When people talk about asset protection, very rarely does a conversation come up on how a young person with not much wealth can protect their assets. Truth be told, asset protection is important to everyone, no matter how little you have. Andrew discusses what threats should a young person be aware of, and how to properly prepare based on those threats. The threat of government taking your money away is always a possibility, but how real is that to you? How real is it that you'd get sued? These are just some of the things you have to take into consideration.
Key Takeaways:
Andrew's Editorial:
[1:25] Let's talk about asset protection.
[2:20] How can the younger generation protect their assets?
[2:50] Andrew lists reasons why you'd want to protect your assets in the first place.
[4:40] There are ways the government can take your money, but you need to figure out what those real threats are.
[5:45] What are the issues you're currently facing? Write them down.
[7:40] Keep in mind, the more difficult you make things, the more difficult it'll be to access your money in the future.
[7:50] Some Bitcoin exchanges are being run like banks.
[8:20] You want to put together a plan that will not complicate things for you later down the line.
[13:30] Anyone can sue anyone in the U.S.
[14:25] You can still use an offshore company to protect yourself.
[17:35] Asset protection is important for everyone, but there are a lot of scammers out there.
[18:05] It boils down to: How are you able to access your money in a way where everyone else can't?
[18:40] Don't cut corners. Follow the law!
[20:35] Things are changing every single day. Strategies that worked a couple of years ago, might not work today.
[23:25] Also, figure out if you need all the stuff the lawyers are trying to push on you.
Interview:
[24:40] How did Travis get started?
[25:55] Why did Travis want to quit his job in Thailand?
[27:40] Would Travis have started a business if he was back home in Australia?
[30:35] Around 60% of Travis's customers are based in Bangkok.
[32:10] Travis plans to stay in Thailand for the next 2-3 years.
[35:40] Travis has also found the Thai government to be quite helpful.
[38:10] Travis is able to pay himself a lower salary, but still live quite nicely in Thailand.
[41:15] How did Travis meet his wife?
[43:40] Are there more nomads visiting/working in Thailand?
The Lightning Round:
[45:50] One business – An app to crowd source law students.
[46:50] One country – Thailand.
[47:10] One book – Suitcase Entrepreneur by Natalie Sisson.
[48:05] One tool – Private Internet Access.
Listener Question:
[50:50] Many Chinese people are looking to move to the U.S.―why is that?
[53:10] If you don't know why you need a second passport, maybe you don't need one.
[53:15] The Chinese are looking for different things than what you or Andrew are looking for.
[55:40] Some people who move to the U.S. are in for a rude awakening.
[58:10] Andrew's listeners are looking to lower their tax bill. The Chinese? They're looking for something else.
[1:00:15] Andrew wants his children to learn more about the world and the differences across cultures.
[1:00:40] People who want to move to the U.S. are trying to get their children out of poverty or, at least, away from it.
[1:02:30] If you don't know why the Chinese are moving to the U.S., then copying them isn't going to help you.
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com