@11:59 - " I Just woke up one day and felt to myself and said, now I can afford the car." Great quote from a wise man! Love it :) In, other words he wasn't focused directly on the 'goal', but living in the moment and enjoying his passion/business, which ultimately lead him to achieving his goal.
I’ve been working for little over a year now and have managed to secure a townhouse in a popular DC suburb. My goal is to keep saving over 60% of my salary so I can purchase my first foreign investment soon. Definitely want to work with your team in the near future.
This is so important, and not something I learned until just a few years ago. Thanks for sharing these ideas and continuing to help us all grow financially and personally through travel! 🙌🙌
Been watching your channel for a while now and trying to apply some of the principles you talk about. Thank you for sharing the perspectives and simply the idea that these things are possible. ✌️
Your plan sounds effective but mainly if you are a heavy earner. Most don’t make more than 50k a year, and give themselves tax breaks with investing in their 401k or investing into the market and holding off selling off too much at a given time. There’s also several other tax advantages such as dividend payments where you won’t get charged taxes until you surpass 40k a year if your single and that doubles if you are married. Anyways, long story short, you’re methods great, but your target audience seems to be the heavy 400k and above earners. Still a worth while watching! Thanks for the information.
Thank you so much for another awesome well informative video...will pick up your book shortly...living in Canada now but looking to obtaining another residence soon
Been watching a lot of your videos lately. Incredible content. My plan is to move to SEA over next few years. Mid-20s, focused on building NW aggressively. Some of this advice I find would only be applicable to me if I had my own business (definitely a primary goal in medium-term..). Living in NY - yes taxes are ridiculous, but as an employee, the net salary I can earn here, even after living expenses, allows me to save/invest much more than I could than w/ a materially lower wage in a place with significantly lower cost of living. Need to maintain salary while minimizing tax burden.. maybe FL, TX, Singapore, or UAE (still stuck with some federal tax burden without renouncing citizenship of course). Starting a (successful) business really seems like the only viable way to impactfully increase rate of NW growth (ex-compounding).. but where to begin ahhh anyway really do appreciate your content.
From personal experience, you do need credit, and what better time to get credit than right now? I can make 25% on any amount I can borrow investing just in real estate, so why would I use my "own" money?
When you say "net worth", what I hear is "a diversified range of assets" - investments: like real estate, stock (US and foreign), intellectual property, royalties, commodities incl. precious metals, private businesses that you own, and cash (local and foreign) + crypto.
Is it a good idea to re-locate or live in Cambodia and get involved mainly in the exporting business and some importing? Or being self-employed as a professional buying low and selling higher to international clients? I think Cambodia may be the manufacturing hub of the future.
It’s interesting to hear you mention Denmark as I just moved here for my startup. Used to live in Dubai, a long term goal I have is to try and leverage danish citizenship through tax deductions by obtaining a US citizenship. I thoroughly believe in the talent pool in Denmark for my SaaS (they created C++/C#/Unity/Trust Pilot) recent world talent index ranked them 2nd (Silicon Valley was 12 for comparison) Aside from economics, I’ve always been in love with the culture and quality of life. Have been keeping an ear out to each video you post to get a better understanding of my situation and options.
I earn 5 figures 🤣 and I mean per annum, and the first 2 figures of the 5 are 1 and 2. But I've been slowly building up some investments and passive income and moved to cheap country so I can save and buy more property, stocks and gold. Even a poor person can go where they're treated best
thank you for finally answering my question lol if it's worth getting out of taxes if you make 150 to 300k a year i got into my industry to save every dime, travel, and start a business. i just didn't know if a pension from my company and government, health care and dental was worth 40% of my salary.
Great Video. Thank you for posting. I put most of my money in S&P 500 index funds. I have found it very good for growth and sustainability. The fees are very low, with no hassle of choosing stocks, and all large-cap and growth companies. My net worth has grown significantly over the last decade. What is your thought on S&P 500 index funds for growth and sustainability?
Anderson, at 5:01s you cited the US public debt versus Singapore net worth, wouldn't it be fair to use US net worth vs Singapore net worth? You can adjust for population. The US has a positive net worth, it owns about 30% of the world's positive net worth, using the same metrics Singapore owns 0.5%, it's debt problem is worse than in America, it has 646 billion public debt with a 326 billion GDP, almost 200% ratio. I'll watch the last 11min now, I love your videos, keep them coming!
