Nomad Capitalist Audio Experience

Andrew discusses why holding a mediocre passport may not be as bad as you might think. It is no secret that tax laws are only going to get stricter, so perhaps it's time to have other options where you're not forced to stay in one area for the rest of your life. By holding another passport, you may have more flexible visa options and won't have to jump through as many hoops to travel and explore new countries. Tune in to hear Andrew's full commentary.

Key Takeaways:

Andrew's Editorial:

[1:25] Let's talk about bad passports.

[2:20] US passports rank between 13-14th.

[3:40] What's considered a bad passport?

[6:20] Andrew discusses some of Australia's tax rules.

[9:40] It may be worth it to have a passport from a country with less influence.

[9:55] FACTA for the world will start next year.

[11:15] Having a 'bad' passport may actually get you better visa-free travel.

[11:45] Maybe it's time to get an African passport.

[15:35] There are benefits to having mediocre passports!

[20:10] Always follow the law!!

Interview:

[22:35] How did Simone get started?

[26:30] Simone wasn't happy with where she was.

[29:50] You have to be happy first.

[30:50] Why did Simone travel to Bali?

[31:50] Simone loves attending workshops and other activities where there are other nomads present.

[36:25] What kind of challenges has Simone faced?

[37:45] Simone discusses the important relationships she has developed through her travels.

The Lightning Round:

[40:15] One business – Dating business.

[41:30] One country – Europe.

[42:00] One book – Busting Loose From the Money Game by Robert Scheinfeld.

[42:35] One tool – ScribbleLive.

Listener Question:

[44:40] What kind of side hustles should an aspiring nomad pursue?

[45:55] Make it a full-time hustle!

[47:15] You have to make a full commitment to yourself.

[49:15] Get an emergency fund together.

[52:05] Become a nomad full-time, not part-time.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: [email protected]

www.frompaintopower.de

Busting Loose From the Money Game by Robert Scheinfeld

www.scribblelive.com

www.rescuetime.com

Mashable recently came out with an article titled, 11 ways Millennials can save money. In it, the author recommends Millennials wash their hair less frequently in order to save on shampoo costs. Andrew comments that the Millennial culture is a painful one, but that pain is being buried and it's only going to get worse. As an outsider peeking in, Andrew sees a culture were depriving yourself is cool and wants to warn others that it really, really isn't.

Key Takeaways:

Andrew's Editorial:

[3:30] Andrew reads off a Mashable article on 11 ways Millennials can save money.

[4:15] Half of kids in Spain don't have a job.

[7:30] Couple plans on moving from Michigan to South Africa in order to cut their cost of living and pay off their student loans.

[9:10] Nomad Capitalist helps lessen the perceived pain of moving to a foreign country.

[9:35] You need to have a little bit of pain in order to make a positive change.

[12:20] In the Western world, there is so much pain under the surface. So much buried pain.

[12:45] There's a culture starting to develop where depriving yourself is cool.

[15:25] Don't let the culture drag you down and convince you that deprivation and high taxation is cool.

[18:55] Looking to change your lifestyle? Visit www.nomadcapitalist.com.

Interview:

[21:20] Why did Anastasiya become an entrepreneur?

[25:05] What was Anastasiya's aha moment?

[28:20] Why do people seem to dislike the corporate culture so much?

[33:45] Women in Europe don't like going to the gym as much as men do. It's a very male-dominated environment.

[35:50] What kind of flags is Anastasiya planting in Italy?

[39:00] Building good rapport with others in Italy is everything.

[39:55] How does Anastasiya manage her long distance relationship with her husband?

The Lightning Round:

[41:30] One business – Cooking tours.

[42:05] One country – Italy

[43:05] One book – How to Win Friends and Influence People by Dale Carnegie.

[43:40] One tool – Some kind of translator app.

Listener Question:

[46:00] What should someone's net worth be when looking into trusts?

[46:55] There just doesn't seem to be a real need for a trust.

[48:30] Around $500,000 is when you should start thinking about it.

[49:45] Look at alternative ways before you go jumping to get a trust.

[50:00] Remember, Andrew's advice is just an overview. With something like this, you do need situation-based advice from an expert.

Mentioned in This Episode:

www.nomadcapitalist.com

Email Andrew: [email protected]

11 Ways to Save Money as a Millennial

To cut their cost of living and pay their student loans, this couple is moving from Michigan to South Africa

www.anastasiyacraze.com

Anastasiya on Instagram

How to Win Friends and Influence People by Dale Carnegie

When people talk about asset protection, very rarely does a conversation come up on how a young person with not much wealth can protect their assets. Truth be told, asset protection is important to everyone, no matter how little you have. Andrew discusses what threats should a young person be aware of, and how to properly prepare based on those threats. The threat of government taking your money away is always a possibility, but how real is that to you? How real is it that you'd get sued? These are just some of the things you have to take into consideration.

Key Takeaways:

Andrew's Editorial:

[1:25] Let's talk about asset protection.

[2:20] How can the younger generation protect their assets?

[2:50] Andrew lists reasons why you'd want to protect your assets in the first place.

[4:40] There are ways the government can take your money, but you need to figure out what those real threats are.

[5:45] What are the issues you're currently facing? Write them down.

[7:40] Keep in mind, the more difficult you make things, the more difficult it'll be to access your money in the future.

[7:50] Some Bitcoin exchanges are being run like banks.

[8:20] You want to put together a plan that will not complicate things for you later down the line.

[13:30] Anyone can sue anyone in the U.S.

[14:25] You can still use an offshore company to protect yourself.

[17:35] Asset protection is important for everyone, but there are a lot of scammers out there.

[18:05] It boils down to: How are you able to access your money in a way where everyone else can't?

[18:40] Don't cut corners. Follow the law!

[20:35] Things are changing every single day. Strategies that worked a couple of years ago, might not work today.

[23:25] Also, figure out if you need all the stuff the lawyers are trying to push on you.

Interview:

[24:40] How did Travis get started?

[25:55] Why did Travis want to quit his job in Thailand?

[27:40] Would Travis have started a business if he was back home in Australia?

[30:35] Around 60% of Travis's customers are based in Bangkok.

[32:10] Travis plans to stay in Thailand for the next 2-3 years.

[35:40] Travis has also found the Thai government to be quite helpful.

[38:10] Travis is able to pay himself a lower salary, but still live quite nicely in Thailand.

[41:15] How did Travis meet his wife?

[43:40] Are there more nomads visiting/working in Thailand?

The Lightning Round:

[45:50] One business – An app to crowd source law students.

[46:50] One country – Thailand.

[47:10] One book – Suitcase Entrepreneur by Natalie Sisson.

[48:05] One tool – Private Internet Access.

Listener Question:

[50:50] Many Chinese people are looking to move to the U.S.―why is that?

[53:10] If you don't know why you need a second passport, maybe you don't need one.

[53:15] The Chinese are looking for different things than what you or Andrew are looking for.

[55:40] Some people who move to the U.S. are in for a rude awakening.

[58:10] Andrew's listeners are looking to lower their tax bill. The Chinese? They're looking for something else.

[1:00:15] Andrew wants his children to learn more about the world and the differences across cultures.

[1:00:40] People who want to move to the U.S. are trying to get their children out of poverty or, at least, away from it.

[1:02:30] If you don't know why the Chinese are moving to the U.S., then copying them isn't going to help you.

Mentioned in This Episode:

www.nomadcapitalist.com

Email: [email protected]

www.studiodigita.com

Suitcase Entrepreneur by Natalie Sisson

www.privateinternetaccess.com

In today's introduction, Andrew shares a prime example of why investing in quality services and people will always be worth your time. Good services do not come cheap, but there are a ton of benefits in the long run when you pay a pretty premium on trustworthy and honest people. At the end of the day, your time is valuable, so find people who are able to make the most out of your time.

Key Takeaways:

Andrew's Editorial:

[1:30] How has Andrew saved a lot of money by paying more to begin with?

[2:50] Andrew thinks Malaysian real estate is a bit too expensive right now.

[5:15] Once you pay someone a couple of thousand dollars, you've committed yourself.

[8:00] Andrew doesn't recommend his clients invest in Thailand. For himself? He'll take the gamble and see where it goes.

[10:10] Andrew shares a story on why paying more goes a long way for your money and for your sanity.

[18:05] What should you do when you're going overseas and things are a mystery? Andrew has a two-part philosophy.

[21:05] Your time is valuable, so you have to find people who can make the most of your time.

Interview:

[24:30] How did Vyacheslav get started as an entrepreneur?

[26:40] Why did Vyacheslav pick Canada to set up shop?

[27:50] It's very challenging to be an entrepreneur in the Ukraine.

[32:50] Is Canada a better option for people in the U.S. who are upset with the way things are being run?

[37:35] Is Canada a good place to go to if you're looking for funding?

[39:35] How has having two passports helped Vyacheslav?

The Lightning Round:

[40:50] One business – A marketing company that caters to startups.

[41:35] One country – Canada.

[42:00] One book – Traction by Gabriel Weinberg.

[42:50] One tool – Todo List.

