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today i'm going to tell you the story of a young gentleman i've been working with who's a new entrepreneur and a cryptocurrency investor and he has lost almost 1 million dollars in the last year i'm going to tell you how it happened and it's going to be a perfect example to explain exactly why the high taxes that you're paying are a lot worse than you think [Music] hi i'm andrew henderson here at nomad capitalist my team of over 30 people our network of global experts and yours truly help seven and eight-figure entrepreneurs and investors legally go where they're treated best from lower taxes to dual citizenship to opportunities in emerging countries you can learn more at nomadcapitalist.com and this is the story of a gentleman who had a job who was investing his savings from that job his salary into cryptocurrency and was very bullish on cryptocurrency and planned on keeping his job until the pandemic hit and he found himself locked down working from home not a lot of things to go outside and do and he decided to start a side business a side hustle well this side hustle started almost a year ago at this point took off pretty quickly and in the last 10 months or so he's made about 800 000 in just the last month alone he's made over 250 000 so he grew this side hustle very quickly very successful young entrepreneur here's what he found he found after this amazing year he's riding high he feels great he found the same thing that i found when i first built a business and that first big tax bill came due in his particular case a little under 375 thousand dollars almost half of his money within a high tax country that's how much money the government wants to take and as you know i happen to think those numbers will go even higher so he owes 375 000 in tax and you know that sounds pretty bad on the surface guy starts a business he's creating value for the economy he's been starting to hire people and he has this this big burden around you know where how is he going to grow the businesses quickly with 375 thousand dollars in tax and on the side right he's running a consulting business so he doesn't need to put the whole 375 back so he would have put a good chunk of that into his uh his investment plan which is into cryptocurrency now remember back at the peak of the pandemic i remember it was like early april and i was talking to some folks who were in crypto and i was trying to explain to them why crypto being at pretty low numbers was going to be good for them but i knew it was kind of hard for some people to understand you had bitcoin get down to what five thousand dollars and i think in uh his first month after doing this when the tax bill started to rack up i think i found it's about sixty seven hundred dollars a bitcoin now bitcoin is about five times that and so all the money that he has had to pay in tax or had to set aside for tax was money that was not able to be reinvested into bitcoin into cryptocurrency i see this all the time people who run businesses or who make investments that if they had lower taxes to pay they would reinvest in those things that create value i've had numerous e-commerce entrepreneurs who say i would buy more stock i'd create more products and they realize they're at a disadvantage when they're paying 40 tax and a guy who moved his company to malta is paying 5 tax the guy in malta has a lot more money to put back into as kevin o'leary would say pouring boiling oil over their heads and competing with them and beating them uh at their game and so in the investment space for this guy and for many others in crypto if you look at that money if he would have dollar cast average that money in i went and i did some rough numbers and i figured out that that money in tax if you just kind of took it out as the money was made a little bit at first and then in the last month a lot of money is gonna pay over a hundred thousand dollars in tax just the last month you could have put that in crypto as it went up and made about 784 000 based on the rough patterns that he told me he was investing at and so 375 is bad enough but dollar cost average just in a little less than a year 784 000 this shows the opportunity cost of tax and again it could be cryptocurrency you know going up 400 percent in the course of a number of months and you missed that on that because you were too busy paying tax by the way for a government in the last 10 months have they been keeping you safe have they been giving you consular services if you overseas what have they been doing for you in many places i'm reading so many articles about how healthcare is in shambles in some of these places what have you been paying for you're paying 45 and they're just you're on your own but he could have put that money into crypto other people could have put their money back into as i said new products into marketing i've talked to so many guys who they run facebook ads or they run google ads or they're doing some kind of pr or they're having people write blog posts for organic traffic or whatever their business does and they're saying yeah when i run a facebook ad and i spend a dollar i'm getting a big return what's called return on ad spend every every dollar turns into three dollars and so if i'm paying 375 000 in tax that's over a million dollars that i'm not going to make and then that million dollars is three million dollars i'm not gonna make and that three million dollars is nine million dollars i'm gonna make now you know i'm a pragmatic entrepreneur the three to one ratio especially on something like a facebook ad probably is not going to go on forever so we're this we're not going to go on infinitely but imagine over the course of just a couple years your opportunity cost on sitting around in a country that i think we've shown doesn't really care that much about you is not really going to be there for you when you need it the opportunity cost on sticking around for just a couple of years could be millions of dollars and if you're in your 20s like this gentleman that i'm helping out imagine what those couple million dollars saved by the time you turned 30 or for someone else could turn 40 imagine what you could do by retirement by just investing that whether in crypto or something more conservative and so opportunity cost is a big thing there is a cost of course to going offshore but when you look at taxes as not only what am i paying but what could that money be if i had access to it i think you'd realize that the cost both emotionally of adjusting to living somewhere else and the actual financial cost of setting up your offshore company moving your banking overseas moving yourself getting a second residence permit maybe a second passport those things all have costs but compared to the opportunity cost it pales in the bucket when we work with people here at nomad capitalist our goal is can we get someone an incredible roi and i'll talk to people sometimes and they'll say here's our projection based on your numbers based on your growth pattern we think we'll save you you know four million dollars in the next five years and here's what it's going to cost right you chose the deluxe package you want to live in a nice place you want the you know robust corporate structure you know maybe it cost you 70 grand 70 grand compared to 800 grand a year is still a pretty good deal four million over five years but imagine that four million dollars pumped back into your business or financial plan for investments we're talking a lot of money and so that's something to think about the next time you pay your tax bill whether it's a tax estimate quarterly estimate whether it's your annual tax bill whatever it may be think of what could i turn this money into by the way for some people it could just be lifestyle it could be i want a nicer house i can't afford to buy the house i want i'm working my butt off and i can't afford to have the beautiful house i want because i'm giving half my money to the government i can move overseas lower costs of living buy a bigger house live the lifestyle i want sometimes that's what people want to do is just build their their real estate portfolio you know build their trifecta around the world but for many people when you're just starting out as is as this gentleman uh the opportunity cost is super high that's how i encourage you to look at this you have to look at how much money am i going to lose staying in my country how can nomad capitalists help you four ways number one subscribe to our channel and click the notification bell to make sure you get our new video every day number two get a copy of nomad capitalist the book you'll learn a lot of my personal experiences over a dozen years of studying this stuff as well as exactly some of the strategies that you can use to build your nomad capitalist plan number three if you're not sure where to start but you want to come and learn from my team and i you want to come and mingle with like-minded people learn more about our live conference nomad capitalist live it's coming up soon and number four if you want some help right now because you've got a burning issue you need something solved you want to lower your taxes get a second passport or build the nomad capitalist lifestyle of your dreams go to nomadcapless.com and click on become a client