Ep514: Andrew Henderson – Become a Nomad Now

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Quick take

BIO: Andrew Henderson is a lifelong entrepreneur, world traveler, investor, and founder of Nomad Capitalist. He helps other investors and entrepreneurs create their nomad strategy, go offshore, keep more of their wealth, and enjoy an unprecedented level of global freedom.

STORY: For Andrew, his worst investment ever was being born with US citizenship. He’s always felt that had he been born anywhere else, he’d have had an entirely different life. However, he kept staying because many people would call him a traitor and ridicule him whenever he wanted to exit that investment.

LEARNING: Go where you’re treated best. You don’t have to keep your citizenship for the rest of your life.


“There are 252 countries and territories in the world. The idea that yours is best at everything, let alone anything, is pretty egregious.”

Andrew Henderson


Guest profile

Andrew Henderson is a lifelong entrepreneur, world traveler, investor, and founder of Nomad Capitalist. He helps other investors and entrepreneurs create their nomad strategy, go offshore, keep more of their wealth, and enjoy an unprecedented level of global freedom.

Born and raised in the United States, Andrew left Arizona State University to start his own business. When his first business became successful, he started traveling a little. Within a few years, he began traveling at least half the time.

He noticed that even though he was spending over six months outside of the US, he was still paying 43% in taxes! The money he wasn’t giving to the government or spending on travel, he reinvested into other businesses in the United States. But this meant, as those became profitable too, they cost a lot more in taxes.

Andrew has spent over 12 years traveling to more than 100 countries, looking for and experimenting with the best places worldwide to employ offshore strategies and reduce your tax bill to nearly 0%. Andrew and his team dedicate their time to helping others get to this life of near-complete freedom.

Worst investment ever

For Andrew, his worst investment ever didn’t come with a choice – his US citizenship. He’s always felt that he’d have had an entirely different life had he been born anywhere else, say Canada. However, he kept staying because many people would call him a traitor and ridicule him whenever he wanted to exit that investment.

But when Andrew realized that he was paying tremendous costs to be in the US, he eventually left and started his nomadic life.

Lessons learned

  • Go where you’re treated best. Don’t hang around with a bad investment that’s not serving you just because there’s some dominance in that market.
  • Build your infrastructure faster when you decide to be nomadic.

Andrew’sAndrew’s takeaways

  • Your citizenship is an investment ultimately given to you at birth, but you don’t have to keep it for the rest of your life.

Actionable advice

There’s nothing wrong with lowering your taxes, and there are always options to get your taxes to zero. If you’re a risk-taker, you can take more risks, hire a lot more people, contribute a lot more, and give a lot back by lowering your taxes.

No.1 goal for the next 12 months

Andrew’s goal for the next 12 months is to build the vision for his team and build a bigger and stronger team of leaders.

Parting word


“Are you in every part of your life going where you’re treated best?”

Andrew Henderson


Read full transcript

Andrew Stotz 00:03
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning. In our community. We know that to win in investing, you must take risk but to win big, you've got to reduce it. Ladies and gentlemen, I'm on a mission to help 1 million people reduce risk in their lives, reduce risk in your life, go to my worst investment ever.com today and take the risk reduction assessment I've created from the lessons I've learned from more than 500 guests fellow risk takers, this is your worst podcast host Andrew Stotz, from a Stotz Academy, and I'm here with featured guest, Andrew Henderson. Andrew, are you ready to join our mission?

Andrew Henderson 00:41
I'm ready. I've been waiting and I'm ready.

Andrew Stotz 00:45
Well, let me introduce you to the audience. Andrew Henderson is a lifelong entrepreneur, a world traveler, investor and founder of nomad capitalist. He helps others investors and entrepreneurs create their nomad strategy, going offshore, keep more of their wealth and enjoy an unprecedented level of global freedom. Born and raised in the United States, Andrew left Arizona State University to start his own business. When his first business became successful, he started traveling a little within a few years, he began traveling at least half the time. What he noticed was even though he was spending over six months outside of the US, he was still paying 43% in taxes, the money he wasn't giving to the government or spending on travel, he reinvested into other businesses in the US. But this meant as those became profitable to a cost a lot more in taxes. Now, having spent over 12 years traveling more than 100, companies, countries looking for and experimenting with the best places around the world to employ offshore strategies and reducing your tax bill to a near zero, Andrew and his team, dedicate their time to helping others to get to this life of near complete freedom. My goodness, Andrew, take a minute and tell us a little bit about the value you bring to this world.

