today's episode.
Key Takeaways:
Andrew's Editorial:
[2:55] Andrew hosted one of the first mainstream conferences in the world to talk on Bitcoin.
[3:15] The Nomad Capitalist conference was also one of the first places to talk about Liberland.
[3:40] How do you plant flags in Liberland?
[4:10] Andrew doesn't have an answer for that question.
[5:20] How will Liberland be accepted by the rest of the world?
[6:50] Are you doing what's right for you?
[7:50] Want to bank in Hong Kong? That boat has sailed.
[9:15] What kind of recognition will Liberland have? Will it be the same as the Caribbean?
[11:35] Don't get Andrew wrong, he approves of Liberland.
Interview:
[16:35] Andrew and his team have been following Liberland for the past year.
[17:40] Why start your own country?
[20:25] What does Vít say to those who still believe a US President can turn the US around?
[23:15] Vít is happy when other countries are talking about Liberland.
[25:40] Vít has received more than 1,000 people from the United State apply for citizenship.
[27:40] What's the citizenship process for Liberland?
[29:25] What kind of investments/investors is Vít looking for?
[31:20] What's happening with the Liberland territory?
[32:40] You can plant any flag you want in Liberland.
[35:05] Vít points out that the Simpsons predicted Donald Trump would run for President almost 11 years ago.
Listener Question:
[37:30] How long should you be willing to wait for a second passport?
[38:20] How good of a passport do you want?
[38:55] What's the end scenario? Do you want to renounce your current one or just a backup plan?
[40:25] Perhaps waiting a bit longer for a quality passport is worth it.
[42:00] You can work on getting two passports at the same time.
Mentioned in This Episode:
Andrew discusses some of the current Presidential candidates and where they stand on their expat policies. If so-and-so were to get elected, what would it mean to US citizens living abroad? Many of these candidates want to have a residency-based tax and not a citizenship-based tax. Andrew argues that voting for someone is just a passive insurance policy. Instead, you need to have an active insurance policy that will protect you from people who don't have your best interest.
Key Takeaways:
Andrew's Editorial:
[2:20] How will the new president affect the expats?
[3:35] New Zealand citizens are getting letters from their bank asking whether they are US citizens.
[4:20] A number of the republicans are against FACTA.
[6:20] We still don't know what Trump's policies are on taxing expats.
[7:10] Ted Cruz, Bernie Sanders, and others are for a residency-based tax system.
[11:00] Will citizenship-based taxation ever come to an end?
[11:45] You have to seek an active insurance policy. Voting is very passive.
[15:55] An active strategy could just be having the right attorney and accountant.
[16:10] Bad professionals can do more harm than good.
[18:55] Where are your kids going to be born? Give them a backup option.
Interview:
[20:25] Andrew introduces Graham.
[22:00] What's the minimum you can do with the maximum amount of returns?
[23:30] “Follow your passion” is horrible advice.
[25:30] It used to cost a lot of money to start your business, now it's substantially much cheaper.
[28:35] The real juicy investments are the ones people won't even look at twice.
[30:15] What makes Graham want to help entrepreneurs?
[36:00] Graham loves meeting different people every time he travels/lives in a new location.
[38:25] What kind of flags has Graham planted?
[42:35] Start with the basics and open a multi-currency account.
[44:20] Don't chase cheap property. Invest in the best.
The Lighting Round:
[45:25] One business – AirBnB.
[46:25] One country – Japan.
[47:35] One book – Anything by Jim Rogers.
[48:40] One tool – Dropbox, Skype, ScheduleOnce.
Listener Question:
[52:05] Jeff asks, “What kind of cultural examples should I look for as I travel the world.”
[52:55] Lack of regulation can be very shocking from someone coming from a western world.
[55:20] There are a lot of benefits to Singapore, but here's the thing, Singapore also does not have free speech.
[56:40] You want to be able to accept certain cultural differences that won't affect you overall.
[56:55] What are you looking for?
[57:15] Eastern Europe has more freedom to run the business you want.
[59:10] The rest of the world has much more acceptance than in Western societies.
