Maximizing Income As A Nomad Capitalist with Andrew Henderson
Our guest is all about saving money on taxes. You might think that’s a boring topic but as a nomad capitalist, he’s made some astonishing discoveries about how to maximize your income and live a better life. Welcome, Andrew Henderson, to the show.
Mitch, it’s a pleasure to be with you.
This is a topic that I enjoy talking about because after all, who doesn’t like money?
We’re here and we all like money. We like to save some money, hopefully.
Let’s save some money. Let’s start with how you got into this business.
My story is I’m an entrepreneur starting at nineteen. It didn’t look like it was a disaster, but it was a problem that I had in my business. I started making some money. I started making what I thought was a lot of money, about $200,000. I was 21 or 22 years old. I remember the first year making real money, waking up one day and saying, “Nobody’s withheld any taxes.” I’ve always been a saver, so I saved a lot of money. Here I was and I thought it was a lot further along than I was. I got so focused on making money that I didn’t realize that I was giving away close to 40% of my money. Nobody was there as they would in a job to force me to take a paycheck. For several years, I remember every three months, every quarter being frustrated seeing tens of thousands of dollars having to be set aside, to be taken out of my business profits and being frustrated that I couldn’t put that money back into my business. I couldn’t put that money into investments. I couldn’t put that money back into my emergency fund to make sure I could do more risky things and grow the business.Go where you're treated best. Click To Tweet
This is something when I was young, I dreamed of all the success. I never thought about how I would deal with taxes. I knew about taxes. I knew I wasn’t going to like paying taxes. I knew the government was wasting the money. I was a young kid dreaming of this business success. I never thought about having to save the money, having to pay the taxes. For some people, my disaster was not a disaster. For me, having to pay that 40% and knowing that was being wasted and that I could do so much more with it not only in my business but in my life, helping people around me, helping people I cared about, that for me, was the big thing that got me to realize how much money is wasted.
That’s interesting because I never thought of that. It wasn’t until later in my career that I started to make some decent money. I had an instance where a salary situation tripled for me. I went from earning $17,000 or $18,000 a year to $65,000 a year. All of a sudden, my accountant made me aware that you’d better do something quick to figure out how to shield some of this money. His advice was to go buy a piece of real estate, which I did and that was great. I assume you were living in the United States. Which state were you living in?
At the time I was living in Arizona, which wasn’t even the worst place you could be.
We, in Massachusetts, call this Taxachusetts, in case you didn’t know that. In Taxachusetts, we have a fairly suppressive tax rate over and above federal. You’re right, it’s at least 40% probably more when you take into account the states, city and local taxes. How did you solve this problem, Andrew?
For a while, I didn’t solve the problem. I grew up with the idea of going where you’re treated best. Those are our five magic words. My father said, “You don’t have to live in the US.” I remember being pretty early off in business and I was doing a lot of stuff over the phone. I was an early version of a remote worker. I thought to myself I could work from anywhere but for a while, I did nothing about it. I was doing some traveling and I was exploring the world. I was noticing things that were happening in other countries and seeing opportunities in my travel, but I just sat there. I always came back to the United States. I sat there and I kept paying.
One time I found a guy who could help me reduce my tax. The idea was this offshore stuff that I now preach, how to legally not illegally. It was not the stuff that happened in the ’60s and the ’70s, but how to legally reduce your tax because I was traveling a lot. I said, “I’d be willing to travel some more and spend more time outside of the US.” I was starting to hire people through Upwork outside of the US. He said, “I can help you.” It was a $15,000 retainer that he wanted to charge me and I shouted at him. I used the F word. I was nasty because I never paid anybody that kind of money before. I was one of these hotshots in my early twenties who had figured out how to make money who thought that I was the only one who should be making money when everyone else should charge these little fees. I didn’t pay them. A couple of months went by and I ended up paying much more than $15,000 in tax that this guy could have saved me.
A couple more years went by, I kept traveling more and more and finally, I decided to go overseas full-time and immerse myself in the benefits of that. One of those benefits was the tax. That wasn’t the only reason I wanted to leave the country. I found a lot of social opportunities and other opportunities overseas, but I started to dig into a hole. I’m not living in the US. How do I handle taxes? I started to get into all the ways to legally reduce your taxes by moving some parts of what you’re doing overseas, whether it’s employment, it’s your physical presence, whatever. That was what I did and I did it for a while. I learned my way and I’ve spent now years figuring this stuff out on different levels. The reality is had I hired that one guy or had I done this stuff and gotten in ahead first, I could have suppressed that learning curve to a lot shorter time.
That’s the tale of the coach. The coach comes along and says, “I could add value to your life by teaching you something that you can apply right now and use in your life and in your business, but the cost is $10,000,” or whatever the number might be. At that point, as a young person, in particular, you’re looking at the money saying, “That’s a lot of money.” What I think I heard you say is that you would have saved a small fortune had you hired that guy. It’s a great lesson for all of us, that sometimes it makes perfect sense to spend a lot to save even more. For those of us who are not interested in moving overseas, does your stuff work? Are you prepared to basically talk to us about those ideas and techniques that would work for us if we were not interested in leaving the country?
What we talk about at Nomad Capitalist is different things when it comes to tax, it depends on the business itself. If I’m running a business that I’m the business and I want to sit in the United States and run a consulting business, it’s going to be rather difficult to say I want to sit in the United States twelve months a year. I want to not pay any tax and I have nothing overseas. I have no employees, I have nothing. The number one way to do it is I’m going to spend part of my time outside the country. I’m going to spend part of my time perhaps in the United States. I’m going to be nomadic or I’m going to establish a home somewhere else whatever the case may be. I’m going to split my time between the two. If we have a bigger company and there are lots of stuff going on, is there a way to set things up to where I can have offices overseas, I can have a manager overseas and I can start to reduce the tax maybe not to zero but I can reduce it? Yes. There are different ways to go about doing it. From my perspective, the easiest way to do it and for the biggest impact is I want to spend part of my time outside of the country whether it’s the US from America, Australia, whatever it may be, that’s going to be the easiest way. It depends on what kind of business you run.There are a lot of emotions that come with where we live. Click To Tweet
I’m going to make an assumption that a lot of my audience are either still working their 9 to 5 and then they work their 5 to 9. The 5 to 9 is the future. They’re looking to build the business and their hustle. The question is for those folks, what could they do now to eliminate or greatly reduce the amount of taxes that they’re paying? What strategies would you recommend that they employ?
What would be worth considering is setting up some international structure now. If you’re going to live in the United States, there’s going to be some forms that you’ve got to file. If you’re a US citizen, you have to file forms no matter where you live. There is a filing, there is a paperwork requirement. This is what makes it legal. You hear people here offshore. They think that people with Swiss bank accounts are just hiding money. That’s over with. What we do now is fill out forms, we follow the laws and we use the laws to our advantage. What I would say is get the structure in place. You may not get an immediate benefit. As you’re saying, that 5 to 9 hustle as it becomes bigger, maybe there’s some intellectual property. Maybe there is a website. Maybe there’s somebody that we can put in that company overseas to where it’s overseas to begin with, and we’re not going to be moving everything around later when that 5 to 9 becomes the main hustle, becomes our main source of income.
Perhaps at that time, we say, “I want to be more international. I have some staff. Maybe I want to spend part of my time in another part of the world.” Everyone can do it differently but having the infrastructure in place to potentially be ready to say, “A year from now or two years from now, I’m going to make this my main thing. Maybe I’m going to spend part of my year living in Italy. I’m going to spend part of my year in Thailand.” Some people like to go and live in Thailand or live in Panama or live in a lot of places. For Americans, people will say, “I’ll go to Puerto Rico and save on taxes.” It doesn’t work for everybody but they can for some. If you put the infrastructure in place to enable you to do that more easily later, that can be a good first step.
This is a mental expansion for me. I have never thought about living outside of the United States in a permanent fashion of any sort. I’m a world traveler. I photograph all over the world but what I’ve never done is, “Let’s set up here in Poland and have a life and a business,” yet it’s never been easier. We have the technology, the infrastructure. We have everything we need to do that. Apparently, that’s what you’ve done. Is that right?
