What to Do With Your Money (Especially if you're Rich)

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What to Do With Your Money (Especially if you're Rich)

Рет қаралды 4,165

Күн бұрын

Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: calendly.com/m...
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Today we're talking about an interesting topic - what should you do with your money?
I've been having these thoughts for a while now: how to spend, how to invest, how to diversify, etc.
Wealth is wasted on the rich, I often say this sentence. Why you probably wonder? A lot of people don't do anything with their money when they have the ability to do anything in this world. Usually, the habits that we have in order to make money, can hurt us once we have made it. There is a psychological barrier around spending money, once you have it.
This makes sense up to a certain stage, but it becomes destructive after a certain point. Once you have lots of money, the whole world of opportunities opens up.
Of course, there is a certain % that should always be put aside, if something happens. But what to do with the rest, especially if you have lots of money?
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Пікірлер: 109

@OffshoreCitizen 2 жыл бұрын

@edwest2263 2 жыл бұрын

You hit the nail on the head. I think the main factor to consider is time. I always take issue with the saying "time is money". Time is NOT money. Money can come and go. If you lose money, it is possible to make it back. You can never get back time. Optimize your life for time, not money.

@ethanmandel2413 2 жыл бұрын

Good video. I have the problem mentioned in the this video - my income has grown exponentially, but I still live like a student, and find myself at the grocery store comparing how I can get the best value (when the difference is like 10 cents) - which is crazy. It's difficult to get out of the mindset that spending any money is a bad thing.

@OffshoreCitizen 2 жыл бұрын

Hahhah totally understandable. Happens to many people. Maybe this video is a push you needed?😄

@tjsardakowski842 2 жыл бұрын

I agree with your basic philosophy, money is a tool & you should have fun with your money if you have excess but you should also bring value to others if you can. If someone is blessed with abundance, they should not hoarde it like a dragon, it should be put to use. Its a tool!

@OffshoreCitizen 2 жыл бұрын

Exactly! Happy you think so too. How are you enjoying our other vidoes? Anything you'd like to watch next?

@Mr_Fairdale 2 жыл бұрын

I heard a great speech once from Jim Rohn who talked about giving away money. Tipping like a “Rich Man”, etc. Mr. Rohn also talked about making 10 million a year but living on three and giving the rest away. What a concept. I’d rather give 70% to a legit charity than 40-50% to the government to waste… or worse. Feels good to operate in a space of gratitude. This video kinda had be daydreaming for a second about being really generous. Someday :)

@OffshoreCitizen 2 жыл бұрын

Happy to hear it has left an impact on you. You can always start small!😄 Anything you'd like to see next from us?

@lukegarcia3238 2 жыл бұрын

100% agree, ive never understood the rush to retire... I never want to retire just slow down and do stuff/build stuff you enjoy, adding value gives purpose

@OffshoreCitizen 2 жыл бұрын

Exactly! What adds value to your life?☺

@lukegarcia3238 2 жыл бұрын

@@OffshoreCitizen being in a position to help those I care about escape tge drudgery of life, also create jobs and opportunities in the community I life in

@user-FM1 2 жыл бұрын

I want to retire as soon as possible and travel the world , I have goal here .

@jeffreyetherton3185 2 жыл бұрын

This is something I've been discussing with my wife. Problem is that it's much easier said than done. When you have worked hard for several decades and suddenly achieved success it's psychologically very difficult to let go. My wife doesn't want to leave everything to our kids but also can't bring herself to buy a £3.50 frozen meal!!

@OffshoreCitizen 2 жыл бұрын

Lol that's totally understandable! How about you?

@jeffreyetherton3185 2 жыл бұрын

I am not as bad. Each time I close a new deal I treat myself to a new watch. But I can't see myself stopping investing.

@chocmilkisgood 2 жыл бұрын

Interesting video. It got me thinking. I kind like your Grandma approach not going to lie 😂😂😂 create an unrealistic cushion/safety net to get a sense of security for your deeply rooted financial insecurities.

@ian7379 2 жыл бұрын

That billionaire was instrumental in achieving the Good Friday agreement.

@tinglestingles 2 жыл бұрын

An inspiring video and a topic for discussion in my own family. Yes our recent discussion on this subject has got me thinking.

@OffshoreCitizen 2 жыл бұрын

Thank you! What's their take on the topic?😄

@tinglestingles 2 жыл бұрын

@@OffshoreCitizen it will take a while to change the mindset. I think an expensive holiday might help.

@EnderViBrittania 2 жыл бұрын

@@tinglestingles The problem is financial security is critical to have, yet it’s not assured in these uncertain and crazy times. So, it makes it even more difficult to spend according to your means, it incentivizes being conservative and spending much less than your means. Sooooo… blame the incompetent global governments for the environment of uncertainty and undue risks from every side.

@EnderViBrittania 2 жыл бұрын

@@OffshoreCitizen The problem is financial security is critical to have, yet it’s not assured in these uncertain and crazy times. So, it makes it even more difficult to spend according to your means, it incentivizes being conservative and spending much less than your means. Sooooo… blame the incompetent global governments for the environment of uncertainty and undue risks from every side.

@Bri-wi8kq 2 жыл бұрын

For some greed is a phobia! Sadly often misunderstood, many of those who for decades immersed themselves In the struggle of creating and building wealth the thought of spending for example on a holiday would make some break out in a cold sweat... The emotions and vulnerabilities from the perspective from the Scrooges of our world have often been ignored by our storytellers, tinted to often by stereotypical images that either demonize or glorify those who amass wealth. It's time for a more intelligent reflection on the wealth creators of out time, Such an interesting topic Michael, thank you.

@steveg6512 2 жыл бұрын

Totally agree. It's not Monopoly / a competition to see who has the biggest bank balance at the end of the game.

@OffshoreCitizen 2 жыл бұрын

Exactly. What's your spending strategy?😄

@MarkNeal1 2 жыл бұрын

Thoughtful and inspiring video. I agree on hotels! Thanks for the consistently excellent content.

@OffshoreCitizen 2 жыл бұрын

Thank you! Always our pleasure. Anything you'd like to see next?

@hiroanz 2 жыл бұрын

It starts by getting anything you want on a restaurant menu regardless of price, stop thinking about getting value for money and start thinking about what experiences I would really enjoy (food, cars, travels, places to stay).

@amiranvarov 2 жыл бұрын

Don't have anything to add. insgights were interesting, an di agree with that. Thanks for the video!

@OffshoreCitizen 2 жыл бұрын

You're welcome, always our pleasure! What is your spending strategy?😄

@johndexter2702 2 жыл бұрын

Wonderful. Love it. Great concept. Thank you.

@OffshoreCitizen 2 жыл бұрын

Thank you, John! It's always our pleasure. Anything you'd like to see next?

@johndexter2702 2 жыл бұрын

@@OffshoreCitizen Thanks Michael! Would love to see a video with you talking about what you think your super power is. What you like to do and do best.

@amarkmanpeters 2 жыл бұрын

Great message. Do something. Agree entirely .

@OffshoreCitizen 2 жыл бұрын

Thanks, Mark! Any video suggestions?☺

@brp361 2 жыл бұрын

'I see something and I think, "That can done better'".' So, you were watching Nomad Capitalist? :D

@teenoso4069 2 жыл бұрын

Some interesting thought for those unable to change gear from saver to spender

@OffshoreCitizen 2 жыл бұрын

Thanks, that's the idea. Are you a saver or a spender?😄

@gainz6180 2 жыл бұрын

It would be great if u could make a video about marriage and how to approach it since theres many ways money can be lost from marriage laws these days, even if the person u marry is trustable overall

@OffshoreCitizen 2 жыл бұрын

Interesting suggestion, we'll see what we can do👍 How did you like today's video?

@karlsvensson1766 2 жыл бұрын

This is a huge topic and it's so interesting and sometimes annoying, to see what people do with their money. Some live like they are poor, some enjoy life and some waste it on crap.

@OffshoreCitizen 2 жыл бұрын

It definitely is food for thought. How are you with your money?☺

@hiroanz 2 жыл бұрын

Would you consider doing a future video on Family Offices? What are they, pro/ cons, how to set one up? How would they fit into a family's wealth planning.

@OffshoreCitizen 2 жыл бұрын

Interesting suggestion, thank you! Will see what we can do 👍 What's your take on this topic?

@hiroanz 2 жыл бұрын

@@OffshoreCitizen Many of us are aware of the contrast between how Vanderbilt and Rockefeller left their wealth to their offsprings, and don't want to just leave millions in inheritance to next generation. Aside from giving most of it away, is there a way to set up a fund/ corporation that will continue benefit offsprings as well as charities on an ongoing basis into the future? The toughest part for me is to figure out the governance of the Family office, ie help future generations just enough so they can do anything they want, but not enough so they don't need to do anything at all. Also Family offices seems to be a big business in Asia. Is there an advantage to an "offshore" family office vs one located in Canada (since I'm located in Vancouver)?

@Shabaazs 2 жыл бұрын

this is some good advice Michael... thank you!

@OffshoreCitizen 2 жыл бұрын

Always my pleasure! What's your take on the topic?

@BoBurson 2 жыл бұрын

I’m probably the crazy exception, Michael, but I miss the old backdrop of your blinds, bricks and/or lamp. They lent authenticity, IMO. Great info either way, though.

@OffshoreCitizen 2 жыл бұрын

Thanks, appreciate the sentiment☺ There'll probably be some more videos like that at some point. What's your take on today's topic?

@BoBurson 2 жыл бұрын

@@OffshoreCitizen I’m in “spending very little” camp for a very long time. Current budget in Mexico is less than $300 month, which is under 15% of my net earnings. I am saving cash for more real estate since I can’t get loans. Think of spending more on me but can’t think of anything worth delaying investment progress.

@tinglestingles 2 жыл бұрын

I think the major challenge is ensuring that the gifted resources are utilised to the maximum effect to benefit others.

@OffshoreCitizen 2 жыл бұрын

That's also true. What's your strategy?

@tinglestingles 2 жыл бұрын

@@OffshoreCitizen I've been thinking of joining with other charitable people? I think it's a longterm strategy.

@peaceonearth8693 2 жыл бұрын

@@tinglestingles With the Shriners - they give you a cool hat.

@tinglestingles 2 жыл бұрын

@@peaceonearth8693 The United Grand Lodge of England do not recognise the Shriners and Id be thrown out!

@peaceonearth8693 2 жыл бұрын

@@tinglestingles Then they are hypocrites. Maybe look East and West, because I doubt any order does more good works.

@difference018 2 жыл бұрын

Rich people are rich because they like to make money. If they weren't so greedy in the first place, then they would not be rich. It is foolish to expect someone to change their ambitions like that. It's the reason why wealth inequality has only increased.

@EnderViBrittania 2 жыл бұрын

Greed has nothing to do with it, “greedy” is how leftists describe the situation and they are clueless. Rich people are rich because they like to make money, that is true. It does not mean greed, it just means they are motivated not to be slaves, they want to be able to live life to the fullest, they are ambitious.

@ericsupportadventure9577 2 жыл бұрын

The problem is that just spending money doesn't get projects going unless you find super competent people to give it to. Ultimately you will end up getting involved when they fuck up.

@OffshoreCitizen 2 жыл бұрын

True. What's your strategy when it comes to spending?

@ericsupportadventure9577 2 жыл бұрын

Wait until you have mental bandwidth and a passion for the stuff you're doing and slowly get into them with test batches and see if the results are fulfilling and easy to manage as you thought. Getting into crypto proved relaxing and fulfilling as I was able to manage it myself in my spare time. Buying a countryside property turned out to be stressful from a bureaucracy standpoint but relaxing when I'm actually there making my own hard apple cider. Trying to hire people in Serbia to help me with that bureaucracy turned out to be largely stressful because the culture around business sucks here and nobody has an entrepreneurial customer results driven mindset. Everything needs to be judged by the amount of hassle and additional responsibility it will introduce in your life. As cool as it would be to own my own concert venue in Belgrade, it sounds like a mega pain in the ass and it would be better to start with pop-up events which last for 1 night at existing places that handle the drinks and stuff.

@Mathstrade 2 жыл бұрын

We did a 3 week tour of Japan expensive but so worth it

@OffshoreCitizen 2 жыл бұрын

Definitely believe that. Can you share a bit more about the experience?😄

@Mathstrade 2 жыл бұрын

@@OffshoreCitizen Well my wife was born in Yokohama lived there for 9 years and she was feeling nostalgic I had , had a good year and my grandmother always said no point being the richest person in the cemetery :-) so we booked through a specialist company and did 6 cities in 3 weeks , was the most amazing holiday of my life and my children I think were deeply enriched by the experience , moral of the story you only live once.. I would love to live in Japan but as her parents were not Japanese not possible , hey ho but your superb channel gives me hope that there is a better life in a better country waiting for us one day , prob is my wife loves London haha

@EnderViBrittania 2 жыл бұрын

@@Mathstrade Which company did you book through, and which package? Really interested, thanks!

