Boat2Riches

Today my guest is Amine Rahal who is originally from Algeria.  Amine is an entrepreneur and author with over 20 years of experience in the fields of technology and marketing. He has written for multiple magazines, including Forbes, Thrive Global, Inc, and many others. He is also a member of Young Entrepreneur Council and the Forbes Communication Council. Throughout his career, Amine has been working with entrepreneurs from all over the world. He has lived in the U.S., Canada, and China. He is currently the CEO of IronMonk Solutions, a full-service digital marketing agency, and the CMO at Regal Assets LLC, an alternative assets firm, which includes metals and cryptos. Amine recently released a book called “Immigrant Hustle: How 50 Entrepreneurs Came to America and Built Something Out of Nothing”. Amine and I discuss his book, his personal experience as an immigrant and entrepreneur, and why the American Dream is accessible to all of us, regardless of whether you are an immigrant or not.

Today my interview is with Traci Williams: a licensed psychologist, a single mom by choice and a fellow blogger/podcaster. Make sure to check out her awesome podcast about financial wellness, mental health and parenthood at https://www.healthywealthyroots.org/ Traci was born and raised in Trinidad & Tobago, where most of her family still lives. After moving to the U.S. for college and later, graduate studies, she eventually made her home here. Traci is passionate about mental health and access to care, particularly for minorities and marginalized people. She is an Assistant Professor at Emory University. Her specialty is in child, adolescent, and family psychology. We discuss Traci's personal journey as well as self-care for immigrants and the emotional side of immigration. “the immigrant experience can be very isolating and overwhelming.” Things that help: Being part of a community of likeminded people is important Remaining connected to people you care about from home Being aware of financial and other stresses that affect your quality of life Consider therapy to process what you are going through Resources:  There are community mental health agencies that offer low-cost services. Traci worked at one of such agencies and has had immigrant clients. These clinics can be found via Google search based on geographic location. Find a therapist/counselor who is licensed. If you don’t feel like the relationship is working for you, it’s ok to change therapists. Psychologytoday.com offers a nationwide directory of providers. On her website, Traci has a tab about starting therapy, what it’s like to go through therapy, how to go about finding a therapist, etc. Full interview with Traci can be found HERE. 

Anna Romanskaya is an immigrant from Soviet Ukraine. She came to the U.S. in 1989 as a political and religious refugee. They were able to exit the country through a treaty with Israel. Anna is a Partner with Stark & D’Ambrosio, LLP in San Diego, CA, where she manages the firm’s Family Law Division. She represents clients in all aspects of family law, including pre- and post-marital agreements, divorces, child custody, child and spousal support, property division and post-judgment issues. In our interview, Anna and I explore several aspects of Family Law, as they relate to new and established immigrants to the U.S. Some of these scenarios are hypothetical and some questions came from you, members of our Boast2Riches community on Facebook.  U.S. Family Law varies from state to state, so we focus on general principles and things that one needs to be aware of. We discuss the following topics: Jurisdictional requirements of different states How to determine which state’s legislation applies Premarital agreements or prenups; why you need one and how to do it right Considerations when it comes to division of property “Fault” and “no-fault” marriage dissolutions Common law marriages and how different states view cohabitation Custody issues when one parent wants to travel or live outside the U.S. When to engage a family lawyer Domestic violence and immigration status, where to look for help Full interview with Anna https://boat2riches.com/episode17/

Nick relocated to Atlanta in 2011 from his native country of The Netherlands to pursue a career opportunity with Ritz Carlton. He studied hospitality in college and was fortunate to secure a role with one of the best companies in luxury hospitality. At first it was an internship with a J-1 visa. Later, Nick worked for Madison Square Garden in NYC. Starting a family while working long hours in the winter pushed Nick to seek more life-work balance. After a decade in Hospitality Management, Nick decided to switch careers in real estate and move his family back to Atlanta. In our interview, Nick and I talk about his journey to financial independence, his conscious choices towards creating a life that fits his priorities, and the importance of understanding and embracing American culture, whatever that local flavor might be. Nick offers excellent advice on how to navigate cultural differences once you encounter them. Read on https://boat2riches.com/episode16/