Absolutely. There are different ways to do it. When someone says, “I’m not willing to live outside of the United States,” that’s an okay thing to do. I look at my parents and my father said, “Andrew, you don’t have to live in this country. This may not be the place for you,” yet for them, living there is comfortable. If my initial knee-jerk reaction is, “I don’t want to change anything,” ask yourself if that’s the case. There are a lot of emotions that come with where we live. We have this patriotism. What I train too is challenge stereotypes, challenge societal conditions, and challenge all the things that are beaten into us in our society and say, “Is this what I want?” What a lot of people will do is, “I’m going to go and take a year and I’m going to travel. I’m going to travel at my own pace that maybe as I did when I first started doing this full-time. I’m going to go to a different country every month.”
For some people, it’s every three months. People like to go and travel with the seasons, “I’m going to spend my summers on the Adriatic Coast. I’m going to spend fall in London. I’m going to spend the winter in Bangkok. I’m going to spend spring in Colombia.” They try that perhaps for a period of time and say, “I’m going on a journey and this is an experiment. After a year, I’m going to come back.” What a lot of people do is they say, “I like this one place, how do I get in that place more? How do I spend more time there?” Then it expands, perhaps even before the idea of setting up the infrastructure for a company. The idea is if you can be remote or even if you have a job and you can take some time off. If you can run your hustle for a couple of weeks somewhere else, start dipping your toe in. Get your US passport and start traveling. Start looking from the perspective of, “Where could I be?” Maybe start going and running your online business even if it’s for a short period of time somewhere else and dipping your toe in and realizing that maybe it’s not for you. A lot of people are doing business all over the world right now. Whatever you can find in the United States, I promise you can find an equivalent somewhere else.
This is a compelling argument for getting your butt out of the chair and getting on a plane and exploring the world. For those of us who have families, for those of us who have little kids in school, the prospect doesn’t seem that realistic. To our audience, open your mind here. There are some very unbelievably wonderful benefits to doing what Andrew has suggested. This is the chance to expand your horizons. My audience know I’m an award-winning travel photographer and I’ve spent 50 years traveling the world taking photographs. In all the places I’ve been, I could have gone into the bank and opened up an account and never did.
You’re expanding my viewpoint of how I might want to live my life too in this interview which is so interesting. I’m going to push this a little bit further because I know we’re hitting the comfort zone for many people here. To our audience, if you had the opportunity to basically get out of your comfort zone and go visit another country, what would be the way to start? Let’s make it as conservative as possible. Let’s say I visit another English language speaking country. Which of the English language speaking countries would be a great place to start?
What’s funny is we could expand the horizons even more and say, “Why don’t you go to Kuala Lumpur, Malaysia where people speak English?” Here’s the thing. You can go to Scotland, you can go to Ireland. A lot of people make jokes, even those people from those countries make jokes, “We speak. Nobody can understand us.” They’re just as good of a chance going to Kuala Lumpur, Malaysia in speaking English as you would as going to Edinburgh, Scotland and speaking English and being understood. What’s interesting is you’re seeing a lot of English in a lot of places that you may not expect. For me, I have a home in Malaysia. It’s one of the best values for money. You’ve got a very first world capital city. You’ve got beautiful beaches. You have a lot going on, great food.
Let’s get out of the idea that we have to do London or Dublin or something like that. Those are certainly places to go and they’re beautiful. Getting out of the comfort zone let’s go to a place where we can reduce the cost of living. Let’s go to a place that if we wanted to live there has a tax benefit. Let’s go to a place where we have different cultures and different people to meet and we can experience a lot of different things. You mentioned kids in school. I had a friend who has been a mentor to me and he’s got four kids. I said, “Why don’t you come over and bring your son who just turned sixteen? Have him come and visit me in Malaysia. I’ll help you create an itinerary. Spend a couple of weeks. Take him out of school for a week after spring break. I promise you, he’ll learn more, traveling around Asia seeing business, seeing the world developing. Seeing the boom from the Chinese and so many other things. He’ll learn a lot more there than he will by sitting in school in Chicago for a week and that will teach him a lot of things.”Opening up your horizons is a good first step. Click To Tweet
I have never been to Malaysia, but I have friends who have been all over that region and told me how beautiful it is and how friendly it is to Americans. Let’s say I do this. Let’s say I pick up and go to Malaysia for a two-week vacation. Here I am in Malaysia and I’m enjoying myself. I’m sure glad that Andrew Henderson recommended I show up and do this. However, tell me what I should do when I get there as it relates to my financial life.
The interesting thing that we talk about as Nomad Capitalists is that there are lots of different things that you can do. Regarding Malaysia specifically, if you’re a foreigner, you’re a tourist and you’re showing up, you can’t open a bank account in Malaysia. That may not be the best place to do it. What I might do is on your way out, I might pop down a one-hour flight to Singapore and open a bank account. It’s one of the best banking countries in the world, some of the strongest banks in the world and a great place to diversify. Maybe hold another currency and have a hedge. Maybe earn a little bit higher interest rate.
In Malaysia financially, this is not the place to set up your financial infrastructure. You could live in Malaysia. You can spend part of your time in Malaysia, but I would probably have my bank account somewhere else. I would probably set up my corporation somewhere else. I wouldn’t necessarily do anything particular in financial in Malaysia other than using it as an opportunity to say, “Can I see myself living somewhere else or spending part of my time somewhere else or living nomadically as people do when they go from place to place?” There are many different lifestyle options. The reason I would suggest Malaysia is you’re getting something a bit more exotic. You’re getting Asia, you’re getting lower prices, you’re getting multicultural. I’ve called it the United States of Asia in all the good ways, very open people.
It’s a very welcome introduction if you have an open mind to a different type of culture without having to learn a new language. If you can do that and you feel comfortable with the idea of being in other cultures and seeing something beyond just the Anglo world, then you might say, “I feel okay opening that bank account in Singapore,” as you dip your toe in further and further, you expand your horizons more to where I’m in. I remember sending $5,000 and wiring that from my bank in the US to my first account overseas. Now, I routinely barely pay attention over sending $200,000 over there to buy that house. I’ve become comfortable with it after all these years. Malaysia is a great place not to set up financially but to dip your toe. It’s a lifestyle option. It’s a place to shop, a place to live, eat, enjoy and have a family.
It’s such a simple thing, go open up a bank account in Singapore and take advantage of what’s available not just from the standpoint of your finances but of the opportunities. Just to be clear, if I were an American to go and open up a bank account in Singapore, do I need to report that to the federal government?
US citizens, whether they live in the US or not, there are forms. If it’s a bank account, it’s an FBAR. If you have a tiny account that may not be reportable, but I generally advise people you’re going to want to report that regardless. There’s FBAR. If you have a foreign corporation, there’s a form for that. If you have a US company owned by a foreign company, there’s a form for that. In our world, this is not complicated. When you’re getting started, there are a lot of things to remember. To people who may think, “This sounds weird,” the name of the game now is to show and tell. In the past, it was hide and seek. In the past, it was put your money somewhere, so you can illegally avoid taxes. You could make money from your laundromat and ship it over to the Swiss bank. That’s no longer the case. This is about diversification. It’s about asset protection. It’s about potential tax benefits depending on how you live and where you live. Things are going to be reportable as long as you’re a US citizen or a permanent resident.
Let’s take that track. We’re now sending money to our Singapore account on a monthly basis. We’re building a nest egg in Singapore and we’re fully transparent about it so there’s no funny business going on. As that cash builds up in this Singapore bank, what investment opportunities exist there?
That’s another angle where maybe someone wants to go the full Monty as I have where they’re going to get the tax savings. They’re going to have all their different currencies, countries, bank accounts, passports or whatever. Maybe they want to live in the US and maybe they want to use that Singapore bank account as a springboard to say, “I’m going to go to some of the emerging markets in Southeast Asia that Singapore understands. I’m going to go and I’m going to be part of a property fund, for example, of a friend who has a property fund in Cambodia.” They did something with yield and appreciation, worth 20% if I remember it correctly. If you have your money in Singapore, then it’s relatively accessible to deploy that capital into something like that like Thailand opportunities.
Malaysia, in terms of maybe the financial opportunity, if you want to live there as owning property to where the currency will appreciate potentially in the coming years, not necessarily the property appreciating that much but the currency against the dollar could appreciate. Having that base in Singapore not only opens you up mentally but now you’re in a part of the world where you’re in Asia. Asia is where all the growth is. When I look at Europe, I’m in Tbilisi, Georgia, the country is growing rather quickly but it’s not growing as quickly as the places in Asia where the Chinese are coming in, where this is the boom economy of the 21st century. If you position yourself with that bank account, now it’s not so exotic anymore to say, “Let me invest in Southeast Asia and earn much higher returns than I’m earning now.”
It’s something that’s simple to do that you could scale into gradually. You don’t need to move to Malaysia to open up a bank account there. I’m thinking about the way you’re describing the opportunities and it’s mind-blowing. I would have thought anything regarding an investment in Malaysia would probably be a scam. We’ve all gotten emails from characters that want to take our money. What you’re challenging for me is maybe this is something that very seriously could generate incredible benefits and returns for anybody who wants to get started. That’s what I like about this. I can get started with $5,000 and I can have an account in another country. Then I could study and figure out exactly how to take the best advantage of that.It's important to have the right people by your side so that you don't make any mistakes. Click To Tweet
I’m here in Tbilisi, Georgia and I had some folks come in. They’re looking at properties. They’re looking at bank owned properties. This is one of the five lowest priced capital cities in the world for real estate. I look at a $1,000 a meter, which is about $90 a square foot. If you’re paying less than that and you’re in the city center and you’re getting good property in the capital city, that’s dirt cheap to me. What people are paying in Washington DC now is insane. Here in Georgia, the government is one of the most pro-free market governments in the world where you can register a property in a day. It’s on the blockchain, it costs $20. That’s what it costs. You’re done and you want a property in a pretty stable place. The other cheapest places in the world are in Pakistan. I probably wouldn’t be buying there. Meanwhile, you can come to Georgia. You can take your $5,000. You can open a bank account in the local currency, which has been relatively stable and will be relatively stable in my opinion. You can make almost 10% interest.
Armenia is next door. If you look at the currency now versus years ago, there has been some ups and downs but against the dollar, it’s the same. You can earn 9.5% interest. There are things that are coming into your email boxes that are scams. I used to run conferences in the offshore world. I would see the stuff that came across my desk, people who wanted to exhibit at our conference and there was a lot of nonsense. When you filter out the nonsense and you get down to real opportunities, which you’re not largely going to find at conferences, you’re going to find by going out there and meeting people and being part of the rest of the world, you see some good opportunities. Some of the banks here in Georgia are owned partially by Chase, by other Western banks. They trade on the London Stock Exchange. These are good banks and they’re the same kinds of banks that you have in the US, yet the interest rate is twenty times higher.
Andrew has written a book called the Nomad Capitalist. Andrew, going out and meeting people in other parts of the world sounds like a great advice and great fun for me. I’m an extrovert. I am energized by people and crowds. Others who are introverts might think of this as being one of the scariest things you could ever suggest to them. How could they start researching an area, to begin with, on their own slowly from their browser without taking any much of a risk at all? Where should they start?
I’ve written more than 1,300 articles on our website. We have more than 300 YouTube videos. There are lots of resources out there. A lot of the resources for internet research are outdated. I made a YouTube video and someone said, “I thought if you renounce your US citizenship as I did that you stop to pay US taxes for ten years?” No, it’s an old law. There’s a lot of outdated information out there that goes to anything. It’s very important that you get the right information when it comes to this stuff where there are legal requirements that you want to follow and you want to be in compliance. Part of why I wrote my book was because I wanted people to get an idea for things. Once you start diving in, you’ll want to make sure you have the right people advising you. That’s challenging because I had my accountant in the US. The first year I moved overseas, he didn’t even think I qualified to exclude the salary that I paid myself from my company from US income tax. I’d like to fight him and say, “Here’s the law.” He didn’t know.
