Dateline: Kuala Lumpur, Malaysia
I just wrapped up a highly successful weekend Mastermind event for our Nomad Society Members here in Kuala Lumpur, and not only did those attending learn a lot of new ideas, but I did as well.
What surprised many who attended was just how young our audience is. We had attendees as young as 23 years old coming and sharing their experiences as investors and global citizens.
It’s refreshing to see that more than just older people realize that the party is over in the western world. Our audience of Australians, Canadians, Polish, Austrians, Germans, and US persons – no matter what their age – realize that nothing is owed to them.
It is their responsibility – and yours – to protect their own wealth from the next Greece and provide for themselves.
All around the world, institutions and long-held truths are being shattered as new truths are revealed. My club Members, and likely you, have decided to challenge the status quo. All around the world, consumers are challenging the status quo on everything from which country to live in to which hamburger chain to eat at.
That’s why I believe the things we talk about on this blog are becoming more and more common as smart people realize international diversification isn’t something for a tin foil hat club.
We frequently discuss whether going offshore is illegal. People continue to email me asking “Is it legal to open an offshore bank account?” or “Will I go to jail if I invest overseas?”
Of course, short of living under a total despot, “planting flags” by moving money overseas or moving to a new country is totally legal. The media paints concepts like offshore banking as shady, but like most other things the media spins, most uses for offshore strategies are above board.
Beyond the legality of going offshore, however, is another issue…
Who qualifies for internationalization?
For each young person who came to my mastermind this past weekend, there are many more who have yet to take their first step because the offshore world scares them in an entirely different way.
They feel they don’t “qualify” to be part of it.
Most of this business is run by guys who are either laying low on some speck in the ocean somewhere, or so-called “experts” who tell stories of impending doom and gloom to sell their asset protection products to the wealthy.
No doubt the western world is changing rapidly, and as with anything else, those who don’t adapt will suffer in some way. As we’ve seen in Greece, Cyprus, and many countries before them, it is possible some could lose much or all of their wealth, while others could experience less severe setbacks.
That said, the way offshore strategies are presented today make the average person feel they can’t benefit from them. Just this week alone, I’ve been a guest on two podcasts whose hosts told me “I wish I could utilize the stuff you talk about”.
For as much as people in our industry use diplomatic and spy terminology to make things seem exotic and high falutin, many offshore strategies are relatively simple.
There’s nothing to “qualify” for.
I recently wrote an article on offshore strategies for someone making $100,000 a year, but the reality is you don’t even need a six figure salary to use some of the ideas we talk about here.
Just as books such as The Four Hour Workweek have encouraged a new generation to consider that a business salary is better than a cubicle salary, anyone with an online business should consider incorporating offshore. By sticking to a simple structure, the costs are quite low, and you will avoid the hassles of moving your company as the business grows.
Of course, offshore strategies can become more complicated as your wealth, business, and family grow. Our business employs a relatively complicated structural set up involving numerous countries, but we didn’t start that way.
The offshore bank account you can open from your couch for only $500 isn’t the one you should cash a $1 million check into. Not even close.
What concerns me is that young people and non-millionaires often feel that they are not allowed to go offshore. That’s why I am making a renewed effort to help those of average means realize which strategies can play a role in their personal and financial success.
In fact, my team and I are currently working on a goal to help at least 1,000 people plant their first flag to show that anyone can benefit from flag theory. I don’t mean “help” by selling an e-book; I mean help by actually working with people hands-on to grow and protect their wealth and freedom.
If you’ve ever wondered if you are eligible to go offshore, the answer – despite that haughty air some in the business put out – is yes.