I'm confused the US has some 26 trillion in debt and that's only the federal debt add in each state and the large cities the far higher then the feds 26 trillion.
The US also has at least 50 Trillion in unfunded liabilities and some people estimate that number is double. We are never going to pay that money back.
@@thumbodyelse21 The way he used to say Singapore has no net debt is considering all Singaporeans assets - all debts, it's only fair to use the same formula for the US. The US has around 300-150 trillion vs 2.55-1.8 trillion in Singapore. Singapore has a higher debt/GDP and lower net, even adjusting for population. 150÷57=2.63 Trillion net vs 740 billion in Singapore... so, I do not understand the point of berating the US and parading a worse of economy.
@@tadams1969 I can't find 2019... but>"The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014. Wikipedia."
Hey gotta say when you touched on taxes at 40% and Denmark of all places almost in the same sentence...That got me. Im from and live in Denmark, so have too ask straight forward. If you lived here what would you do ? I have kids so moving abroad is not an option. Debt free in 1½ years roughly Corona didn't help this process. Currently dont own a home but looking at owning 2 apartments living in one and renting the other out. Or juts getting one and investing my free cash flow. inflation is kinda low here and the currency is fairly stable towards the Euro. Although if EU or the US sneezes we also get a cold >_< If you where in Denmark what would you do too increase your net worth / cash flow. If others from Denmark or from a Nordic country are reading this please chip in. Thanks in advance Keep it civil :)
You sound a lot like the Warren Buffet of no bad capitalism. I would be very curious if you would do a video about people with business strategies like what Dan Pena presents on UA-cam and his trainings. I think something also covering Grant Cardone too.
So why would they be giving 40 to 50% of the salary away? I feel like I heard something like 50 30 20 or something. Is that like what you're talking about why they give that percentage away (give, save, and invest or something)? I hope this makes sense I'm really new to this so I'm not even sure really what I'm talking about but I'm actually attempting so I can change my life.
Hi, I really like your channel, but looks like it’s more for a business guys not the job people. I don’t think I can get same salary in any country, and stuck with taxes 35 percent. Any suggestions Thanks
I thought taxation depended on where the business actually was, not just where the owner said it was. A brick and mortar business can't really be claimed in one country if its bricks and mortar are in another.
I'm not sure that I know this but I remember I read about people going to the Phillipines and Manilla mostly for some years ago, I'm not sure I remember any numbers though but it seemed that it was a sweet deal for many. But Singapore should be in your checklist I guess.
Great Video! However what is unclear say you have a business (= income) ( say a physical store or a restaurant) in country "A" so you must pay taxes in country A right!? Obviously, you business is not easily movable to country "B" with a lesser tax... SO you are stuck correct!? Needless to say if you are consulting online then the world is your oyster, then move and do taxes in whatever tax haven...
Not sure why he states people should look outside of the U.S for friendlier taxes for a business, U.S relative to other nations has a very friendly business and income tax environment, hence the growth of the U.S economy for decades.
until the progressives showed up, now people are fleeing California, which had been a golden state for business in the past, others as well, Detroit is just a skeleton, the whole rust belt!
@@RawOlympia "until the progressives showed up"? There's is and always has been progressives in the U.S. If you want to look at everything in a negative light u can do that, regardless California by itself would be a top 10 economy in the world and the U.S economy is still the most robust in the world, but I'm sure you'll have something negative to say.
how can you increase net worth when one has so many expenses e.g eating healthy which is so expensive,family paying for child upkeep and support;school fees,toys,water and elec bills for wife and kids which is unpredictable is this advice for single or divorced men?then wanting to live luxury life of travel,sleeping too much and buying new gadgets.And crazy expenses like corrupt goverments who want to exploit your tax
In my humble opinion, the answer is practicing all the disciplines that help you build capital, that helps you earn enough money to save, and research that will give you the knowledge and experience to make investments that will grow your net worth. It's a process, and all processes take time. So, a way of earning money, a budget to save and manage money and all other resources, building credit for use at a later time, and a way to build or increase your money in the quickest way possible.(shorten the accumulation phase by multipliers if possible.)(job&side business, job&investments, job to business, business expansion into other revenue building opportunities, e.t.c. ) that's why he said that you will become a different person. You realize that you are the sole person responsible for your success. Until you are perfected as the person that you will be, you will be learning his too become that person and do what that person... you 2.0... will be doing in the future. And that's ok. Build your patience as you go through the process. I hoped that it pays off for you, and I hope that it pays off for myself as well. Good luck my brother.
