In today's introduction, Andrew shares a prime example of why investing in quality services and people will always be worth your time. Good services do not come cheap, but there are a ton of benefits in the long run when you pay a pretty premium on trustworthy and honest people. At the end of the day, your time is valuable, so find people who are able to make the most out of your time.
Key Takeaways:
Andrew's Editorial:
[1:30] How has Andrew saved a lot of money by paying more to begin with?
[2:50] Andrew thinks Malaysian real estate is a bit too expensive right now.
[5:15] Once you pay someone a couple of thousand dollars, you've committed yourself.
[8:00] Andrew doesn't recommend his clients invest in Thailand. For himself? He'll take the gamble and see where it goes.
[10:10] Andrew shares a story on why paying more goes a long way for your money and for your sanity.
[18:05] What should you do when you're going overseas and things are a mystery? Andrew has a two-part philosophy.
[21:05] Your time is valuable, so you have to find people who can make the most of your time.
Interview:
[24:30] How did Vyacheslav get started as an entrepreneur?
[26:40] Why did Vyacheslav pick Canada to set up shop?
[27:50] It's very challenging to be an entrepreneur in the Ukraine.
[32:50] Is Canada a better option for people in the U.S. who are upset with the way things are being run?
[37:35] Is Canada a good place to go to if you're looking for funding?
[39:35] How has having two passports helped Vyacheslav?
The Lightning Round:
[40:50] One business – A marketing company that caters to startups.
[41:35] One country – Canada.
[42:00] One book – Traction by Gabriel Weinberg.
[42:50] One tool – Todo List.
Listener Question:
[45:30] Getting a Greek passport in 3 months, is this possible?
[48:40] The Greek government is broke.
[51:20] Greek passport in 3 months? It's probably a scam.
[52:40] Cheapest and fastest isn't always the best.
Mentioned in This Episode:
If you're looking for great overseas real estate investments that are the equivalent to what you'd get in the United States, then turn back now, it just doesn't exist. You're not going to get great financing deals in a foreign country. People in the United States often scoff at the idea of paying for big ticket items, like a car, in cash, much less a house! However, paying for a home upfront and in cash is a widely accepted way of doing things when purchasing property overseas and this is one of the reasons why you will get horrible finance rates in these countries.
Key Takeaways:
Andrew's Editorial:
[1:40] How do you know when to invest vs. when to stay put?
[3:20] You have to be realistic with your investments.
[5:25] 90% financing just doesn't exist.
[8:20] Why do you want a first world investment if you're leaving the first world in the first place?
[12:20] Andrew knows someone who sold a car for $20,000 in the US and the bank looked at him as if he was a terrorist.
[13:40] The US has the most advance markets for Airbnb.
[14:30] Andrew would rather take a cash yield than have to finance a property.
[16:55] Remember, you could potentially be investing in a bubble market if you invest in US property.
[17:15] Andrew doesn't believe real estate always goes up in value and doesn't trust people who believe this.
[18:45] If you're looking for safety then being overseas is more important.
[19:35] You're not going to go overseas and get financing. It just doesn't work that way.
Interview:
[23:15] Why did Kevin become an entrepreneur?
[26:35] Why did Kevin start his business overseas?
[32:55] If you go anywhere else in the world and own a car, you're considered rich. Often times, you don't even need a car because everything is within walking distance or the public transport is fantastic.
[36:15] What kind of flags has Kevin planted around the world?
[37:15] Kevin talks about outsourcing some of his work to places like the Philippines.
[38:35] What has Kevin's experience been like in Singapore?
[40:30] Kevin doesn't believe he could achieve this level of success back in his home country.
[42:15] What kind of problems has Kevin faced while being overseas? The number one problem comes down to banking.
The Lightning Round:
[43:55] One business - a monthly subscription service for translations.
[44:45] One country - Berlin, Germany.
[45:20] One book – The One Thing by Gary Keller
[45:55] One tool – DIDlogic.
Listener Question:
[48:15] Andrew, what is the biggest thing you miss from leaving the United States?
[49:50] Free refills and tap water.
[52:10] Andrew also misses the level of great customer service.
[56:25] Even if cultures are different, people still want better service.
[58:25] Why would Andrew ever move back to the US?
Mentioned in This Episode:
Andrew drives the point home on why you really, really have to put a price on what your second passport is worth to you. What is your return on investment if you were to get a second passport? What are some of the pitfalls of getting a second passport? You wouldn't walk into a dealership or a brand new home and not know how much you're willing to spend, would you? The same principle applies to your passport. Know your numbers!
Key Takeaways:
Andrew's Editorial:
[1:40] What's the 'real' return on investment on a second passport? .
[4:35] Do you want a second passport? What are you trying to protect?
[5:45] Do you know what the real costs, or perils, are to having a second passport?
[6:05] On a positive note, what are some of the upsides to having a second passport?
[6:55] You don't buy a house without knowing how much you're willing to spend. The same is true for your passport. Know your numbers.
[10:20] What would be the negative cost if you were to renounce your current citizenship?
[10:25] US citizens are tired of being taxed when they don't even live in the US.
[13:50] You have to know the pros and cons as to why you should/shouldn't have a second passport.
[18:00] If there is no ROI involved, then ask yourself why you're doing it.
[18:35] It's #NomadWeek at The Nomad Capitalist. Check out the website for more info.
Interview:
[20:15] How did Mark become an entrepreneur?
[22:25] Learn from the mistakes of others.
[23:15] What makes a good entrepreneur?
[24:10] Did Mark ever have a big 'ah-ha' moment? Why did he move overseas to start his business?
[27:35] Andrew feels a bit sad when he visits Japan.
[32:25] What kind of flags has Mark planted in Japan?
[34:25] Mark talks about the process of living in Japan and things to look out for.
[37:00] Surprisingly, Japanese women and men over 50 are willing to take risks and change the status quo.
The Lightning Round:
[38:50] One business - exportation of Japanese technology to China and Hong Kong.
[39:20] One country - Canada.
[39:55] One book - A Treatise on Leaders by Mark Lee Ford
[40:15] One tool - Philosophy.
Listener Question:
[42:35] Does Andrew have any advice on cat rescue? Listener wants to transport a cat from South East Asia back to Europe.
[43:20] Get your cat a pet passport.
[44:15] Your pet will have to be quarantined.
[44:25] Unfortunately, you're better off trying to find a good home for your cat.
Mentioned in This Episode: