Andrew, I love your channel. I was born and raised on nothing. As a young man I moved away, started a business, busted my backside and became very successful. But the older I got, the more I realized no matter what dollar figure you are chasing there is at least 1 more zero just beyond your reach. My conclusion is Fabulous Wealth is something that comes from community. I found it when I moved back home and married my childhood sweetheart and began raising a family. I have comfortably raised my kids, while spending time with the boys at the local dinner every morning. They became interested in investing, we started on penny stocks and now their lives are better for it as well. Dont get me wrong, I'm all about chasing down a good tax break while enjoying another part of the world, but community is where meaning and true wealth is found.
Wealth is a mindset. Money is a number. If you are wealthy enough to spend the overwhelming majority your time how you want when you want, in my opinion that is when you have reached wealth. It’s a different benchmark for each of us though. Some that means living high in dubai 247. For others it means work Monday to Friday and spend the weekend on the boat fishing. You decide
Being fabulously wealthy or rich simply means do whatever you want and whenever you want to. What makes one happy varies from person to person whether their net worth is 1, 5 , 10 or 100+ millions. How much you worth does not determine if you will feel fabulously wealthy or rich. Your example of eating a street tacos vs going to a Michelin Stars restaurant is an good example.
No one can do whatever they want whenever they want. You know that. Going to restaurants etc won't satisfy. It's just a temporary feel good thing. It's all vanity. It's in the Bible.
Purchasing power, not any number of dollars equals fabulously rich, so like king Solomon prayed, lord give me wisdom, knowledge, and favor- now that’s fablulously rich
Some of the point to be wealthy is having options. If I want to eat a street taco, I can. I don't have to, but I can, just as easily as I can eat at a fine dining establishment. It's choice, that many people do not have. Freedom is not free.
I could never be that wealthy because after I have enough to live an ordinary lifestyle I give it away to people I know who are hurting .. for me that's a better use of capital instead of the purpose to just make more .. after the age of 45 I turned my thinking around
Chris Rock said it best. " Shaquille O'Neil is rich. The man who signs his check is wealthy. If Bill Gates woke up tomorrow with Oprah's money, he would jump out of a window."
Thank you for the consideration of others that you possess! You have been a inspiration, And have kept me reaching for the good life even when I was in a homeless shelter! I'm greatful to be on the list, again!
I would say someone is "rich" when they can live off of their assets comfortably (dividends, rental income, business profits etc.) without really having to put in work. Same for wealthy except their assets only provide them a fraction of their income, so they still have to work hard to live comfortably.
"without really having to put in work"? Wow. How lazy of you. If everyone had that mindset, almost no work would get done and you'd be going hungry. Your greed and laziness are evident.
I'd say you are fabulously wealthy when you can do whatever you want, whenever you want, for the rest of your life, without having to worry about how to pay for it. That's going to be different for everyone depending on what you enjoy, those that MUST show off with extravagant toys, parties etc will need considerably more than someone enjoying a down to earth approach doing what they love. So nuch 'wealth' is just wasted trying to keep up with the jones' "a fool and his money are easily parted"
I'm not willing to say publicly where I'm at in the spectrum of wealth presented in the video. However, I will say I retired early, moved, and live a very comfortable lifestyle in Mexico. I have a couple of thoughts based on Andrew's comments. One, there are a lot of people in this world who are comfortably rich but you would never know it. They don't drive fancy cars, have a yacht, or even fly on private aircraft. I have several friends who are in the $10-$30 million range who live very simple lifestyles. I have other friends who are also in that range but are pushing hard to put themselves into the filthy rich category. "For me", I'd say comfortably rich is just about right. You have enough to never have to worry about money again. You can invest conservatively and still generate enough income to live very comfortably virtually anywhere in the world. Another point I'd like to make is to echo what Andrew said about moving overseas to a location with a lower cost of living to accumulate wealth faster. Young people with work mobility can do that but so can older folks as well. By retiring early and moving to Mexico my net worth has increased at a significantly faster pace than it would have had I continued working and stayed in the US.
It depends on your definition of “fabulously wealthy”. Depending on the cost of living where you live and your desired lifestyle. The whole point behind living the nomad capitalist lifestyle is to go where you are treated best. That might be within your current country.
The other day, I went online "to shop" as I scrolled through the page, I realized...but I don't need anything. God is all I need in my life and the love of my family and friends and I have that. I'm wealthy!!!
Being financially independent at where you live or what you do constitutes to me being fabulously wealthy. For some it could be one million dollars others it could mean more, alot more.
Can you do a separate video about how to start a business (for example the UK) and live in an EU country (such as Italy or Spain) ? It would help to understand more about double-taxation agreements and how it works and to whom should we pay taxes? Thanks :)
I think fabulously wealthy would be $2-5 million for me. It's something I could retire on at any time and still live an extremely comfortable and charitable life.
Getting a luxury item like a yacht really is a glamorized way to lots and lots of suffering. Owning a bigger boat was my dream for years. I retired had a little money saved up and bought a forty foot sailboat. The work and the money that goes into
Owning something like a boat is beyond anything I ever expected. I owned small boats and had lots of fun in them. So my thinking was a bigger boat will be even more fun. Totally wrong. The people who are wealthy and get lots of big toys are probably trapped by these big things. The fun with them ends quickly but the responsibilities with them just goes on and on until they free themselves of them.
I know a man that owned several n I'll never forget the plaque he had that said ... the happiest day in a boat owner's life is the day he buys it n the day he sells it 😆
@@albertsaplys8661 It's the same with women and airplanes, unless you start a business around those things that can generate some cash flow... Can you use your boat to transport things around the world? Maybe you can have a few passengers sometimes?