As far as travel, rewards from credit cards(meaning points and cash back from the purchases that you would normally make,) will help with that. You can earn points to redeem for flights or hotel stays, gift cards, or whatever is important for you. (There are limitless people that make videos on UA-cam on that.) Other than that, it's about having a skill, product, or service to bring to the marketplace that solves a problem... and getting someone to pay you for it. (I know that you already know that.) You don't have to recreate the wheel, you can service your client, employer,or community better than who currently is. Good luck brother.
The average person needs to accept a period of denying yourself current luxuries for the chance to build financial independence. This is what so many people find hard. You need to be strict with your spending habits and measure where you are spending too much and budget your money so that you have something to invest. Effective ways to reduce expenses: eat at home and resolve never to go out to restaurants, cancel cable TV, stop taking expensive yearly vacations, move into cheaper living accomodations or take on a renter. You need to be creative with these types of ideas. On the income side, make automatic contributions to various savings mechanisms, IRA's, 401K's ordinary savings accounts that are funded directly from your salary. Live on the reduced salary and the savings and wealth will grow.
Most people just know Bitcoin and heard of Ethereum. So i guess, at least for the next 5-10 years, they will be the safest options. Maybe also Cardano (ADA).
Is there a way for me to protect my inheritance from taxes on my end because my although my mom has a wealth management company she is sticking her head in the sand now that Biden is in office
1:30 Sustainable
5:10 The compounding effect
8:03 Tax savings
11:01 When you do it, you'll feel it
This is sound advice. Too often we live a life to impress others at our own expense. Net worth is the only thing that matters financially.
@11:59 - " I Just woke up one day and felt to myself and said, now I can afford the car." Great quote from a wise man! Love it :)
In, other words he wasn't focused directly on the 'goal', but living in the moment and enjoying his passion/business, which ultimately lead him to achieving his goal.
That’s how it was for me too and now i have my Maserati 😍
I am in Mexico City right now and the people are so warm and helpful.
I’ve been working for little over a year now and have managed to secure a townhouse in a popular DC suburb. My goal is to keep saving over 60% of my salary so I can purchase my first foreign investment soon. Definitely want to work with your team in the near future.
"Hustler vs Builder Paradigm"
Brilliant!
I love this channel I can’t say it enough. It’s just so different from the way I have been raised and the way to think about life
This is so important, and not something I learned until just a few years ago. Thanks for sharing these ideas and continuing to help us all grow financially and personally through travel! 🙌🙌
Nice words, thanks!
"Go where you're treated best", that's why I left home right after high school.
Summing up the whole video in 1 word : FIRE
That was me when I started my business trying to take advantage of everything looking for an edge
Bless you, Andrew. I hope you are well. Thank you for keeping up on your great posts.
I just bumped into your channel today! I'm LOVING your content!! 🙌🏽
I'm currently saving 40% of my income. I want to obtain a second passport as soon as I can.
Happy to help, Robert.
Been watching your channel for a while now and trying to apply some of the principles you talk about. Thank you for sharing the perspectives and simply the idea that these things are possible. ✌️
This channel is pure gold a lot of informations very helpful I also bought the book on Amazon , amazing .
Thanks for amazing words!
Thank you, just discovered you and this is the 6th video tonight. What invaluable information, delivered so pleasantly. Subbed!
Hey Andrew, I just discovered your channel. It’s really good advice. Thank you fo these videos you do!
My pleasure!
Love the Real talk....don’t hear this often ... everyone is in La la Land ... until it hits the fan...
Your plan sounds effective but mainly if you are a heavy earner. Most don’t make more than 50k a year, and give themselves tax breaks with investing in their 401k or investing into the market and holding off selling off too much at a given time. There’s also several other tax advantages such as dividend payments where you won’t get charged taxes until you surpass 40k a year if your single and that doubles if you are married.
Anyways, long story short, you’re methods great, but your target audience seems to be the heavy 400k and above earners. Still a worth while watching! Thanks for the information.
u cant help but to like this guy. awesome advice.
hey Andrew, recently found your channel ...thank you for this... really appreciate ! 👏
Welcome on board! 😍
Thank you so much for another awesome well informative video...will pick up your book shortly...living in Canada now but looking to obtaining another residence soon
Happy to help.
Thanks for your videos Andrew👍🏽 I really enjoy watching and learning. You are great for doing this
Hello Gerardo, thank you for your comment.
Been watching a lot of your videos lately. Incredible content. My plan is to move to SEA over next few years. Mid-20s, focused on building NW aggressively. Some of this advice I find would only be applicable to me if I had my own business (definitely a primary goal in medium-term..). Living in NY - yes taxes are ridiculous, but as an employee, the net salary I can earn here, even after living expenses, allows me to save/invest much more than I could than w/ a materially lower wage in a place with significantly lower cost of living. Need to maintain salary while minimizing tax burden.. maybe FL, TX, Singapore, or UAE (still stuck with some federal tax burden without renouncing citizenship of course). Starting a (successful) business really seems like the only viable way to impactfully increase rate of NW growth (ex-compounding).. but where to begin ahhh
anyway really do appreciate your content.
Thanks and best of luck to you!
This book is the best Investment of my life it totally changed my view on the 🌍! Thank you @andrew 🙏🏼
Glad you enjoyed it Davit😍
From personal experience, you do need credit, and what better time to get credit than right now? I can make 25% on any amount I can borrow investing just in real estate, so why would I use my "own" money?
Exactly!
Great content. Thanks much for sharing this. Much needed 👍🏻 one of the best best nomad capitalist gurus, can easily say ✅
Glad you enjoyed it.
When you say "net worth", what I hear is "a diversified range of assets" - investments: like real estate, stock (US and foreign), intellectual property, royalties, commodities incl. precious metals, private businesses that you own, and cash (local and foreign) + crypto.
Well you're a goose then bud. Net worth is simply assets minus liabilities.
Is it a good idea to re-locate or live in Cambodia and get involved mainly in the exporting business and some importing? Or being self-employed as a professional buying low and selling higher to international clients? I think Cambodia may be the manufacturing hub of the future.
It’s interesting to hear you mention Denmark as I just moved here for my startup.
Used to live in Dubai, a long term goal I have is to try and leverage danish citizenship through tax deductions by obtaining a US citizenship. I thoroughly believe in the talent pool in Denmark for my SaaS (they created C++/C#/Unity/Trust Pilot) recent world talent index ranked them 2nd (Silicon Valley was 12 for comparison)
Aside from economics, I’ve always been in love with the culture and quality of life. Have been keeping an ear out to each video you post to get a better understanding of my situation and options.
What is your startup called
What is your SaaS going to provide for consumers, may I ask?
You need to do a video on where you get your clothes. Always like your ties.
Thanks for the idea and kind words, Scott. The ties are from Hermes.
Thank you!
Someone is seeing the same writing on the wall. Awesome to see you watching this channel.
Excellent video - thinking ahead is key
Intrigued...thank you
Andrew
i don't earn 6 or 7 figures (29 years old, Austrian, one of the highest tax countries in the world), but i think this rule applies to everybody.
I earn 5 figures 🤣 and I mean per annum, and the first 2 figures of the 5 are 1 and 2. But I've been slowly building up some investments and passive income and moved to cheap country so I can save and buy more property, stocks and gold. Even a poor person can go where they're treated best
Getting the gang together. 😭🤣 You're not lying. Comedy bc it's SO true.
thank you for finally answering my question lol if it's worth getting out of taxes if you make 150 to 300k a year i got into my industry to save every dime, travel, and start a business. i just didn't know if a pension from my company and government, health care and dental was worth 40% of my salary.
Great Video. Thank you for posting. I put most of my money in S&P 500 index funds. I have found it very good for growth and sustainability. The fees are very low, with no hassle of choosing stocks, and all large-cap and growth companies. My net worth has grown significantly over the last decade. What is your thought on S&P 500 index funds for growth and sustainability?
Anderson, at 5:01s you cited the US public debt versus Singapore net worth, wouldn't it be fair to use US net worth vs Singapore net worth? You can adjust for population. The US has a positive net worth, it owns about 30% of the world's positive net worth, using the same metrics Singapore owns 0.5%, it's debt problem is worse than in America, it has 646 billion public debt with a 326 billion GDP, almost 200% ratio. I'll watch the last 11min now, I love your videos, keep them coming!
I'm confused the US has some 26 trillion in debt and that's only the federal debt add in each state and the large cities the far higher then the feds 26 trillion.
The US also has at least 50 Trillion in unfunded liabilities and some people estimate that number is double. We are never going to pay that money back.
@@thumbodyelse21 The way he used to say Singapore has no net debt is considering all Singaporeans assets - all debts, it's only fair to use the same formula for the US. The US has around 300-150 trillion vs 2.55-1.8 trillion in Singapore. Singapore has a higher debt/GDP and lower net, even adjusting for population. 150÷57=2.63 Trillion net vs 740 billion in Singapore... so, I do not understand the point of berating the US and parading a worse of economy.
@@tadams1969 I can't find 2019... but>"The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014. Wikipedia."
great analogy...if you're a stock, what kind of stock do you want to be??
Great this guy gotta great sense of humour I'm glad I stumbled on his channel I'll be watching more of his stuff cause of covid
Hey gotta say when you touched on taxes at 40% and Denmark of all places almost in the same sentence...That got me.
Im from and live in Denmark, so have too ask straight forward. If you lived here what would you do ? I have kids so moving abroad is not an option. Debt free in 1½ years roughly Corona didn't help this process.
Currently dont own a home but looking at owning 2 apartments living in one and renting the other out. Or juts getting one and investing my free cash flow. inflation is kinda low here and the currency is fairly stable towards the Euro. Although if EU or the US sneezes we also get a cold >_< If you where in Denmark what would you do too increase your net worth / cash flow. If others from Denmark or from a Nordic country are reading this please chip in.
Thanks in advance
Keep it civil :)
You sound a lot like the Warren Buffet of no bad capitalism. I would be very curious if you would do a video about people with business strategies like what Dan Pena presents on UA-cam and his trainings. I think something also covering Grant Cardone too.
Very Interesting !
Gold in this. Thanks
Hi Andrew . I am very interested in the concept of investing overseas.
What is the best account to invest into retirement?
So why would they be giving 40 to 50% of the salary away? I feel like I heard something like 50 30 20 or something. Is that like what you're talking about why they give that percentage away (give, save, and invest or something)? I hope this makes sense I'm really new to this so I'm not even sure really what I'm talking about but I'm actually attempting so I can change my life.
14:05 The Hustler vs. Builder paradigm (Short-term vs. Long-term, Salary vs. Net Worth)
Greece just introduced a 7% single tax rate for foreigners to retire there. Is it worth it?
That's not a bad rate.
Puerto Rico has a better tax rate for foreign retirees. Read about Act 22
Hi, I really like your channel, but looks like it’s more for a business guys not the job people. I don’t think I can get same salary in any country, and stuck with taxes 35 percent. Any suggestions
Thanks
Buy a cheap flat to let
I thought taxation depended on where the business actually was, not just where the owner said it was. A brick and mortar business can't really be claimed in one country if its bricks and mortar are in another.
...sitting here with my 10k net worth lol
Do you have debt? If that $10K is yours free and clear you have a good start.
I have 5k. Going to put it on a deposit on a flat in Turkey take a loan and let that property. It's a start...
Are there any good examples of people living the nomad capitalist lifestyle as a software developer being employed but working remote?
Aaron Jack
@@gerardkingdev oh yeah I know him. But he doesn't really have a job
I'm not sure that I know this but I remember I read about people going to the Phillipines and Manilla mostly for some years ago, I'm not sure I remember any numbers though but it seemed that it was a sweet deal for many.
But Singapore should be in your checklist I guess.