@swearworks 2 жыл бұрын

This an interesting topic and something that's rarely discussed. I'm part a group of people talking about sudden wealth syndrome (often for people who have become wildly rich in crypto) and it's really a new set of things to consider and a new approach to living your life with far more resources than ever before. Wealth is wasted on the wealthy - that's a great quote! Don't want to do that with your wealth -- learning to spend it with style and building an interesting well-lived life sounds better :)

@OffshoreCitizen 2 жыл бұрын

It sure does ☺ Thanks for the support. Anything you'd like to see next?

@swearworks 2 жыл бұрын

@@OffshoreCitizen It might be interesting to hear what some of your successful clients currently living the global offshore citizen lifestyle wish they knew or did sooner? Sort of advice from the other side to those of us who are trying to get there. Cheers!

@raflanz6770 2 жыл бұрын

agree with everything you said except the bit about BillG and Warren... maybe the guys that didn't want to donate just didn't see the point of giving their money to a "charity" which ends up being just a toy for Bill... the guy that together with Warren lectures about how wealth should be confiscated at death, whilst settings things up so that their wealth is fully protected... I used to have a lot of admiration for both, but as time went on I find it hard to concentrate on their business acumen and get over the planetary sized hypocrisy of the duo...

@tinglestingles 2 жыл бұрын

A co-working hotel sounds cool. I could see that might be good for a hotel chain?

@peaceonearth8693 2 жыл бұрын

It would be easier to hire escorts and ask her if she's got a desk at home. :)

@gurfatehsingh4328 2 жыл бұрын

Very good video, clear message and brilliant hints! All free...

@OffshoreCitizen 2 жыл бұрын

That's the idea😄 Anything you'd like to see next?

@gurfatehsingh4328 2 жыл бұрын

@@OffshoreCitizen You are honest and wise. 4% rule: you cannot take it with you...enjoy it and share it with others when you realize you have accumulated too much for this incarnation...

@venusreena2532 2 жыл бұрын

Until i find good people to manage my assets I dont want those assets.. Why look for trouble in this mad gov crazy day & age?

@GrahamWinship 2 жыл бұрын

i want to own a pro sports franchise or optimize some area of top level sports (equipment, technology, etc)

@OffshoreCitizen 2 жыл бұрын

Sounds amazing! Wishing you all the best on that path. How's it going so far?

@benhiebert880 2 жыл бұрын

Thanks Michael, good video. If you do go ahead and create a hotel give me a ring. I'll tell you my ideas. I've spent 587 of the last 557 days in hotels.

@OffshoreCitizen 2 жыл бұрын

Lol will do! Thanks for the support. Anything you'd like to see next?☺

@benhiebert880 2 жыл бұрын

@@OffshoreCitizen Well actually, unrelated but it would be nice to see precisely what areas of Portugal will still qualify for GV real estate next year. It's been said that parts of the Algarve will still be in, but I wonder which parts.

@peaceonearth8693 2 жыл бұрын

Better to ask you than The Who.

@Mathstrade 2 жыл бұрын

Haha rebuilding from zero def does suck , good vid

@OffshoreCitizen 2 жыл бұрын

Thanks!

@Topknot60 2 жыл бұрын

While I understand the point that you are trying to make, we should not be naive. What one person may think is "cool" another may consider decidedly "uncool". Too many rich people seem to believe that their monetary success should entitle them to direct how other people should live, and to do so without impediment. Like the World Economic Forum at Davos, where billionaires tell millionaires how ordinary people should live. In 2021 Bill Gates may not be the most attractive example of a rich person using his money to do what he thinks is "good". Good for himself? Undoubtedly. Good for the millions upon millions of people whose lives he is trying to affect? Not so clear. The road to Hell is paved with good intentions. 2020 and 2021 have reinforced the truth of that aphorism good and hard. As said by a man who will be remembered long after you and I are forgotten: _People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public_ --Adam Smith, The Wealth Of Nations, Book IV Chapter VIII, p. 145

@TJ-cg8mq 2 жыл бұрын

..how many months (of one's income), would you say is needed to be in an emergency/reserve fund these days? I think it's important to work on that mindset, so we don't cultivate that scarcity thinking...

@tinglestingles 2 жыл бұрын

I always thought 6 - 12 months emergency fund - now after the last 18 months I would say you need to double that amount. There’s a storm coming.

@TJ-cg8mq 2 жыл бұрын

@@tinglestingles .I agree - there is a storm coming... and we need to be ready!!

@alexanderkorolov8264 2 жыл бұрын

You certainly have a point there. İnheritance is very much overrated and I'd rather have my kids earn their own capital them get spoiled by anticipation. İt's a complicated topic though and I am not sure about the cube star villa in whatever that island was. I guess I'll spend some time reading the comments section. ;)

@OffshoreCitizen 2 жыл бұрын

You do that and let us know how you liked them😄

@peaceonearth8693 2 жыл бұрын

A lot of parents want their kids who are just starting out but still living at home, to pay rent. What this does is, it takes away part of a tool that this kid could use to become secure in life. How is that kid going to start gradually buying investments if his money is going to his parents (who don't need the money) for an arbitrary rent? The world sends enough hardships a person's way in life without that person's own family contributing to keeping a young person weak and vulnerable. It's like this. Your kid has to sink or swim in life. Do you want to add to the swimming weight belt of difficulties or would it give the kid the best chance to send them out with a life preserver? After all, after gaining security, the next thing is. That the sooner your kid gets to be rich, the sooner your kid can give to charity, etc.. If anything unexpected happens, being in a strong position is always good compared to being in a weak position.

@hiroanz 2 жыл бұрын

Can you do a video on networking for the rich? Do you have experience with the likes of Tiger 21 Club? Any recommendations/ suggestions on how those with money can meet and network with others? And services out there that they may access?

@OffshoreCitizen 2 жыл бұрын

Interesting suggestion! Thank you. Will see what we can do 👍 How did you like this video?

@hiroanz 2 жыл бұрын

@@OffshoreCitizen Great Video, very relevant for me. What to do with wealth is a topic I've been thinking about alot lately, Your video adds to some of my recent thinking.

@aguilarkristine7022 2 жыл бұрын

I maintain that investing in stock is still one of the very best means of doubling or holding your funds. Who thinks otherwise? Let's debate

@peaceonearth8693 2 жыл бұрын

Perhaps you feel that way because since the '70s, stock markets have been in an uptrend most of the time. Which is nice, however what people might not understand is that markets can take different poses. As they say, past performance is no guarantee of future results. Here's a fun thought. What if the stock market goes up tremendously but it is valued in a currency that loses its value from hyper-inflation? Such a person would be a billionaire in number, but of a fiat that's worthless. Your move.

@tlevans62 2 жыл бұрын

Totally agree. You can’t take it with you.

@OffshoreCitizen 2 жыл бұрын

Exactly. What's your strategy when it comes to spending?😄

@tlevans62 2 жыл бұрын

@@OffshoreCitizen I’m going to put some away for a rainy day, invest some, leave a bit to my kids to get them started, then I’m going to buy a live aboard boat and travel the South Pacific, and do some other travelling when the World opens up. I might invest in some unique start up that I find interesting and believe in as well. Im nearly sixty so I’m liquidating some assets and I’m going to spend the money on things I want to do before I shuffle off to the other side.

@alfredhitchcock45 2 жыл бұрын

Buy soccer team Buy NBA team Buy Castle and private island Buy supersonic jet and megayacht

@OffshoreCitizen 2 жыл бұрын

Which of these would be first on your list?😄

@Ban00 2 жыл бұрын

@@OffshoreCitizen for me build a mega mansion and live off grid

@caseybanana8114 2 жыл бұрын

Good video

@OffshoreCitizen 2 жыл бұрын

Thanks, Casey! Anything you'd like to see next?☺

@frenk3754 2 жыл бұрын

i would like to know where is the best place to live with 5 million, and i want to buy a boat with no VAT and import duties, that would be great for me if you can tell me, i live in europe but want to go to the carbieen

@OffshoreCitizen 2 жыл бұрын

Hmm, it depends on many factors. It would probably be best to get on a call calendly.com/michael-rosmer You can tell me all about your specific situation and I'll guide you on the best solution and any next steps