Andrew Henderson 02:03
Well, the five magic words that I teach are go where you're treated best. This is very powerful we come from, we were talking about a very similar background growing up in, in northern Ohio. And, you know, my father, when I was about 12, or 13 years old, said, Listen, this may not always be the place to be, and your friends who are committed to staying here in Cleveland, because their families are here and their families have kind of told them, hey, you're responsible to take care of us, and you've got to do this and you've edited that listen, up, you know, cross that off, you don't have to stay in the same city, you know, stay in the same state, you have to stay in the same country even. And I realized, you know, in my very early years, the United States and other Western countries, what I call the legacy brand countries are undergoing tremendous change. And it's not good, if you are a risk taker, it's not good. If you are an entrepreneur, it's not good. If you are an investor, the tide is turning the value proposition for those folks who is no longer there. And so my father said, Listen, you should go where you're treated best. And I've adapted that my entire life. Not always, obviously, because I was paying very high taxes, I was living in a place where I didn't feel comfortable. But I want to help people go where they're treated best. And, you know, for me, there are 252 countries and territories in the world. The idea that yours is best at everything, let alone anything, from a statistical point of view, or even a personal point of view, is pretty egregious to think about that, you know, everything, you know, if you're in business, if your personal life, I mean, rarely your places, number one out of all those categories that have 252. I'm trying to show people the alternatives, whether it's for lower taxes, more personal freedom, more entrepreneurial freedom, lower cost of living, better quality of life, better dating, whatever it is, they can go where they're treated best.

Andrew Stotz 03:56
You know, I've watched a lot of your videos, and one of the things I love about your style is that you're very matter of fact, personable, in fact, just preparing for this, I was watching one about you know, you just talking about your own background, you did that video a few years ago. But I think, you know, the one thing that I feel like what you've done with your brand is that you've built some trust, because you talk very simply and clearly about what you're doing and you're aligned with what you're what you're helping people with is exactly what you're doing in your life. And I'm just curious, you know, how do you how does your message get out there? How do you feel about the way you've been able to get your message out to the world?

Andrew Henderson 04:37
Well, I suppose I'm an old school entrepreneur at this point. And I see so many of these younger entrepreneurs, the risk takers who really aren't taking as many risks because they're not as focused on sales and marketing is I think an entrepreneur should be you've got I mean, look at Shark Tank. For example. Look at Mark Cuban, and he talks he's always clapping for the guys who sold garbage bags door to door or who hustled you don't see a lot of the modern you know Instagram Generation Entrepreneurs I was doing that I was always doing that. And so when I was eight years old, I was selling stuff door to door, I made a magazine sold that around my neighborhood. I mean, I've, I've always been observant about how sales and marketing work. And so I'm not embarrassed to talk about those things. But I think that what I try and do after selling my business interests in the US and taking some time off to write and to start the Nomad capitalist blog, I really put the pedal to the metal on my personal offshore strategy, I wanted to lower my taxes, I wanted to have multiple options, I wanted to live in a place where I felt more comfortable. I wanted to date women that perhaps identified with more and the vice versa. And so I left the country. And I continued what had been years of long term travel. And so I think talking about that stuff, and all the slings and arrows that I've dealt with all the personal issues that I've dealt with, when it's come to lowering my taxes, setting up offshore companies, offshore bank accounts, you know, storing wealth offshore, protecting wealth offshore, having a second residence, having a second passport, owning multiple properties, and on three or four different continents. You know, I think people resonate with that, I think that the the way the world is going today, and why new media, like YouTube is so popular, despite the fact that so many legacy companies that potentially we compete with, don't use YouTube don't use blog, they probably look down on it as matter of fact. I mean, people want authenticity. And so if I'm going to go and get a second passport, I don't want to just buy a passport from a guy who's in the passport business. I want to work with someone who knows what it's like to use that passport, who knows what it's like to open bank accounts and all that just everything from day to day life? What is it like to get a visa? What are the little things that no one tells me that I need to do when I get the second passport. I mean, there's a whole set of steps to doing this stuff that people don't talk about. And I think that what I have done, somewhat unwittingly, just as someone who has spent my entire life being a believer in sales and marketing is communicate to people that you know, this is a vision I feel powerfully about, you know, it's very hard to tell me, you know, that you're afraid to do it. I've been afraid to do it. I've spent hundreds of 1000s of dollars millions of dollars, I guess, on residency, citizenship and that kind of stuff. You know, it's a lot harder to make an excuse when you're talking to me that you know, you're not ready because I've been there. I know what it's like, yeah,

Andrew Stotz 07:24
it's interesting. I mean, I moved to Thailand when I was 26 years old, and I just was like, wanted to live a different life. And so I came as a teacher teaching finance at university, and then I built a career in finance, and was successful. As soon as I saw that, I could get a permanent residency, I immediately applied for it. And, and I didn't think twice, I just immediately applied for it. And then as soon as I saw I could get citizenship, I immediately applied for that. And I got it. And that was many years ago. But the point was, is that people, you know, people are kind of baffled. And I just realized, like, so many people are actually in a position where they could put themselves at an advantage. But they don't even either know it or take action on it, I guess, people that are coming to you are in the process of saying I gotta take some action here.

