What are The Best Places to Move if You're Building Wealth?

Summary

In this insightful video, Michael from Offshore Citizen addresses the question of where individuals should consider moving to build wealth. He emphasizes that while wealth can theoretically be built anywhere, certain locations offer unique advantages for success. Michael suggests that the best places to start are often those with a strong social safety net, like the US or certain European countries, which allow individuals to take risks without severe consequences. As one's business grows, he advises considering a move to locations with a thriving entrepreneurial community, good infrastructure, and a favorable tax environment, such as Dubai, Portugal, or Puerto Rico. Michael also discusses the importance of cultural factors, such as a location's work ethic and lifestyle, which can significantly impact productivity and the ability to build wealth. He concludes by encouraging viewers to consider their personal circumstances and the specific needs of their business when choosing a location to maximize their chances of success.

Takeaways

• 🌍 Location is crucial for building wealth, with certain 'hotbeds' being more conducive to success in specific industries.
• 🏦 High tax rates and regulations are less impactful on wealth creation than a supportive ecosystem for growth.
• 🎬 Success in a particular field often requires being in the right place; for example, Hollywood for movies, Silicon Valley for tech startups.
• 💼 The importance of access to capital, talent, social circles, and job opportunities in building wealth.
• 🧵 Starting a business is easier in places with a strong social safety net, allowing for risk-taking without severe consequences.
• 📈 Wealth generation is not just about low taxes and low regulation; it's also about the enabling structure for success.
• 🚀 For early-stage entrepreneurs, first-world countries with established infrastructure and social services can be advantageous.
• 🌱 As businesses grow, entrepreneurs may relocate to places with a higher concentration of expats, entrepreneurs, and a business-friendly environment.
• 💰 The cultural aspect of a location matters; some cultures foster productivity and hustle, while others may prioritize leisure.
• ⛱️ Lifestyle benefits of a location should not overshadow the functional aspects needed for building wealth, such as access to health care and low living costs.
• 🌟 Success stories are more likely to come from places that have exhausted ideas, where bringing innovation can give a competitive edge.

Q & A

What is the main topic of discussion in the video?

The main topic is about identifying the best places for individuals to build wealth, considering various factors such as tax rates, regulation, social safety nets, and the presence of successful ecosystems in different locations.

Why does the speaker suggest looking at places where wealth is already being built?

The speaker suggests this approach to extrapolate backwards and understand what factors in those places are contributing to wealth creation, which can provide insights into what makes a location conducive to building wealth.

What are some of the factors that the speaker mentions as important for building wealth in a location?

Factors mentioned include population dynamics, language, tax rates, regulation, social safety net, weather, geographic location, access to capital, talent, social circles, and job opportunities.

Why does the speaker believe that the tax rates might not be as significant for someone just starting out?

The speaker believes that for someone starting out, who is not making a large income, the impact of taxes is relatively small compared to the benefits of being in an ecosystem that fosters growth and success.

What role does the social safety net play in building wealth, according to the speaker?

The social safety net allows individuals to take risks and possibly fail without severe consequences, which is important for innovation and wealth creation. It provides a basic level of security that can be crucial when starting out.

Why does the speaker suggest that certain high-tax places like Denmark and Sweden produce more successful startups?

The speaker suggests that the social safety nets in these countries allow individuals to take risks without the fear of severe financial fallout, which can lead to more innovation and startup success.

What does the speaker mean when they talk about 'field-specific advantages'?

The speaker refers to the idea that certain locations may offer unique benefits or opportunities that are particularly advantageous to specific industries or fields, such as Hollywood for the movie industry or Silicon Valley for technology startups.

Why might someone choose to move their business to a different location as it grows?

As businesses grow, they may outgrow the benefits of their original location. Factors such as less favorable laws, higher costs, or the need for a broader talent pool may necessitate a move to a new location that better supports their expansion.

What are some of the challenges someone might face when trying to build wealth in a place like Italy or Spain?

Challenges might include a culture that is more focused on leisure and less on hustle, oppressive weather conditions that can affect productivity, and potentially less access to capital and entrepreneurial networks.

Why does the speaker recommend certain 'first world' countries for individuals starting out?

The speaker recommends these locations because they often have a good social safety net, infrastructure, and access to services that can support individuals as they build their wealth and businesses.

What is the speaker's view on the importance of cultural fit and lifestyle when choosing a location to build wealth?

The speaker believes that cultural fit and lifestyle are important considerations. A location that supports productivity, offers a good quality of life, and aligns with the individual's work ethic and goals can be more conducive to wealth creation.

Outlines

00:00

🌟 Identifying Wealth-Building Locations

Michael discusses the best places for individuals to build wealth, emphasizing that while wealth can theoretically be built anywhere, certain 'hotbeds' are more conducive to success. He invites viewers to comment on the factors they believe are significant for wealth creation in a location, such as population dynamics, language, tax rates, regulation, social safety nets, weather, and geographic location. Michael suggests that understanding the success factors of these places can inform where to build wealth.

05:00

🌱 Stages of Wealth Building and Their Impact

The second paragraph explores how different circumstances impact individuals at various stages of wealth building. Michael uses examples to illustrate that when people struggle with basic necessities, it's challenging to innovate or build wealth. He contrasts this with the situation in countries like Denmark and Sweden, where a strong social safety net allows people to take risks and potentially leads to the creation of high-value startups, or 'unicorns.' He also touches on the idea that taxes are less impactful when one is not making significant income and that cultural factors, such as a focus on productivity versus leisure, can influence wealth creation.

10:01

🚀 Starting Wealth Building in First World Countries

In the third paragraph, Michael proposes that starting wealth building in first world countries might be advantageous due to their social safety nets, infrastructure, and services. He suggests that once an individual has some savings, experience, and connections, they can leverage these environments to build momentum. He also discusses the importance of having access to capital, a supportive social circle, and a conducive environment for building a side hustle. Michael contrasts the benefits of starting in a higher-income country with the challenges of starting in a lower-income country, where wages and resources may be more limited.

15:02

🌐 Location Independence and Scaling Wealth

The fourth paragraph focuses on the idea that once an individual has achieved a certain level of success, the choice of location can change. Michael suggests that for online businesses or those with location independence, the choice of location is less critical. However, for those who need to be in a particular geographic area for their business, he recommends places with a high degree of expats, entrepreneurs, good infrastructure, and low taxes. He also discusses the limitations of certain locations in supporting businesses as they scale from six to seven or eight figures and suggests places like Dubai, Puerto Rico, Portugal, and Singapore as potential locations for scaling wealth.

20:03

🏙️ Industry-Specific Locations for Wealth Building

In the fifth and final paragraph, Michael addresses industry-specific locations for wealth building. He talks about the importance of being in an environment that supports the right deals for industries like real estate. He mentions the benefits of starting in countries with a good safety net and then focusing on specific cities within those countries that have a strong entrepreneurial culture. Michael also discusses the potential of going to locations where there's a shortage of ideas and being the one to bring innovation, which can lead to success in markets that might otherwise be considered less favorable for wealth creation.

Keywords

💡Wealth Building

Wealth building refers to the process of accumulating assets and increasing one's net worth over time. In the video, it is the central theme as the speaker discusses various factors that can influence an individual's ability to build wealth in different geographical locations. The concept is explored in the context of both personal financial strategies and the impact of external factors such as tax rates and social safety nets.

💡Location Factors

Location factors are the specific characteristics of a geographical area that can influence an individual's or a business's success and wealth creation. The video emphasizes the importance of considering factors like tax rates, regulation, social safety nets, and access to capital when choosing a location to build wealth. For instance, the speaker mentions how certain places like Silicon Valley are hotbeds for tech startups due to a conducive ecosystem.

💡Tax Rates

Tax rates are the percentages at which an individual or business is taxed on their income. The video discusses how tax rates can affect wealth building, suggesting that while lower tax rates might seem advantageous, the overall ecosystem for growth is more critical. It contrasts places with low tax rates but less wealth creation to those with higher tax rates but more opportunities for success.