Most people who come to me for help who want to save taxes, for example, their accountant told them, “No, that’s shady.” Meanwhile, I have a small group of tax lawyers and professionals who were like, “It’s legal. We understand the laws.” Most people even in the field of accounting, in the field of law, don’t understand the laws and therefore they want to be conservative. They want to tell you, “Don’t do it.” It’s good to read books like mine. Get an idea. Open up your horizons. How many people think you could just pay some money and get another passport, become a dual citizen? How many people would think, “I can earn a 10% interest in a completely normal bank?” How many people thought any of this stuff was possible? Opening up your horizons is a good first step. When it comes to trying to dip your toe in and set this stuff up, it’s important to have the right people by your side so that you don’t make any mistakes.
One of the things that you said intrigues me and that is getting a second passport. I wasn’t sure what that involved. Can you talk a little bit about what it takes to get a second passport and more importantly why I want one?
There are a couple of reasons you would want. One is it’s an insurance policy to places you can go and live if you don’t like the way things are going. For US citizens, there are a lot of tax consequences and so people come to me and say, “Andrew, I don’t want to be a US citizen anymore because I’m paying all these taxes. I’m filing all these forms. It’s taking a lot of them out of my business.” The tax planning at a certain level for some people becomes tricky. Under the new Trump tax reform, there are certain taxes you have to pay no matter where you live. You can pay less but not zero. People who are doing cryptocurrencies have a very difficult time as US citizens. For specific types of people having a second passport is a good thing. If nothing else, it’s a nice insurance policy. You’ll never know what could happen.
There are four ways to get one. One is if you’re lucky. In parts of the Eastern US, if you have an Irish heritage, you have an Italian heritage, there may be a way to claim it through that if you have a grandparent or a great-grandparent. Another way, you can go and live in a country. You can become naturalized in the same way. Some will become naturalized in the US. You could go and live in the UK for example for nine months a year or there are other countries where you just have to maintain a residence permit. Maybe you go there for one day a year and if you do that for five years, they’ll give you a passport. There are other countries where you can invest, you can make a donation in various Caribbean countries. For $100,000, here’s your passport. There are other countries where you can invest $200,000 in real estate that’s good quality investment real estate. They’ll say, “Thank you for investing. Please, you can apply for a passport.” Those are four ways that you can do it and there are different nuances to each of the ways. For some people, donating $100,000 and getting a passport in four or five months is a great way to help their finances. For other people, maybe go and get a residence permit in a place like Mexico or Panama or any number of other places and just hang out for a while and collect your passport in a few years. It depends on what you need it for and how urgent it is.
These are things I’ve never thought about, getting a passport by visiting a country one day a year. To our audience, this is some amazing stuff here. I don’t know about you, but this has blown my mind. I am absolutely excited about the prospect of learning more about this. I know the show is supposed to be about saving money on taxes but this is more exciting to me, the idea of being an international citizen instead of a single US citizen. It’s the idea of having that passport as a safety mechanism. This is astounding to me. It’s such a good idea. Andrew, I understand you have some very cool resources on your website. Could you tell us a little bit about at least a couple of those articles that you feel would be relevant to this conversation?
I can and I’ll add that having a staff around the world in places like Serbia where they’ve seen stuff happen. Maybe they would foreshadow some of the stuff happening in the US right now. They understand the power of this stuff in the way that people in the US may be a bit more complacent on. We’ve got articles on our website. We talk about how to legally reduce your taxes on specific businesses. If you’re running a side business like selling stuff on Amazon, how do you do that? How do you do it as a solopreneur or as a consultant? Those are articles I would start at. We also have an article in a video called The Nomad Tax Trap where there is a lot of outdated and incorrect information that I still hear regurgitated to me about how I can save money on taxes by being out of the country a certain number of days.The power is in the hands of smart entrepreneurs. Click To Tweet
You want to make sure that you have the most up-to-date information, four ways to get a second passport whether you want to give up your US citizenship or you want to live overseas or not. Even if you could just claim an Irish passport just a half, that gives you the power to live in the EU. Take a job in the EU and live there full-time. Send your kids to school at cheaper prices. That could be potentially very powerful. Those are the places where I would start. Also, we have an article on expat-friendly countries that speak English. One other article that I love is someone who was engaged and get to start a family. There are 31 countries where you can go and give your child a second citizenship just by them being born there. If you go to Brazil, your child is Brazilian guaranteed at birth just by being born there. There are lots of stuff and you could get into a lot of interesting ideas and one idea leads to the other.
I’ve got to tell you, I’m going to be all over that website. Andrew, this has been a fascinating conversation for me. I’m excited to explore some of the things that you are talking about. I have a question for you. This is a question I’d love to ask all my guests because I believe this gives us some insight into exactly who you are. Who is it in all of space and time that you would like to have one hour to enjoy a walk in the park, a quick lunch or an intense conversation with?
Growing up, I idolized in an early age Bill Gates and what he’s done. As I’ve watched him progress in business and become more of a philanthropist. Finally, what he does is very interesting. I’d like to speak to him. Part of the reason I say that is because people look at the offshore space saving tax. They look at that as, “Who’s going to help society?” What intrigues me about Bill Gates in his Giving Pledge and what other billionaires have done is the idea that in the power or in the hands of individuals, smart people, entrepreneurs like you, I and the audience, money that’s not paid to governments, there’s so much you can do with it. He has done a tremendous service in helping so many people. That’s an area that I’m focused on as I get older. I’ve always found it very interesting. I’ve always given money but it’s something that I want to do more of with the money that I’ve saved. Both from a cutthroat business perspective, from a scientific perspective and a philanthropic perspective, I find him to be fascinating.
I’ve always found Bill Gates to be fascinating. I met him at a conference once many, many years ago. I walked right up to him. There was no entourage around him and I started a conversation with him. I’ll never forget to this day the enjoyment I had talking to him and how immediately brilliant he was. He was able to in a matter of minutes show me his true brilliance and I so enjoyed that conversation. If I can, I will set one up for you two but no guarantees, Andrew. Are you okay with that?
I’m okay with that. We’ll do our best.
For the final question, the change the world question. What is it that you are doing or would like to do that truly has the potential to literally change the world?
I’ll piggyback on the last point, what we do at Nomad Capitalist is we’re talking to people who are successful business owners, who are a certain way stuck in the same way that I am. I’ll go back to the Amazon business as an example. People come to me all the time and say, “I need more stock in my company. I need to invest more in my company. I’m seeing so much money siphoned off and it’s not good. It’s slowing my business down. If only I could put that money back into my business.” People look at it and say, “Why do you need more money in your business?” What I’ve enjoyed seeing my own company doing and helping others do is I’d go to countries like Serbia. I go to Venezuela, I go to other countries and we hire people. We pay them more than they would make at any other job in their country.
I see the power that it has, especially in countries with high unemployment where it’s hard for young people to get jobs. I like going and taking not only the money that I’ve saved in tax, the money that I saved by hiring people overseas and building them up and teaching them what I know. I’m teaching them stuff from the Western school of how to be successful and how to grow. I love lifting people up and seeing that happen. When you allow people to keep more of their money, you allow them to hire more people to change more lives, those people now go out and they change things in their communities. They go out and help people. They have a better outlook. They have more money for their families. It has such a transformative effect across the spectrum when you empower successful people who are financially literate, who are entrepreneurs to do more with their own money.
It has such a ripple effect in a way that people who are only in the United States don’t entirely understand. No doubt that it has an impact in the US too, but you can truly change the world by empowering so many more people to go out in their communities and do good. For me, it’s giving money to causes. Being around the world, I see causes that are important, whether it’s environmental, whether it’s animals, whether it’s people in need. I have so much more resources to do things to help that and also to empower my team and the people that I help and their team to do that.
Andrew Henderson, you are changing the world and I am thrilled to have you here to speak with our audience. Thank you for your time. Thanks for all of this very interesting information. I can’t wait to dig into your website and understand so much more of this because somehow, some way, I want a second passport. I would love to explore how I can invest in other countries at a 10% interest rate. It’s been a pleasure chatting with you. I can’t wait until we get a chance to talk again soon.
I love the show and I’m glad to be with you any time, Mitch.
Resources Mentioned in This Episode:
- Andrew Henderson
- Nomad Capitalist
- Nomad Capitalist
- The Nomad Tax Trap
- Give Away: Four Ways to Get Your Second Passport and How to Save Taxes
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