Listener Question:

[45:30] Getting a Greek passport in 3 months, is this possible?

[48:40] The Greek government is broke.

[51:20] Greek passport in 3 months? It's probably a scam.

[52:40] Cheapest and fastest isn't always the best.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.skysnap.ca

Traction by Gabriel Weinberg

www.en.todoist.com/

If you're looking for great overseas real estate investments that are the equivalent to what you'd get in the United States, then turn back now, it just doesn't exist. You're not going to get great financing deals in a foreign country. People in the United States often scoff at the idea of paying for big ticket items, like a car, in cash, much less a house! However, paying for a home upfront and in cash is a widely accepted way of doing things when purchasing property overseas and this is one of the reasons why you will get horrible finance rates in these countries.

Key Takeaways:

Andrew's Editorial:

[1:40] How do you know when to invest vs. when to stay put?

[3:20] You have to be realistic with your investments.

[5:25] 90% financing just doesn't exist.

[8:20] Why do you want a first world investment if you're leaving the first world in the first place?

[12:20] Andrew knows someone who sold a car for $20,000 in the US and the bank looked at him as if he was a terrorist.

[13:40] The US has the most advance markets for Airbnb.

[14:30] Andrew would rather take a cash yield than have to finance a property.

[16:55] Remember, you could potentially be investing in a bubble market if you invest in US property.

[17:15] Andrew doesn't believe real estate always goes up in value and doesn't trust people who believe this.

[18:45] If you're looking for safety then being overseas is more important.

[19:35] You're not going to go overseas and get financing. It just doesn't work that way.

Interview:

[23:15] Why did Kevin become an entrepreneur?

[26:35] Why did Kevin start his business overseas?

[32:55] If you go anywhere else in the world and own a car, you're considered rich. Often times, you don't even need a car because everything is within walking distance or the public transport is fantastic.

[36:15] What kind of flags has Kevin planted around the world?

[37:15] Kevin talks about outsourcing some of his work to places like the Philippines.

[38:35] What has Kevin's experience been like in Singapore?

[40:30] Kevin doesn't believe he could achieve this level of success back in his home country.

[42:15] What kind of problems has Kevin faced while being overseas? The number one problem comes down to banking.

The Lightning Round:

[43:55] One business - a monthly subscription service for translations.

[44:45] One country - Berlin, Germany.

[45:20] One book – The One Thing by Gary Keller

[45:55] One tool – DIDlogic.

Listener Question:

[48:15] Andrew, what is the biggest thing you miss from leaving the United States?

[49:50] Free refills and tap water.

[52:10] Andrew also misses the level of great customer service.

[56:25] Even if cultures are different, people still want better service.

[58:25] Why would Andrew ever move back to the US?

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.bulkbuyhosting.com

www.empireflippers.com

www.didlogic.com

The One Thing by Greg Keller

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:

www.nomadcapitalist.com/

[email protected]

www.moneo.jp/

A Treatise on Leaders by Mark Lee Ford

In this introduction, Andrew dives deep into the trouble with banking in the world today. Things are becoming harder. Much, much harder. You need to be prepared to get asked questions for doing trivial things. You need to be prepared that your bank will contact you and you need to be prepared to have the right documents proving your funds. Andrew focuses on the huge issues his clients are facing with Hong Kong banks, more specifically HSBC, but banking is going to become more difficult all over the world; not just in specific parts of Asia. Andrew emphasizes the importance of choosing your banks wisely, as it can really bite you in the future if you go for a bank in a questionable jurisdiction.

Key Takeaways:

Andrew's Editorial:

[1:00] Banks! It's getting so much harder to bank.

[2:05] Before there was FACTA, now there's global information sharing on its way.

[3:00] People who live in Hong Kong can't get bank accounts, even if they know the Vice President of the bank branch!

[3:40] Andrew was waiting at an HSBC bank on a Wednesday, for six hour, in Hong Kong.

[4:45] Nobody knows why their accounts are being blocked or rejected.

[6:00] Keep your profits in the company, reinvest it in the company, and buy assets through the company.

[8:35] You're not a big fish. Unless you're running a business that's turning over $3-5 million dollars or more, banks don't want to deal with you.

[10:25] If you're small, you're going to need more help.

[13:00] The customers are no longer the prize, the bank is the prize. You're lucky to get a bank account with them.

[15:35] Don't hide your money. Follow the law and do the right thing.

[19:55] Andrew tried to open a U.S. account and it was tough.

[24:00] Are you banking at HSBC? Stop what you're doing. Just stop.

[24:05] Are you banking in questionable jurisdictions? Stop.