I took a sabbatical from blogging and podcasting since June of 2020 due to the COVID-19 pandemic. My family and my business needed me. I had to work extra hard to stay afloat with my recruiting and consulting business and not rely on external help or loans. We also stayed busy working on the next milestone in our personal journey to financial independence. This summer we decided to venture into out-of-state real estate investing. Read on for more details on why and how we did our first multifamily purchase in Tennessee https://boat2riches.com/episode15/

Miguel is a Certified Financial Planner who is originally from Mexico. He is an advisor in a fee-only financial planning and investment management firm, focusing on immigrants and people with interests on both sides of the MX-US border. Miguel has a podcast and an online academy as side businesses. Miguel’s podcast, Dinero en Español, has been recognized in the Top 10 of Investment Podcasts on iTunes Mexico and in several Latin American countries.  We discuss the “sandwich generation” from the immigrant perspective. The sandwich generation refers to middle-age adults (often in their 40s and 50s) who care for both elderly parents and their own children. Immigrants must often balance their goals and finances when they have family to support abroad.   Listen to the full episode here

Kat Marie was born and raised in the Philippines and moved to the U.S. when she was 21 to pursue a dance career. Kat was the first in her family to obtain an American citizenship, which allowed her to sponsor her parents’ Green Card. Kat has now lived in the U.S. for over a decade. She has had a successful career as a dancer and aerialist, and is currently transitioning into the world of acting and stunts. You can find her full professional bio here: https://www.iamkatmarie.com/ She has also found success in real estate ventures, including house hacking and rental property ownership. She is presently living debt free with her husband and their 2 kitties in Los Angeles. They recently launched a podcast, WildlyWealthyLife, dedicated to financial freedom and intentional giving. Episode web page https://boat2riches.com/episode13/

Nadia Malik is originally from Pakistan. She is a stay-at-home mom, who also runs an active financial blog, a YouTube Channel, and a brand new website aimed to help other individuals launch their own successful blogging. She heeds the advice from many reputable bloggers in the financial independent movement, to not let debt weeigh down on your family, but rather have you be in total control of your finances. Full interview here 

Dobrina Ustun is originally from Bulgaria. She is an immigration attorney who runs her own nationwide law firm www.ustunlawgroup.com based in Dallas, Texas. Dobrina’s practice is dedicated to counseling and representing clients in family- and employment-based immigration matters. She represents clients of corporations, research institutions, and individuals from all 50 U.S. States. Our interview is focused on hot topics that are affecting immigration to the U.S., which are presently unfolding, as of late April and into May 2020. The topics discussed today should not be taken as any form of legal advice. It’s always a good idea to consult an attorney regarding your particular situation. Episode's webpage and resources https://boat2riches.com/hot-topics-on-immigration-law/

John came to the U.S. from India, as a young man pursuing an engineering opportunity on a work visa. He had $1000 to cover him until his first paycheck. John’s story resembles stories of countless professionals moving to the U.S. for work, who must start from zero in an unfamiliar environment and get themselves situated very quickly. Now John is residing in the Bay Area. He hacked his career to achieve remarkable results despite living in a city with a high cost of living. More of John's story on episode's page https://boat2riches.com/2m-net-worth-after-moving-to-the-us-with-1k/ John documents his journey in his blog “Financial Freedom Countdown”. His story has been featured on Forbes, Radical Personal Finance, Millionaires Unveiled, and several other media outlets. By the way, John is not his real name. It’s an alias he uses to protect his identity since he is revealing a lot of personal financial information.