💡Regulation

Regulation refers to the rules and laws that govern economic and social activities. In the context of the video, the speaker discusses the impact of regulation on business growth and wealth creation. It is suggested that while lighter regulation might be appealing, the overall support structure for success, which can exist in more heavily regulated areas, is more important.

💡Social Safety Net

A social safety net is a collection of government programs designed to protect individuals from hardship due to unemployment, old age, and other risks. The video explores how a strong social safety net can enable individuals to take risks and innovate, as seen in countries like Denmark and Sweden, which have a high number of successful startups.

💡Entrepreneurial Culture

Entrepreneurial culture refers to an environment that encourages and supports individuals in starting new businesses and pursuing innovative ideas. The video highlights the importance of an entrepreneurial culture in wealth creation, noting that certain cities like Austin, Texas, and Dubai have strong such cultures that foster success.

💡Infrastructure

Infrastructure refers to the basic physical and organizational structures needed for the operation of a society or enterprise, such as transportation, communication, and healthcare facilities. The video discusses the role of good infrastructure in enabling business operations and wealth creation, with the speaker noting that places with well-developed infrastructures are more conducive to success.

💡Expatriate Entrepreneurs

Expatriate entrepreneurs are individuals who move to a different country to start a business or work. The video suggests that being around a community of expatriate entrepreneurs can be beneficial for wealth creation, as they often form networks and clusters that contribute to a favorable business environment.

💡Cultural Shift

Cultural shift refers to changes in the values, behaviors, and norms of a society. The video touches on the idea that an individual's ability to adapt to a new culture can influence their success in building wealth in a different country. It suggests that those who can make the cultural shift may find success in regions like Asia, where there are large markets and opportunities.

💡Economic Mobility

Economic mobility is the ability of individuals to move up or down the income ladder over time. The video discusses how economic mobility is influenced by the starting point of an individual or a region. It contrasts regions where people are struggling with basic necessities and have less economic mobility to those with more opportunities for upward mobility.

💡Risk Taking

Risk taking is the willingness to take on risks in the pursuit of greater rewards. In the context of the video, the speaker talks about how a social safety net can enable individuals to take more risks, such as starting a business, because they have a safety net to fall back on if they fail.

Highlights

Wealth can theoretically be built anywhere, but certain 'hotbeds' are more conducive to success.

Identifying factors significant to wealth building in a location rather than personal characteristics is crucial.

Examining places where wealth is currently being built can help extrapolate what leads to wealth creation.

Field-specific advantages are important; for example, Hollywood for movies or Silicon Valley for tech startups.

Tax rates are a small factor relative to an ecosystem that fosters growth.

Access to capital, talent, and social circles are often more critical than tax benefits for building wealth.

Wealth generation is not proportional in all regions, pointing to structural differences affecting success.

The level of personal journey influences the set of circumstances that can aid in wealth creation.

Struggling with basic necessities can hinder innovation and progress.

Denmark and Sweden have a high per capita rate of producing unicorn companies, despite high taxes and regulations.

Social safety nets can enable risk-taking and failure without severe consequences.

Taxes matter less when you're not making significant income; the focus should be on growth and opportunity.

Cultural aspects that foster productivity and action are more important than a relaxed and leisurely environment for wealth building.

Starting a business in locations with a strong entrepreneurial culture and support system is beneficial.

As businesses grow, entrepreneurs often move to locations with better infrastructure and regulations.

Eastern European countries can be good for initial growth, but may not support scaling to higher levels.

Places like Dubai, Puerto Rico, and Portugal are suggested for the next stage of business growth.

For online businesses, Eastern Europe offers low taxes and good infrastructure, but may lack in talent pool for scaling.

Innovative ideas in markets where local innovation is low can provide a competitive edge.

Leaving and then re-entering a market can provide a new perspective and competitive advantage.

Transcripts

welcome back everyone michael here with

offshore citizen

the last few days we had a video on the

subject of

where my wealthiest clients are moving

this was a question that some of our

people had in the comments and it

spurred another question

in the comment which was okay great

these are you know people have already

built wealth

what about for people who are wanting to

build where are the best places for

those people to go and today i'm going

to discuss that now

of course you know a person in theory

can build wealth anywhere

and so you know i think the more

interesting thing is to say

all right how do we identify what are

the

key hotbeds that are going to be most

responsible

for creating some kind of success and

probably some of the answers are going

to disappoint you

that being said hopefully they are

useful so

i'm going to start off the conversation

by asking you this question

what factors do you believe are most

significant or most

important in building wealth

in other words and i'm talking about

that from the perspective of

a location right so we're not talking

about the personal characteristics that

somebody has

we're not talking about you know

something like that but rather what

if you were to choose a location what

factors in that location

are most significant in someone building

wealth

okay and so would love to hear from you

in the comments let me know and let's uh

let's kind of explore this

so i mean we can look at a pretty broad

range of criteria

right we can look at okay the population

dynamics in the country we can look at

things like language we can look at

things like tax rates we can look at

things like regulation

we can look at things like social safety

net we can look at things like weather

we can look at things like geographic

location

probably 10 other things right

i'm going to imply or suggest to you

that the most objective way to figure

this out

is to look at places where wealth is

being built

and then extrapolate backwards to say

okay

what is it about those places that's

resulting in that wealth being built

and i think it's pretty apparent if you

start thinking about this

that there is no general answer meaning

that

depending on the field you're in there

are field specific advantages let's use

a simple historic example

if you wanted to be a big shot in the

movie industry you pretty much had to go

to hollywood

right that's just kind of that's where

movies were being made if you were to go

to

rural missouri a very low chance that

you're going to

you know have big success in the movie

industry just

isn't a movie industry there now you

might say hey well maybe rural missouri

or let's pick a better example maybe

wyoming or you know

nevada or florida or something like this

the tax rates are better

right so you know that should be good

turns out that's a small thing

the the amount of tax is small as an

impact

relative to an ecosystem that fosters

that growth right

likewise we can turn around and we can

say well if you want to be a big shot in

finance

where do you go well you probably go to

new york right

if you're saying hey you want to be

successful

in doing tech startups well you would go

to silicon valley

and obviously there's kind of global

equivalence of this right you have

places like hong kong and places like

london and so on and so forth around the

world but

in those industries there was this

microcosm

that helped to make you successful

within that space

that's a super interesting thing to

think about right what are the elements

that go into that success

sometimes it's access to capital

sometimes it's access to talent

sometimes it's the social circle that

you're exposed to

sometimes it's you know job

opportunities

etc etc right interestingly

these are typically some pretty high tax

places right so the the bias

for people watching this channel might

be hey listen you want to go to the

lowest tax place with the least

regulation

maybe the lowest cost of labor and you

know that's going to be your success

point

the evidence does not really support

that right we can generally see that

there's not a lot of wealth

being generated in africa why not really

interesting

right uh there's not a lot of wealth

being generated

in latin america proportionally why not

you know

something's going on there there's

not a lot of wealth being built in you

know southern europe

relative to northern or western europe

why not

right and of course part of that is the

starting point

right you say okay well when you're

starting with very little

then you're going to be in a different

situation than when you have a lot

but there's also just a lot of enabling

structure

around creating success and as i thought

about this

topic one of the things that came to

mind is that

depending on the level that you're at

personally in your journey

there's a very different set of

circumstances that might serve you so

let's use an example

if you're struggling to just get by then

the stress

of that struggle probably hurts you more

than most other factors are going to

help you

all right so let's use a simple example

if you're saying hey listen i'm worried

that i won't be able to pay my bills

right i'm worried i might lose my job

and if i lose my job i'm not going to

you know

be able to like do anything i'm going to

be debt ridden etc etc

well that's probably a negative that's

pretty hard to counter balance

right once you move to a point where

you're like okay great i have

some savings and i have some experience

and i have some connections and i've got

a little bit of momentum

that's very different than when you're

