Nomad Capitalist Audio Experience

A reader wrote in to ask: "Do I need an offshore bank account if I don't have a lot of money"

The answer, as it often is, depends on the circumstance. For many people who want to become Nomad Capitalists, opening an offshore bank account is a first legal step to "dip your toe in" and get started with this lifestyle.

That's because you don't need to relocate or even try hard to open an offshore bank account.

In addition to the mental benefits of banking offshore, you may as well be "future proofing" your life by starting now, even if you don't have many assets.

Are you familiar with the Kaizen approach? The definition says that it is an approach to creating continuous improvement based on the idea that small, ongoing positive changes can result in major improvements. We say that you should ask yourself: "What do I really want? What is holding me back on this journey of becoming a nomad? How am I going to achieve it?" The truth is, there is no right or wrong way to do it - you can dive right in or you can make small steps every day, every week, every month until you reach your dream.

Andrew recently saw an ad in his in-flight magazine for an Australian university. In it, it said, “...To be a business leader, you need an MBA.” As someone who chooses to run his own business, Andrew does not have a university degree. In fact, Andrew is willing to bet that none of his guests that have been on the show even have an MBA. As many of the listeners of this show are well aware, you don’t need an MBA to be a business leader, but this ad was just a further reminder of the kind of ‘status quo’ we nomads are up against.

Key Takeaways:

Andrew’s Editorial:

[2:20] Andrew reads an ad he saw on his flight. “...To be a business leader, you need an MBA.”

[5:55] If a university degree is such a big deal, then why are they advertising for it on a cheesy in-flight magazine?

[7:25] Andrew does not have a university degree. He started his business at 19 and it became a multi-million dollar business.

[9:20] How does having an MBA make you a business leader?

[10:55] If you’re an entrepreneur, you’re naturally looking for new angles.

[11:20] Andrew bets that of all the guests who have been on the show, none of them have an MBA.

[12:20] Don’t fall for the status quo where everyone moves out to the suburbs and pays the price in high taxes.

[13:20] No matter what lifestyle you choose, someone, somewhere will have an opinion on it and will try to get on your case about it. Ignore them!

Interview:

[16:30] Where did this all start for Lucian?

[19:15] What is Romanian culture like?

[25:15] Although Lucian has a university degree, he believes nowadays with the amount of information available online, you don’t need to follow a 4-5 year curriculum.

[29:35] If you’re going to start a business with someone, do it with someone you’ve at least worked with before.

[37:15] At the end of the day, what really matters is the quality of your life.

[39:00] How does Lucian run his business when he’s traveling the world?

[43:45] When it comes to hiring, employers often look to Asia, but it seems that Romania has much more similar values to Western culture compared to Asian countries.

[49:05] Five years ago, people thought Lucian was weird for working from home. Now, it’s much more accepted.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Email: [email protected]

Nomad Capitalist on Youtube

Lucian on LinkedIn

Andrew has been receiving questions about how Nomad Capitalist ranked their recent article entitled, “Nomad Quality of Life Index.” The article featured 100 cities and how friendly they are to the Nomad lifestyle. Some of these cities like London and Dubai are lumped in with Lisbon and Malta Island, which to some, doesn’t make sense. Andrew explains the logic behind each of these rankings and how nomads can use this guide to pick and choose their cities based on the kind of mood they’re in.

Key Takeaways:

Andrew’s Editorial:

[3:00] Andrew and his team recently released the Nomad Quality of Life Index on his website.

[4:15] How did Andrew calculate and rate each of these 100 cities?

[9:55] Why are London and Portugal on the top of the list when they’re such high-tax countries?

[14:40] You always do a ‘pick and match’ kind of lifestyle where you hang out in a high-tax country for a couple of months and then move to a low-tax country.

[15:20] Check out the list of cities on the Nomad Quality of Life Index. It might surprise you!

Interview:

[15:50] What kinds of changes is Andrew seeing in the Nomad movement?

[16:45] Why did Daniel leave the UK at 22 years old?

[21:30] After receiving numerous job offers when moving to Singapore and Tokyo, what did that tell Daniel about the job market? How does it compare to the UK?

[25:10] Don’t let yourself talk you out of moving/traveling to another country. You can’t research everything.

[29:40] Companies are having a hard time retaining talent because people realize they can travel, work, and be done with all the extra stress.

[33:15] The 4-hour workweek really inspired Daniel to take action and improve his family’s quality of life.

[37:35] What was it about moving away from Singapore that convinced Daniel’s wife to pack up and change the kid’s schools?

[42:00] Once you move to a new country, the fear of the unknown now becomes exciting.

[45:15] Daniel discusses how he makes the nomad lifestyle work with a family.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Email: [email protected]

Nomad Capitalist on Youtube

Nomad Quality of Life Index

The 4-Hour Workweek, by Timothy Ferriss

As someone who grew up in the United States, Andrew struggles with the concept of what it means to be American. With new regulations, rules, and restrictions coming out, he is reminded again of what it means to be truly ‘home,’ which is this year’s Nomad Capitalist theme. In this week’s introduction, Andrew reminds the audience that it’s okay to let go of the country in which you grew up if it no longer serves you in a positive way.

Key Takeaways:

Andrew’s Editorial:

[1:50] Are you traveling to the U.S. anytime soon? You might want to listen in to what’s in store for you. There are some new screening restrictions!

[3:20] Nomad Capitalist’s theme this year is the concept of home. Andrew shares a frustrating story he’s experienced with being ‘American.’

[4:00] If every other country in the world can get by with a certain set of standards, and if there’s one that can't, then there really isn’t much of an excuse for that outlier.

[6:45] Andrew is sad that the place he grew up in, the place where he comes from, has made things so difficult that he doesn’t even want to go back — not even to see his family!

[7:50] Andrew is in Portugal right now celebrating his birthday.

[12:45] For many of us, there are places in the world that do not serve us. However, it can be difficult to let go of the country where you grew up.

[14:15] As the year comes to an end, Andrew wants you to remember that concept of home and to remember the things that don’t serve you can be not a part of your home. And, that’s okay!

Interview:

[16:30] How did the entrepreneurial journey start for Neil?

[18:05] Neil used to work as a chef for Gordon Ramsay. Gordon probably fired him about three times while he was working for him.

[23:10] No matter how successful we get, we never seem to be satisfied.

[25:45] When Neil decided to pack his bags and move to Australia, how did that adventure work out for him in the end?

[30:30] The 6 major English-speaking countries — U.S., Canada, UK, Ireland, Australia, and New Zealand — have the strictest policies when it comes to expatriation.

[36:40] Neil fell in love with France, until he realized how much money they wanted in taxes.

[41:55] What’s it like living in Portugal?

[45:10] Where does Neil find his talent?

[48:00] It’s important to ‘check-in’ with both your business and your personal life to make sure the things you’re striving towards/doing are still working for you and if they still make sense to you.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Email: [email protected]

Nomad Capitalist on Youtube

Thepointsguy.com/2017/10/us-flights-stricter-security-oct-26

Aussieonlineentrepreneurs.com.au

Neil on LinkedIn