Mentioned in This Episode:
If you're wondering what it takes to become a Nomad Capitalist, Andrew has a couple of answers for you. The first question you should always ask yourself is, 'why?' Why are you doing this? Why do you want to have a second passport or renounce the one you currently have? You must, must know your 'why' before you set off to acquiring new flags. Andrew says you become a Nomad Capitalist when you know what freedom looks like to you.
Key Takeaways:
Andrew's Editorial:
[1:10] How do you become a Nomad Capitalist?
[2:10] Your story is important. You have to put yourself first and go where you're treated best.
[2:30] When people call Andrew, they always like to ask him, 'Where are you now?'
[3:25] Traveling can be fun, but you have to know if it's right for you.
[6:25] So, what do you have to do to become a Nomad Capitalist?
[7:05] Always ask yourself 'why?'
[7:25] Don't ever lose sight of the why. If you don't have a why, you'll never get to the right place.
[9:35] Do what's comfortable for you. The answer is different for everybody.
[15:30] Get the right strategies in place and then go live the life of your dreams.
[17:45] What does freedom mean to you?
Interview:
[19:40] Why did Olivier want to become an entrepreneur?
[20:45] What were some of the things that pushed Olivier to entrepreneurship?
[22:05] Olivier saw firsthand how broken his employer's system was.
[23:15] When was Olivier's big aha moment on becoming a nomad?
[25:25] You sometimes have to let go of your old notions in order to find your true path.
[25:40] People stay in bad situations because they are comfortable.
[26:40] If you want comfort, this lifestyle may not be for you.
[27:40] If something is going to go wrong, there's a good chance you didn't think about it.
[27:55] Have a plan B, but don't develop anxiety over the worst case scenario.
[28:15] Why did Olivier leave France and move to the US?
[32:05] Olivier talks about some of his favorite places to plant flags.
[32:35] Let's talk banking, what has worked and what hasn't?
[34:55] Olivier sees Thailand going down the wrong path.
[37:05] What kind of problems has Olivier run into so far?
[39:35] Hong Kong is becoming a mess in terms of banking.
[41:25] The US bank told Andrew's mother to not bring debit cards to Malaysia, because it's fraud city.
The Lighting Round:
[44:25] One business – something immigration related and/or a co-working space.
[45:15] One country – Brazil.
[45:50] One book – Jonathan Livingston Seagull by Richard Bach.
[46:45] One tool – Google drive.
Listener Question:
[49:05] What would make Andrew move if he was still living in the US?
[49:30] Everyone says they're going to move to Canada if so-and-so is elected.
[50:20] If you love freedom so much, why not Mexico?
[52:25] The system is the problem, not the person being elected.
Mentioned in This Episode:
Jonathan Livingston Seagull by Richard Bach
Andrew discusses some of the pros and cons of owning agricultural land. If you're interested in purchasing agricultural land, then you must have a trusted lawyer by your side to make sure everything is in compliance with the law and that the deal you're about to go through is 100% legitimate. Too often you hear horror stories of people getting screwed over by bad apples. Andrew also recommends to look into agricultural land throughout Eastern Europe, as it is often far cheaper than agricultural land in Latin America and many other countries.
Key Takeaways:
Andrew's Editorial:
[2:20] Jim Rogers believes sometime in this century farmers will go back to holding all the wealth.
[3:00] Andrew talks about The $10 Trillion Prize.
[4:40] On a large scale, cows take a lot of land compared to rice fields.
[4:45] This is why people talk about agricultural land being so valuable.
[5:20] The problem with agricultural land is that it's not only a long term investment, but also an expensive one.
[6:20] There are other compelling reasons to own agricultural land.
[7:55] Andrew wants your feedback about the investment he is making.
[9:15] Being on the ground is often better than being online.
[9:55] Most people don't have $7.2 million to put into agricultural land.
[10:05] Andrew is acquiring a small cattle ranch in Eastern Europe because it's cheaper.
[11:15] If you can't get the top lawyer in town, then get the best lawyer you can and pay them!
[13:55] There aren't a lot of good metrics on what agricultural land is worth, which is why you need to have people you trust, like lawyers, by your side.
[20:15] Have a lawyer, have a lawyer, have a lawyer.
[23:05] There are places where you can get residency if you purchase agricultural land.
Interview:
[23:45] Andrew introduces Daniel.
[25:10] Daniel had both Swiss and US passports at birth.
[27:00] Daniel talks on why he decided to renounce his US citizenship.
[29:40] What was Daniel's big aha moment?
[30:15] The US policy on how they handle their US citizens living overseas is disturbing.
[30:40] Why Switzerland?
[34:10] What did Daniel do after he renounced his US citizenship?
[34:40] Switzerland has no capital gains tax.
[34:50] What other flags has Daniel planted?
[35:50] Daniel's 11-year-old daughter is a US citizen and she is also running into some problems.
[40:25] Does Daniel go back to visit the US?
[42:25] Daniel feels like it's easier to go back to the US as a non-US citizen than as a citizen.
[43:50] What kind of problems has Daniel faced since he renounced his US citizenship?
The Lighting Round:
[48:50] One business – any type of business online.
[49:25] One country – Switzerland.
[50:15] One book – books on renouncing US citizenship.
[50:55] One tool – The American Expatriates Facebook group.
Listener Question:
[53:30] How do you stay healthy while traveling?
[55:15] Andrew recommends apple cider vinegar.
[57:05] If you feel bad, stay in and just knock it out.
[58:40] There's usually a pretty simple solution to most things.
Mentioned in This Episode:
Andrew@nomadcapitalist.com/
The $10 Trillion Prize by Michael J. Silverstein
It's that time of year again where, guess what, you're paying high amounts of taxes. If everyone around you is getting excited about their refund check and you're not, you already know you're different. This year is the best time for reflection and to find out what you truly want. Don't wait another year to achieve the financial freedom you so desire and crave.
Key Takeaways:
Andrew's Editorial:
[1:45] It's that time of year again...to pay taxes.
[2:10] Why don't you blow your refund check on some brand new patio furniture?
[3:40] If you're listening to the show you already know you're different.
[3:50] No one is ever going to commend you for getting an offshore back account.
[4:15] There is a growing feeling that the western government is there to take care of the people and if you don't feel that way, you know you're different.
[8:00] Don't save. Rely on social security, because the politician said so.
[10:30] Focusing on why a politician is bad does not help solve the problem. You have to understand how the impact of so-and-so person being elected will affect you.
[11:25] Eastern Europe has some of the lowest tax rates in the world.
[15:20] If you live in the US full time, expect to pay.
[15:25] You're looking for a new way out? A new president isn't going to fix that.
[16:35] If you're uncomfortable with writing the IRS a big check every year, then you need to make a change.
[20:15] This is a good time of the year to reflect on where you really want to be financially.
Interview:
[22:05] Why did Ashley want to become a freelancer?
[23:20] Teaching English overseas is not everyone's dream job.
[23:30] What was Ashley's big ‘aha’ moment?
[27:05] Why did Ashley want to live in Mexico?
[28:10] Mexico City is one of the biggest cities for museums in the world.
[29:45] The food in Mexico just seems better, even the coke tastes better.
[33:35] Biggest challenge for Ashley has been getting her residency.
[35:00] Doing it yourself sometimes is a huge headache.
[38:25] What are some of the successes Ashley has achieved that she wouldn't have been able to accomplish back home?
The Lighting Round:
[41:25] One business – Recycling.
[42:10] One country – Mexico.
[43:25] One book – Poor Economics by Abhijit Banerjee and Esther Duflo.
[44:20] One tool – Google hangouts.
Listener Question:
[50:25] How can a Canadian citizen, who owns physical property in Canada, no longer become a resident of Canada?
[52:20] You have to move or sell your stuff in Canada.
[55:10] This is a complicated case.
Mentioned in This Episode:
Poor Economics by Abhijit Banerjee and Esther Duflo
Andrew discusses current trends happening in Asia and how it's slowly becoming more and more difficult to do banking there. The Nomad Capitalist slogan is, 'go where you're treated best', but Asia, Central, and South America are becoming more difficult for residency purposes and it's becoming harder to receive the treatment you want. Andrew is moving out of Asia and focusing more of his efforts in Georgia.
Key Takeaways:
Andrew's Editorial:
[1:35] Andrew is no longer recommending South East Asia?
[2:55] Looking to diversify internationally? Focus on making your life easy.
[3:45] Banks in Hong Kong are becoming more difficult.
[4:30] If you're a nomad capitalist, Asia is becoming more difficult.
[6:45] Growth is moving back to Asia.
[7:10] If you're looking for safe havens and diversifying your life, there are easier options.
[7:50] When a Hong Kong bank is suspending your account, what do you do?
[11:00] Andrew personally loves Georgia. Banks are easy, life is easy.
[12:25] You get treated better, bank wise, in Europe.
[15:45] What's happening in Asia is also happening in Central and South America.
Interview:
[19:15] Why did Nathan become a nomad?
[20:55] Nathan was isolated in his home country of New Zealand and wanted to travel.
[21:45] Why did Nathan start his business overseas?
[23:15] Narrow down what your strengths are.
[23:50] You don't have to scale all that much to live the life of your dreams.
[26:00] Look at the skills you already have and see how you can use those to make money online.
[27:55] If you can't be authentic, then you're not going to be a successful talent.
[28:10] Are you doing this because you're a leader or because you're following someone else's footsteps?
[29:30] In this day and age, why not? It's possible to travel around the world and have a business.
[30:15] Andrew couldn't do and still can't do hostels.
[31:25] Andrew's financial advice is boring – have an emergency fund, have six months of living expenses in the bank, etc.
[33:30] What flags does Nathan like currently?
[35:10] There are a lot of great options in Europe.
[35:15] Nathan really loves Norway banks.
[38:20] Nathan shares his experience in Thailand.
The Lighting Round:
[40:30] One business – Electronic payment system
[41:35] One country – New Zealand
[42:40] One book - Antifragile by Nassim Nicholas Taleb
[43:55] One tool - Starbucks
Listener Question:
[46:50] What's Andrew's opinion on buying agricultural land?
[47:40] What are your goals by trying to buy agricultural land?
[48:30] Owning agricultural land is a good thing, but there's a lot of garbage land out there.
[49:50] Really do your due diligence on the agricultural land you're planning to buy. It's often misleading.
[51:35] Know the rules and the laws to this land.
[52:30] Be aware that you might be overpaying for your property.
[53:00] Agricultural land is very good, as long as you're doing it the right way.
Mentioned in This Episode:
www.nomadcapitalist.com/2016/04/01/reasons-leaving-southeast-asia/
Andrew@nomadcapitalist.com/
Antifragile by Nassim Nicholas Taleb
One of the main themes Andrew has continued to touch on throughout the year is around fear and inaction. Andrew understands what fear can do to someone and their success because fear has also, at times, taken control of Andrew. This is one of the reasons why he invited Matt Dubiel to join him on the show. Matt is still living in the US and has not made the step to move overseas and become a nomad just yet. Andrew and Matt talk on fear, what the outside world looks like to the average American, and what's holding him back from his nomad journey on today's show.
Key Takeaways:
Andrew's Editorial:
[3:25] Why do you feel stuck?
[3:45] The reason why you're stuck is because you have too much fear.
[5:00] One of Andrew's fears is going out and making the investment.
[5:25] Andrew would've been more successful if he didn't have fear about taking action.
[7:35] We all have fears. It's normal. However, you can still get things done.
[8:35] Your plan needs to be able to serve you now, not later.
[10:55] Today, Andrew wants you to hear some of the valid fears his guest has.
[11:10] The biggest thing that has held Andrew's guest entrepreneurs back is their fear.
[13:25] Do something old school. Write down all the pros and cons of the things you want to do.
Interview:
[16:55] One of the benefits of traveling abroad is that it's a very balanced world out there, especially compared to what the media thinks.
[17:45] As long as you live in the US, it's hard to see what's considered normal vs. what's not; like having to own a car, for example.
[18:40] When you step outside of the US, everyone else isn't as judgmental. There are suddenly new standards to living.
[20:55] We convince ourselves that these little things don't affect the work we do.
[21:15] Andrew believes he has gotten more things done just by being outside of the US and not being focused on keeping up with the Joneses.
[21:50] Believe it or not, material possessions do not bring you happiness.
[23:00] The things we own end up owning us.
[24:55] When did Matt realize he should be looking offshore instead of onshore?
[27:35] There has to be a better way, right? Matt explains further.
[29:50] The US is shifting significantly and Matt is beginning to see a lot more division in the classes.
[30:15] The American dream can be found elsewhere. It can be found in places like the Philippines.
[35:30] The American people want a hero, but there is no hero and a President is never going to be a hero that solves everything for everyone.
[41:15] What's holding Matt back from moving overseas?
[44:10] Lean into the fear.
[48:40] How can you be more open minded to 'the outside'? Matt says to travel and bring your family along.
[53:40] You can solve a lot of problems just by decluttering your life.
Listener Question:
[57:35] Is citizenship by descent worth the hassle?
[57:50] The worst second passport is the one you don't have.
[59:55] It can take up to three years to get a Polish passport by descent.
[1:00:35] Going through the descent route may not be for you.
[1:02:20] Nothing in life comes free.
[1:04:30] What are your end goals with getting this citizenship?
Mentioned in This Episode:
What is the definition of easy? Easy means a lot of different things to a variety of different people and that's the point Andrew would like to drive home on today's opening segment. Do not get sucked into outside messaging trying to convince you something is easy when it doesn't even fall in line with something you want. Andrew believes that you should have a clear plan and a clear definition towards why you're working for the things you're working for, that way you can define what is the best and the easiest way for you to get there.
Key Takeaways:
Andrew's Editorial:
[2:10] Are you planning to move overseas because the 'wrong' President will be elected?
[3:00] So many people feel crazy to leave their home town.
[4:50] 'If so and so President gets elected, I'll move to Canada.' Why Canada? Why not Mexico?
[6:55] If you renounce your US citizenship, you will need a visa to visit the US.
[7:30] It has become harder to become a citizen of Uruguay.
[10:15] What does easy really mean?
[11:05] People say Panama is easy, but it really isn't.
[14:00] Why do you really want a second passport?
[15:30] Have a plan and know the real reason why you are aiming for a new residency card.
[17:25] The reality is, you may never really need a second passport.
[18:15] The moral of the story is, what is easy and does it serve your purpose?
[21:00] Easy isn't always the best way. Good options are often not marketed as easy.
[21:20] The easiest way to lose weight? Eat better and exercise, not that hard, you just have to do it.
[21:40] Why do you want to move to another country? If you don't have the answer, don't do it yet.
[24:35] What is easy for Andrew, might not be easy for you.
Interview:
[27:15] Andrew introduces Sarah.
[27:50] Why did Sarah want to be a nomad/traveler?
[29:30] People don't travel because they don't know where to get started.
[30:35] When you travel, you can make friends wherever you are.
[31:30] What kind of fears did Sarah have when she started traveling?
[35:00] For tax purposes, it's good to know how many days you've been in each country.
[36:40] Spain is a place you want to live in, but not a place to do business in.
[37:50] How is Sarah planting her flags?
[41:35] South East Asia is fun, but it's not a place to live in for a long time.
[44:10] Men vs women traveling to South East Asia? Is it less fun for women to go there?
[45:15] There are differences in dating.
The Lighting Round:
[47:00] One business – No answer.
[47:25] One country – A warm country like Spain or Australia.
[48:15] One book - Invisible Selling Machine by Ryan Deiss
[49:15] One tool – Basecamp.
Listener Question:
[51:55] What kind of creature comforts has Andrew added into his travels?
[54:15] Andrew will be taking a duffel bag full of teas.
[56:45] A country like Georgia doesn't have a lot of creature comforts.
[57:05] There's an opportunity to provide creature comforts in countries where they don't have them.
Mentioned in This Episode:
http://nomadcapitalist.com/author/sarah-schaetti/
Invisible Selling Machine by Ryan Deiss
Be very wary of the word 'free'. Free often means it lacks value and gives you a bad opinion over things with value that are worth the high-price tag. Andrew talks about how the island of Pitcairn is offering free land to those who want it, as long as they're willing to live there. Today's guest is Jiah Kim, an entrepreneur who went back to school to become a lawyer. She now uses her expertise to help serve others on an international basis. Listen in to find out more about her story.
Key Takeaways:
Andrew's Editorial:
[2:00] How is the world changing and how will you keep up with it?
[2:45] Why does nobody want 'free' land?
[7:50] If you want to move to Pitcairn, they've got some free land for you.
[11:40] Get away from 'free' things!
[12:40] Someone invited Andrew to an event and he explains why he didn't go.
[15:45] Free things reduce the true value of real, quality things.
[21:40] What's a really good investment worth? Well, it isn't free.
Interview:
[24:00] Why did Jiah decide to become an entrepreneur?
[25:55] Why did Jiah leave her entrepreneurship career to become a lawyer?
[28:10] Most people become a lawyer and then throw it away, but it seems Jiah did it differently. She adapted her skill sets to entrepreneurship.
[29:15] How does Jiah manage being a lawyer/entrepreneur at the same time?
[31:50] What was Jiah's 'ah-ha' moment to having an international business?
[35:45] What are Jiah's thoughts on Southeast Asia?
[38:20] In what ways has Jiah been diversifying herself?
[42:30] At what point is it considered that you've 'lived' in a country? Apartment in your name? A certain amount of friends?
[44:20] Jiah feels that when she travels often, she loses productivity.
[46:40] Jiah's biggest challenge to being a nomad is the lack of family support.
The Lighting Round:
[48:30] One business – Restaurant or water filters.
[49:45] One country – China or US.
[50:20] One book – Gone with the Wind by Margaret Mitchell.
[51:10] One tool – AreoPress.
Listener Question:
[55:10] How do you know when you need an asset protection trust?
[56:25] $500,000 is when you have to start thinking about it.
[56:30] But the real question is, why do you need a trust in the first place?
[57:10] By having a trust, what are you trying to accomplish?
[59:45] The better question to ask is, 'what are my threats'? And then solve those problems instead.
Mentioned in This Episode:
Gone with the Wind by Margaret Mitchell
Anything You Want by Derek Sivers
Andrew used to think that he knows best and shares a perfect example of how his mentality has changed over the years. Sometimes, you don't know best and you need others to take the lead so that you can get to where you want to be. This is why it's so important to surround yourself with professionals and experts you trust. However, with that being said, you also have to get off your butt and be willing to invest some of your time or resources to help others get you there.
Key Takeaways:
Andrew's Editorial:
[1:25] Sometimes the best thing to get done is nothing.
[2:10] Maybe some of this stuff isn't for you.
[4:30] Andrew shares a story about what happened to him in Hong Kong last week.
[10:05] Andrew doesn't want to feel good for an hour; he wants to feel good for the rest of his life!
[10:30] Andrew achieves success by trusting in the right people to get him there.
[10:50] Are you trying to be the expert when you actually aren't?
[13:55] You have to get off your butt and go take action.
[15:35] If you want to heal, you have to feel the pain.
[17:10] If you're not willing to invest your resources or time, then Andrew cannot help you.
[19:10] Why do people cheat? Andrew explains.
Interview:
[24:15] Why did Nick become an entrepreneur?
[26:30] What was Nick's big ‘ah-ha’ moment to start his business overseas?
[27:35] Why did Nick choose Asia?
[29:40] Nick talks about what Freedom Generation is.
[31:15] What countries have stood out to Nick for planting flags?
[32:40] What worked yesterday may not work today. Things change quickly.
[34:05] Some clients have concerns about people working overseas. They still don't understand the concept.
[35:00] How does Nick work around the time zone differences with his clients?
[36:00] Nick talks about hiring people online.
[38:25] What Nick would not be able to do if he was still in New York!
[40:50] What were some of the things Nick thought would go wrong, but didn't?
[43:10] What advice would Nick give to other New Yorkers?
The Lighting Round:
[44:25] One business – e-commerce or retail.
[45:15] One country – Vietnam or Cambodia.
[45:50] One book – The Personal MBA by Josh Kaufman and The 7 Day Startup by Dan Norris.
[46:40] One tool – Freedom.to
Listener Question:
[49:20] Where are the best countries with the highest real estate yields?
[51:15] You don't have to choose between cash flow and property. You can do both.
[55:10] Eastern Europe and West Asia offer lots of opportunity for yield if you know what you're doing.
[56:40] The best place for yield may be where you are currently.
[48:20] The real question is, where's your network?
[1:00:20] The real key to succeeding is to know what you're doing or have trusted experts to help you.
Mentioned in This Episode:
The Personal MBA by Josh Kaufman
The 7 Day Startup by Dan Norris
Andrew is a big supporter of writing things down. He talks about some of the key lessons he has learned from Tony Robbins over the years about taking action. He shares this knowledge so that you, too, can work towards something meaningful. Andrew asks an important question: “What are your ‘must’ items in life?” What do you want to achieve before you die?” Write them down now so that you do not get distracted by the shiny, but meaningless objects that pass you by.
Key Takeaways:
Andrew's Editorial:
[2:30] Andrew talks on how he wanted to create a different company culture for his business.
[4:15] You gotta have the right mindset when starting business offshore.
[5:10] Andrew and his team are setting aside time every day to learn how to be better at what they're already doing.
[8:10] How can we implement better service principles?
[8:40] Quick action steps: Learn, write down your takeaways, and build an action plan.
[8:55] What are your 'must' items in your life?
[9:10] Andrew explains the 80/20 rule.
[10:45] Write down the things you have to have & the things you want to accomplish.
[11:45] Stop looking at the next shiny object and look at your 'must have' item list instead.
[13:15] Create a life you're happy off!
[15:40] Ask yourself: What do I really want? Why do I want it? What do I need to do?
[21:50] Until you have your 'why', Andrew can't help you.
Interview:
[23:35] Andrew introduces Andy Galt.
[24:10] Why did Andy want to become an entrepreneur?
[25:25] What was Andy's big 'ah-ha' moment?
[26:50] Americans prefer to borrow, whereas the Chinese prefer to save to start their business.
[29:10] You can't really fix people in the Western world.
[31:25] Andy talks about running his web business in Georgia.
[32:50] Why did Andy pick Georgia?
[35:00] What are Andy's thoughts on Asia vs. Europe?
[37:15] What kind of flags has Andy planted?
[41:30] What has been Andy's greatest business success since leaving the US?
[44:20] Andy doesn't like hiring Americans.
[45:10] Are Americans really that lazy?
[46:05] What kind of challenges has Andy experienced overseas?
[48:30] It's a challenge finding love when you're a nomad.
[49:25] Why is Tinder a problem?
The Lightning Round:
[51:50] One business – Prepaid cellphone kiosk.
[52:35] One country – Croatia.
[52:50] One book – The Road to Serfdom by F.A. Hayek
[53:30] One tool – Evernote.
Listener Question:
[56:05] What is Andrew's number one criteria before moving to a country?
[59:00] Chile isn't the worst place to go, but it's not the best place either.
Mentioned in This Episode:
F.A. Hayek by The Road to Serfdom
The average person is often under the wrong impression that having an offshore bank account is only for criminals. Andrew explains that not only is it legal to have an offshore bank account, but you should have one in order to successfully diversify and plant flags all over the world. Andrew emphasizes the importance of aligning yourself with like-minded people that won't treat you like a criminal for planting new flags.
Andrew's Editorial:
[1:35] The mainstream media doesn't want you to have a second passport.
[2:05] Andrew has hosted his last Passport to Freedom event.
[2:35] The average person thinks if you have an offshore company you're a criminal.
[3:25] 40% of millennials wouldn't mind if the 1st amendment went away.
[6:00] Andrew shares a story about his friend losing weight.
[11:35] You have to motivate yourself to get things accomplished.
[16:00] If you invest $9 in yourself, you'll get $9 results.
[21:35] If you don't have wealth to protect, then come back when you're ready.
Interview:
[23:30] How did Nicholas get started in entrepreneurship?
[24:15] What motivated Nicholas to travel?
[25:15] By traveling frequently, Nicholas learned about a lot of cultural differences.
[25:55] Nicholas talks about his company.
[26:35] Why start a business in the UK?
[28:45] There's more developers in London, but they get paid less.
[30:45] Is it hard to setup a business in Germany without learning German?
[33:00] Nicholas says it's hard to find good talent in London.
[34:45] What kind of tax benefits/cuts are there for starting a business in London?
[37:10] Go through the extra steps and ensure your company is setup correctly.
[37:40] What other flags has Nicholas planted in the UK?
[37:55] Banking in the UK is difficult.
[40:45] Nicholas believes he wouldn't be able to start his current business in Germany.
