Nomad Capitalist Audio Experience

Young nomads who hope to have children one day are concerned about the kind of life they’d have to have in order to properly raise them. Andrew’s motto at the Nomad Capitalist is, “Go where you’re treated best.” and this saying doesn’t change when you have kids. Why go back to your home country to raise a child in a school that doesn’t teach your children anything about life and the world as we, us nomads, know it?

Key Takeaways:

Andrew's Editorial:

[1:30] More and more people are getting interested in the nomad lifestyle.

[1:50] As more people see that the option is available to go where you’re treated best, more people will end up choosing it.

[2:35] What happens to the nomad lifestyle once you have kids?

[4:45] Andrew is still trying to figure out that answer.

[5:15] Traditional schooling might not be the must-have/right option for a nomadic child.

[9:35] The reason why nomads are here and traveling is because we’ve realized the old rules don’t apply anymore.

[11:40] If you look at the test scores at some of these high-end ivy league schools, the kids aren’t learning anything!

[13:15] Public school over the years have really, really, really gone downhill.

[14:00] What is the U.S. best in, other than spending $$$ on the military? Why do you want to move back and educate your children there?

[16:25] You can continue your nomad lifestyle with a child!

[18:25] You have to go where you’re treated best! Having a child does not change that.

[19:40] Remember, you don’t have to conform to anybody’s rules!

Interview:

[21:55] What’s currently going on in Lisbon, Portugal? Why did Dan and Stevie go there?

[22:55] How did Dan get started as an entrepreneur?

[24:25] Dan believes there’s a real opportunity in crowdfunding in both Europe and Asia.

[24:45] How did Stevie get started as an entrepreneur?

[27:40] What was Dan and Stevie’s big ah-ha moment? 

[31:25] What kind of flags has the couple planted in Europe?

[33:40] How does the UK and Portugal compare to each other?

[38:55] What has been some of the biggest challenges the couple has run into?

The Lightning Round:

[44:15] One business – Speciality food stores.

[45:05] One country – U.S., but answer may change.

[46:00] One book – Cookbook from the country you’re living in. 

[46:55] One tool – Transferwise.

Listener Question:

[50:45] What does Andrew recommend for holiday gifts to a nomad?

[52:25] Donate!

[56:20] Andrew’s convenience is the value, not necessarily the cost of the item.

[58:10] Please donate in Andrew’s name instead of giving him a gift.

Mentioned in This Episode:

www.nomadcapitalist.com

www.aconversation.com

www.myrtlegroveventures.com

Email: [email protected]

The House of Morgan by Ron Chernow

Transferwise.com

Earthclassmail.com

Andrew is getting ready to leave Montenegro, and has some unique observations about the local market, as well as thoughts about how competitive the market is. When you look at places like Montenegro, it does lack some of the basic comforts of ‘home.’ In fact, there’s no one providing these services, which makes it a prime opportunity to enter a market that does not even have a competitor.

Key Takeaways:

Andrew's Editorial:

[1:50] Let’s talk about competition.

[5:50] The cheapest property that Andrew has purchased in Montenegro has been €33,000.

[9:25] Andrew talks about the first time he purchased property in Georgia.

[12:20] Montenegro doesn’t have a lot of the comforts of ‘home,’ like fresh green smoothies.

[14:50] You can’t always know where the path is going to take you, but that’s part of the journey.

[18:40] Andrew personally wouldn’t even try to be on AirBnB in the U.S.

Interview:

[22:45] Why did Eli decide to become an entrepreneur?

[23:55] What was Eli’s aha moment?

[26:05] Eli wasn’t very good at his corporate jobs, so how was his transition from employee to entrepreneur?

[28:25] Why did Eli choose to live, and run his business, in Israel?

[32:05] As Eli travels often, how has he been able to diversify himself, internationally?

[36:10] Are there any downsides to being based in Israel?

[37:45] There’s a lot of innovation happening in Israel right now.

The Lightning Round:

[41:55] One business – A co-working space.

[42:20] One country – Croatia

[42:45] One book – Vagabonding, by Rolf Potts

[43:20] One tool – ScheduleOnce

Listener Question:

[45:25] Jack, who is not a U.S. citizen, will be moving to the U.S. What kind of offshore account should he open to protect his assets?

[49:15] You don’t need to hide your money!

[52:20] There is no reason to hide or do things illegally with your money.

Mentioned in This Episode:

Nomad Capitalist

Email: Andrew@NomadCapitalist.com

LingoLearn

StartupBlink

Vagabonding, by Rolf Potts

ScheduleOnce

Today, Andrew asks if you, the entrepreneur, feel significant in your business. If you don’t, then perhaps now is a better time than any to sit down and consider what would make you feel significant. Why is this question so important? Well, if you want to be an industry disruptor, then there’s a lot of opportunities in less-developed countries to break into a market and be significant.   

Key Takeaways:

Andrew's Editorial:

[1:20] As an entrepreneur, do you feel significant based on where you live and where you do business?

[3:40] Why is Andrew asking you this question? Why is this question important?

[8:00] The people of Montenegro are genuinely interested in nomad principles.

[8:45] As you all know, Andrew is no fan of big government.

[10:50] If you want to be significant in your business, there’s no better way than to be located in places like Montenegro.

[13:15] Montenegro wants to attract more investments.

[17:00] If you’re looking at Southeast Asia, then consider also looking at parts of Europe.

Interview:

[19:35] Why did Rob become an entrepreneur?

[22:50] Was it hard for Rob to drop out of college, and pursue other things?

[24:10] Rob talks about Jay Leno, and how he handled his money.

[27:50] What was Rob’s big ‘aha’ moment?

[29:25] You can live in so many places around the world on far less than what you can in the U.S.

[32:00] Step one is to develop a skillset that allows you to make your own schedule.

[32:30] Most millionaires have 7 streams of incomes.

[35:00] So many people are daydreamers, not doers.

[36:15] How has traveling helped Rob achieve his dreams, and build businesses?

[37:40] How did Rob’s wife react to his ‘crazy idea’?

The Lightning Round:

[40:00] One business — Teaching English to tourists.

[40:55] One country — Australia

[42:10] One book — How to Win Friends, by Dale Carnegie and Never Eat Alone, by Keith Ferrazzi

[42:20] One tool — Google Docs

Listener Question:

[45:15] What currency does Andrew recommend?

[45:25] Andrew talks about the Indian Rupee.

[47:00] The Polish Zloty seems to be a strong currency.

[47:45] If you’re holding U.S. dollars, it’s an excellent time to get into other currencies.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: Andrew@NomadCapitalist.com

www.moneynomad.com

The End of Jobs, by Taylor Pearson

How to Win Friends and Influence People, by Dale Carnegie

Never Eat Alone, by Keith Ferrazzi

The big question everyone is asking is, “What will President Trump do to the tax code?” Andrew doesn’t buy into the big tax hypes because George W. Bush was believed to be a big tax cutter, and he only chopped it by 4%. Will the U.S. be a place where you’ll get treated best, especially on the tax front? It’s too early to tell, so it’s best not to speculate. Work with what you have today, because no one really knows what Trump will or will not do.

Key Takeaways:

Andrew's Editorial:

[1:25] What will President Trump do to the tax code?

[1:50] Does Andrew think the U.S. will be a place you can go, where you’re treated best?

[9:25] Why would you want to leave our great country?

[12:25] Will there be residency-based taxation in the U.S.? Andrew doesn’t think so.

[17:00] Will the U.S. be better under Trump? Maybe, but Andrew doesn’t believe in the hype.

[19:25] If taxes were 10% in the U.S., then yes, pack up your stuff and go home.

[19:55] If Trump does something great, then consider moving back home when he does. But as of today, he hasn’t done anything yet.

[20:20] It doesn’t make sense to start speculating on what Trump might do. Live your life based on today’s rules.

[20:40] Are you a Nomad Capitalist or are you a Patriot?

Interview:

[23:30] Why did Sean become an entrepreneur?

[27:00] Sean has over 7 years worth of content and you can see his transition from clueless financial analyst, to being an expert nomad.

[33:45] Don’t be afraid to experiment.