I’m worried about bail in for banks that seem to be more and more a reality here in Canada. Is this madness at all banks around the world ? Thanks Andrew
As you get older, you realize measures of wealth start to align with meaningful relationships, good health and nurturing experiences. Having enough $ to fund a secure future (whatever that looks like Individually) is important but at the end of the day, more “stuff, space, things” can end up becoming burdensome.
That chart seems like an insane standard for anyone but a teeny elite. I'm only in the first category and consider myself "conformable." STUFF is not on my radar at 68.
Rich is relative. Upper-class in Mexico is lower class in the US. So is wealth vs richness. True richness is being healthy, having freedom to not work, a family, friends that care for you, ability to travel when you want and do what you want. That for most people is substantial. Financially it depends on your own version of success.
In my humble opinion, I think someone with $100 million in wealth can be considered "fabulously wealthy". You're certainly not amongst billionaires, but you can have pretty diversified real estate and stock portofolios and live quite comfortably with your family for your lifetime, barring massive mistakes.
I used to work at the family office of a multidecabillionaire. The guy was asking for monthly reports on expenses vs budgets with explanations about why the jamón on his yacht in the Mediterranean suddenly started to cost 10% more. That kind of stuff.
I was reading a book by Anthony Bourdain (spelling ?)...in one chapter he was dating a beautiful girl who was the daughter of a rich business man. They were in a restaurant in the West Indies...took the yacht there - not the largest in the harbour. But, the food was very awful, Bourdain asked her why they were in such an awful place with bad food...? The answer (eventually given and interpreted?) was that she wanted to be with 'her own kind' (need for comfort, I suppose). ......a very human desire........interesting though.
I think to be fabulously or filthy rich would be anything from a networth of $20 million upwards. I mean with that kind of money, you can practically do anything. You could buy luxury houses, cars, yachts etc. and invest money to make even more. But I think that generally speaking, a networth of $2 million, is enough to live a very comfortable lifestyle, especially if you are living in a developing country in Asia, Latin America, Africa or some parts of Eastern Europe. I think it's worth noting, that the vast majority of people in most Western developed countries, will never ever even have a networth of $500,000. The average retiree(ages 65 to 70, ages that people are usually financially at their wealthiest) in the UK for example, has a median networth of around $300,000 to $350,000. This means that half of the retirees in the UK have less than a $300,000 networth. Most people on a networth of $300,000 will say that they live comfortably in the UK. However, to be able to live a life that is very comfortable and luxurious in many ways, I'd say $2 million in networth would achieve that. If you live in a developing country, you will live like a king on this. But if you decide to live in a Western country like the UK, France or Germany, you should just be sensible. You could for example, buy a very nice house for 500k in the UK(outside of London) and then use the rest of the 1.5 million to have fun and also to invest. So you could do a hell of a lot with this networth in a Western country and literally live like a king on this networth in a developing country.
Eat that burrito - its all about CHOICES 🎉❤🎉 Im barely middle class but i appreciate your reasonable outlook on wealth - it's nice to have a community that can discuss money without the Stigma 👍
I'll try and play along : Fabulously wealthy ? The term itself implies the necessary qualifications. To be truly "Fealthy" everyone you come in contact should be in awe of your opulence. It is a highly advanced yet shallow form of "peacocking" I tend to have more respect for the wealthy that hides their true wealth from the world - Im guessing, once you are Fealthy it transforms every single human around you into 1 track machines
Love your channel and find myself in agreement with you 90%. In process now for Panama residency. I would say fabulously rich is perfect health and $20m
Thank you for your support and sharing your perspective! If you need any assistance during your residency process or have further questions about optimizing your lifestyle, feel free to reach out. We're here to help you achieve your financial and personal goals. You can reach us at help@nomadcapitalist.com.
All you should really want is passive or semi-passive income that very comfortably exceeds your desired lifestyle i.e. allows for a large cushion in case of a rainy few months or few years. I think having a cushion ranging from 6 months to 18 months in reserve is reasonable. For most people, depending almost entirely on where they live, this won't require more than $250k-5M in assets. Everything beyond that is unnecessary frills, and would seem to be more dead weight than a benefit. Like is a super-car, 10k square foot house, and $5000 winter coat really necessary? Just stop. If it seems necessary, you need to ask yourself what am I compensating for / what void am I filling? Time is limited, you can't take a cent with you, and stress shortens your life and tends to destroy or alienate your relationships.
As Nassim Taleb calls it, it's about attaining "eff you" money, so that you can do what you want, when you want, with whom you want and how you want. Of course, that's on the financial side. It means nothing if you've got no family and community. Just ask Mr. Burns...
Speaking as an Irishman living in Dublin there is a huge misconception that Ireland is in the top wealthiest of countries, it only look to be the wealthiest on paper due to being a massive tax haven for the mega corps and banks of the world, in a nutshell. The infrastructure much like any 1st world country is a shambles, we have a health crisis with over crowded hospitals as well as a housing crisis, rents are through the roof, uncontrolled immigration is part in parcel of this. The govt won't step in and regulate because basically to balance the countries books and shift debt from the 08/09 GFC IMF loans and the bursting of a massive property bubble it set up a regulatory body called NAMA ( National Assets Management Agency) allowing vulture funds to have a field day with the real estate sector being on fire sale, and it's been that way ever since, while the largest political parties and property developers are hand in glove, who walked away scott free from the property mess they made, now shouldered by the tax payer, corruption at it's finest. There are (pertaining to population size of 5+ million) 11,000+ homeless across our cities and yet the govt have just announced a budget of a BILLION to house Ukrainian refugees and those seeking international protection, basically chancers coming here for welfare benefits, again payed by the Irish tax payer. A part of that budget is being subsidised by EU funds, the local, native Irish are rightly outraged being treated as second class citizens in their own homeland, as the govt continues to be EU pawns making the country multicultural leaving THE IRISH behind as they greedily and recklessly want to import more foreigners to get more votes for them and cheap labour for businesses, a cliched immigration model across the west, all with the tired excuse of ageing population and the need to prop up pensions. Anyone who speaks out are branded racists and other petty cliches. The west is deliberately being flooded with the 3rd world for nefarious reasons other than, but that's an argument for another day. So bottom line, any "wealth" that Ireland appears to have is merely on paper, it certainly isn't trickling down to pay €15 for tea and scones!
Wealthy is about independence and then multiple generational independence. Then follow the 3% rule on spending. 35m is the starting point for your own independence. 200m for family independence
one question, how can you live in countries and defend and protect what you own there, without alarm systems and the right to own guns? are you supposed to just let people rob your house there and on the street or worse? there is no point in owning anything if you can not protect it and defend it as you point out constantly... so how do you defend it from the stranger down the road? let alone defend your life without a gun? i am pretty sure that if you are running around from country to country all the time, you can not transport the weapons you need, and none of them allow you to have them anyway except the u.s. for now.... so exactly how do you keep the stranger down the street and squaters out of your private property and make sure it remains yours and not stolen and vandalized while you are home, let alone the 8 or 9 months you are gone without heavy weapons and security? you have an awful lot to bring thieves and worse if you are a rich american in those countries, cost you just as much in theft and damage as taxes in the u.s. anyway if you do not have a way to stop them. same as thieves in the u.s. now... if you cant stop them from stealing it, you wasted your time earning it. does not matter if it is taxes or the stranger down the street, same result, they have it you dont. all the frugal and smart choices in the world will not matter if you can not defend what is your from the stranger down the street in person.... no big deal, just by another tv?, they will come back and steal that too, why bother with that.? stop them the first time. otherwise they just wasting your earnings from all this time and effort. does not matter what you can earn to what number, if you can not protect it AND yourself from the gov. AND the stranger down the street both... that requires the best tool available... a gun... lawyers for the gov. gun for stranger down the street... both need stopped equally. ... if i am going to be stuck in a world or country where i have to just LET the stranger down the street take what they want from me or just LET them rape my wife.... i would rather not have either of them in the first place myself, better to never have earned it at all then to have it taken by someone else...... if i can not stop some total stranger from just taking it, then i dont want to waste my time earning it for them. better off wasting my time and effort on something frivolous like alcohol before letting THAT happen to me.
@@as-1982 yes it is, democrats prove that, thinking they have a right to what belongs to other people, and have a right to come steal even more in person, without getting injured during their crime.
I remember a story about Nelson Rockerfeller campaigning for President @ Coney Island in the 70"s. He didn't know how to eat a hot dog! His contender, Gerald Ford went to San Antonio and tried to eat a tamale with the corn husk wrapper!
As long as I have what I need to live comfortably and to be able to move freely somewhere else would be sufficient for me. More importantly one has to be in excellent health and physical condition in order to enjoy life. You should also be creative and an active learner of other things besides making money.
some rich are not shy about and rent a yacht for some weeks in the carribean/mediterranean. their assets work elsewhere but sitting in a port OR they possess a yacht indeed but do that renting business to rake in some for the costs. same with private jets, those are much to valuable to stay around and used on a whim only.
In India 2 -3 USD million is rch including property and cash, and I am educated in tech so I think creating or investing in the next unicorn statup is the way to be rich.. that's why I wanted to be in silicone valley. But you need a lot of persistence and luck (good karma) as well
Yes but the people that produce your products suffer losses, and you end up with less innovation and less aboundance on the world you'll live your future and your children will live
On the matter of eating out, no matter your taste or appetite size, anything spent beyond the $30-$50 range, per person, is paying mostly for a pretentious experience.
I always like American people🌹🇺🇸 I am from Pakistan and being a third world country citizen, there are no chances for me to earn money,you can't become rich because only fewer people control all the country assets and they become richer and richer I don't want to marry Pakistani Muslim, but no one wants to help me since I am neither famous nor Rich to move out of Pakistan,the only option I have is to marry foreign passport holder Pakistani Muslim if I want to go abroad because white men afraid of Pakistani girls I don't think I can make million dollar Money is not everything, but you need money for making your life better
there is a level of wealth beyond all of this.... 1. Willing giving up your wealth just for fun and making it back in a few months. After a while it becomes a game...then even that gets boring and then you start thinking about transforming the earth for everyone, even redefining money, eliminating money, making things free....
Do you have a Family Office? Do you have private jet management? Do you have superyacht/megayacht management? Do you have assets under management? Can you build a multi-million dollar property with a cheque rather than construction loans? Can you fly to a foreign country for a clothing fitting and lunch and be home for dinner? If yes....
I live comfortably but I don't see myself becoming fabulously wealthy or even wealthy, maybe one day I reach FI at least. I can't see myself being as "valuable" or providing anything that is worth much money, to be honest as the days go by I'm getting more scared to not be able to provide anything even with a minimum value, but I guess this is just me dealing with my low self esteem
Having money shows you have been rewarded for your hobby/work. Why should people feel bad? A lot of wealthy people are happy in the fruits of their labour. You can be poor miserable or rich miserable... So let's assume you wanna be 3rd world happy with nothing? You're saying all rich people are not happy and their lives are controlled by money? What's your life controlled by?
One reason to pursue wealth is to find a pleasant environment to live in. Unfortunately, humans have spread to all land on earth. It limits the places where you can enjoy wealth. For example, in the Seychelles you are still surrounded by mostly poor people. The alternative is to create your own oasis in a remote location, in any country.
There's a ton of empty space, you would just sacrifice convenience. Let's not forget what is the source of all that wealth, other people. To get cheap services and goods, you need to live near poorer people.
Wealthy is being able to enjoy time off AND pay your bills without being stressed out, doing so. Being RICH is having all that with meaningful personal relations, wife, family, children, parents, friends and even neighbours.
Which means booking a trip to hawaii for the weekend because the barista got your coffee wrong is reasonable. Waste in this case probably literally means booking a flight you wont take or ordering more food you can eat.
And if every hard working person got that much, your money would be almost valueless. You think you deserve more than another hard working person? Think again. That's why there's so much greed, fighting, etc
there is no amount of money that is too much, its just numbers on a screen but i have no intrest in buying so much stuff it becomes a hussle to manage, when i seen these 18 bedroom houses i see no benfit to that over a nice 4 or 5 bedroom house with a pool
1 million.. if the question is basic sustainable income. Something is wrong if a little cafe can’t be bought and staffed. But then…. You’d probably want to own the building outright for sustainability, so maybe it really is 5 million.
For me 10 million or 30 million dollars would be enough for me buy a nice house for my mom and I here in the states. Then maybe I could split my time between here and another country where I am treated better.
This is the question I have been researching and thinking about since my teens. This is the reason I wanted to immigrate to silicon valley be the next statup unicorn founder or at least rub shoulder or get a chance to work in their early stage companies But I think it depends on the country as well in India you need a lot lesser than the mentioned number
If I can retire my mum and my family and never have to worry about money or buying things again, as well as a steadily compounding income then that’s good enough for me. No fancy suoercars, a little Honda Civic Type S would be good enough for me (though I would like it upgraded with a bit of oomph :))...either that or a nice Bentley. It would be nice to travel endlessly and meet new kinds of people and places without worry. I like the cold so would like to visit Norway, Mongolia or Northern Japan, place’s expensive though...
I want to be comfortable, being rich creates problems, just like being poor. For me, the best places if you want to practice Geoarbitrage is Thailand or The Philippines
Fabulously rich would be 2 million in cash on hand, 2 million in gold on hand, 2 million in jewelry value (calculated based on used price value), 100 million in assets fory offspring to have as an adult.. 30million in assets to use for the next 60 ish years or so. Not that we'll necessarily use that much it's more of a peace of mind number..
My kids are in the US so I don't want to renounce. Can I still start a business in another country and enjoy lower taxes or is the U.S. still going to strong arm me for 30% or whatever it is now
Eternal Wealth - Being wealthy is being able to be loved, loving others, and able to receive love, peace, hope, joy, and contentment. Having LIFE living in you is wealth and health and freedom because it is Eternal Life, living life to the full. Having all my guilt and shame and sin forgiven by God through Jesus the Messiah is Freedom and Being Rich.
Is having a mere $5 million net worth enough to make you a marked man? In Guatemala an American colleague was kidnapped and held for ransom. Cut off his thumb if his family didn't pay $5,000. USD. Just imagine when they know you're worth 20 million!!!
![FendiDa Rappa - Clock Dat ft. Shamar Marco [Official Music Video]](http://i.ytimg.com/vi/3NBU8KHdxYY/mqdefault.jpg)
Andrew, I love your channel. I was born and raised on nothing. As a young man I moved away, started a business, busted my backside and became very successful. But the older I got, the more I realized no matter what dollar figure you are chasing there is at least 1 more zero just beyond your reach.
My conclusion is Fabulous Wealth is something that comes from community. I found it when I moved back home and married my childhood sweetheart and began raising a family. I have comfortably raised my kids, while spending time with the boys at the local dinner every morning. They became interested in investing, we started on penny stocks and now their lives are better for it as well. Dont get me wrong, I'm all about chasing down a good tax break while enjoying another part of the world, but community is where meaning and true wealth is found.
Loved this!!!
Ultimately...
"Home" is where the heart is.
Well said
Correct.
People who chase money will never be content.
Even community will disappoint you. Even your family will.
Jesus never disappoints.
Good family, loving wife, healthy children.
This
Worth more than any billion
Amen
That’s true riches
healthy self as well
Health is wealth
Wealth is a mindset. Money is a number. If you are wealthy enough to spend the overwhelming majority your time how you want when you want, in my opinion that is when you have reached wealth. It’s a different benchmark for each of us though. Some that means living high in dubai 247. For others it means work Monday to Friday and spend the weekend on the boat fishing. You decide
Very well stated
Being fabulously wealthy or rich simply means do whatever you want and whenever you want to. What makes one happy varies from person to person whether their net worth is 1, 5 , 10 or 100+ millions. How much you worth does not determine if you will feel fabulously wealthy or rich. Your example of eating a street tacos vs going to a Michelin Stars restaurant is an good example.
No one can do whatever they want whenever they want.
You know that.
Going to restaurants etc won't satisfy. It's just a temporary feel good thing. It's all vanity.
It's in the Bible.
Purchasing power, not any number of dollars equals fabulously rich, so like king Solomon prayed, lord give me wisdom, knowledge, and favor- now that’s fablulously rich
Some of the point to be wealthy is having options. If I want to eat a street taco, I can. I don't have to, but I can, just as easily as I can eat at a fine dining establishment. It's choice, that many people do not have. Freedom is not free.
And what choices will you have when your turn comes to die?
That's Forever.....
Well said. Low key and keeping it real. That's the key.
Awesome Job Andrew Thank you for Being who you are
I could never be that wealthy because after I have enough to live an ordinary lifestyle I give it away to people I know who are hurting .. for me that's a better use of capital instead of the purpose to just make more .. after the age of 45 I turned my thinking around
Chris Rock said it best. " Shaquille O'Neil is rich. The man who signs his check is wealthy. If Bill Gates woke up tomorrow with Oprah's money, he would jump out of a window."
Thank you for the consideration of others that you possess!
You have been a inspiration,
And have kept me reaching for the good life even when I was in a homeless shelter!
I'm greatful to be on the list, again!
Wealth to me: To have Freedom.
1.
To fly private when need it or want it.
2.
When able to be an influence or help others.
These are examples.
I would say someone is "rich" when they can live off of their assets comfortably (dividends, rental income, business profits etc.) without really having to put in work.
Same for wealthy except their assets only provide them a fraction of their income, so they still have to work hard to live comfortably.
"without really having to put in work"?
Wow. How lazy of you.
If everyone had that mindset, almost no work would get done and you'd be going hungry.
Your greed and laziness are evident.
I'd say you are fabulously wealthy when you can do whatever you want, whenever you want, for the rest of your life, without having to worry about how to pay for it.
That's going to be different for everyone depending on what you enjoy, those that MUST show off with extravagant toys, parties etc will need considerably more than someone enjoying a down to earth approach doing what they love. So nuch 'wealth' is just wasted trying to keep up with the jones' "a fool and his money are easily parted"
My definition of being Fabulously Wealthy is the ability To do Whatever I want, Whenever I want, with Whoever I want as many Times as I want.
Definition of a deusche bag
If you need to keep up with the Jones family, you are always poor.
Agreed
I'm the person cooking the street taco that puts the Michelin joint to shame - I don't think becoming "fabulously rich" this lifetime is in my cards.
You can do it.
Not actually true, Im a multi millionaire carpenter, investing since i was 18
I'm not willing to say publicly where I'm at in the spectrum of wealth presented in the video. However, I will say I retired early, moved, and live a very comfortable lifestyle in Mexico. I have a couple of thoughts based on Andrew's comments. One, there are a lot of people in this world who are comfortably rich but you would never know it. They don't drive fancy cars, have a yacht, or even fly on private aircraft. I have several friends who are in the $10-$30 million range who live very simple lifestyles. I have other friends who are also in that range but are pushing hard to put themselves into the filthy rich category. "For me", I'd say comfortably rich is just about right. You have enough to never have to worry about money again. You can invest conservatively and still generate enough income to live very comfortably virtually anywhere in the world.
Another point I'd like to make is to echo what Andrew said about moving overseas to a location with a lower cost of living to accumulate wealth faster. Young people with work mobility can do that but so can older folks as well. By retiring early and moving to Mexico my net worth has increased at a significantly faster pace than it would have had I continued working and stayed in the US.
Wow, you really meant "be"...how about become. That'd be useful.
It depends on your definition of “fabulously wealthy”. Depending on the cost of living where you live and your desired lifestyle.
The whole point behind living the nomad capitalist lifestyle is to go where you are treated best. That might be within your current country.
I did not learn how to be wealthy.
The other day, I went online "to shop" as I scrolled through the page, I realized...but I don't need anything. God is all I need in my life and the love of my family and friends and I have that. I'm wealthy!!!
Being financially independent at where you live or what you do constitutes to me being fabulously wealthy. For some it could be one million dollars others it could mean more, alot more.
Can you do a separate video about how to start a business (for example the UK) and live in an EU country (such as Italy or Spain) ? It would help to understand more about double-taxation agreements and how it works and to whom should we pay taxes? Thanks :)
Depending on how much business you do, I’d recommend starting it in Panama or the Cayman Islands and then just doing business under that LLC in the UK
I think fabulously wealthy would be $2-5 million for me. It's something I could retire on at any time and still live an extremely comfortable and charitable life.
Getting a luxury item like a yacht really is a glamorized way to lots and lots of suffering. Owning a bigger boat was my dream for years. I retired had a little money saved up and bought a forty foot sailboat. The work and the money that goes into
Owning something like a boat is beyond anything I ever expected. I owned small boats and had lots of fun in them. So my thinking was a bigger boat will be even more fun. Totally wrong. The
people who are wealthy and get lots of
big toys are probably trapped by these big things. The fun with them ends quickly but the responsibilities with them just goes on and on until they free themselves of them.
I know a man that owned several n I'll never forget the plaque he had that said ... the happiest day in a boat owner's life is the day he buys it n the day he sells it 😆
@@albertsaplys8661 It's the same with women and airplanes, unless you start a business around those things that can generate some cash flow... Can you use your boat to transport things around the world? Maybe you can have a few passengers sometimes?
I’m worried about bail in for banks that seem to be more and more a reality here in Canada. Is this madness at all banks around the world ? Thanks Andrew
As you get older, you realize measures of wealth start to align with meaningful relationships, good health and nurturing experiences. Having enough $ to fund a secure future (whatever that looks like Individually) is important but at the end of the day, more “stuff, space, things” can end up becoming burdensome.
Totally agree. Being fab wealthy means you can do whatever the heck you want, screw the Jones's
That chart seems like an insane standard for anyone but a teeny elite. I'm only in the first category and consider myself "conformable." STUFF is not on my radar at 68.
Rich is relative. Upper-class in Mexico is lower class in the US. So is wealth vs richness. True richness is being healthy, having freedom to not work, a family, friends that care for you, ability to travel when you want and do what you want. That for most people is substantial. Financially it depends on your own version of success.
In my humble opinion, I think someone with $100 million in wealth can be considered "fabulously wealthy".
You're certainly not amongst billionaires, but you can have pretty diversified real estate and stock portofolios and live quite comfortably with your family for your lifetime, barring massive mistakes.
How about enjoying the *freedom* of not having to slave away for an ungrateful boss who cheats you of pay and have fewer worries in life?
Depends on where you live and what is your income/asset vs expense structure.
I used to work at the family office of a multidecabillionaire. The guy was asking for monthly reports on expenses vs budgets with explanations about why the jamón on his yacht in the Mediterranean suddenly started to cost 10% more. That kind of stuff.
😆😂 doesn’t sound free
@@GrikWorldNomad Sounds more like he is being prudent. Once a month is not bad at all.
I was reading a book by Anthony Bourdain (spelling ?)...in one chapter he was dating a beautiful girl who was the daughter of a rich business man. They were in a restaurant in the West Indies...took the yacht there - not the largest in the harbour. But, the food was very awful, Bourdain asked her why they were in such an awful place with bad food...? The answer (eventually given and interpreted?) was that she wanted to be with 'her own kind' (need for comfort, I suppose). ......a very human desire........interesting though.
I think to be fabulously or filthy rich would be anything from a networth of $20 million upwards. I mean with that kind of money, you can practically do anything. You could buy luxury houses, cars, yachts etc. and invest money to make even more. But I think that generally speaking, a networth of $2 million, is enough to live a very comfortable lifestyle, especially if you are living in a developing country in Asia, Latin America, Africa or some parts of Eastern Europe.
I think it's worth noting, that the vast majority of people in most Western developed countries, will never ever even have a networth of $500,000. The average retiree(ages 65 to 70, ages that people are usually financially at their wealthiest) in the UK for example, has a median networth of around $300,000 to $350,000. This means that half of the retirees in the UK have less than a $300,000 networth. Most people on a networth of $300,000 will say that they live comfortably in the UK.
However, to be able to live a life that is very comfortable and luxurious in many ways, I'd say $2 million in networth would achieve that. If you live in a developing country, you will live like a king on this. But if you decide to live in a Western country like the UK, France or Germany, you should just be sensible. You could for example, buy a very nice house for 500k in the UK(outside of London) and then use the rest of the 1.5 million to have fun and also to invest. So you could do a hell of a lot with this networth in a Western country and literally live like a king on this networth in a developing country.
Eat that burrito - its all about CHOICES 🎉❤🎉
Im barely middle class but i appreciate your reasonable outlook on wealth - it's nice to have a community that can discuss money without the Stigma 👍
I'll try and play along :
Fabulously wealthy ? The term itself implies the necessary qualifications. To be truly "Fealthy" everyone you come in contact should be in awe of your opulence. It is a highly advanced yet shallow form of "peacocking"
I tend to have more respect for the wealthy that hides their true wealth from the world - Im guessing, once you are Fealthy it transforms every single human around you into 1 track machines
Love your channel and find myself in agreement with you 90%. In process now for Panama residency. I would say fabulously rich is perfect health and
$20m
Thank you for your support and sharing your perspective! If you need any assistance during your residency process or have further questions about optimizing your lifestyle, feel free to reach out. We're here to help you achieve your financial and personal goals. You can reach us at help@nomadcapitalist.com.
All you should really want is passive or semi-passive income that very comfortably exceeds your desired lifestyle i.e. allows for a large cushion in case of a rainy few months or few years. I think having a cushion ranging from 6 months to 18 months in reserve is reasonable. For most people, depending almost entirely on where they live, this won't require more than $250k-5M in assets. Everything beyond that is unnecessary frills, and would seem to be more dead weight than a benefit. Like is a super-car, 10k square foot house, and $5000 winter coat really necessary? Just stop. If it seems necessary, you need to ask yourself what am I compensating for / what void am I filling? Time is limited, you can't take a cent with you, and stress shortens your life and tends to destroy or alienate your relationships.
I like where your head is at.
As Nassim Taleb calls it, it's about attaining "eff you" money, so that you can do what you want, when you want, with whom you want and how you want. Of course, that's on the financial side. It means nothing if you've got no family and community. Just ask Mr. Burns...
Speaking as an Irishman living in Dublin there is a huge misconception that Ireland is in the top wealthiest of countries, it only look to be the wealthiest on paper due to being a massive tax haven for the mega corps and banks of the world, in a nutshell.
The infrastructure much like any 1st world country is a shambles, we have a health crisis with over crowded hospitals as well as a housing crisis, rents are through the roof, uncontrolled immigration is part in parcel of this.
The govt won't step in and regulate because basically to balance the countries books and shift debt from the 08/09 GFC IMF loans and the bursting of a massive property bubble it set up a regulatory body called NAMA ( National Assets Management Agency) allowing vulture funds to have a field day with the real estate sector being on fire sale, and it's been that way ever since, while the largest political parties and property developers are hand in glove, who walked away scott free from the property mess they made, now shouldered by the tax payer, corruption at it's finest.
There are (pertaining to population size of 5+ million) 11,000+ homeless across our cities and yet the govt have just announced a budget of a BILLION to house Ukrainian refugees and those seeking international protection, basically chancers coming here for welfare benefits, again payed by the Irish tax payer.
A part of that budget is being subsidised by EU funds, the local, native Irish are rightly outraged being treated as second class citizens in their own homeland, as the govt continues to be EU pawns making the country multicultural leaving THE IRISH behind as they greedily and recklessly want to import more foreigners to get more votes for them and cheap labour for businesses, a cliched immigration model across the west, all with the tired excuse of ageing population and the need to prop up pensions.
Anyone who speaks out are branded racists and other petty cliches. The west is deliberately being flooded with the 3rd world for nefarious reasons other than, but that's an argument for another day.
So bottom line, any "wealth" that Ireland appears to have is merely on paper, it certainly isn't trickling down to pay €15 for tea and scones!
Wealthy is about independence and then multiple generational independence. Then follow the 3% rule on spending. 35m is the starting point for your own independence. 200m for family independence
You don't need anywhere near 35 million to be independent. You could easily do 1 million in SE asia
The table is from dear old Felix Dennis' book, How To Get Rich. It's a wonderful read and Felix was a personal hero of mine.
one question, how can you live in countries and defend and protect what you own there, without alarm systems and the right to own guns? are you supposed to just let people rob your house there and on the street or worse? there is no point in owning anything if you can not protect it and defend it as you point out constantly... so how do you defend it from the stranger down the road? let alone defend your life without a gun? i am pretty sure that if you are running around from country to country all the time, you can not transport the weapons you need, and none of them allow you to have them anyway except the u.s. for now.... so exactly how do you keep the stranger down the street and squaters out of your private property and make sure it remains yours and not stolen and vandalized while you are home, let alone the 8 or 9 months you are gone without heavy weapons and security? you have an awful lot to bring thieves and worse if you are a rich american in those countries, cost you just as much in theft and damage as taxes in the u.s. anyway if you do not have a way to stop them. same as thieves in the u.s. now... if you cant stop them from stealing it, you wasted your time earning it. does not matter if it is taxes or the stranger down the street, same result, they have it you dont. all the frugal and smart choices in the world will not matter if you can not defend what is your from the stranger down the street in person.... no big deal, just by another tv?, they will come back and steal that too, why bother with that.? stop them the first time. otherwise they just wasting your earnings from all this time and effort. does not matter what you can earn to what number, if you can not protect it AND yourself from the gov. AND the stranger down the street both... that requires the best tool available... a gun... lawyers for the gov. gun for stranger down the street... both need stopped equally. ... if i am going to be stuck in a world or country where i have to just LET the stranger down the street take what they want from me or just LET them rape my wife.... i would rather not have either of them in the first place myself, better to never have earned it at all then to have it taken by someone else...... if i can not stop some total stranger from just taking it, then i dont want to waste my time earning it for them. better off wasting my time and effort on something frivolous like alcohol before letting THAT happen to me.
Mental health is really a problem.
He left that place called the US. Andrew is much safer now.
@@damienhall9814 how without a way to defend yourself?
@@as-1982 yes it is, democrats prove that, thinking they have a right to what belongs to other people, and have a right to come steal even more in person, without getting injured during their crime.
Interesting All Tammys comments are gone from earlier because she exposed No mad.
I remember a story about Nelson Rockerfeller campaigning for President @ Coney Island in the 70"s. He didn't know how to eat a hot dog! His contender, Gerald Ford went to San Antonio and tried to eat a tamale with the corn husk wrapper!
Probably if you grow up around the area that doesn’t have Mexican food he wouldn’t know how to eat a tamale like I do.:)
As long as I have what I need to live comfortably and to be able to move freely somewhere else would be sufficient for me. More importantly one has to be in excellent health and physical condition in order to enjoy life. You should also be creative and an active learner of other things besides making money.
some rich are not shy about and rent a yacht for some weeks in the carribean/mediterranean. their assets work elsewhere but sitting in a port OR they possess a yacht indeed but do that renting business to rake in some for the costs.
same with private jets, those are much to valuable to stay around and used on a whim only.
Leaving those assets idle and not caring about what it costs makes you fabulously wealthy.
I am in the uncomfortable poor range.
In India 2 -3 USD million is rch including property and cash, and I am educated in tech so I think creating or investing in the next unicorn statup is the way to be rich.. that's why I wanted to be in silicone valley.
But you need a lot of persistence and luck (good karma) as well
Ok, after seeing that table I just realized I'm in "The miserably poor" category. Lol not Lol... 😄
How to get fabulously wealthy - GET INTO POLITICS, MONEY AND POWER BEYOND YOUR WILDEST DREAMS.
And give up your soul, if you ever had one.
Yes but the people that produce your products suffer losses, and you end up with less innovation and less aboundance on the world you'll live your future and your children will live
On the matter of eating out, no matter your taste or appetite size, anything spent beyond the $30-$50 range, per person, is paying mostly for a pretentious experience.
Well said!!
Thank you so much!
I always like American people🌹🇺🇸
I am from Pakistan and being a third world country citizen, there are no chances for me to earn money,you can't become rich because only fewer people control all the country assets and they become richer and richer
I don't want to marry Pakistani Muslim, but no one wants to help me since I am neither famous nor Rich to move out of Pakistan,the only option I have is to marry foreign passport holder Pakistani Muslim if I want to go abroad because white men afraid of Pakistani girls
I don't think I can make million dollar
Money is not everything, but you need money for making your life better
there is a level of wealth beyond all of this....
1. Willing giving up your wealth just for fun and making it back in a few months. After a while it becomes a game...then even that gets boring and then you start thinking about transforming the earth for everyone, even redefining money, eliminating money, making things free....
Do you have a Family Office? Do you have private jet management? Do you have superyacht/megayacht management? Do you have assets under management? Can you build a multi-million dollar property with a cheque rather than construction loans? Can you fly to a foreign country for a clothing fitting and lunch and be home for dinner? If yes....
I live comfortably but I don't see myself becoming fabulously wealthy or even wealthy, maybe one day I reach FI at least.
I can't see myself being as "valuable" or providing anything that is worth much money, to be honest as the days go by I'm getting more scared to not be able to provide anything even with a minimum value, but I guess this is just me dealing with my low self esteem
200x your yearly expenditures. If you have enough to do generation wealth, congrats. You're there.
Perhaps when the money rules your life; you’re no longer wealthy…
Money rules the lives of the wealthy.
Exactly
Lol, says the person without money.
Having money shows you have been rewarded for your hobby/work. Why should people feel bad? A lot of wealthy people are happy in the fruits of their labour. You can be poor miserable or rich miserable... So let's assume you wanna be 3rd world happy with nothing? You're saying all rich people are not happy and their lives are controlled by money? What's your life controlled by?