Andrew Henderson 08:14
Well, yeah, I think what you've done is really smart. I mean, to me, as someone who runs an organization with employees, someone who you know, I think what you would agree, it's when you live in a different cultures, you see the friction a lot greater. So if you live in the United States, your entire life, if you live in Ohio, your entire life, you maybe don't notice weaknesses in people, you don't notice things that people could be doing better as readily as when you go to a different culture. And they do it in the same way. But differently, it stands out more, you notice it more, right, you're on edge more. And so what I've noticed is, you know, so many people don't take advantage of the opportunities that are given to them. In terms of you have the chance to get residents, you claimed it, you have the chance to get a passport, you claimed it. I was talking to someone recently, not not in business, but just personally, where they've lived in the UK almost their entire life. They're not from the UK. And I said, Have you ever you know, your British citizen? And they said, Well, I haven't gotten around to it yet. I don't understand that, quite frankly. And so perhaps that comes out just as you say I communicate pretty clearly. Perhaps that comes out like listen, Andrew, I got to talk to you when you're clear that you want to do it. And so I think knowing where you want to go acknowledging that perhaps you don't know the best way to get there. But knowing the starting with the end in mind, as they say is important. You know that that's kind of perspective. And I think that's where again, we're in our cases of business, new media comes down because we can put out a book I've ever since I was six years old, I wanted to publish a book. So I wrote a book. And I talked about my story and I tried to connect in a way that people will kind of feel what it's like to live this lifestyle not just give them boring numbers and strategies and ideas. Some of the people complain about that, you know, like why doesn't it give me my exact plan of action? supposed to do this supposed to make you feel is this what you want? Do then you can watch one of our 1500 videos, then you can read one of our blog posts. And you can understand before you ever have to talk to someone, is this something that you're comfortable with at least to the level that you can executing it. That's the power of new media. That's the power of authenticity. And so I think far too many people are missing opportunities that are right in front of them.

Andrew Stotz 10:23
One question I had recently, I mean, having been involved in the financial sector is that it just seems like anti money laundering, know, your client, all of these things, which, if you really look behind them, you could argue that they're just there for political purposes. But besides that argument, it just seems like it's coming down harder and harder across the world. How is it from your perspective? I know you look at a lot of different countries and all kinds of banking systems and stuff. Are there still places are still ways that you can say, I want to either be private or I want to have minimum intrusion?

Andrew Henderson 11:04
Well, I mean, if you're an American, you have a unique set of circumstances that even if you leave the country, you're going to continue to report your financial accounts around the world exceptions are generally precious metals that are privately vaulted outside of a banking system, and real estate, not the rental income, not any of that, but the actual real estate ownership itself. Everything else is reportable. Your foreign companies reportable not just in the US, but for many people. You know, so Americans have this unique disadvantage where they have to follow that and I just saw, you know, an issue the other day where they're sanctioning more people in this Ukraine Russia situation. And I imagine most people watching weren't doing business in the lungs. But they're now saying, Hey, new sanctions, if you're an American, you can't work there. Hey, I understand I probably don't want to work with that kind of those kind of people anyway. But you know, they have so many people around the world where it's difficult to deal with, or where you get the stink eye for dealing with them, even if it's allowed, maybe your bank doesn't want to deal with them. And so you're at a disadvantage to where as an American, you don't have a lot of privacy, you have to report all your bank accounts you've entered poured all your income worldwide, no matter whether you live there or not. But yeah, you've seen that kind of us style reporting, creep out into other areas where if you are Canadian, if you're an Australian, if you're German, if you're from wherever, you've got 110 plus countries now that are sharing banking information. So if you go to Georgia, for example, the country of Georgia, where you can open a bank account readily, easily. They are going to start asking you in 2023, they're one of the newer additions to this reporting system. Hey, where do you pay tax? Oh, I pay tax in Canada Alamo. I live in Canada. Okay, well, we're gonna make sure Canada knows about your bank account. Now you can leave Canada and you can escape those obligations. And you can take your money, and you can take your business where it's treated best. And you can, unlike Americans get out from underneath that. But, you know, privacy is certainly harder to come by. But I think that in terms of being left alone, there are countries places like Mexico, places in Central and South America places in here in Eastern Europe, where I am now, where the government does leave you alone a lot more. It's what I call soft freedom. You just see it on a day to day basis, you feel more free just to live as a normal person where there aren't stupid rules made by bureaucrats. And so I think if that's what you're after, if lower tax rates are what you're after, there are a lot of places that will give that to you.