[36:45] What kind of flags has Sean planted?

[37:55] What’s the best lifestyle that works for Sean?

[40:25] How does Sean manage being with a location-dependent person?

[45:00] What’s Sean’s next step in life?

The Lightning Round:

[48:10] One business – Immigration services.

[49:00] One country – U.S.

[49:30] One book – Influence: How and why People Agree to Things by Robert Cialdini

[50:20] One tool – Focus at Will

Listener Question:

[52:15] What’s Andrew’s favorite economic citizenship program?

[54:50] You shouldn’t spend half of your money on an economic citizenship.

[58:00] If you’re a U.S. citizen, who’s making $1-2 million a year, an economic citizenship may be a good option for you.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: Andrew@NomadCapitalist.com

www.moneynomad.com

www.locationrebel.com

Influence: How and why People Agree to Things by Robert Cialdini

www.focusatwill.com

Andrew keeps reading headlines that state that over 50% of U.S. citizens do not have an emergency fund. The numbers sometimes vary, but this week’s headline read 62% of Americans did not have $1,000 for an emergency. Although, $1,000 is very little in retrospect, Andrew has met highly successful entrepreneurs and digital nomads who also fall into this same category. Do not fall victim to the Western mentality. You should always save for a rainy day!

Key Takeaways:

Andrew's Editorial:

[1:45] Did you know 62% of U.S. citizens do not have $1,000 to pay for an emergency?

[2:40] Andrew admits that the picture isn’t prettier in other countries, like the UK, when it comes to their emergency fund.

[3:25] Andrew believes there are nomads out there who fall into a similar category.

[4:45] No one really wants free university outright, but everyone wants more and more free stuff.

[7:20] As more and more people do not have $1,000 for emergencies, you’ll begin to see those people asking the government for more things.

[8:15] If you travel to Asia, you’ll see that many families, who make less than Westerners, have plenty of money for an emergency.

[9:05] The world is shifting, so how can you prepare for it?

[12:20] As a nomad traveling the world, it’s very easy to fall into vacation mode, and spend additional money.

[13:45] If you’re earning more than 300k+ a year as a Digital Nomad, and you don’t have 50k lying around, then something is wrong.

[15:00] Andrew doesn’t buy into Elon Musk’s philosophy on business and cash.

[16:00] Many nomads do not have $2,000 laying around if they need to buy a new computer on the fly.

[18:55] Andrew’s focus next year is how to build a more passive income.

[21:00] Do not fall prey to the same things people in the West fall prey to.

Interview:

[25:50] How did Andre start his entrepreneurial journey?

[28:30] What was Andre’s aha moment, to quitting?

[33:50] Andre talks on how he managed his nomadic lifestyle when he met his wife, who doesn’t travel as much.

[38:00] Why did Andre set his business up in Spain?

[42:00] What kind of challenges has Andra run into, while setting up a business in Spain?

[45:15] Andre plans to expand his business to other countries.

The Lightning Round:

[45:55] One business – A coffee house.

[46:35] One country – Portland, Oregon.

[46:55] One book – Manifesto for the Earth, by Mikhail Gorbachev

[47:40] One tool – EzTix

Listener Question:

[49:25] Please subscribe on iTunes!

[49:45] What is the most overlooked thing, when it comes to choosing a new location?

[51:25] Andrew currently loves what Cape Town has to offer.

[53:30] So, what’s a deal breaker for a digital nomad? The internet, and Cape Town has awful internet right now.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: Andrew@NomadCapitalist.com

www.barcelonaeatlocal.com

Manifesto for the Earth: Action Now for Peace, Global Justice and a Sustainable Future, by Mikhail Gorbachev

Andrew conducts an interesting experiment during this week’s introduction. Is there a strong correlation between countries with friendly business practices, and countries with low debt to GDP? Andrew takes a look at several countries, and their GDP rates, on this week’s episode. Stay tuned till the end of his segment to find out the answer to this question!

Key Takeaways:

Andrew's Editorial:

[2:10] Greece is currently one of the worst three countries, in terms of debt to GDP.

