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: