Tag: high net worth

Updated December 16, 2024. How to become a high net worth individual? To become a high net worth individual it typically means that you have grown your wealth and are holding financial assets with a value greater than US$1 million. However, if you haven’t achieved this goal, can you imagine your life if you had a nice amount of money sitting in your bank account? So now let’s take a look at some individuals who have achieved this goal of $1,000,000+.

“Go Where You’re Treated Best”

I would like to share with you one of the people that I have been following now for a few years. His name is Andrew Hendersen and he is the founder of Nomad Capitalist. After many years of experience as a global businessman, Andrew offers his expert advice to successful entrepreneurs and investors on ways to reduce their tax bill, grow wealth overseas, and become global citizens. Hence, he believes that the world has changed forever and says it’s time for you to “go where you’re treated best.”

Become More Of A True Global Citizen

Updated April 13, 2024. I have to agree with this philosophy of going where you are treated best. As many of you know, I lived in the United States for almost five decades. Without a doubt, I thought that I was doing well. But moving to Colombia, South America more than eight years ago has changed my mind-set completely. For instance, the most obvious realization for me was the drastic reduction of prices in Colombia from the prices that I had grown accustomed to when living for so many years in the United States.

As equally important, I began to realize that there were other countries that offered distinct advantages in other areas of business as well. The problem is, as Andrew Hendersen confirms, there is no one country that offers all these advantages for the entrepreneur and investor. For this reason, you must do research on the topic and, in many instances, seek them out individually.

Consequently, now I view myself as becoming more of a true global citizen. I have recently watched a YouTube video by Andrew entitled, How To Become an Ultra High-Net Worth Individual. I would like to share below the key ideas that Andrew discusses is this video.

Building Long-Term Wealth

Being from the United States, I have felt that the tax rate has been high for many years. If you look at the US, which is considered a high-income country, the tax revenue is high, equaling about 24% of gross domestic product (GDP) in 2018.

Below is a chart that compares the tax rates of the US with other 35 members of high-income countries. These 35 countries represent the member countries of the Organisation for Economic Co-operation and Development.  The reality of the situation is that the tax rate of the 35 high-income countries averages around 34%.

Update: Total Tax Revenues for 2022 & 2023

Countries That Are Tax-Free

If you want to build long-term wealth it makes sense to research countries where the tax rate is much lower. The good news is that there are a number of countries that are tax-free. If you look at Europe for example, European countries, for the most part, have relatively high taxes.

But there are several tax-free countries, territorial tax countries, and countries with tax exemptions that provide a great opportunity for entrepreneurs to keep more of their own money. These European countries include: Monaco, Portugal, Georgia, Switzerland, Italy, Gibraltar, Channel Islands, Malta, United Kingdom, Ireland, Cyprus, and Montenegro. Check out these other tax-free countries in another YouTube video from Nomad Capitalist.

Intentional Mindset

If you want to be truly successful and take yourself to the next level, put yourself in that environment. When you travel overseas, have the intention of seeking out individuals that are living at a higher level. By seeking out individuals that are living at a higher level it will allow you to live more intentionally and grow into that mindset.

Being Wealthy As Your Top Priority

The COVID-19 pandemic is interesting because now no one can say that they are too busy. The world is going through a big reset. Don’t be afraid to give up the good and go for the great. However, always remember that it is more important to be happy than to be rich. I believe these are words to first consider and then to live by.

Passion For Work

If you have a passion for work, you realize that there is no passion to be found in playing small. Don’t settle for a life that is less than the one you are capable of living. Develop a passion for lifelong learning.

Don’t just live for the moment. Think about and plan to have the necessary money for retirement early. Set a goal of retiring early. Right now the FIRE movement (financial independence, retire early) is gaining traction through online communities where people share blogs, podcasts, and online discussions.

Eight Key Points To Become A High Net Worth Individual:

• Focus On Goals, Not Numbers
• Increase Your Risk Tolerance
• Rely On Yourself
• Set Targets
• Increase Your Active Income
• Save More Than You Spend
• Live Wealthy, Live Rich
• Diversify What’s Left

Diversify With Real Estate

One of the best ways to diversify your assets is to invest in real estate. Many countries have very good tax advantages to owning property. Here is an excellent article on investing in real estate: Real Estate Investing Strategies That Work Every Time.

Conclusions

How to become a high net worth individual is important because it typically means that you have grown your wealth and are holding financial assets with a value greater than US$1 million. Please check out the YouTube video How To Become an Ultra High-Net Worth Individual. This video by Andrew Hendersen is a gem because it contains many tips that will help you to achieve this goal. It contains many of the ingredients to take your life to the next level of success.

What popular articles and blogs do you recommend?

Finally, what if I said that there is actually an equation for wealth. How would you feel then? Please read my blog on how to Build Unlimited Wealth With Money’s Untold Truth. By building unlimited wealth with money’s untold truth you can achieve your dreams and live an amazing lifestyle.

Please leave a comment and share your thoughts on increasing your wealth and net worth. Everyone please stay safe and look for my next blog. Best wishes!

Matthew 7:8 NLT

⁸ For everyone who asks, receives. Everyone who seeks, finds. And to everyone who knocks, the door will be opened.

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Last Updated on December 16, 2024 by Financial Goodness