[3:50] If you go to Montenegro, the Balkans, they really roll out the red carpet for you.

[5:40] Bulgaria has one of the lowest debt to GDP in the EU.

[6:10] Andrew reads off some of the countries that are doing well, when it comes to their debt.

[7:45:] Andrew wants to see if he can make a correlation between countries with friendly business practices and countries with good GDP.

[10:00] Andrew believes Chile has the right culture, but their economy has reached a peak, and it will drop a little bit.

[13:45] Andrew notes that the countries with good GDP are not located in the West.

[15:40] In the U.S., no matter what happens, it will never go down to a 10% flat corporate and personal tax rate. Trump has offered a 15% corporate tax rate, and economists say that it can’t be done.

[16:25] Andrew doesn’t say this to sound angry, but he believes the U.S. is the most corrupt country on earth.

[19:00] Conclusion: In many cases the objective business-friendly numbers and the public finances, in countries where they treat their people the best, do match up!

[20:55] The state of California is like a Kardashian. Andrew explains further.

Interview:

[23:15] Why did Ashley want to be an entrepreneur?

[25:50] Ashley can do a majority of her business by computer and by phone.

[26:45] A majority of Ashley’s business is specialized in the sharing economy.

[27:55] If you want to be a disrupter, you just have to do it! Ashley has stopped asking for permission.

[28:55] Why did Ashley decide to go overseas? Why not stay in Texas doing what she’s doing now?

[30:35] When Ashley founded her business 7 years ago, she started it in Bahrain.

[32:00] Why did Ashley set up shop in Bahrain?

[32:55] It was easy for a woman to do business there.

[34:55] How does Ashley differentiate herself in such a competitive market?

[38:00] Why did Ashley move to London?

[39:00] Ashley has found it more difficult to be a company in the UK than in Bahrain.

[43:35] Ashley went from living in a nice big apartment in Bahrain, to living in a small box. The lifestyle is very different between the two countries.

The Lightning Round:

[47:40] One business – Insurance.

[48:10] One country – Stockholm, Sweden.

[48:45] One book – My Struggle by Karl Ove Knausgaard

[49:20] One tool – Google Flights.

Listener Question:

[51:20] Is it best to renounce U.S. citizenship and keep Brazilian citizenship? What options are out there?

[52:45] If your parents have more than one citizenship, look into that and see if you have more passport options!

[57:25] You’re in good shape if you have both U.S. and Brazilian citizenship.

[59:00] If your passport has visa-free access to Europe, you’re in good shape!

Mentioned in This Episode:

www.nomadcapitalist.com

Email: [email protected]

www.hmriskgroup.com/

My Struggle, by Karl Ove Knausgaard

Andrew has discussed in the past why going for the cheapest and/or fastest passport might not always be the wisest decision, but what about acquiring an economic citizenship? For Westerners, particularly U.S. citizens, who are looking to pay less in taxes, leave the U.S., and live a digital nomad lifetime, you may want to consider your options, and take actions on them, sooner rather than later.

Key Takeaways:

Andrew's Editorial:

[1:55] The most popular articles on Nomad Capitalist are about how to get the fastest citizenship.

[2:15] Are you a successful business owner paying too much in tax?

[3:35] The idea of paying for a citizenship seems distasteful for many Westerners.

[4:30] What kinds of people should renounce their U.S. citizenship?

[7:20] Andrew believes that in the future you will see a lot more citizen-based taxation in other countries, like the way the U.S. has it.

[7:45] It’s not easy to leave Norway.

[12:15] If you’re a Westerner or U.S. Citizen looking to get a 2nd citizenship within months, then Dominica may be your best bet.

[14:15] If you’re planning on leaving the U.S., then you may want to apply for an economic citizenship now, before you move overseas.

[18:05] Dominica currently offers the best provisions for a Westerner.

Interview:

[21:00] Why did Waleed become an entrepreneur?

[25:20] Most of Waleed’s friends from Egypt are traveling the world, too.

[26:10] Why did Waleed move to Belgrade, Serbia?

[29:00] What kind of flags has Waleed planted so far?

[31:30] Why did Waleed set up his company in the UK?

