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.
[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.
[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.
[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?
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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.
[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.
[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.
[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.
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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.
[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.
[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.
[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.
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