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Radical Personal Finance

783-Friday Q&A: Downsides to Second Citizenship, Crypto Wages, Cash Out Pension, Etc.

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 1 May 2021

⏱️ 141 minutes

🧾️ Download transcript

Summary

It's Friday! Today we do Q&A!

  • 1:30 Is there a downside to a second citizenship?
  • 20:04 Should I invest for early retirement or buy a house?
  • 47:37 How are my crypto wages taxed as I earn them and they grow?
  • 1:06:00 Should I cash out my teacher's pension or keep it?
  • 1:16:48 I make 3x money as I did 6 months ago. Am I spending too much?
  • 1:24:27 I have $1,000,000 in the stock market. Should I sell?
  • 1:38:20 How can I plant some flags as a farmer?
  • 1:52:31 How can I pay my parents to work for my business?
  • 2:01:00 What's wrong with Universal Life Insurance?

To join next week's show, go to https://patreon.com/RadicalPersonalFinance

Transcript

Click on a timestamp to play from that location

0:00.0

Today, Radical Personal Finance is live Q&A. Welcome!

0:19.0

Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now.

0:26.0

While building a plan for financial freedom in 10 years or less, man, it's good to be back on the microphone for a Friday show.

0:31.0

I really want these shows to be every single week. Over the last couple of weeks, I have not been able to get it done.

0:37.0

So today, we kick it off again. Friday Q&A live call-in show.

0:42.0

I'm so glad that you are here for our Friday Live Q&A show. If it's your first time, welcome.

0:55.0

These shows work just like any other call-in talk radio show. I've got a listener line full of people ready to call in and talk about questions, comments, anything that you have.

1:03.0

I open these shows up today to listeners of the show on Patreon. If you would like to gain access to one of these Q&A calls, be able to call in and talk about anything you'd like.

1:11.0

I'd be thrilled if you go to patreon.com, such as radical personal finance, just search radical personal finance on Patreon.

1:16.0

You'll find the page there and I will join you'll open these calls up to you. Be happy to have you join in for one of these Friday Q&A shells.

1:25.0

If you need, I always put timestamps in the description. So if there's a call that you don't not interested in, feel free to flip forward to the next timestamp.

1:32.0

But I try to keep them interesting and I certainly enjoy doing them because we get to cover all kinds of fascinating topics on a week by week basis.

1:40.0

So we'll open up the phone line as soon as I can get my computer to stop playing the music.

1:48.0

And with a force quit on the music, I think we're ready to go.

1:53.0

John and Pennsylvania, welcome you are first. You are first today. So welcome to the show.

1:58.0

Thanks, Joshua. Thanks for taking my call. Glad you're feeling better. Thank you.

2:02.0

I had two questions. I'll ask them for a moment and see if we have time for the second one.

2:08.0

Okay. But I had some time to start looking into some projects on my list that had been there for a while, specifically about external citizenship or US or permanent residency.

2:24.0

Specifically, I was looking at citizenship by descent to one or two countries in the EU and potential temporary permanent residency trying to get that in Mexico, which I from what I read is actually quite easy, but I haven't started taking the steps towards either of those citizenship by descent is actually I'm waiting on some legislation to go through a couple of those countries, which might take quite a while.

2:52.0

But as I was thinking about these, I was just wondering for all the benefits there are for these types of movements, are there any downsides to consider when, you know, kind of adding another, another citizenship for any new country or even something as simple for temporary permanent residency for Mexico or anywhere in general.

3:13.0

What are the, what are the big concerns you would look at for why not to do something like that, if any.

3:19.0

Yeah, the biggest reason why you would not want to pursue a second citizenship or a residency program would be that if you have some personal involvement with the military, you have a top secret clearance of some kind or you're involved in some kind of governmental function.

...

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