[33:05] Why does Waleed like Uruguay?

[34:20] What has Waleed achieved outside of his home country, that he wouldn’t be able to do if he still lived there today?

[36:15] Waleed recently married a Serbian citizen.

The Lightning Round:

[38:35] One business – Doughnut shop.

[39:10] One country – N/A

[39:55] One book – What's Wrong with Eating People?, by Peter Cave

[41:05] One tool – N/A

Listener Question:

[43:50] What’s the biggest mindset recommendation for someone getting started?

[45:00] Mindset helps you get things done!

[45:30] A scarcity mindset can lead us to make the wrong decisions.

[47:20] Accept personal responsibility for your actions.

[51:40] What’s holding you back?

[53:20] Andrew has been the guy that points the finger, when it’s really his fault for not taking action sooner!

[55:35] The problems go away when you approach things the right way.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: [email protected]

Four Case Studies for Renouncing US Citizenship

www.panx.io/

What's Wrong with Eating People? by Peter Cave

As Andrew watches the Presidential Election one thing comes to mind: The system will not change. U.S. politicians want to make it seem like nomad business owners are traitors for hiring outside talent, but the reality is, the United States does not provide good enough incentives for so many business owners. It only makes sense to seek out better treatment elsewhere and hire overseas.

Key Takeaways:

Andrew's Editorial:

[2:15] Based on everything that’s going on in the United States right now, we’re not going to change the system.

[4:15] There are incentives to moving jobs overseas.

[5:50] When you hire U.S. people, you are subjected to U.S. tax, even if you don’t have a U.S. business.

[6:15] Let's not blame the corporations.

[6:30] Andrew and so many other nomads will not hire U.S. people living in the United States.

[8:00] Politicians want to make it seem like nomad business owners are traitors for hiring from outside the United States.

[9:00] With that said, U.S. citizens tend to be better trained.

[12:00] It’s a shame we have to hire talent outside of the United States, but that’s where we are treated best.

[14:55] Setting up an offshore company can be beneficial for U.S. citizens.

[15:25] You may not be able to get a Singapore bank account in the next three years.

Interview:

[19:00] Why did Neil decide to become an entrepreneur?

[21:45] When Neil made the leap to become self-employed, what was going through his mind?

[24:20] How did Neil make the transition from self-employed to entrepreneur?

[26:30] How do you really know when is the right time to start?

[28:50] If Neil could go back in time, he wouldn’t have gotten his PhD.

[30:25] How has Neil set up his business?

[32:20] What flags has Neil planted so far?

[33:20] Neil has had terrible banking trouble because he has an Indian passport.

[34:35] Why did Neil decide to outsource to Eastern Europe as opposed to Southeast Asia?

[38:20] If Neil was still in India or London today, what would he not be able to achieve?

[39:50] Neil talks about the relationships he’s developed in Finland.

The Lightning Round:

[42:00] One business – Omelette restaurant.

[42:40] One country – Indonesia.

[43:00] One book – Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime, by MJ DeMarco.

[43:20] One tool – Spotify.

Listener Question:

[46:25] Is Belize still a good place for a digital nomads to go offshore?

[47:25] Belize still has tax. It’s not a zero tax country.

[47:40] Andrew likes Belize.

[49:45] Unfortunately, if you’re from the West, you’re going to have a hard time doing it legally.

[51:25] Cayman Islands is another option, but they’re not cheap and they do not want cheap people.

[52:40] Countries all around the world don’t really trust Belize.

[53:35] Andrew would rather pay slightly more tax than deal with the headaches Belize offers.

[56:0] Remember, we want to be legal and Belize has a bad rep.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: [email protected]

www.jobrack.eu/jobs

Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime, by MJ DeMarco

Andrew is currently visiting Bulgaria and has some thoughts to share with his Nomad Capitalist audience on the pros and cons of Bulgaria. There are benefits to Bulgaria, but like everywhere else, there are some drawbacks to consider. Andrew believes Bulgaria is an excellent place for Nomads who want to be in the EU, but do not want to pay high EU taxes.

Key Takeaways:

Andrew's Editorial:

[2:45] What’s Andrew’s take on Bulgaria?