Andrew Stotz 13:31
One last question on this kind of understanding of what you who you are and what you do. Another one is that when I took my second citizenship, I didn't give up my us. But I believe that you did give up your us and I'm just curious, you know, what are the issues for someone you know, who's taking a second citizenship? Should they just immediately give up their us? Or should they wait, and I'm thinking about my own situation? And you know, like, what's the pros and cons? Once my father passed away, my mother came to live with me here in Thailand. I had a lot less, you know, need to get to the US. But I'm just curious, your perspective on that. Well, this

Andrew Henderson 14:09
is what we do in our business, right? I mean, there's so many different variables. So a Thai passport is what I would call it to your sea passport. I mean, you can't really travel to that many places. Whereas a country like here in Serbia, they've got to be passport, they can go to Europe, but they can't go to the US or Australia. The US would be a tra passport, you know, the US the UK, Australia, those are the ones where you can pretty much travel anywhere someone is not a pandemic and people aren't angry with them, or there's not a war going on and people are angry with them. So you know if I'm an American, and I get a Thai passport once tra the next one's T or C I'm probably want to keep that passport. Now I've had people who they say hey, I'm in cryptocurrency, my gains are too large. I don't want to take the money out but I can get this Indonesian passport from my mom. Well, okay, I mean, maybe you can give up your US citizenship to get out from under the shackles that come with that as an investor. overseas. And if the only places you want to visit are in Asia, then a Thai and Indonesian passports not that bad. And so a lot of people who are getting second passport these days look at as a backup plan, they look at as redundancy, I have multiple citizenships. And of course, the passports, the travel documents that come with them. So I can travel to pretty much anywhere in the world with a few exceptions of like the US. And so I mean, for me, having multiple redundancies having places where I could live both residences and citizenships and just not really identifying with the US, not really wanting to be part of it, not wanting to travel, and that passport, you know, it's a big hassle every year. For all those reasons, it just didn't make sense for me to keep it and it was a lot more personal than people would imagine. I mean, if you love the US, you're probably not given up your citizenship for any amount of money contrary with immediate wants you to believe people are not going to give up their citizenship, just to save a million bucks. Yeah, especially an entrepreneur who knows, they can make that back, you know, in short order. So I think that, you know, it's a whole regulatory conversation, it's a whole conversation on so many different financial, personal, all kinds of issues. And for me, I think it was a good decision. But if you want to go back, you got to understand that obviously, it's a more difficult country to get into. And so if your second passport is, you know, from Italy, because your grandparents were Italian, and you can do that, then you know, that makes an easier conversation, you can in many cases, go and visit the US as an Italian you can travel wherever you want. So, you know, a Thai passport, you know, depending on the circumstances would be one where you'd want to have something else stronger. And so I probably would, would try and build other passports around that if my goal was to not be an American. You know, the frustrating part just is, if you live in Thailand for 30 years, and you get to file all these US tax returns, and they know all your business and it becomes complicated. And sometimes you run into conflicts and you know, they don't want to give you a mortgage or whatever. I mean, the US can interfere. In many ways. It's not about tax, it's about you can't get a bank account, you can't get a mortgage, you gotta like do weird stuff that nobody in Thailand understands why you're doing because oh, that's what I've got to do to keep my company in good shape for US tax. So, you know, as much as Tyler maybe the best I do kind of think like, hey, the US is not adding any value tubes to someone like yours life potentially.

Andrew Stotz 17:19
Yeah, I mean, I guess when you think about it, my passport really wasn't about getting a second passport, it was just saying I'm going to establish myself where I am.

Andrew Henderson 17:27
It's about saying, Yeah, I mean, was it if I can get citizenship in Norway, for example, which I can't, right, I have great grandparents from Norway, I'd be very proud to do that. And to reconnect with part of my heritage, the heritage that I have either is too restrictive in terms of giving me a passport, or just I'm too far back. But I would be very proud to have that. In your case, you're proud of the country, you like it, and you want to secure your right to live there, which in Asia, by the way, in the last two years being a citizen was perhaps or at least being a permanent resident was the thing to do. You couldn't get into tourists for a lot of that time, people were stuck. And so yeah, I mean, I think that's not a bad strategy is having citizenship in a place where you want to secure your ability to live. I also think having citizenship in a place where you would never live, that's kind of a flag of convenience is not a bad idea to make sure you can go where you're treated best, because the biggest risk right now in my opinion, is being stuck with one country. And they can make up whatever rules they want. And just look at the news recently. I mean, it's incredible. The countries you never thought would be doing that. Look at what they're doing.

Andrew Stotz 18:29
Yeah. And when I think about your service, you know, and one of the things that's pretty clear is everybody's situation is personal. And I think what I've seen from what you're doing is that you're when somebody what should someone expect when they come to you, you bring them through a process, collecting information, and then working with them and trying to help them to see their own specific situation. So maybe just guide us as to kind of what the process would look like for our listeners. Yeah, I want to check this out.

Andrew Henderson 18:59
Well, yeah, I mean, like, you go to Dubai, and there's a lot of people, some legitimate, some pretty shady, who will sell you one of these Caribbean citizenships. Now, we do a lot of business in that because we've had a lot of people recently who have money we work with, you know, high earners, high net worth individuals, and they don't want to waste time. They don't want to wait three years for their Italian citizenship, or they do want to wait three years, but they want a passport in six months. And so we're going to the Caribbean, but we're doing so with the understanding of what problem is this solving. You get to Dubai, there's 1000 companies, they just want to sell you a passport, they show you you know, here's five different beaches, which beach looks the nicest. Okay, we'll take that one. And so I mean, look at your story, you are entitled you were entitled to a second citizenship. You know, I can't go through in one interview or in one book, every permutation of a what if you were living in Malaysia? Right, Malaysia has got a pretty strong citizenship, quite frankly, and they don't allow dual in most cases, you know, so there's so many different permutations in your situation. I think Thailand is securing your right to live there. And it's, you know, not really adding a lot of travel privileges and somebody To the US is still necessary. My process is we bring you in, we figure out why you're here. We want to evaluate the strategy, but also the heart and soul when understanding what you are like, you know, what are your real feelings towards the US not in the way that us guys talk where it's very informational, but what are the real emotions? Imagine you couldn't go back to the US imagine if you gave it up, you know, how would that feel, getting in touch with people to make better decisions that are guided not just by strategy, but by, you know, what will actually serve you in your life? And, you know, I don't have regrets about anything, but there's certainly a few things I wish I would have done differently. They could pass along, hey, don't make this mistake. Or if you do this, then make sure you don't do that. Or you do do this, but later. And so we're just getting through a process, then we're getting into what I call the nooks and crannies, which is, guy asked me yesterday, have you had a DUI can get I get a citizenship? If it's one DUI, probably there's probably one or two that wouldn't want you. We've had a couple of residences that didn't go through because of a DUI. But you know, that's an issue. And so we're dealing in the nooks and crannies, you know, how many employees do you have in your business? Oh, I've got a remote workforce. They're all in Thailand, but I got one guy in the US. Okay, well, we got to deal with that one guy in the US, if you want to have a tax incentive, you know, how are we gonna structure that? Is he moving? Are we bringing fencing him in? You know, what are we doing? There's so many little things, oh, you're gonna renounce your citizenship, but you still own stocks, you still own a house in the US? You know what happens with the estate tax when you die? People don't know that, that doesn't necessarily go away. In some cases. So I mean, all the little things that you haven't thought about, we've created kind of a whole library of things to ask about, depending on your situation to understand, what are the related risks? And again, I mean, it's, you've seen getting Thai citizenship, does that change your tax status? Does that mean like, there's a lot of stuff involved? And that's the kind of approach that I would take, but it has to be human as well.

Andrew Stotz 21:53
Yeah, I mean, I'm from all the videos I've watched of you and your approach, and from this discussion, I just can't think of a better person for the listeners out there to go to, to get information and start that process. So you know, and I think you put that across pretty clearly. So now, every time it's time to share your worst investment ever. And since no one goes into their worst investment, thinking it will be. Tell us a bit about the circumstances leading up to it, then tell us your story.

Andrew Henderson 22:21
I was thinking about this, you know, and have I made bad investments? Sure. Perhaps the worst investments I've made, if we're talking about, you know, monetary, is things I didn't do, right, how many people are taking themselves on certain investments they didn't make, but let me take a little bit differently. For me, the worst investment I made, I never had to think about it going because I didn't have a choice. And it was the investment of US citizenship. I was born just down the street from where you were living when you left Peninsula, Ohio. And, you know, if you look at how the crow flies, you know, it's not very far from Canada, had I been born in Canada, I would have had a whole different situation, I would have had the ability to, to leave the country and not be burdened by all the requirements of US citizens would have had an entirely different life. And so it's this interesting miracle of birth, that I was born. Not that far from the border, but by life was so much different. I didn't have the choice, it was given to me and I decided that I didn't want to have it anymore. When I decided I wanted to exit that investment. Plenty of people want to call me a traitor. They want to attack me they want to say good, don't let the door hit you on the way up because I'm not educated. They don't understand what it's like outside of Peninsula, Ohio, or Dubuque or Tallahassee or whatever. So, quite frankly, a citizenship as an investment where by using the citizenship to its full utility living in that country, you pay 43% in tax, I wasn't making millions back then. I was doing well. But I wasn't making many, many millions 43% to utilize the utility that passport as most people do, which is live in the country. When I decided not to I had to do all kinds of planning and jumping through hoops to make sure I wasn't continuing to pay them. I had to be subject to all kinds of restrictions, I had to buy real estate in weird ways. Because I had to comply with the US. I had to file returns and every year hope and pray that I wasn't transposing two numbers, and I wouldn't get in trouble. They wouldn't do something to me. And especially as someone who's kind of speaks out against the fact that the US is less of a land of opportunity now than it was 40 years ago, you know, am I a target? That was a terrible investment. Because to utilize the investment you have great disadvantages on top of the fact that I just didn't socially feel like I belonged there as an entrepreneur from a very young age. And so to me, it's a terrible investment. It's an investment where when you get out you're scorned and ridiculed. And if you stay in it has tremendous costs. And there's this tremendous emotion around it, you know, at least if you make a business investment, there's no emotion. There shouldn't be I think citizenship and only having one is a terrible investment.

Andrew Stotz 24:52
And I'm just curious, like, do you feel like you should have done it earlier or You know, how do you think that other people should be considering doing that, you know, when they have that feeling? Or what what? What's your feeling about kind of when to do it?

Andrew Henderson 25:10
I mean, you know, if I look back at myself at a young age, you realize, so a lot of guys do especially I mean, you know, even though I was successful financially, in my early 20s, mid 20s, it's pretty immature, as much as I, you know, I, there's a maturity in many areas, but I don't know, it was the maturity level where you'd want to be giving up your citizenship. And I have friends and business associates, who when I call them and say, here's what I'm thinking about doing a number of years ago with renouncing, they said, You know, I think your perspective in the US has changed, you're calmer and more accepting, you're going where you're treated best, rather than getting away from something. And now seems like the time and so I think it took me years of trial and error and going different places and meeting different people and just trying stuff on for size to be comfortable. You know, I think I wish I would have been more invested in living the lifestyle properly first, having the infrastructure set up, whether it's bank accounts, passports, residences, homes, what have you, I wish I would have gotten more into that. Because I think the faster you get into that stuff, the faster you can make a decision on what citizenship do I want to have? And so I don't know, I don't have regrets in general. And I don't regret doing it to you know, doing at the time I did. It had been on my mind for many years, even before I had that much money that maybe I don't want to have this citizenship. Again, the media isn't about tax. Before I know, really had much of an issue. I was thinking about this. Yeah. So I don't regret it. But I think people should build their infrastructure faster. That's by trying to help people do. Yeah,

Andrew Stotz 26:45
yeah. I never really thought about it the way that you're explaining it, that, you know, ultimately, your citizenship is an investment, you are ultimately given that investment at birth, let's say, but you don't have to keep it for the rest of your life. You know, and, of course, there's plenty of our fathers and grandfathers and great grandfather's generations that decided I don't like what I'm having what I'm seeing in Germany, and I'm moving Oh, yeah, you know, us. And that was, you know, not uncommon. And so, you know, I think, I think my grandfather, my great grandfather, my great, great grandfather came from Germany, to the US to Pennsylvania. And then, you know, here I am going on the other side of the world. So, I think that that's a big takeaway, that nothing

Andrew Henderson 27:30
lasts forever, right? I mean, I mean, nothing lasts forever. I think there's this great arrogance. And it's interesting that, like, I see, for example, Bill Maher, you know, when HBO talks about how all these people in the US these days, who are a little bit younger than I am, everything's about being woke, and he says, don't you think like 30 years from now, people are gonna look at you and be like, You were incredibly on woke, things evolve, things change, and we're going back in the Western world, not where I'm at. We're going back to something simple, something someone said 50 years ago, I mean, sure, some things reflect someone's character, some things also probably reflect the times that they were living in. I mean, it's nice to be able to look back with hindsight and say, Oh, that was cringe worthy. And some things are, but not everything is. And so this idea that you're in the same lines, your grandparents or great grandparents, they were the last ones who made a great decision, right over the entire course of human history. This is the one that's finally it, we're never going to improve on this. It's ridiculous. Because in the same way that family businesses are destroyed after a certain number of generations in so many cases. Why does that happen? People lose touch with the reality of why that business was built. They lose track of the reality. You know, when my wife says, Well, hey, maybe you want to sell your business one day and relax and say, If I'm going to have children, what lesson is that going to send? Because I'm like, I've learned from having employees, I'm never going to tell them, hey, I used to work my face off 16 hours a day, but now I'm just relaxing at the pool. They'll never believe it. If I want my children to be hard workers, I have to show them. I can't sell a business. What am I going to do? Just sit around, it's never gonna work. And that's what happens with countries where, you know, we've gone so long, unlike here in Eastern Europe, unlike parts of the Latin America, unlike parts of Asia, where they've seen in their own lifetimes the problem and they've come back from it and their economies are growing and moving in the right direction, they more opportunity more places to go or travel better passport. In the West, it's going the opposite direction, where people just figure Hey, cancel my mortgage, cancel my rent, I don't want to pay Oh, I signed it. I signed a deal. And I don't want to do that. You know, I have clients who are Russians and from Eastern Europe. And they spend more they move more quickly. And when they do a deal, their word is their bond. People in the western world become too soft. We don't have huge issues. But occasionally there's someone I don't care what I sign, and it's the same thing that is polluting the culture about oh, I signed up for a student loan. You should pay it with your tax dollars. Oh, and by the way, your tax dollars while you're living in Thailand, you don't get any benefit. bit from this event. I mean, imagine the hubris of that. That's what happens over the course of generations countries go the wrong direction. Others are going in the right direction.

Andrew Stotz 30:09
Yeah. And it's been fascinating living in Thailand and just observing what's happening in America over the last 30 years. And I would say, really, things are being pushed to the limit where I think, you know, it's being the fabric of the country is being stretched the government size of the government and the government overreach across the world, the military might and the demands of using government power to put pressure on citizens as well as other countries. It's like, there is a breaking point for every country. And it may not be, you know, next year for America, they've got a lot of Defense's to defend the dollar to defend the country and all that. But that will not go on forever. And I think you're a good reminder of what you said is a good move. Oh, yeah.

Andrew Henderson 30:53
I mean, you're right. I mean, listen, people have been saying the dollar is going to collapse. Now. I mean, the dollar, look at the purchasing power of the dollar, look at site, look what's happening, I look at your grocery store, by the way, I mean, I people send me pictures of the US, there's no food in the grocery. So what problems, but I mean, look at what's happening in the US in so many countries with inflation. So the dollar has obviously become worth far, far less. But the world isn't totally going off. $1 standard yet. And people have been saying that for 50 years. To me, it's totally irrelevant. I want to go where I'm treated best, this idea that I'm going to hang around with a bad investment that's not serving me because there's some kind of dominance. To me, that's like, you know, I'm going to root for the Cleveland Browns who I think won zero games and an entire season a couple of years ago. Listen, I'm going to root for where I'm at the best I'm going to root for I'm gonna be on the side of the winners. This idea because I was born somewhere I'm stuck with his team. I don't believe in that. And, you know, I just think that the US is headed in the wrong direction. Look at the news. Look at Canada look at Australia, I mean, a lot of problems. And so why wouldn't you remove yourself the same with his ancestors you held in such high regard hold themselves. And I'll tell you why. For the same reason that you need to support the Cleveland Browns to have an identity. Okay, I'm with Cleveland. This is my team. We're with them through thick and thin we support them. It gives you an eye it gives to people who don't have a strong identity and identity the same way you can rely on some people leaving Norway, three generations of building coming to the United States. That gives you a reason that you should be proud to be American. No, you should be proud to be a risk taker, you should be proud to create value it is 17 million people consume our content last year, I was in Sobota. to Serbia, this weekend, a guy comes up to me I walk into a cafe, hey, I love your stuff. Anywhere I go in the world, I'm having an impact. That should be what you should be proud of not being with the Cleveland Browns because you were born in the right part of the country. Not you know being American because someone left Norway and came and made this final great decision. That's why countries rise and others fall. Yep. Steve attitudes, the mindset.

Andrew Stotz 33:06
So let me ask you, just to wrap things up a bit. I just wanted to ask, what's a good resource for the listeners who like what they hear. They like what you're saying they're curious, they want to find out more, they want to dig in more, what's the best place for them to start?

Andrew Henderson 33:22
The one thing that I think has helped people get off the fence either way, is my book. So we recently updated it, the new book has my face on the cover. It's on Amazon. It's called Nomad capitalist. So go and get the book cost you 10 bucks or something like that. And I think you will see through the stories and through some concrete information as well. Whether this is something that you resonate with, and by the way, you don't have to do everything that I've done, you don't have to give up your citizenship you don't even have to move but at least in these chaotic times, you should have an option where you have some distributed finances you have options for freedom, you have you know, lifestyle interests, you have better investments somewhere else, but read the book and so I think spending a few bucks is a good place to go and then you can get into our YouTube videos or if you prefer to read the blog and get a bit more granular and things and understand because there's a lot of misconceptions people say oh, I want to get citizenship when they really mean residents or they really want to, you know be a tax resident when I say citizen I mean so you know, to figure out if it's for you first figure out what's for you figure out how quickly you want to go into this maybe it's simply I'm going to open a foreign bank account at the Bank of Georgia in Georgia. I'm going to put in a little bit of money I'm going to feel same I felt before I go to the ATM okay, I get $500 This works it's not it's real right? Then I'm gonna go to the next step maybe I'll bind to some investment maybe I'll buy a house maybe I'll put some of my gold coins in the vault in Singapore you know maybe I'll get a residence permit and Mexico and enjoy that maybe I'll you know, I'll maybe I'll claim my citizenship from my, my distant relative and wherever and see how far you want to take it. So I think the book is a great place for people who want to understand because most people don't understand. They think it's something that it's not, they think there's no place to go. It'll never get any better. And again, I strongly push back on that. But you got to you got to get your mind to be open to that.

Andrew Stotz 35:17
So I'll have the link to that in the show notes. And, you know, go read the book. Also, I think your advice, but watching the videos is excellent, because you start to figure out is this for me? I think one of the things that resonated when I listened to some of your videos is that you make it very clear, I'm not talking about avoiding taxes or cheating the government, I'm talking about how do we do this in a legal way? And you know, I think for me, that resonated.

Andrew Henderson 35:40
Yeah, well, I think I mean, people certainly do want to reduce their tax bills. And by the way, another misconception because Americans pay tax Worldwide, there is not a way to reduce your tax, there's a way to dramatically reduce your tax, including if you're an entrepreneur, there are some ways for some people to reduce it to zero. If you're an investor, that's a bit more difficult, there still are options. So there's always options, you can get your taxes to zero for 10%, somewhere in that area. So I'm all for people lowering their taxes. I'm all for people having a better quality of life. But yet, I mean, obviously, I think this industry for so long. And part of why I have embraced new media is it's been plagued by a lot of creeps, and weirdos and freaks and people in with bad information. And I wanted to say to the average person out there, nothing wrong with having dual citizenship, whether you get it for your ancestors, or whether you buy it in the Caribbean, or whatever else, nothing wrong with lowering your taxes. Because you know what, if you're a risk taker, you can take a lot better risks, you can hire a lot more people, you can contribute a lot more, you can give a lot back, when you don't give so much to Bernie Sanders. It's a waste.

Andrew Stotz 36:47
And it works for two Ohio boy. So you know what the heck. Last question, what is your number one goal for the next 12 months.

Andrew Henderson 36:56
Our number one goal for the next 12 months is building the vision of our team and building a bigger and stronger team of leaders. I think that our company is growing so quickly that a lot of the stuff has fallen back on me I know this, I mean, I have a business that has a moat around it in a certain extent, because there's so much to know, it's very hard to you know, we're not selling sports bras here, you can't just come in and 50% of the population knows what we're selling. I mean, you have to really know it very detailed. So I'm focused on building a bigger, stronger team of people who not only know the material, which which our team does, but they know how to lead, they know how to grow, they know how to train and they can take over more stuff from me, because in a growing company, I think a founder constantly finds himself kind of back in more situations. So almost perhaps slowing down a little bit from three 400% annual growth to focus on kind of the next big step, and then prime for further growth from there.

Andrew Stotz 37:51
Well, listeners there you have it another story of loss to keep you winning. If you haven't yet taken the risk reduction assessment, I challenge you to go to my worst investment ever.com right now and start building wealth the easy way by reducing risk. As we conclude, Andrew, I want to thank you again for coming on the show and joining our mission and on behalf of a Stotz Academy I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Andrew Henderson 38:21
My parting words are give some thought to the idea. Are you in every part of your life going where you're treated best?

Andrew Stotz 38:30
Wow. Well, that's a wrap on another great story help us create, grow and protect our well fellow risk takers. This is your worst podcast host Andrew Stotz Singh. Thank you for joining our mission. And I'll see you on the upside.


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About the show & host, Andrew Stotz

Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.

Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.

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