Question for Contrarian Expatriate

[Light]

Welcome back @Contrarian Expatriate. I remember as a lurker reading somewhere you lived abroad permanently and make your money as a trader. I think I recall it was trading stocks. Do you have any advice about how to be successful with stock trading? Is a $30,000 or $50,000 balance enough to make enough of an income to live abroad in a place like Russia, Belarus, Ukraine, or former Soviet Central Asian nations? Also, do you recommend someone keep their account balance denominated in dollars or euros?

[Contrarian Expatriate]

Hello Light. Couple of things.

Day trading is difficult for me to recommend in that 90% of day traders lose money. Technically, I am more of a swing trader or active trader than a day trader, but I do it more as a hobby than I do for income generation. When all goes well, I like to average no less than $100 per week in trading. Some weeks I make nothing, some weeks I'll cut some losses, and some weeks I'll do far better than average. I only trade dividend ETFs that pay monthly because if I have to hold something for awhile, at least I'll get a high monthly dividend until I can sell it for a nice gain.

The real expert at day trading is Anton Kreil who owns the Institute of Trading where he teaches people how to avoid all the mistakes and pitfalls and trade well. He employs like-minded, successful traders who also have had huge success. If you wish to try your hand at day trading, I suggest your taking his course first. You might want to view this video to get some insights about him and the trading world:



If you have 30k to 50K you are well on your way to living abroad comfortably, but not quite there. You should be aiming to have what we call "Fuc.k You money" in the red pill community. I would say that is about 30k to 50k in passive yearly income to live abroad comfortably. So how do you do that? You do it by setting up several streams of passive income which is how I manage to live abroad. Some suggestions:

-An early pension if you can manage to get one is a gold mine.
-High interest rate term account (similar to a CD) overseas.
-Rental income from investment property.
-506b monthly investment fund income (AKA private placement offering. They are hard to find because they cannot advertise by law. You have to
get into a network of business contacts to find them)
-506c monthly investment fund income (These are easy to find because they CAN advertise but you must be very high income or a millionaire to
quality.) Grant Cardone's Cardone Capital has several of these funds that produce monthly income for people.
-Dividend paying stocks or ETFs (but wait for the coming bear market to hit before you jump in.)
-Peer to peer lending platforms where people pay you interest monthly for loaning them money.

If you keep working a job and do a few of the above well, you can arrange to have a 30 to 50K (and much more) coming to you EACH YEAR. That is what I would tell men to aim for before they try to live abroad long term. Otherwise you could be stuck in one place with no healthcare and no ability to experience life the way you want to.

As for the dollar or euro, they both suck in that their respective central banks are keeping their interest rates low so you cannot profit from saving. Choose the one that is more practical for you, but don't be afraid to dabble in other currencies that permit you to save with high interest rates accounts. Ukraine (Turkey too) has high interest rates, but never go "all in" with such a foreign currency just to mitigate your risk.

https://ukraine.deposits.org/deposits/

You might hear some naysayers say, "I would never open an account in Ukraine." But those are often financial "Nervous Nellies" who have no stomach for building wealth and they are usually broke to boot. Taking smart risks creates bigger and bigger wealth. We all make investment missteps but you just mitigate your losses and ensure most of your plays are successful.

Good luck!

[Moretorque]

The whole entire system is just a rigged supply of numbers by the Illuminati.

[Light]

Hello Light. Couple of things.

Day trading is difficult for me to recommend in that 90% of day traders lose money. Technically, I am more of a swing trader or active trader than a day trader, but I do it more as a hobby than I do for income generation. When all goes well, I like to average no less than $100 per week in trading. Some weeks I make nothing, some weeks I'll cut some losses, and some weeks I'll do far better than average. I only trade dividend ETFs that pay monthly because if I have to hold something for awhile, at least I'll get a high monthly dividend until I can sell it for a nice gain.

The real expert at day trading is Anton Kreil who owns the Institute of Trading where he teaches people how to avoid all the mistakes and pitfalls and trade well. He employs like-minded, successful traders who also have had huge success. If you wish to try your hand at day trading, I suggest your taking his course first. You might want to view this video to get some insights about him and the trading world:



If you have 30k to 50K you are well on your way to living abroad comfortably, but not quite there. You should be aiming to have what we call "Fuc.k You money" in the red pill community. I would say that is about 30k to 50k in passive yearly income to live abroad comfortably. So how do you do that? You do it by setting up several streams of passive income which is how I manage to live abroad. Some suggestions:

-An early pension if you can manage to get one is a gold mine.
-High interest rate term account (similar to a CD) overseas.
-Rental income from investment property.
-506b monthly investment fund income (AKA private placement offering. They are hard to find because they cannot advertise by law. You have to
get into a network of business contacts to find them)
-506c monthly investment fund income (These are easy to find because they CAN advertise but you must be very high income or a millionaire to
quality.) Grant Cardone's Cardone Capital has several of these funds that produce monthly income for people.
-Dividend paying stocks or ETFs (but wait for the coming bear market to hit before you jump in.)
-Peer to peer lending platforms where people pay you interest monthly for loaning them money.

If you keep working a job and do a few of the above well, you can arrange to have a 30 to 50K (and much more) coming to you EACH YEAR. That is what I would tell men to aim for before they try to live abroad long term. Otherwise you could be stuck in one place with no healthcare and no ability to experience life the way you want to.

As for the dollar or euro, they both suck in that their respective central banks are keeping their interest rates low so you cannot profit from saving. Choose the one that is more practical for you, but don't be afraid to dabble in other currencies that permit you to save with high interest rates accounts. Ukraine (Turkey too) has high interest rates, but never go "all in" with such a foreign currency just to mitigate your risk.

https://ukraine.deposits.org/deposits/

You might hear some naysayers say, "I would never open an account in Ukraine." But those are often financial "Nervous Nellies" who have no stomach for building wealth and they are usually broke to boot. Taking smart risks creates bigger and bigger wealth. We all make investment missteps but you just mitigate your losses and ensure most of your plays are successful.

Good luck!

Thank you for the recommendations and advice. I have started watching the youtube video and expect to finish it by the end of the weekend.

My goal is to earn $500-$1,000 or €500-€1,000 a month in income. I would hope to life in the country I find a girl. I don't have a good income here in America and most of my new money is going into repaying debt or bills.

When I move abroad I should have EU healthcare so if I ever need anything major I could have it done in the EU. Having EU citizenship is probably my greatest asset that sets me apart from other American expats.

Would a rental property in a place like Russia or Ukraine or another nation with affordable real estate ($30,000-$50,000 for a flat) be able to provide me with decent rental income to supplement money I get?

I wouldn't be able to have more than $50,000 cash and maybe a $30,000 Flat in Novosibirsk assuming I met a Russian girl and moved to Novosibirsk after marrying her. My main thing is to make my current cash work for me, then try to get a job or create a self-employment business abroad to boost my income and actually be able to see a real increase in assets.

My main goal is to have no assets within the reach of the US government. I've seen how they freeze assets or can randomly confiscate assets now, so I want to severe all my financial ties with America the moment I leave.

[Contrarian Expatriate]

My goal is to earn $500-$1,000 or €500-€1,000 a month in income.

That much in passive income would be good!

I would hope to life in the country I find a girl. I don't have a good income here in America and most of my new money is going into repaying debt or bills.

We've all been there. When I was in that situation, I worked on Friday and Saturday nights as a bouncer just for money to invest. You might consider a part-time weekend job just to give you extra gravy to stock away.

Would a rental property in a place like Russia or Ukraine or another nation with affordable real estate ($30,000-$50,000 for a flat) be able to provide me with decent rental income to supplement money I get?

I generally do not advocate purchasing property abroad. I know some would disagree, but I've seen too many cases where Westerners get duped into overpaying, paying for severely damaged property, or losing the property by not realizing that yearly taxes needed to be paid. There are also cases where the transaction was fraudulent so the owner never really owned the property that he paid for.

Then you will have the issue of property management. Is there someone who can market, repair, and maintain the property there? Unless you are a native speaker of Russian/Ukrainian, you will that that headache to resolve.

My main goal is to have no assets within the reach of the US government. I've seen how they freeze assets or can randomly confiscate assets now, so I want to severe all my financial ties with America the moment I leave.

That will be tough. The FATCA law mandates that foreign banks report to the US Treasury, all American customers. If you have not filed a yearly FBAR report showing all your foreign bank assets, the US government can seize all your money.

The only way to totally remove yourself from the reach of the USG is to renounce your U.S. citizenship, a drastic step that some take at great personal trouble. Andrew Henderson of Nomad Capitalist has recently renounced and he is a good authority on the subject.

[Light]

My main goal is to have no assets within the reach of the US government. I've seen how they freeze assets or can randomly confiscate assets now, so I want to severe all my financial ties with America the moment I leave.

That will be tough. The FATCA law mandates that foreign banks report to the US Treasury, all American customers. If you have not filed a yearly FBAR report showing all your foreign bank assets, the US government can seize all your money.

The only way to totally remove yourself from the reach of the USG is to renounce your U.S. citizenship, a drastic step that some take at great personal trouble. Andrew Henderson of Nomad Capitalist has recently renounced and he is a good authority on the subject.

I know all about the FACTA, FBAR, and mandatory IRS income tax returns that must be filed. I should make a thread topic about my thoughts about the that when I get a chance.

I'm also not sure if its a good idea for me to renounce US citizenship. Will I ever be able to get a top-paying dream job in America? The answer is no. Will I ever have enough money to live in America? Answer is again no. Do I have loyalty or patriotism towards America? The answer for a third time is no.

The two things why I don't want to renounce are I don't want to pay $3,000 to renounce citizenship and there remains a tiny chance America might eventually get better. A tiny chance that is almost impossible to ever happen but always a chance.

I'd probably want to get at least one future child US citizenship, so in the future if that child moves to America, I could at least be sponsored back as a Green Card holder. Maybe if I have lived abroad for 20 years consecutively permanently abroad outside America, then on my 40th or 50th Birthday, I would then renounce my US citizenship. By then it would be obviously that I wouldn't qualify for any retirement benefits in America and I really doubt America will become better for ordinary people, so when I turn 50 I would renounce it. After all, by the time I am 50 all my relatives in America will be dead. Maybe even sooner. But I won't be visiting anyone in America. No way in hell I'd pay money in the thousands of dollars to visit America. I won't even renew my US passport once it expires after I begin living abroad.

[Yohan]

I'm also not sure if its a good idea for me to renounce US citizenship. Will I ever be able to get a top-paying dream job in America? The answer is no. Will I ever have enough money to live in America? Answer is again no. Do I have loyalty or patriotism towards America? The answer for a third time is no.

The two things why I don't want to renounce are I don't want to pay $3,000 to renounce citizenship and there remains a tiny chance America might eventually get better. A tiny chance that is almost impossible to ever happen but always a chance.

I think you should see the situation internationally. US-citizenship is still much better than many other nationalities.

Instead of renouncing US citizenship it is much better to think about where else you can live outside of USA and keeping a good living standard as an US-citizen.

While the reputation of USA as a country is not the best one - with all its racist issues, prison population, gun violence, missing reasonable health care insurance and legal chaos etc. - it's not really such a bad passport if you show up in many places outside of the USA and travel around in this world.

Some US citizens overseas find themselves in troubles as they want to teach locals in foreign countries that in USA everything is so much better, but otherwise the majority of them are doing OK. I met many US-citizens in Japan who are very critical about life in USA and do not interfere in other countries local situation.