With recent news coming out that the EU wants to restrict visa-free travel for Americans, Andrew retouches on a topic he spoke about last week — second passports. Don’t let your ego get in the way of a second passport from a ‘lesser’ country. The reality is that those ‘first world passports’ are hard to come by and require an extensive investment on your time. However, there are plenty of fantastic T and B tier passport for a good value, if you’re willing to take ego out of it.
[1:55] It’s up to you to decide whether or not you need an additional passport.
[3:00] How likely is it to happen that Americans will lose their visa-free travel to Europe?
[5:00] Ha! Moldova citizenship. Good luck living in your mud hut (as some would say).
[6:15] Colombia ain’t a bad place to be, frankly.
[7:05] Having an EU passport is where it’s at. You can stay busy for the rest of your life in Europe.
[9:10] Georgia and Montenegro are some of the friendliest places on earth to investors.
[10:05] Want a second passport? Have an open mind. Getting a canadian passport is hard!
[10:45] Don’t let your ego get in the way of being a Dominican, for example.
[11:55] Last time Andrew spoke to Reid, he was big on Cambodia and loves Asia. What things have changed in the last couple of years?
[12:50] Why Asia? How did Reid get started in all of this?
[15:15] How has the acting industry changed when Reid was a kid and part of the Screen Actors Guild?
[19:20] There’s not enough demand to meet up with the supply of readily-available actors.
[22:05] Reid has learned a lot of relevant life lesson from being a child actor.
[26:45] Child actors = Chick magnet ... right?
[29:25] How did Reid grow his wealth?
[34:50] Andrew believes it’s important to invest wisely. Who knows what Amazon stock will do tomorrow? Diversify your assets!
[35:25] A lot of financial institutions will acquaint risk with volatility. Risk and volatility are two very different things!
[39:25] Reid moved to Thailand at the age of 18 to attend university.
[42:35] Why is Reid in Bangkok?
[45:05] Does the average person want to live in Cambodia?
[47:45] Foreigners love Bangkok because it has become a little slice of America, so to speak.
[49:15] How possible is to become a Cambodian citizen?
[50:45] Be aware of the scam passports.
[52:30] Why is Cambodia number one for investors/foreigners?
[54:25] Cambodia doesn’t have a McDonald’s, but they do have a Starbucks.
Mentioned in This Episode:
Andrew predicts things are going to get harder for non-U.S citizens located in many Western countries. It’s a fact that’s not being talked about a lot, but many Western countries are going broke and that tends to mean more taxation on their citizens. So if you’re not a U.S. citizen, and think you might be in the clear, you may want to think again, and work towards getting that backup plan.
[2:00] Do I really need a second passport?
[3:20] Not a U.S. citizen, do I still need another passport?
[3:50] As U.S. citizens have FACTA, the rest of the world has information sharing between 101 countries.
[5:45] Other countries may be working to adopt more stricter tax policies like the U.S.
[7:35] Andrew believes countries will be making it difficult for you to leave.
[8:35] Not a U.S. citizen? High taxation won’t happen to you? You’d be surprised.
[9:00] Western governments are broke! They want your money!
[9:45] Tune in next week to find out which are the fastest growing passports out there!
[11:10] How did Jack become a poker player?
[13:25] What was Jack’s goal for getting into business?
[20:00] The probability of being a successful poker player can be pretty low — what made Jack decide to keep pushing through?
[21:55] Are there a lot of people out there trying to get into the game, but just don’t have ‘it’?
[25:00] The UK is much more open to gambling than the U.S. is.
[26:35] The UK still considers you unemployed if you’re a ‘gambler.’
[27:35] Jack is located in Malta because it helps keep him focused.
[32:30] We often build up a mental block on ‘what it’ll be like,’ and it can freeze us right in our tracks.
[37:05] How does setting up a base and then traveling a bit outside of Malta work out for Jack?
[43:30] How does Jack go into ‘work mode’ when exploring a new country?
[44:50] Start with the end in mind.
[48:25] Will Jack ever be the next Dan Bilzerian of the poker world?
[54:10] How does going from a bigger island (UK) to a smaller island (Malta) feel?
Mentioned in This Episode:
Jack’s Skype: Hot-Pepper-Sinclair
Andrew has a lot of things in the works, a couple of those being books! Also, the one thing you must check out is the Nomad Passport Index (link in the show notes) that you can download for free. Andrew was recently in Baku, Azerbaijan, and met a man who quoted Yoda, “Do or do not, there is no try.” This is a great reminder for nomads who may feel ‘stuck’ in their circumstances. Either you do it, or you don’t. The choice is yours.
[1:25] Andrew admits he’s not very good at fanfare — launching something with a bang.
[2:10] So, here’s a list of fun and interesting things you can look forward to at The Nomad Capitalist.
[6:00] Remember, you either doing or you’re not doing.
[7:10] Andrew has noticed something while traveling. Many cultures don’t try to sell you on something. This item or service not for you? Ok, good luck!
[8:55] Remember, your reasons for not doing something are BS. Do or do not, there is no try.
[9:45] Fleeing from the law? Andrew is not for you!
[11:25] Why did Paul decide to become an entrepreneur?
[20:00] Paul realized the moment he started saying ‘no,’ his business grew.
[27:35] Why did Paul moved from the UK to Canada?
[35:55] Paul likes being an outsider looking into foreign culture.
[37:50] Will Paul ever go back to the UK?
[44:40] What is the one thing Paul sees nomads getting wrong, when it comes to getting leads?
Mentioned in This Episode:
Andrew discovered an article from The Guardian discussing how many of the software engineers in Silicon Valley are barely scraping by, despite making over six figures a year. Sometimes, you have to look outside, and attempt to break out of the system you’re in, in order to live a better-quality life. The good news is that people like Andrew and The Nomad Capitalist are here to help, if you want it.
[1:05] According to The Guardian, 6-figure-earning software engineers are barely scraping by in Silicon Valley.
[2:05] $160,000 a year is a terrible salary, according to one engineer.
[3:15] Everybody has different requirements and opinions on what a ‘good’ salary is.
[3:25] How much of that money is going to the state of California?
[5:15] Here’s a guy in Silicon Valley who feels like he doesn’t have options.
[6:45] This is what happens when you’re someone who doesn’t look for ways to break out of the system.
[7:30] Andrew and his team are here to break down the barriers.
[9:25] Isn’t it interesting how taxes are priced just right where everyone ends up at the end of the month with zero?
[10:05] There is an alternative, if that’s what you want!
[11:25] Nathan is an expert in equity crowdfunding.
[12:55] How did Nathan get started?
[14:45] Why did Nathan leave investment banking?
[19:50] After Nathan quit his job, he did about 6 months of traveling around.
[23:05] Is there a place for everyone outside of the home country?
[25:45] Starting a business in Southeast Asia sounds great, but you’re the only one who will know whether it’s a good match for you or not.
[30:15] What kind of investor is a good fit for equity crowdfunding?
[35:35] How do companies know whether or not they’re a good fit?
[40:10] Equity crowdfunding is just another option that you can look into.
[45:25] Having a clear picture of what you want, will help you narrow down your options.
[48:25] You have to do pursue this nomadic lifestyle/business for the right reasons.
[53:45] As long as you know what you want, the things you need to do to get there are very easy to access.
Mentioned in This Episode: