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] The US passport ranks 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:
https://www.nomadcapitalist.com
Busting Loose From the Money Game by Robert Scheinfeld
Great episode! I was particularly interested in your listener question at the end and your response about going all-in.
Although I agree with you that it’s important to commit fully to something when it really matters to you — I would also suggest that it’s a good idea to test something out before quitting your day job. I know too many people who view the digital nomad lifestyle more as a life-long vacation than a serious career/alternative. They daydream about living on the beach and somehow making a fortune — without actually working.
I always tell people that running a business requires many hats and juggling a plethora of activities. If you can’t manage the early business while still working full-time, the odds are slim that you’ll be able to grow the business when working on it full-time. Creating processes, developing organizational and time-management skills, and building a decent client base can all be done while still keeping your 9-5.
Awesome content and I look forward to listening to more of these in the future.