at that starting point

and this probably explains to a large

extent why

say africa has a hard time producing a

lot of wealth right is

you simply have people who are to a

large extent

struggling with the basic necessities

when you're struggling with basic

necessities it's hard to be innovative

it's hard to work on kind of furthering

things it's also interesting

if you look statistically more unicorns

tend to come out of

unicorns are a company like startups

that gave a billion dollar valuation

per capita tend to come out of denmark

and sweden

than out of pretty much any other part

of the world and

you can say well hang on a minute aren't

these socialist type countries aren't

they high tax aren't they high

regulation

aren't they you know the wages are high

etc yeah all that is true

so what is it about that ecosystem that

works and i'm going to suggest to you

that part of it

is that people are in a position where

they can take risks and fail because

they have a social safety net that is

protecting them

that doesn't mean that it fosters very

well as you grow most of those companies

are typically going to start moving

out of those countries as they grow past

a certain point and you've seen examples

of this with companies like spotify

that end up deciding to as they build

further offices locate them outside of

that region

because the landlord tenant laws aren't

good the employment rules

don't favor that company etc but

when you're getting started having that

basic taken care of

is really important and there's

different ways that can happen that can

happen through the state that can happen

through family

that can happen at a level where you've

already got some establishment but it

would be

disingenuous not to recognize that

likewise something like taxes don't

matter too much when you're not making

money

right so whereas if you're making

a million dollars or two million dollars

a year the effect on

compounding of having 50 of that

go to taxes can be pretty substantial

right whereas if you're saying hey

listen

you're only making i don't know let's

say let's use

canada as an example your corporate tax

rate on the small business level

which is below 500 000 canadian dollars

per year

is depending on the province like 12 so

you know this isn't so bad right it's

really once you go above that 500 000

canadian dollars level that it starts to

become an issue a lot of places have

graduated tax rates

right many many examples like this where

the tax burden is not so bad on the

lower end and so what does it matter

what the top tax bracket is which is the

one we tend to focus on right

so in that sense i think it's worth

considering

the next thing that i think is worth

considering is are you in a culture

which fosters making things happen

versus are you in a culture

that fosters kind of relaxation and

leisure

and in this sense i think generally

speaking i just spent a week in italy

and you know it was great you know you

go to the italian cafe but i was

mentioning to my wife you know if i was

living in italy i would definitely take

a siesta in the afternoon

it's july it's hot in italy what are you

gonna do right it's uh

it's just hard to be productive i

remember spending a few months in bali

a couple years ago and you know we were

just talking about

it was hard to get work done because the

heat and humidity are quite oppressive

right if you're in that situation it's

gonna be

gonna be tougher for you so whereas

there's things that you may favor from a

lifestyle standpoint that seem really

great

that may not really support you that

much from a

functionality building standpoint i have

some

good clients friends who you know built

really successful businesses

who went to places like albania to build

and basically they're like hey you know

i spent the whole time

pretty much in my apartment i would go

to the grocery store in the gym and that

was it

these three places just work work work

it was very easy to do that

in this environment because there wasn't

a lot of distractions

the cost of living was low in that

particular case there were people around

who spoke some more language to them

there's

some advantages like that at the same

time if you're going to have a lot of

friction

in getting basic things done so for

example you know i'll spend a lot of

time at a computer typing and it wound

up hurting my back over time

well if i can't take care of my basic

health then

you know quickly the amount of energy

that i can dedicate

to being productive and effective

decreases

quite a bit right so what i would

propose to you

is that when you're getting started you

want to start at some place where your

base level is taken care of which is why

it's not a terrible idea to start in a

place like

london a place like the us uh you know

whether it's new york or whether it's

you know san francisco or something like

that

uh it's not a bad idea to start in a

place like netherlands

right these places when you're kind of a

solo operator

and you can gain access to some of these

services and infrastructure

and maybe you're somebody who you're

from there so as a result you have this

social safety net and you can have a

part-time job

that's very different right if you're in

a situation where it's like

imagine let's contrast these two

situations you're in germany

right and you can have a part-time job

and then you're building a side hustle

versus union bulgaria and you can have a

side hustle well the reality is that

your wages in bulgaria are probably like

700 euros a month or something like that

versus maybe

what like 3 000 euros a month and your

costs aren't proportionally higher

and as a result you're in a situation

where you're actually better off

being in say germany which is why lots

of people leave bulgaria to go to

germany

and you have more resources to dedicate

to this side hustle

okay which is important right you need

capital in order to do that

likewise your circle of friends people

who can maybe contribute the kind of

friends and family

who may throw in money is better

when you're in an environment where

people have some extra money versus

in places where people don't have some

extra money so that's also important

so giving that a general idea i'm going

to say

if you're getting started i would say

some of these kind of

what we call first world countries are

probably actually better places to start

in many regards

as you hit a certain level where you say

okay i've had some success

i'm doing you know i've got a six figure

a year business

then at that point in time i think

depending on your business

if your business is online that's quite

different than if your business is in

person

right but if you're in a situation

let's assume that you have location

independence it doesn't matter where you

are because a lot of businesses still do

right assuming that they aren't then i

would say

places that make sense to go at that

stage are places where number one have a

high degree

of expats entrepreneurs people who are

doing things builders let's call them

that they're builders

who you can be around number two it's

relatively easy to do business

and to live right living is the

convenience of living

should not be underestimated and number

three

it is going to be relatively

good infrastructure relatively low tax

basically you're able to throw what it

is that you have into there and probably

also not a place that is

uh very distracting in terms of

lifestyle so this i think is

maybe one of the good reasons why a lot

of in spite of the

you know on paper some favorable rules

you don't see a lot of great success

stories coming out of places like malta

right

in that sense what would those places be

okay

all right so i would suggest to you

that some of those places could be some

of the eastern european countries

maybe if you've relocated i've seen

quite a few people

have their success stories and they kind

of relocate there but i think that they

you only grow up to a certain point so i

think

it's a good place to go from hey i've

got some momentum but it's not that

strong

to hey listen we you know it's kind of

like a good place to go from six to

seven figures so let's call it that

okay so for example places like bulgaria

places like ukraine

ukraine maybe a little bit less because

there's some advantages to the financial

infrastructure within the eu

but you know some some countries like

that whether it's hungary

et cetera these countries though tend to

top out i find

they don't tend to support you very well

in going from

seven figures to eight figures right

that range there

maybe you're going to look at places

more like dubai you may look in the u.s

at places more like puerto rico there's

a great social circle of entrepreneurs

there

maybe you're going to look at places

like

portugal that could be an interesting

interesting way to go

maybe you're going to look at places

like if you can get in there singapore

if you're doing something that's going

to require raising capital you're

talking about

the us you're talking about london

you're talking about

maybe some of the other places i mean

depending on which market you're

appealing to

you could be in a situation where

singapore's venture capital scene might

be useful for you

you might find that china's is useful to

you again like that's going to be a

tougher one to access depending on you

know your familiarity with the region

and language and you know the different

players etc but

could be could be useful those are

places that i would

typically look all right and

yeah i i would tend to go to those

places would i go to

places like georgia i think george is a

little far out

i don't see people hanging out in

georgia and very successfully building

businesses i see them kind of like

staying at a certain level it's like

okay you can go there and you can live

inexpensively and you can keep more of

your money and you can kind of hang out

but i don't see people building there i

see quite a bit building out of malaysia

although that might be a function of the

population size and the less to do with

the percentage of the overall population

that's having some degree of success

again i think a lot of people have gone

to portugal and so i think that

entrepreneurial community is going to

foster a lot more growth out of portugal

than has happened

historically historically portugal

wasn't so great similar deal with puerto

rico

right a lot of because people have gone

to puerto rico there's an ecosystem that

now creates

uh success that wasn't there in the past

london obviously is a place that uh kind

of if you're wanting to do that jump

from

seven to eight i would say like uk

in general has been a pretty pretty good

place even though

it's caught a lot of painfulness to it

let's talk about some other industries

right if you're talking about something

like real estate well you know you want

an environment that supports

the right deals so i talked to a client

a while ago who was mentioning

you know he was in germany for a bunch

of time and you know it was really

difficult to make it work

went to australia and he's like hey it's

easy to make money in australia

australia i'm a big critique a big

critic of the ato

and you know their rules and all these

kinds of things but the truth is

if you're in the real estate game

australia has been in a boom

right that's just the way that it goes

there's easy access to financing

people understand how to do construction

and get things done and flip and all of

this

stuff that goes into being able to

carry out successful deal making similar

for certain parts of the u.s right if

you want to go and do

various different real estate deals

buying flipping et cetera

there's a big infrastructure for that

can you do the same thing in italy

not so much the capital appreciate even

though you can go and buy properties

quite cheap

the capital appreciation isn't there in

order to be able to do this

the ability to quickly go in and do

renovations and flip etc

not there same thing lots of examples

like that

so yeah i would say

netherlands is an interesting place to

start uh

just as in fact like in general these

countries that have a good safety net i

think are good places to start

now within those places i would say that

there are certain ecosystems for example

if i was in canada i would focus more on

toronto than i would

on any other city and the reason for

this

is i noticed that there's more of an

entrepreneurial culture more of a

culture of getting things done whereas

there's more of that leisure culture

that you get in places like vancouver i

love vancouver i think it's a great city

but it's less about hustle it's less

about

making things happen it's more about

lifestyle and when you want to build

something

you don't want that distraction okay so

that would be an idea

likewise if we were to go and look at

the us in general i would say that east

coast

tends to be more of that than west coast

i do see quite a bit of success that

comes out of kind of the austin texas

area so

i think that's again a great place to

maybe

go in and build things from like the if

you're american

you know and you've kind of had some

success etc you can go and plug into a

great community there

and have a bunch of success that's

probably where i would go if i was

not if i was living in the u.s or

something would be somewhere like that

maybe i would go and check out uh

someplace like puerto rico just because

the tax environment is so good but i

think it makes sense only after you

reach a certain financial level

places like florida i think the climate

just works against you which is

interestingly

it's kind of ironic because you know you

would suggest that the same would be

true in texas but i think you just built

this community that's

more uh again more like getting things

done

in there i think that again uae right

now

increasingly in particular dubai has

increasingly a community which is

really strong in that regard and

yeah then i would look at if you're able

to do it online

then it's useful to go to somewhere in

eastern europe

where you can get low taxes low costs

kind of less distractions

and just like grind it's not so good

from the ecosystem standpoint

but you can get good infrastructure so

your internet infrastructure is

fantastic

your infrastructure for hiring people is

fantastic so if you need that proximity

as power get some people in

it's good for that initial level until

you start to tap out the talent base

when you start to tap with the talent

space then you need to go somewhere

where you have

a broader talent pool and that tends to

be

maybe you can do some stuff in asia if

you're able to make

that cultural shift work for you

especially if you're somebody from that

region then you know i see

lots of success coming out of there or

alternatively maybe you end up having to

go to some other country that has a

larger population that you can tap into

and build accordingly the last thing i'm

going to mention

is there is something to be said for

going into environments

where they've exhausted ideas okay

this was a conversation i was having the

other night when i was having dinner

with somebody in italy

and native italian somebody was building

business there et cetera

and was just discussing hey listen like

there's a shortage of ideas here so if

you're the person who brings ideas

that brings opportunity i thought that

was interesting i don't have personal

experience with that

most of the italians that i know have

left italy but i do know a few people

who have come in

and really done phenomenally well in the

italian market

in part by being able to be innovative

and fast moving and

on top of it and tapping into a pretty

niche market

which would normally not be tapped into

this being said

in most cases they do that by first

leaving and then kind of passporting

back in i've seen the same thing in the

french market

people who leave the french market and

then sell back into the french market

because there's less competition i've

seen something similar with people who

are

not in the spanish market but they leave

the spanish market

in this case it's not just spain we're

talking about latin america but they're

able to capitalize on this large market

using that external

launch pad so i hope that gives some

ideas

makes uh makes things make sense for you

clearly you know beyond that i've done

the previous video where i was talking

about you know

when you start getting to past a certain

point i think it's just fairly obvious

that the value proposition of the

savings

uh by being able to you know have an

environment that's supportive

of wealth is quite different so anyway i

hope that helps

and if you have any questions put them

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i will see you guys on the next video

you