Nomad Capitalist Audio Experience

Andrew circles back on this year’s theme of ‘home.’ Andrew is currently in the United States after not being here for over 1,000 days. Although Andrew was born in the U.S., he rarely tells people he’s from there. The U.S. does not feel like home to him anymore. So, when strangers ask him, “Where are you from?” How does Andrew answer this popular question?

Key Takeaways:

Andrew's Editorial:

[2:25] Gasp! Andrew is in the U.S. of A.! It’s been over 1,000 days since Andrew was last here.

[3:50] When you’re constantly on the move and being a nomad, it’s easy to fall into the trap of not having a home.

[7:15] Andrew was born and raised in the U.S., but he never felt comfortable here.

[8:00] Where are you from? Where is your home?

[10:10] It’s okay to choose where you’re from. Where you’re from doesn’t have to be where you’re born anymore.

[12:00] As a nomad, it’s okay to want a home!

Interview:

[17:25] Singles and the overworked aren’t just the only types of people coming to Bali. Just the other day there was a family meetup.

[20:25] What made David decide to leave the U.S. and move to Bali?

[24:05] David is also a rare earth metals expert.

[28:35] Coming to Bali to find yourself? You might want to take a step back on that.

[31:10] Vacationing all the time gets stale. You need to be a part of something — a community.

[35:40] When you travel, you find out what you really need, and become not so attached to material possessions.

[40:25] David loves being a part of something bigger, and helping his team develop better talents and skillsets.

[45:45] What kind of flags did David plant while he was in Indonesia?

[50:10] Can someone build a $100 million dollar business from Bali, or will they need to go to New York in order to make it?

[52:45] Andrew needs a favor from you. Go to iTunes and please leave a review.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Outpost-asia.com

Andrew discusses how this year he paid zero U.S. income tax. How did he do it? Well, through the businesses and systems he’s set in place in different countries. It is possible to reduce your taxes through legal means, and no, it’s not an option only the rich have either. If you don’t want to pay so much in tax, then set up a nomad strategy that helps you succeed.

Key Takeaways:

Andrew's Editorial:

[1:35] If you qualify as an expat, you get an extension in your income tax by default.

[1:50] Andrew paid zero on his income tax!

[4:00] However, Andrew has paid tax in 4 other countries this year.

[4:55] Are these tax options only available to the rich? No.

[6:05] Andrew is not a tax dodger. Everything he does is legal.

[7:25] Wanting to pay less tax does not make you a bad person or a tax dodger.

Interview:

[10:25] Why did Ben decide to become an entrepreneur?

[12:00] When Ben got two clients for his company, he left the U.S. and went to Mexico.

[16:20] Ben had no plan B when he decided to take his business seriously.

[24:25] Ben met a woman shortly after he touched down in Mexico. How did the relationship progress beyond the honeymoon phase?

[29:30] When Ben went to Vancouver with his girlfriend, he ended up getting addicted to heroin.

[33:55] You can get into trouble anywhere in the world. You’ll never escape it.

[38:35] Being an addict and an entrepreneur who travels certainty has its challenges.

[39:25] There is no running away from yourself.

[40:10] We can change the location, but we can not change the person we are when we arrive at the location.

[44:10] If you’re struggling with your own demons, stop wearing a mask, and start being honest with people.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Fatpandadesign.com

DigitalNomadsAroundTheWorld

Andrew discusses the possibility of keeping your onshore options open. This year’s Nomad Capitalist theme is home, and so consider the possibility of picking a country and planting a home base, where you are able to get your residency and pay tax. No-tax countries are becoming harder to find, and it’s only a matter of time before they go completely extinct. Weigh both options of traveling without a home base vs. traveling with a home base, and you might find that your onshore options actually open more doors for you.

Key Takeaways:

Andrew's Editorial:

[2:10] We all know about offshore asset location, but what about onshore strategies?

[4:55] Andrew is in love with Montenegro.

[8:20] Low-tax options across the world are becoming fewer and fewer.

[9:30] Sometimes paying 5-10% in tax is more worth than paying 0%.

[10:45] The best time to act is today.

[11:55] Instead of being a nomad, consider the onshore option and hit several birds with one stone. No-tax options are becoming far and few between.

Interview:

[17:20] Why did Chris become an entrepreneur?

[21:00] Is teaching English a good way to ‘dip the toe’ into the nomad lifestyle?

[32:00] Chris discusses how he met his wife. He ended up meeting her in South Korea on an online dating site!

[42:40] What’s the difference between South Korea and Thailand?

[50:25] When you’re on dating sites or even dating in general, make your intentions clear!

[52:30] Chris had tried dating local women, but found out their goals were much different than his goals.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Oneweirdglobe.com

Andrew received some great feedback on last week’s solo episode discussing and debunking common tax and banking myths. However, one of the things he’s noticed is that some of you don’t feel comfortable sharing these nomad stories because your friends will not understand this lifestyle.

Well, Andrew believes it’s important to get these messages out there, so that it becomes more acceptable in your social circle to branch out and start businesses outside of your home town. In fact, 14 years ago, a location-independent business didn’t even exist. Now, everyone knows what that is and is okay about it!

Key Takeaways:

Andrew's Editorial:

[2:00] Thank you for the feedback on last week’s show!

[2:15] Want to support the show? Rate us on iTunes and spread the word!

[3:55] Do you feel like none of your friends really get this nomad lifestyle?

[6:25] Beware, the offshore world is going to get tricker, even when using legal strategies the way Andrew does.

[7:55] When Andrew first started 14 years ago, running a location-independent business wasn’t even a thing. Today, more people understand what that means.

[9:15] Want your friends to finally ‘get it’? Then tell them about it! Keep talking about it so it becomes normal.

Interview:

[12:25] Why did Tim become an entrepreneur? How did he get started?

[14:55] Tim had to manage a full time job while starting his side hustle. How did he balance being an entrepreneur and employee at the same time?

[20:10] Bank doesn’t accept the kind of business you’re running? Don’t lie about it! Honest is really the best policy.

[26:30] Does Tim regret not being an EU citizen? He could have gotten a Dutch passport.

[33:25] Has Tim experienced any resentment for being a nomad?

[36:00] What is Tim’s business about?

[44:25] What are Tim’s thoughts on Taiwan? What kind of opportunities exist for foreigners over there?

[49:20] What’s next for Tim?

Andrew's Editorial:

[51:40] When Andrew first decided to become a nomad, he was very much like Tim. He tries to consume as much information on the subject as possible.

[52:15] Don’t listen to an arm-chair expat. Find the experts and seek out their advice.

[55:25] Believe the sky’s falling? That’s your deal. Find someone who believes what you believe. Want to have multiple businesses offshore? Again, get the expert that aligns with your views and goals.

[57:40] When it comes to becoming a nomad, pick your message and go from there.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Pointstobemade.boardingarea.com

Tim on LinkedIn

Andrew has not gotten Bill O’Reilly-ed! He’s been traveling Asia, and took some time out from hosting the show to get an on-the-ground perspective of what’s happening in banks in Hong Kong. Hong Kong banks are getting more and more hostile towards business owners, but if you’ve been following Andrew for some time, you’d know that is something he’s predicted since 2013!

Key Takeaways:

Andrew's Editorial:

[1:55] Andrew will be doing a solo show today!

[3:35] Andrew finally closed his HSBC account.

[6:45] Is Hong Kong still a place to go?

[12:35] Be wary of people who give you answers to your problems without actually meeting you.

[15:45] One of the compliance employees at HSBC couldn’t even get a HSBC bank account for his side business.

[17:15] Andrew doesn’t have any secret powers. He learns by doing. Yes, by going out there and actually trying to set up bank accounts!

[21:20] Andrew saw problems arising with Hong Kong and their banking years ago. He first wrote about the issues in 2013!

[25:05] What are Andrew’s thoughts on China vs. India?

[31:45] A mayor in Sweden wants to give employees an hour work break for sex. But, what kind of great companies come out of Sweden? This is why Asia runs laps around places like Sweden. They want to work hard.