[42:15] What kind of challenges has Nicholas faced?
[43:25] The world is really a small place.
The Lighting Round:
[46:05] One business – Catering.
[46:50] One country – US.
[47:35] One book – Zero to One by Blake Masters and Peter Thiel.
[48:35] One tool – Mindmeister and Tree House.
Listener Question:
[50:20] Can you get Malaysian citizenship after 12 years?
[51:25] Asia isn't always friendly for residency.
[52:10] Malaysian doesn't allow dual citizenship.
[53:25] Why do you really need a second passport?
[56:10] Keep your current passport and get something else.
Mentioned in This Episode:
Zero to One by Blake Masters and Peter Thiel
On last week's podcast, Andrew talked about practicing the law of abundance. He recently wrote a blog post titled “10 ways to use the Law of Abundance with Flag Theory”, hoping to help others live a life of abundance and not a life of scarcity. Today's guest is Kathleen Peddicord, the founder of Live and Invest Overseas. She shares her story with us and talks about why she moved from Paris to Panama City.
Key Takeaways:
Andrew's Editorial:
[2:00] How can you practice an abundance mindset in your life?
[6:00] Running from the Boogeyman is not going to solve your problems.
[10:00] Negativity is not the solution.
Interview:
[11:55] How did Kathleen's journey begin?
[16:15] What was the big 'ah-ha' moment for Kathleen?
[18:00] How long did it take Kathleen to start her business overseas?
[25:55] Panama vs Paris.
[28:45] Kathleen found Ireland frustrating.
[31:35] Starting a business today? Then go to Panama.
[36:25] Panama is influenced by the US.
[40:35] You need to accept a foreign country for what it is.
[42:25] How has moving helped Kathleen's marriage?
The Lightning Round:
[47:15] One business – book store.
[48:20] One country – France.
[49:30] One book – The War of Art by Steven Pressfield.
[50:40] One tool – Skype.
Listener Question:
[53:30] Andrew will be doing one-on-one consultations in February.
[53:55] Tony wants to pay less tax, but he can't leave the US. Is Puerto Rico an option?
[56:15] Andrew goes over Puerto Rico's residency requirements.
[58:40] You need a US tax lawyer.
[59:20] Andrew's advice? Go to another country and create a plan B for yourself.
[1:00:35] Where do you really want to be?
Mentioned in This Episode:
http://nomadcapitalist.com/2016/01/04/law-of-abundance-flag-theory/
http://www.kathleenpeddicord.com
http://www.liveandinvestoverseas.com/
The War of Art by Steven Pressfield
Andrew shares a story of a man who wanted to obtain a new citizenship in 2012, but due to inaction, he wasted three additional years before starting the process. This year, aspire to be someone of action and do not let the 'do it later' mentality get the best of you. Andrew also talks on the law of scarcity vs. the law of abundance and why you should almost always invest in yourself.
Key Takeaways:
Andrew's Editorial:
[1:40] Make a list of all the things you have been putting off.
[2:10] What haven't you accomplished yet?
[3:20] Don't let inaction hold you back.
[6:40] Take action quickly without over-analyzing.
[11:45] Do it now, not later.
[13:50] Invest in yourself.
[15:55] Andrew talks about the law of scarcity.
[19:50] By building a trustworthy network, you gain more valuable time for yourself.
[21:45] Practicing abundance is Andrew's New Year’s resolution.
Interview:
[24:15] Japan is not that expensive.
[25:15] Keith talks about the value of the Yen.
[26:40] How did Keith become an entrepreneur?
[28:00] What was Keith's 'ah-ha' moment?
[30:20] Why Japan?
[36:00] Keith talks Japan taxes.
[39:00] What was Keith able to achieve in Japan with his business?
[41:30] US vs. Japan banking?
[44:10] Keith talks about raising a family in Japan.
The Lighting Round:
[45:40] One business – Marketing.
[46:05] One country – A Scandinavian country.
[46:40] One book – No answer.
[46:55] One tool – Skype.
Listener Question:
[51:00] Remember to subscribe.
[51:10] How can someone do business in Somaliland when there are no international banks?
[52:15] Why Somaliland? Is it a right fit for you?
[55:35] Be cautious with the Somaliland market.
Mentioned in This Episode: