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Liquidating to monger abroad

Nutopia1

Review Contributor
Messages: 555
Reviews: 5
Joined
Regardless of where you end up overseas, I suggest you keep a home base somewhere here in the States near a major airport (such as a safe deposit box and/or a safe in a small storage locker on an auto-pay plan or a cheap studio apartment in an inexpensive location). Use that location to store records, passwords, a few sets of clothes for every season and directions for accessing your accounts and funds in an emergency.. Have copies of your will, POA, insurance docs, etc. there, too.

Then you're not carrying all of your sensitive documents around with you, and they will not be accessible by nefarious characters abroad. If you get occasionally homesick, you can travel light and have all your personal care items waiting for you. Think of it as an an economy version of how the wealthy folks maintain multiple houses around the globe.

Happy Mongering!
Shouldn't you let a trusted person in the USA know the location and or give them a key just in case ?
And if you die suddenly overseas since you can't call that person then what ?
 

BIGBOB62

Review Contributor
Messages: 782
Reviews: 9
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One of the considerations doing this is whether to remain a US citizen or not. If you are still a US citizen, you still pay taxes, even if you live abroad and have no money in the USA. If you’re a foreign citizen but you want to keep money in the USA you need to move the account to one of the states where it isn’t taxed. I know Nevada and South Dakota are 2, I think there’s a few more.
 

Nutopia1

Review Contributor
Messages: 555
Reviews: 5
Joined
One of the considerations doing this is whether to remain a US citizen or not. If you are still a US citizen, you still pay taxes, even if you live abroad and have no money in the USA. If you’re a foreign citizen but you want to keep money in the USA you need to move the account to one of the states where it isn’t taxed. I know Nevada and South Dakota are 2, I think there’s a few more.
Only the income is taxed. So if it's 500k for example it may be 10k income or about 2-3k tax bill . Not the worst thing ..
 

BIGBOB62

Review Contributor
Messages: 782
Reviews: 9
Joined
Only the income is taxed. So if it's 500k for example it may be 10k income or about 2-3k tax bill . Not the worst thing ..
Yes, I mentioned it because Ive talked to expats in Thailand who moved there completely unaware that they would have to pay Thai taxes and US ones. And the US ones were killing them. Their words not mine. I’m not planning on dropping citizenship even though it’s expensive. Btw if you have 500k and you can only make 10k off it you need a better money manager.
 

Nutopia1

Review Contributor
Messages: 555
Reviews: 5
Joined
Yes, I mentioned it because Ive talked to expats in Thailand who moved there completely unaware that they would have to pay Thai taxes and US ones. And the US ones were killing them. Their words not mine. I’m not planning on dropping citizenship even though it’s expensive. Btw if you have 500k and you can only make 10k off it you need a better money manager.
The average money manager over the past 12 months would have made you NEGATIVE 50k !
 

AC130JDriver

Registered Member
Messages: 18
Joined
I liked Malaysia, but not as a mongering country. It's not as bad as the ME, but the Muslim majority is constricting. Other countries in that area are better mongering destinations IMO. But it's beautiful there and the food is great.
I guess it depends on where and how you conduct business in Malaysia. I have had some good experiences. I prefer agencies-albeit more expensive I did have some good experiences in KL. I would absolutely consider Malaysia for several different reasons. As far as getting out to hobby I would just jump on Malaysian Air to Thailand or the Philippines. Last time I checked flights were no more that $200 round trip to either country from KL. Definitely something for me to consider if I get picked up by Emirates first move would be to purchase a small condo or apartment. Still quite a few years from being reticent eligible, a lot can change between now and then.
 

Nutopia1

Review Contributor
Messages: 555
Reviews: 5
Joined
Not mine, and it's a moot point because you won't be retiring abroad if you lose 50k every year. It'll be time to put on that Walmart vest.
A quick look at Bloomberg shows that of 25,000 money managers 97% have negative returns over trailing 12.
Those that are positive tend to be concentrated narrowly focused strategies. Hardly the comfort I'd want if living overseas. In any event a discussion for another thread .
 

luvjackshack

Registered Member
Messages: 172
Reviews: 1
Joined
One of the considerations doing this is whether to remain a US citizen or not. If you are still a US citizen, you still pay taxes, even if you live abroad and have no money in the USA. If you’re a foreign citizen but you want to keep money in the USA you need to move the account to one of the states where it isn’t taxed. I know Nevada and South Dakota are 2, I think there’s a few more.
I
You have to pay money to give up your USA citizenship LMFAO money coming and going
 

Funrise

Review Contributor
Messages: 144
Reviews: 8
Joined
A quick look at Bloomberg shows that of 25,000 money managers 97% have negative returns over trailing 12.
Those that are positive tend to be concentrated narrowly focused strategies. Hardly the comfort I'd want if living overseas. In any event a discussion for another thread .
Study, learn and when you’re ready, do it yourself. A narrowly focused strategy is key. You can’t learn it all, but you can learn a strategy that works.
Pick an online platform that has live practice trading and tons of tutorials on stock options. Cash secured puts and covered calls can make good consistent income.
 

Nutopia1

Review Contributor
Messages: 555
Reviews: 5
Joined
Study, learn and when you’re ready, do it yourself. A narrowly focused strategy is key. You can’t learn it all, but you can learn a strategy that works.
Pick an online platform that has live practice trading and tons of tutorials on stock options. Cash secured puts and covered calls can make good consistent income.
You may want to take a few classes yourself on the concept of embedded risk and risk adjusted returns .
 
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