[24:10] Are you banking in a tiny Caribbean country? Stop.

[24:15] Are you banking in a country with a bad reputation? Stop.

[24:35] Be prepared to get an email or a phone call from your bank.

Interview:

[26:55] Why did Kay become an entrepreneur?

[27:40] Kay is passionate about cave diving and wanted to explore.

[29:35] Kay loves to discover. She is curious, so transitioning from a 'real job' to entrepreneurship wasn't a problem for her.

[31:35] Kay's first job in Mexico paid $400 a month.

[32:00] What made Kay stay in Mexico?

[35:40] Key recommends living in Mexico for a year and see if the lifestyle is right for you.

[36:35] Is it too late to live in the Riviera Maya?

[39:30] Kay first went to Mexico thinking she'd stay for only 6 months. It's been 20 years now.

[41:00] Why did Kay choose Mexico?

[46:55] Getting office space in Mexico is not cheap.

[47:50] You can't assume that you'll always have electricity or water.

[48:10] Kay talks about her family.

[49:30] Despite loving Mexico, Kay does not want to be a Mexican citizen.

The Lightning Round:

[50:25] One business - A website, listing local services.

[51:05] One country - Panama.

[51:25] One book - Simple Numbers, Straight Talk, Big Profits by Gregory Crabtree

[52:10] One tool - Canva.

Listener Question:

[55:25] How easy is it to get Paraguay citizenship?

[1:00:15] Stop focusing on what's so easy and what's so cheap.

[1:01:25] Bureaucrats are afraid of letting people from anything other than western countries into their country.

[1:07:55] If your offshore strategy isn't perfected, then don't do things that can hurt your asset protection strategy. Do what needs to be done to protect yourself first.

[1:09:25] Nothing is a guarantee.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.locogringo.com/

by Gregory Burges Crabtree

www.canva.com

Andrew discusses the risks and various factors you need to take into consideration when it comes to investing in unstable markets. There is nothing wrong with making a crisis investment as it can lead to huge gains. With that being side, you want to know the market, the environment, economy, and culture inside and out before you do. As Andrew's father often told him, “Be aware of falling knives.”

Key Takeaways:

Andrew's Editorial:

[2:10] How do you find your safe havens?

[2:40] We'll be covering how you know you're getting into a good market vs. what to steer clear of.

[3:10] Andrew's father is the most honest guy he knows. Andrew shares some advice his father once gave him.

[4:55] What is Turkey's environment like? Is it a good place to live/invest despite the attempted coup?

[5:45] Property in Istanbul has been on the rise for the last two decades, but will it soon come to an end?

[6:10] Whether a place is safe or not, it all comes down to fundamentals. Andrew explains further.

[10:40] When is the time to go in and buy?

[13:10] Find a region you like and focus on what's going on there.

[16:10] You need to understand all the factors at play before you make a crisis investment.

Interview:

[20:55] How did Grant get started?

[23:15] Grant wanted to give people access to extremely smart people all around the world.

[26:35] Banking tends to be the biggest problem when living in different countries.

[28:15] Why did Grant choose Singapore?

[31:45] It was easier to plant your flags in Singapore five years ago.

[32:55] Wherever you are in the world, you can be home in 24 hours if you don't like where you currently are.

[33:50] FATCA has changed the entire world.

[34:40] You should have bank accounts all over the world, but governments find this behavior extremely suspicious.

[37:25] What does Grant think about Ireland's economy?

[38:05] Would Grant like to go back to the UK?

[40:25] Grant believes if he hadn't traveled, he wouldn't have started either of his businesses today.

The Lightning Round:

[41:50] One business - Concierge service.

[42:05] One country - U.S.

[42:35] One book - The Checklist Manifesto and Blink.

[42:55] One tool - Trello, Slack, TripIt.

Listener Question:

[45:00] What are Andrew's favorite cities for Airbnb rentals?

[47:15] Andrew knows one guy who was able to get his Airbnb rentals yield up to 31%.

[47:25] However that is extremely rare.

[51:15] Andrew recommends looking into markets where there isn't enough '5 star quality stuff'.

[51:25] You'd be able to get in at a lower entry point.

[52:25] Andrew lists some countries he's familiar with and would be good for Airbnb rentals.

[58:30] Airbnb can become your business if you know what you're doing.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.realvisiontv.com/

The Checklist Manifesto by Atul Gawande

Blink by Malcolm Gladwell

www.trello.com/

www.slack.com/

www.tripit.com/

www.airbnb.com/

Andrew talks about the interesting times we live in right now. Attacks are happening all over the world, which is deeply unfortunate. Andrew believes we're living in an age of extremes, governments are running out of money and people are both angry and frustrated about the changing times. The real point people have to see is that one person or particular government isn't the problem, Trump is not the real underlying problem because if it isn't him, it'll be someone else. In order to navigate safely through these uncertain times, you have to diversify your assets and plant flags all around the world.

Key Takeaways:

Andrew's Editorial:

[1:30] We're really living in interesting times right now.

[2:25] Attacks are happening all over the world.

[3:50] Nobody knew Brexit would actually happen, but you should still know that diversifying is always a smart move.

[5:00] Trump is not the issue.

[6:45] We're living in an age of extremes. Governments are broke more than ever.

[7:15] People are angry and frustrated. They don't want to accept change.

[8:00] Sure, Andrew was caught off guard by the Brexit decision, but he was already prepared beforehand.

[8:15] How do you deal with all of this madness?

[9:25] Andrew likes Malta because no one really understands what's going on there.

[10:15] How many violent attacks happen in Georgia?

[12:55] Whatever you're hearing from the media, from your block, is probably 180 degrees from the reality.

[13:05] The United States is an extremely corrupt country.

[15:15] Diversify your portfolio.

[18:55] Andrew wishes we didn't live in such a violent world.

Interview:

[22:20] Andrew welcomes Dietrich.

[22:45] Why did Dietrich become an entrepreneur?

[26:05] What was Dietrich's big aha moment?

[30:15] You don't have to go to a big city in a foreign country to run your business. You can live in a rural town and manage a virtual team.

[34:15] There's about 90 million people in Vietnam.

[39:25] Why does Dietrich love Vietnam?

[42:25] You do need a certain amount of backup money for Vietnam. Plan for three years’ worth of income.

[45:45] Use your common sense when in Vietnam. If something looks too good to be true, stay away from it.

The Lighting Round:

[46:35] One business - Food exports.

[47:05] One country - NA.

[47:35] One book - German motivational book.

[48:10] One tool - Fiverr.

Listener Question:

[50:15] What are Andrew's thoughts on Cyprus?

[54:00] Why do you want an offshore company?

[55:15] Cyprus banks will be skeptical of your business.

[55:30] Hong Kong is even kicking people out.

[58:15] Andrew does not recommend Cyprus.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.farmers-coffee.com/

www.fiverr.com/

For Andrew's intro, he discusses the path less traveled and developing strong bases throughout the world, which Nomads can always come to. He dislikes Spain because there's nothing that really keeps people from staying there. It's a cheap thrill that quickly loses its allure because the vast majority of things do not work correctly over there. He firmly believes that the path less traveled is often the best way to go for planting your flags as your money is able to go further with you.

Key Takeaways:

Andrew's Editorial:

[2:40] Andrew sees a lot of followers in this digital nomad movement.

[5:45] Barcelona gets old pretty quickly. People come and go, no one really stays there for an extended period of time.

[9:35] Andrew loves Serbia because things work!

[11:40] The moral of the story here is that the path less traveled is often the best one.

[12:00] The path less traveled is the key to planting your flags. You get more bang for your bucks.

[12:15] Andrew personally can't see himself living in Spain.

[15:25] What cities should you look for as a base? Andrew explains further.

Interview:

[18:55] Why did Tamara become an entrepreneur?

[22:30] Tamara teaches classes in entrepreneurship.

[25:25] Tamara is a real hustler! She's all in.

[27:15] People think you're crazy for leaving the country. You need like-minded people in your network.

[31:00] When Tamara was starting her sweater business, a lot of her workers were illiterate.

[31:15] Challenges become opportunities.

[31:40] Bolivia has never really had a pro-business mentality or reputation.

[35:05] Tamara talks about some of the challenges she has faced in Bolivia.

[37:45] What should people know about Bolivia?

[40:20] What are some of the key cultural differences between Bolivia and the U.S.?

[41:35] Tamara talks about expanding her business outside of Bolivia.

The Lighting Round:

[42:30] One business – Electronics.

[43:15] One country – Bolivia.

[44:00] One book – Blue Ocean Strategy.

[44:35] One tool – Microsoft Office and the Cloud.

Listener Question:

[46:45] Andrew! Are you hiring?

[47:15] If you're trying to figure out things in life, 19 is a great age to do it.

[48:25] What's Andrew's personal avatar for hiring?

[50:35] Having an employee avatar is just as important as having a customer avatar.

Mentioned in This Episode:

www.nomadcapitalist.com/

[email protected]

www.tamarastenn.com/

Web site:  http://www.kusikuy.com/

Kickstarter campaign

Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne