Andrew keeps reading headlines that state that over 50% of U.S. citizens do not have an emergency fund. The numbers sometimes vary, but this week’s headline read 62% of Americans did not have $1,000 for an emergency. Although, $1,000 is very little in retrospect, Andrew has met highly successful entrepreneurs and digital nomads who also fall into this same category. Do not fall victim to the Western mentality. You should always save for a rainy day!
Key Takeaways:
Andrew's Editorial:
[1:45] Did you know 62% of U.S. citizens do not have $1,000 to pay for an emergency?
[2:40] Andrew admits that the picture isn’t prettier in other countries, like the UK, when it comes to their emergency fund.
[3:25] Andrew believes there are nomads out there who fall into a similar category.
[4:45] No one really wants free university outright, but everyone wants more and more free stuff.
[7:20] As more and more people do not have $1,000 for emergencies, you’ll begin to see those people asking the government for more things.
[8:15] If you travel to Asia, you’ll see that many families, who make less than Westerners, have plenty of money for an emergency.
[9:05] The world is shifting, so how can you prepare for it?
[12:20] As a nomad traveling the world, it’s very easy to fall into vacation mode, and spend additional money.
[13:45] If you’re earning more than 300k+ a year as a Digital Nomad, and you don’t have 50k lying around, then something is wrong.
[15:00] Andrew doesn’t buy into Elon Musk’s philosophy on business and cash.
[16:00] Many nomads do not have $2,000 laying around if they need to buy a new computer on the fly.
[18:55] Andrew’s focus next year is how to build a more passive income.
[21:00] Do not fall prey to the same things people in the West fall prey to.
Interview:
[25:50] How did Andre start his entrepreneurial journey?
[28:30] What was Andre’s aha moment, to quitting?
[33:50] Andre talks on how he managed his nomadic lifestyle when he met his wife, who doesn’t travel as much.
[38:00] Why did Andre set his business up in Spain?
[42:00] What kind of challenges has Andra run into, while setting up a business in Spain?
[45:15] Andre plans to expand his business to other countries.
The Lightning Round:
[45:55] One business – A coffee house.
[46:35] One country – Portland, Oregon.
[46:55] One book – Manifesto for the Earth, by Mikhail Gorbachev
[47:40] One tool – EzTix
Listener Question:
[49:25] Please subscribe on iTunes!
[49:45] What is the most overlooked thing, when it comes to choosing a new location?
[51:25] Andrew currently loves what Cape Town has to offer.
[53:30] So, what’s a deal breaker for a digital nomad? The internet, and Cape Town has awful internet right now.
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com