Andrew, you never talk about Brazil, Peru, Uruguay or Chile. Why?
He made a Uruguay video today. Check it out.
Age old advices. Time-Tested..!
Great Video! However what is unclear say you have a business (= income) ( say a physical store or a restaurant) in country "A" so you must pay taxes in country A right!? Obviously, you business is not easily movable to country "B" with a lesser tax... SO you are stuck correct!?
Needless to say if you are consulting online then the world is your oyster, then move and do taxes in whatever tax haven...
Good question. It seems you must be "portable" to do this.
Amen
Lets see some videos mate. Small world :)
What did you say at 10:19? Save as much cash as you can to put in your what? And if you said coffers what does that even mean? 🤔
wise beyond your years.
Not sure why he states people should look outside of the U.S for friendlier taxes for a business, U.S relative to other nations has a very friendly business and income tax environment, hence the growth of the U.S economy for decades.
until the progressives showed up, now people are fleeing California, which had been a golden state for business in the past, others as well, Detroit is just a skeleton, the whole rust belt!
@@RawOlympia "until the progressives showed up"? There's is and always has been progressives in the U.S. If you want to look at everything in a negative light u can do that, regardless California by itself would be a top 10 economy in the world and the U.S economy is still the most robust in the world, but I'm sure you'll have something negative to say.
how can you increase net worth when one has so many expenses e.g eating healthy which is so expensive,family paying for child upkeep and support;school fees,toys,water and elec bills for wife and kids which is unpredictable is this advice for single or divorced men?then wanting to live luxury life of travel,sleeping too much and buying new gadgets.And crazy expenses like corrupt goverments who want to exploit your tax
In my humble opinion, the answer is practicing all the disciplines that help you build capital, that helps you earn enough money to save, and research that will give you the knowledge and experience to make investments that will grow your net worth. It's a process, and all processes take time. So, a way of earning money, a budget to save and manage money and all other resources, building credit for use at a later time, and a way to build or increase your money in the quickest way possible.(shorten the accumulation phase by multipliers if possible.)(job&side business, job&investments, job to business, business expansion into other revenue building opportunities, e.t.c. ) that's why he said that you will become a different person. You realize that you are the sole person responsible for your success. Until you are perfected as the person that you will be, you will be learning his too become that person and do what that person... you 2.0... will be doing in the future. And that's ok. Build your patience as you go through the process. I hoped that it pays off for you, and I hope that it pays off for myself as well. Good luck my brother.
As far as travel, rewards from credit cards(meaning points and cash back from the purchases that you would normally make,) will help with that. You can earn points to redeem for flights or hotel stays, gift cards, or whatever is important for you. (There are limitless people that make videos on UA-cam on that.)
Other than that, it's about having a skill, product, or service to bring to the marketplace that solves a problem... and getting someone to pay you for it. (I know that you already know that.) You don't have to recreate the wheel, you can service your client, employer,or community better than who currently is. Good luck brother.
The average person needs to accept a period of denying yourself current luxuries for the chance to build financial independence. This is what so many people find hard. You need to be strict with your spending habits and measure where you are spending too much and budget your money so that you have something to invest. Effective ways to reduce expenses: eat at home and resolve never to go out to restaurants, cancel cable TV, stop taking expensive yearly vacations, move into cheaper living accomodations or take on a renter. You need to be creative with these types of ideas. On the income side, make automatic contributions to various savings mechanisms, IRA's, 401K's ordinary savings accounts that are funded directly from your salary. Live on the reduced salary and the savings and wealth will grow.
I am no where near your level of talk...
Which crypto currency do you recommend as the safest and most likely to increase in value in the next couple of years.
Most people just know Bitcoin and heard of Ethereum. So i guess, at least for the next 5-10 years, they will be the safest options. Maybe also Cardano (ADA).
The wistful jewel surgically continue because art psychophysically advise about a handy crow. careless, awful dust
Is there a way for me to protect my inheritance from taxes on my end because my although my mom has a wealth management company she is sticking her head in the sand now that Biden is in office
'Do I want the yacht, or do I want the million-dollar car?"
How selfish minded can you possibly be?
you see what I'm saying 😂
Buy an old Chevrolet _Corvette !_ ☺👍