[3:45] Bulgaria has one of the lowest tax rates in the EU.

[4:45] Andrew avoids Romania.

[7:35] Bulgaria is making efforts to clean up corruption.

[9:35] Bulgaria is a place for people who want to be in the EU and do business.

[10:10] So, what does Andrew think of Bulgaria?

[14:50] You can buy agricultural land very cheaply in Bulgaria.

[17:10 There is a way to go where you’re treated best!

Interview:

[19:10] Why did Monika want to become an entrepreneur?

[20:35] Monika hated having a full-time job.

[23:55] What was Monika’s ah-ha moment?

[26:00] Sometimes you just have to go and fix things as they crop up.

[26:40] What stops people from taking action?

[30:35] Bulgarians are very eager to explore the world.

[31:30] Why did Monika move from Bulgaria to Australia?

[32:30] What are some of the benefits of Australia?

[33:25] If Monika was running a big business, she’d move someplace else.

[34:00] What advice would Monika give to those who want to move to Bulgaria?

[35:55] Is Monika making a sacrifice by raising her family in Australia?

[37:05] Why does Monika wish to move to Central America next?

[37:20] What kind of problems has Monika run into while running her business?

[38:40] What has been some of the biggest successes Monika has achieved in Australia that she couldn’t have done in Bulgaria?

The Lightning Round:

[39:40] One business – Personalized services.

[40:35] One country – Costa Rica.

[41:45] One book – Will It Fly?, by Pat Flynn.

[42:20] One tool – Click funnels.

Listener Question:

[44:35] What is the ideal travel schedule for someone who wants to live as a Nomad Capitalist?

[49:25] 90 days in one location seems to be a comfortable number for most Nomads.

[51:45] Don’t leave the herd back home only to follow another herd elsewhere —  Discover on your own.

[52:35] A ten day schedule is the best approach.

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Luggageandlaptop.com

Will it Fly? By Pat Flynn

Clickfunnels.com

Andrew dives in on some of the common questions he receives about taxes. People are always wanting to reduce their taxes, but sometimes they're completely unwilling to change their current lifestyle to make that happen. How can you reduce your taxes without moving out of the country? Well, the short answer is you can't. At the end of the day, it boils down to what kind of freedoms you want and why you really want to reduce your taxes.

Key Takeaways:

Andrew's Editorial:

[2:10] Let's talk about taxes.

[4:00] Countries like Australia are ruling more in favor of the tax man.

[4:20] It's subjective as to whether or not you really did leave the country or if you're just avoiding tax.

[4:30] Even if you've left the country for more than 183 days a year, this doesn't always mean you're a taxable non-resident.

[6:45] How can I pay nearly zero tax like the big corporations do?

[7:50] Andrew does not recommend hiding your money from the government. Nothing good will come of that.

[12:10] How does Google, and other big companies, diversify?

[15:45] How do you save taxes without moving?

[17:35] Like California? Then you might like Chile.

[22:30] But I can't leave the US and I want to reduce my tax bill!

[23:10] So, why do you really want to pay less tax?

[25:10] Andrew has never been to Greece.

Interview:

[26:40] Why did Yasmine become an entrepreneur?

[28:15] How does Tibba help people?

[30:05] Where is Yasmine from?

[32:50] How does Yasmine deal with ups and downs?

[34:45] Which is more productive — working in a new and different space or settling down in one place to work?

[38:55] Since Yasmine is so remote, how does she setup her companies?

[40:25] What kind of challenges has Yasmine faced?

The Lightning Round:

[43:05] One business – Taiwanese dessert.

[44:20] One country – New York.

[44:50] One book – Never Eat Alone by Keith Ferrazzi.

[46:00] One tool – Calendly.

Listener Question:

[48:20] What type of business does Andrew miss while traveling?

[51:55] You do want to have a home base with all your comforts as you travel the world.

[53:05] Andrew personally likes smaller houses. 

Mentioned in This Episode:

Nomadcapitalist.com

Email: [email protected]

Gotibba.com

Never Eat Alone by Keith Ferrazzi

Calendly.com