[40:10] It took one guest on the show three years to get rejected for residency in Costa Rica. Three years!

[43:25] Create a clear plan and strategy over where you want your life to go. When you have a clear plan in place, and say, Hong Kong banks try to screw you over, you are already miles away and not dealing with it!

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Andrew is currently in Mongolia, and shares his thoughts on where he sees the country going in the next couple of years. Andrew believes if you’re an already established entrepreneur who’s gotten your tax and second passports taken care of, then yes, come check out Mongolia for fun. However, if you’re looking for a new home, a more free lifestyle, then you might want to wait on taking Mongolia seriously.

Key Takeaways:

Andrew's Editorial:

[2:25] Andrew is currently in Mongolia.

[4:30] Andrew believes there’s a lot of potential in certain African countries right now, but has not traveled to there just quite yet.

[6:40] What are some of the benefits to living/working in Mongolia?

[8:25] As of right now, Mongolia is an interesting place to watch.

[10:15] If you’re trying to invest, Andrew is not quite convinced Mongolia is the place for that, just yet.

Interview:

[12:20] Where did it all start for Matthew?

[14:25] What did Matthew learn from his entrepreneurial parents?

[19:35] Nomad entrepreneurs are able to have very unstructured lives, but how does that affect the overall cultural view of entrepreneurs?

[23:25] Is this nomad/work from anywhere lifestyle too flashy, too markety?

[29:25] Coworking spaces are excellent networking opportunities.

[30:25] Matthew is loving Georgia right now. The talent out there is amazing!

[32:15] What advice does Matthew have for those on the fence about Georgia?

[36:30] Matthew believes in the next five-ten years Georgia will be the next Berlin or London.

[43:25] These up and coming countries just feel more open and welcoming to foreigners, and when you look at the numbers, it makes those sentiments even more real.

[46:20] What’s been Matthew’s experience with working in Hong Kong?

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Southernstraps.com

Matthew on LinkedIn

Ashley Dymock is the author of World Schooling, a book on how to keep your nomadic lifestyle when you’re ready for the next phase of your life and to have kids. Many people feel like they should give up their lifestyle and settle down somewhere. Well, Ashley says no! You have other options! Find out how you can live a nomadic lifestyle with children, on this week’s episode.

Key Takeaways:

Andrew's Editorial:

[2:05] It’s always easy to tell who’s taking action, and who’s sitting on the sidelines.

[3:00] Every year, Andrew is learning new things, and what’s working/not working.

[4:50] When you’re seeking out help, keep this in mind: Moving forward generates mastery.

[5:35] Get your taxes taken care of, build the freedom lifestyle you want, and then invest your income.

Interview:

[7:25] How can people be a perpetual traveler with a child?

[9:00] What’s the biggest thing Ashley learned from writing the World Schooling book?

[10:10] There are thousands of people educating their children while traveling!

[12:10] You can design your life the way that you want.

[13:00] Take a step back — what’s the purpose of the education system? Can they do a better job than you?

[16:25] When did the traveling start for Ashley?

[21:25] What does it really mean to be a nomad?

[24:25] What’s the best way to approach world schooling?

[28:10] Ashley has been robbed 4 times, but you know, life goes on!

[30:55] Children can help open doors for citizenship as well.

[35:00] Can unschooling your children really be the best option for them?

[41:35] The traditional education system is not preparing our sons and daughters for ‘real life.’

[47:55] What do children really need to ‘know’?

[51:00] There’s no template for how you should teach your children.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

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.

Key Takeaways:

Andrew's Editorial:

[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.

Interview:

[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:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

Investasian.com

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.

Key Takeaways:

Andrew's Editorial:

[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!

Interview:

[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:

Nomadcapitalist.com

Email: [email protected]

Jack on Youtube

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.

Key Takeaways:

Andrew's Editorial:

[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!

Interview:

[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:

Nomadcapitalist.com

Email: [email protected]

Nomad Passport Index

47insights.com