Money is the fuel of the automobile of life. If you want to live life, especially a good life, you need money.
One reason to pursue wealth is to find a pleasant environment to live in. Unfortunately, humans have spread to all land on earth. It limits the places where you can enjoy wealth. For example, in the Seychelles you are still surrounded by mostly poor people. The alternative is to create your own oasis in a remote location, in any country.
There's a ton of empty space, you would just sacrifice convenience. Let's not forget what is the source of all that wealth, other people. To get cheap services and goods, you need to live near poorer people.
Build megadome and buy a large projector, or just plug into the metaverse
Wealthy is being able to enjoy time off AND pay your bills without being stressed out, doing so. Being RICH is having all that with meaningful personal relations, wife, family, children, parents, friends and even neighbours.
It’s all in the mindset! How rich do you feel? Some could feel fabulously wealthy with a half million euros! 😅
Dear Andrew, I love your videos, interviews, and book! I would say $300,000,000 and then growing that to over $1,000,000,000! Sanjay
"$20 Million a year is all the wealth you'll ever need.
You can only use $20 Million a year, without being truly wasteful."
- Andrew Tate
Which means booking a trip to hawaii for the weekend because the barista got your coffee wrong is reasonable. Waste in this case probably literally means booking a flight you wont take or ordering more food you can eat.
And if every hard working person got that much, your money would be almost valueless.
You think you deserve more than another hard working person? Think again.
That's why there's so much greed, fighting, etc
there is no amount of money that is too much, its just numbers on a screen but i have no intrest in buying so much stuff it becomes a hussle to manage, when i seen these 18 bedroom houses i see no benfit to that over a nice 4 or 5 bedroom house with a pool
Nice tan Mr. Henderson!
Hi Andrew - thanks for sharing these insights! Btw, I love the street food in Singapore and India.
Glad you enjoyed it.
Currently in Singapore. My favorite place to eat I'd say 😁
Perfect breakdown.
If you are making 100,000k per year, you are definitely in the top 1% of the world. So this list should be specifically for the USA.
Which is the most technological ly innovative place?
Wealth table taken from Felix Dennis
1 million.. if the question is basic sustainable income. Something is wrong if a little cafe can’t be bought and staffed. But then…. You’d probably want to own the building outright for sustainability, so maybe it really is 5 million.
fantastic channel
Love your content Andrew!
One day I will convince you on the yacht thing however… 😂
To put an arbitrary number on it: 50 times my expenditure at the point I'm spending whatever I want.
Live where you can produce effectively & efficiently not where you can save. ( Could be on a Falcon jet.)
I would move all descriptions down one. So get rid of comfortably poor and say that everyone that has $100-400k is the comfortably off
@foggywoodsnh Yeah, if you are in other countries and cities you would probably move the descriptions down at least two or three.
Yeah this is where I am and just coming off poor. I love that chart it really tells you the truth especially in America.
It doesn't get much better than Mexican street food.
For me 10 million or 30 million dollars would be enough for me buy a nice house for my mom and I here in the states. Then maybe I could split my time between here and another country where I am treated better.
“He’s in the jungle with the savages” 😂😂😂😂😂
I got a good laugh at that too lol
6:45
Millions aren't it anymore. A single family house in a decent neighborhood costs that. 'Fabulously wealthy'...I'd say a billion, at least.
This is the question I have been researching and thinking about since my teens. This is the reason I wanted to immigrate to silicon valley be the next statup unicorn founder or at least rub shoulder or get a chance to work in their early stage companies
But I think it depends on the country as well in India you need a lot lesser than the mentioned number
Misleading title...this is not about "How to...."
If I can retire my mum and my family and never have to worry about money or buying things again, as well as a steadily compounding income then that’s good enough for me. No fancy suoercars, a little Honda Civic Type S would be good enough for me (though I would like it upgraded with a bit of oomph :))...either that or a nice Bentley. It would be nice to travel endlessly and meet new kinds of people and places without worry. I like the cold so would like to visit Norway, Mongolia or Northern Japan, place’s expensive though...
1 billion dollars is my benchmark.
Lol, I'm not even comfortably poor by these standards. But hey, it's something work toward!
Whatever amount buys you freedom.
I like the jacket, what is it?
I want to be comfortable, being rich creates problems, just like being poor. For me, the best places if you want to practice Geoarbitrage is Thailand or The Philippines
Fabulously rich would be 2 million in cash on hand, 2 million in gold on hand, 2 million in jewelry value (calculated based on used price value), 100 million in assets fory offspring to have as an adult.. 30million in assets to use for the next 60 ish years or so. Not that we'll necessarily use that much it's more of a peace of mind number..
when you have enough money to surround yourself with the best of company is when you k ow you've become fabulously wealthy
My Social Security check puts me in the top 1% in Mexico.
My kids are in the US so I don't want to renounce. Can I still start a business in another country and enjoy lower taxes or is the U.S. still going to strong arm me for 30% or whatever it is now
I'd say 100 million dollars or more is starting to look fabulous.
Eternal Wealth - Being wealthy is being able to be loved, loving others, and able to receive love, peace, hope, joy, and contentment. Having LIFE living in you is wealth and health and freedom because it is Eternal Life, living life to the full. Having all my guilt and shame and sin forgiven by God through Jesus the Messiah is Freedom and Being Rich.
Go where the Tacos are seasoned Best!
Is having a mere $5 million net worth enough to make you a marked man? In Guatemala an American colleague was kidnapped and held for ransom. Cut off his thumb if his family didn't pay $5,000. USD. Just imagine when they know you're worth 20 million!!!