8 Money Traps to Avoid to Become Wealthy

[@Cookies205]

1. Paying High Taxes 0:55 2. Lack of Planning 2:17 3. Lack of Intentionality 3:20 4. Expensive Social Life 4:47 5. Not Growing Income 6:03 6. Expensive Significant Other 7:05 7. Expensive Cars 8:53 8. Hoarding Too Much Cash 9:40

[@christopherarmstrong2710]

Thanks, these are great!

[@Lasfrans]

BOAT stands for "Bust Out Another Thousand" ... pro tip: the best boat is your friend's boat ;)

[@robstone4537]

If it flies, floats or F*&@s its cheaper to rent it by the hour.

[@oscarmartinez-fg9et]

@@robstone4537 like that strategy 😂

[@gastramp]

Don't buy crap. Especially crap you don't need.

[@adobotravels]

“Here's how I think of my money - as soldiers - I send them out to war everyday. I want them to take prisoners and come home, so there's more of them. - Kevin O’Leary

[@gperson1967]

Rather violent.

[@acmelbourne]

Loved point six, there's plenty of people around the world who wish they married a different person.

[@bradynields9783]

There's the relationship with ourselves and another with our money. Finding a partner that matches can be difficult or even impossible, if no one is willing to compromise for the others benefit.

[@bradynields9783]

@@willc1294 The risks are definitely there. If the union won't produce more capital collectively maybe a prenup is the best route.

[@mikhailfranco]

All divorces are expensive. All divorces are worth it.

[@consciouscrypto3090]

Cars are the worst for most people, boats for those with a little more disposable income. Both are money pits that can prevent you from having the cash you need to invest. I've seen expensive car payments even prevent people from buying homes when a great opportunity came along that they never saw coming. They'd given up on owning a home, so instead were a family of 5 living in a 1 Bedroom rental but driving a monster truck with a $700 monthly car payment. Then they had the chance to get into a 3BR 2Ba house on half an acre of land in Maui with no money down and monthly payments of only $250-$600 as part of a land trust, but couldn't qualify for even that little by federal guidelines, due to the car payment. I did that project, and I went through hundreds of families with stories like the above to come away with just 20 families I could put into those houses. You build your life around plan B, you no longer have the option of taking plan A when it comes around.

[@LD-rh3wo]

Why is your intro music 10x louder than you talking?

[@OceanicDistribution]

The intro music is great if you have a subwoofer :) Shame it doesn't go for longer.

[@quantifiedmarkets]

Just wanted to post the same ... but otherwise great content, Andrew. Much appreciated

[@WealthyHealthyPro]

That intro is clipping.

[@gerryfolds7488]

Please address this!

[@OceanicDistribution]

@@WealthyHealthyPro get bigger speakers and enjoy it :)

[@lollythompson7498]

I am the worst kind. Deep in debt. "Mrs Rogers" debt. No money. No social life. No property. No car. No backup. Leeches everywhere sucking the life and money out of my bleeding bones and money. I am rock bottom. Tired. And now I hear our government wants to bail out a company with their employees pension. I need to run or I will die. Your light seems the only way out of this long dark hole. Thank you for sharing this knowledge.

[@nomadcapitalist]

Thanks, Lolly.

[@tccco9738]

Possibly the best video you’ve done. Guilty of a few of these.

[@nomadcapitalist]

Thanks, Juliet.

[@nickob55]

spot on, I find living between two countries very cost effective, I get UK wages but Bulgaria cost of living,and own nothing in UK.

[@farceadentus]

I was going to move to Bulgaria from the UK, but my Peruvian wife chickened out.

[@azlondon]

dolo gore How?!

[@nickob55]

@@azlondon I freelance out of a caravan in UK then live in Bulgaria,probably 40/60 of each year, great way of living

[@tomzypits2513]

About cars: I went from owning near brand new BMWs to now buying $2500 cars with high mileage - just to drive around in Montenegro that's fine! but would never buy an expensive car again unless i'm making a million bucks a year like he mentioned here... I guess we've all been there at least once, buying that nice car... some people never grow out of it and will keep putting their money into these depreciating boxes on wheels, but i've now come to realization that buying the cheapest decent car is well enough, especially for living in the Balkans where I live now. Unfortunately, whenever I go back to western Europe i'm always tempted to buy a new Audi or BMW because of all the brand new cars on credit that I see everywhere.... very happy I don't live there anymore - rather be buying and flipping cheap land somewhere.

[@mns8044]

Il give my money trap experience. I bought a new(ish) car... rather tgan taking car finance at 7.5% interest i paid via a loan at 3%. Sounds smart... till i sold it less than 1 year later. Money pits the lot of them. Im still paying over £5,000 left of the loan for the car i dont have!

[@RachelAMullins]

Taxation is theft on a good day. Let alone when your nation passed the insolvency line years ago. We're throwing money year after year into a black hole while politicians net worth grows and grows despite their little salaries.

[@bradynields9783]

Education on a mass scale needs to happen asap. The Great Depression of the 2020's will be blamed on the bad things that "caused" it to happen. Nations populations will be forced into borrowing money to pay for all the good ideas that have to be paid for today to start building what will make for a brighter future. Rob the future blind to start building it today. The market knows what to build and where, where capital is treated best.

[@rachelmullins5563]

@@bradynields9783 I'm absolutely terrified of what all this is going to do to currency.

[@venusreena2532]

Ditto..

[@Isweartolucifer]

*80% of my wealth is in asset that goes up in value. The remaining 20% 10% in cash the other 10% is what I spend on my lifestyle*

[@LinguistRevolutioner]

I couldn’t agree more with the car comment. Right on the money Andrew, like always.

[@overbuiltlimited]

I get what he’s saying about cars. Two things though. 1. Obviously cars aren’t his “thing,” and being such I would agree. You shouldn’t put a bunch of money into something simply because of social pressure. 2. But here’s the larger point. If cars are your thing then by all means go for it. Obviously you still have to live within your means. Don’t go an buy a Bugatti if your net worth is a couple million bucks. I have to say that cars are my single largest motivator for accumulating wealth. Without that to motivate me I wouldn’t be inclined to work nearly as hard. I like classic cars. Always have and always will. Getting a new suit doesn’t motivate me. Neither does travel or any number of other things that people like. Yes sure I like nice suits and I enjoy travel, but I don’t day dream of them. I’d rather think about that classic 911 or eventually owning and tracking an F40. So people should allocate some funds towards what motivated them to make the wealth in the first place and not feel guilty about it. You’ll come out ahead in the end, because your working towards your passion rather than a number on a balance sheet.

[@dalethepalemale6855]

Been driving the same 2002 mitsubishi for 6 years... proudly!

[@emerislinmer]

I've been driving the same 1997 F350 for 20 years and it now doubles as my hotel room.

[@jinw4672]

No. 6 is brutal...choose wisely

[@rutous9031]

Better avoid it completely.

[@secccafico1963]

One of your best videos I been through this with a high maintenance x husband

[@DanHeather]

1:16 - Can VOUCH for Malaysia... a lot of great potential there.

[@justjacqueline2004]

Having children a total money sink.

[@epicurean1868]

Making children is OK, but the rest... 😁

[@JamesonLemonade]

For a time, but you can have them working on a family business from a very young age, like 6, for free labor, like if you have a successful strawberry farm. Or you can, like Mark Zuckerberg and Elon Musk, have them learn computer science and be working in the industry or selling their own apps starting around age 12. Kids are naturally very innovative and curious learners.

[@welderella]

All my money is in a U.S. bank.... and U.S. real estate....I am looking for ways to increase my assets. I’m learning a lot.

[@feliciapondexter5018]

Wow this was a deep video. You touched on so much topics that are true that it is almost scary. Unfortunately everything u mentioned it correct when it comes to people trying to do things without looking at the big picture. Thanks again for an awesome video. Have a good night.

[@ShareReachCommunity]

Money Traps Notes 1. Taxes 2. Lack of planning (budget) 3. Lack of intentionality (long term view) 4. Having an expensive social life (social pressure) 5. Not growing your income (reinvest) 6. Expensive significant other 7. Expensive cars 8. Hoarding too much $$$$

[@pattiebe8158]

I like checking out your watch Andrew, love a good NATO strap rotation

[@humptydumpty20]

Point 6 and Point 7 - can't agree more

[@NightRider009999]

I live in Malaysia as well... great place with low cost of living... don't have a car.... lots of great points... I think I need to work on being more intentional and maybe one other.

[@stevenoliver9728]

I'm good on all but the last one. I just don't keep enough cash on hand. I've missed many opportunities because of this.

[@lindawade9647]

This was very concise and helpful. Thank you.

[@tracywilliams7929]

Spot on about expensive significant others. Marriage is a wealth inhibitor. As is divorce. You say Go Where You are Treated Best but what about marriage and divorce laws? Where are you treated best in terms of alimony and child support or keeping assets in your own name or not having to consult with your wife before making financial decisions like getting a loan for business purposes? Do you think you could do a video about best places to get married or divorced or co-habitate if asset preservation is a worry?

[@nomadcapitalist]

Outside of the west.

[@toobalkain]

Problem with wives, even if they weren't so terribly expensive to begin with, if you go your separate ways, odds are it's going to cost you dearly unless you've been careful enough not to even let her know what all of your assets are and if you kept most assets outside the country.

[@rutous9031]

Weddings are disgusting. Marriage is the worst invention by humans.

[@mikhailfranco]

All divorces are expensive. All divorces are worth it.

[@Michael-4]

I wonder how many people watching this realise how valuable it is. If we apply it.

[@firashebili]

I tried a couple of years ago to relocate but I was faced later at two factors, back home my old friends took distance with me since they went further with their own life and I wasn't with them to witness it, and I couldn't make genuine friends where I went

[@AussieMoneyMan]

That's something to think about.

[@RosenbaumGroupCRO]

Great topic 👏🏼👏🏼 cant agree more. The book is absolutely great and Eastern Europe is great place for entrepreneurs with Nomad lifestyle approach Love your content ❤️

[@johncychosz8799]

This is a branch off of point 4, I seem to spend a lot on birthdays and holidays.

[@christopherellis2663]

My money trap was to save but never quite enough to meet unexpected expenses. However, I did get very good at being frugal and making ends meet, whatever the circumstances.

[@gtxchufxvj]

Very practical wise advise for anyone

[@dhanushroopan8922]

This video was good because it had texts in the video

[@StitcheryXPress]

LOVE these videos! Priceless!

[@simeonyisrayiyl1501]

Lol to the hardcore religious folks out there, but being a devotee of your “significant deity”, if it requires a lot of sacrifices from you, that also counted. The South Indian family in East cost of North America is a typical example to convey this point.

[@AJohnson0325]

It would be nice to hear what you think about the quality of healthcare in some of these countries. As people get older and retire, living near a good hospital is important. I can tell you that there are some countries where a blood transfusion would be very sketchy.

[@James-dx6sf]

Consumer spending. Wearing a shirt with an alligator for $75 when you can buy the same product without an alligator for $20.

[@emerislinmer]

Or you can buy the same alligator shirt worn a few times at a thrift store for $5

[@migooknamja]

Number 8- hoarding cash; not investing. Bigggest mistake I've made. I was too afraid to take risk in stocks

[@bhushanmanjarekar2144]

Education in USA is a money trap. Always find cheapest options for your study. The best things in life are free, but in states even high cost courses could be crappy. Also services, when you hire people see not to hire them for free because that breaks the organic eco system built over centuries and results in Boeing crashes.

[@andriesbreytenbach5587]

Thank you Andrew. I’ll remember all of these. Good advice. 👍🏻

[@Phoephoey]

I'll play and replay this video - this has just catapulted my nomad capitalist journey

[@nomadcapitalist]

Glad it was helpful!

[@obsidianstang6296]

You missed the biggest money pit - debt. Interest and payments.

[@afsharlady]

I personally went to Dubia twice. The first time stayed in a 3-star hotel, the second time, 5-star hotel. We were out and about, eating in restaurants, etc. Born and raised in CA. Dubai is a shit hole. Period. Disgusting.

[@nhojoed5133]

Love your new intro...., focus on everything......

[@confid123]

What about having high levels of debt? Isn't that a trap?

[@kwaichangcaine8234]

I fall down on the last one , I'm a self employed carpenter and i only make so much but I've managed to save a bit of cash in the bank but i don't really know how to put it to work . I'm 59 yeats old.

[@nomadcapitalist]

Mgtow Jones Thanks for sharing. That’s a great realization.

[@marianchicago4002]

Drove an Uber for a little bit, one weekend I picked up a young guy from some bar busy bar area, he was the paying customer, and he’s like go go go, I hear girl screaming, so I stop, guy is like go go go, I drive away and ask him what’s the deal, he says that’s girlfriend he met over a year ago after graduating college and right after moving to Chicago, that she’s a controlling...... that controls his life, makes him go out couple times a week, often to fancy and expensive places, he’s broke, in debt because of her and that he doesn’t have the backbone to break up with her, so he mustered enough courage to use me to break up with her by leaving her and her friends on the curb that night

[@Flashistic]

Andrew, I gotta say you and I are political opposites, only in that we both see a different aspect of the same problems. But I'll be damned if I don't consider you one of the greatest life coaches I've ever heard. Take this video, for instance. You are giving sound, practical advice, with the added bonus of your personal experience and reasoned arguments. For free! I've seen more than a few products miss the mark and for mo' money. Thanks.

[@albirtarsha5370]

Another common money trap, long term service agreements with monthly charges and bad termination clauses.

[@firashebili]

how do you have a social fabric when you have an international life?

[@mikhailfranco]

Be an extrovert and waste your money, or be an introvert and enjoy every minute you're alone and free.

[@chiefenumclaw7960]

No. 6 'An Expensive Significant Other' - I got a buddy who's wife was recently indicted on criminal charges. Apparently she had been trading sex for a house, basic living expenses & vacations over the course of their 20 year marriage. If convicted she'll likely face 3-5 years in the workforce.

[@aliasgharkhoyee8911]

I have so many questions...

[@gperson1967]

Sounds like she's pretty smart. And of course, that means she must be punished.

[@Paul-uz8xi]

Andrew thank you for all your great videos Can you make a video about safety from politics in fireign countries? Crazy sharia laws or hina witha very dishonestt justice system, etc. How do you deal with that? Or if you already made a video on this topic can you share the link?

[@thecriticalnous]

I purchased land in a beautiful gated community in Ecuador. I love Ecuador , my wife does not. So we never built a house and now it’s very difficult to sell. Costs me 250$ a year. Peanuts.. but still a money trap. Make sure you’re sure about the place before you buy . Spend some time there first.

[@youneslahjaiji5739]

It is true thank you you have experience and skills About myself I don't have experience and skills but I m always learning thank you again

[@thebestclassicalmusic]

Great video! If someone goes with your organization, do you provide continued consulting--as in updating them on new opportunities?

[@nomadcapitalist]

Yes, we do offer that and have become friends with a number of people helped over the years.

[@incognitosco]

How much liquidity do you recommend?

[@Joshua-le1vn]

Decent income equals half a million 👏👌

[@benkim2016]

My next goal after 100k a year is not necessarily more money but How to make the same amount with less effort. So I can enjoy doing other things I like more and more!

[@LeeMaitland]

Traditions are money traps, I'm not saying to not enjoy the traditions such as valentines day, weddings, bachelor parties, Christmas, birthdays, or any other culturally sanctioned, socially imposed event... but these traditions have become massive peacock events. I have seen many of my friends subconsciously compete, to the point that a couple I know got married, it was really expensive and flashy, they each had bachelor parties on the other side of the world, and it was all done on credit cards and high interest loans. That wouldn't be too much of a problem, only they both earned below £25 K a year, I am certain their wedding all told cost much more than their combined annual salary it was insanity. One of my wealthiest friends got married recently, it was a small, personal event, no horse and carriage, no £20 K wedding dress, no crazy stag-do... just friends and family celebrating their marriage, it was almost the perfect way to win a game of peacock, to say he didn't need those flashy things. That is why he is wealthy, in more than just money.

[@MichaelJLambie]

Luckily number 6 doesn't apply to me, but that could be a tough one for many!

[@albertinsinger7443]

Real estate is a burden. Expenses on maintenance, taxes, capital gains when you sell. The best investment is stocks. Easy to move around. Liquid and makes the best returns.

[@emerislinmer]

The one thing I don't like about Malaysia is the Mosque singing, especially when it wakes me up at 6am and there isn't a coffee shop open or anywhere else to go after it wakes me up, most places don't open until 9am . The signing is terrible and sounds like a human making the sound of an animal getting slaughtered or on its way to being slaughtered.

[@tomzypits2513]

If you're an employee living in the US or Europe, working a 9 to 5 job... you'll always have to be paying taxes in-country. It's inevitable, unless it's freelance work maybe, and that would be illegal not to pay taxes while performing services or selling goods in-country. They'd have to change careers, for sure.

[@nomadcapitalist]

You can always change where you live.

[@cindycai9196]

What about how easy it is to get your money out of a country? Thailand is very strict in wiring USD out of country...

[@johnborghoff1774]

I don't care Andrew, I'm never going to give up my boat, it's my sanity!!!! And freedom!!!

[@Flavy_world]

Yeah I'm a hoarder but I do understand that having all your money in cash is dangerous so I'm investing in becoming totally self sufficient (energy and food) and paying nothing in taxes.

[@cindycai9196]

Once you made money in Cambodia, are you able to wire it out to somewhere else?

[@Boristien405]

Nice new intro man. I'd suggest equalizing the volume with your voice though.

[@boom9009]

Lending money to friends and relatives....sure receipe for disaster...my experience

[@hilarymanuel]

Food is a money trap - people eat too much!

[@jasonfraser5758]

Great Video Andrew. appreciate your efforts to educate the public. One of the reasons I like your "show" is because it rwminds ne if a book I bought years ago which might be a little outdated now but might be right up your alley. So to speak. Its written by a former IRS agent. Called: FORBIDEN KNOWLEDGE. subtittled:" IFORMATION THEY DONT WANT YOU TO KNOW"..... Have you read it Andrew? I highly recimmend it. Aporox $50 on ebay and is a good thick approx 300-400 pages. Covers global offshore topics and how to do evetything your talking about. However i assume ur book is more uptodate, however i would stilk keep the other book for general reading. What u think?

[@tintinet]

I wrestle with Sports car addiction daily.

[@DoACarl]

Nice!

[@mountainseeker2844]

I agree with being careful with spending, but…ya gotta have some toys. For me it’s jet skis and guns.

[@MdShahjahanHossain]

I think the previous intro was better !!

[@Phoephoey]

Like apprentice usa

[@anmolrajpalofficial]

Any Canadian here? Are you willing to leave Canada and save your taxes at the cost of leaving health-care, free education, safety, natural beauty, etc. ??

[@SharonPiano8]

Trudeau government is turning Canada into hell. We need to vote him out.

[@anmolrajpalofficial]

@@SharonPiano8 then why do he keep winning?

[@SharonPiano8]

@@anmolrajpalofficial The Conservatives got more votes, but unfortunately the Liberals got more seats, meaning more cabinet ministers in charge of ridings. It's the way the electoral system works, which is different from the United States.

[@frankintank9217]

AWESOME**********

[@bradynields9783]

About the hoarding cash while holding crypto conundrum, are stable coins still considered cash in the context above? I don't mind the 8%APY but only because I understand the risk.

[@anonymousa5380]

How can you avoid high taxes by going offshore? (Your number 1 point) if you are US citizen you need to pay tax on global income even if you are non resident citizen. How can you avoid paying taxes on your global income by going offshore?

[@generalshepherd457]

you need to get rid of your US passport and become a citizen of some other country. in the US you are only a bloodbag for Pelosi and the gang.

[@MissEnglish123]

Great 👍🏾 advice

[@nomadcapitalist]

Glad you think so!

[@SharonPiano8]

Being forced to bail out your spouse's bills with the money you saved up for something specific because if you don't, you have to borrow the money.

[@jayw115]

I always thought buying cars is such a poor way to manage your money. Be like Netherlands, walk and use a bicycle ans public transport. Good for your pocket, good for the environment

[@TheUrryx]

tell this incredible story to the Californians where the temperature is over 100 F half of year.

[@jayw115]

@@TheUrryx Why do you think the climate has gone to such a disastrous stage? If you can't do it without a car, get an electric one. Be more eco-friendly

[@acmelbourne]

Japan's the same, public transport is so good that all a person needs is a bike or motorbike

[@emerislinmer]

@@jayw115 And where do you think the electricity for the electric car comes from? Not to mention the extreme environmental damage from mining for the electric car components and the fuel to run the machinery to extract those components. You are under an illusion to think that electric cars make a difference, it is just a marketing ploy by the elite to force you to buy a new car and to keep the industrial machine alive, otherwise people would just keep fixing their old cars and stop buying new ones. They don't want you to do that, so they start a brainwashing campaign to make you think that you are saving the environment, when they are in fact destroying it more with lithium mining and so forth.

[@pascalfo6014]

car and bike are fun like travel if you can bye your toy cash no problem if you don t big problem

[@ramonbs6075]

I’m from Argentina... you pay less taxes than me anywhere you are 🤣 (except Venezuela or some other hiper inflation country)

[@LearnEnglishwithTrev]

Great advice glad to hear crypto in the narrative an important new asset class that is gaining traction but not reflected in a price increase yet but it is imminent

[@melodyfalaise581]

Andrew can one invest money in another country without living in that country, having a passport for that country etc? I'm currently living in the US, interest rates are extremely low so I haven't invested what I would like to :(

[@mikimaharishi419]

So typical of our ridiculous world that this video has 19k views, yet Tai Lopez and his motivational video friends have millions and millions of views. The knowledge is always right there, but whether you can see past the sand kicked up around you is a different story...

[@lextor4712]

underrated comment right here

[@samastolt]

Nice intro change..

[@robertcalamusso1603]

They are loyal and or happy living in their home country.

[@margyiphillips4931]

Number 5 got my attention.

[@matthewwolf3531]

If it floats flies or f..... well you guys know the saying

[@bradbeckett]

Can't wait to buy that Range Rover in Belgrade baby. YEAH!

[@robertfoedisch9322]

What country are you going to retire in?

[@margyiphillips4931]

Andrew who wrote your intro? Any well dressed person who loved to have that song while walking.

[@tomjohnson5700]

None of those countries are laying out nearly a trillion dollars a year to their defense dept.

[@bapluda]

Can you give more details about buying real estate in Cambodia please?