Magdalena is a social media expert, and founder of Orange River Media agency in NYC. She helps small businesses and self-employed professionals build their KLT factor – Know, Like and Trust - via video marketing, collaborations, and online micro-influencers.  Magdalena is very active in the immigrant community. She started Miss Immigrant USA organization, and a group called Immigrant Women Entrepreneurs. The main goal of the organization is to empower, celebrate and promote immigrants. More of Magdalena's story and her tips for online success 

Patrick was raised by a single mother and they didn’t have electricity in their house till he was 6. Patrick arrived in the U.S. to attend college, after completing his high school studies in Belgium. After college Patrick worked in the sports marketing industry, living on a small salary. Four years into his career, Patrick branched out, got a business partner, and built his own company from 0 to $5M. His full story here https://boat2riches.com/from-rapid-success-to-bankruptcy-and-back-to-1m-net-worth/

Jamila Souffrant is originally from Jamaica. She’s a podcaster, writer and founder of JourneytoLaunch.com, where she shares her path to reach Financial Independence while helping others do the same.  Jamila is considered a go-to financial thought leader in the personal finance space and is the resident financial expert on a weekly segment on News12, the most watched local TV news station in Brooklyn, NY. She has been featured in other notable media outlets such as Forbes, Essence, Refinery 29, Money Magazine, CNBC, CBS, Business Insider, and more. Her Journey to Launch Podcast was named one of "27 Podcasts You Need to Start Listening to In 2018” by BuzzFeed. Jamila and her husband saved $169,000 in two years and are debt free besides their mortgage. She is a mom of three young children and lives in Brooklyn, NY. More of her story here https://boat2riches.com/how-we-saved-169000-in-two-years-while-living-in-nyc/

Olga Yurovski from Ukraine shares her journey as an immigrant and a business owner. She is an inventor, an owner and a CEO of Shopperations. Olga immigrated to the US with $5K in her pocket. She lived very frugally and focused her efforts on getting an MBA. After the graduation, Olga excelled in a corporate career, but she felt that the U.S. was the ultimate place to be an entrepreneur. Olga was always looking for an opportunity and an unmet need that she could tackle. She played with several ideas, and finally got her breakthrough. Her full story here https://boat2riches.com/a-marketer-an-inventor-a-businesswoman/

A quickie episode recorded on March 13, 2020 to help you feel more peaceful and confident as we move forward through the Covid-19 pandemic 

Erion Shehaj is originally from Albania. He is the founder of Investing Architect, as well as a Managing Real Estate Broker at Signature Houston Real Estate Corp. Our interview with Erion contains two parts: the first section is about him and his personal journey as an immigrant from Albania; the second part is about the Blueprint plan Erion has developed to help clients achieve financial freedom with smart real estate investments. We focus specifically on how this plan applies to immigrants who are looking to attain financial independence. Full episode summary https://boat2riches.com/real-estate-investment-strategy-for-immigrants/

Juan is from Bogota, Colombia. He played tennis all his life, as his dad is a coach back home. In fact, tennis is what enabled Juan to come to the U.S. when he was 18 years of age, to study in college on an athletic scholarship. At the time, Juan spoke no English. He finished college, stayed in the U.S. for grad school, and is now working as a CPA in a tax firm. Tennis brings Juan to the U.S. Juan shares what it took to obtain the athletic scholarship that allowed him to attend college for free in the U.S. He didn’t know much about America when he first arrived in South Carolina. He genuinely felt lost. Juan grew homesick and was not yet fully aware of all the benefits that the U.S. could offer him in the long run. He traveled back to Colombia for frequent visits and, with time, he felt less and less homesick. Learning English When it comes to learning English, Juan initially focused on learning just enough of the language to obtain “pass scores” on standardized tests. After his first semester in college, one of his teachers pulled Juan aside and gave him some tough love. She recognized his potential, and told him that he must take school more seriously. Juan started recording his classes and re-listened to them often to fully grasp the course material. Living all by himself in the middle of South Carolina, in a place where a lot of people didn’t speak Spanish, Juan was quickly forced to assimilate. After his first year in America, his language skills drastically improved. He continues to work on his English to this day. Choosing a career in Finance Juan chose Business Administration as his major. After college he struggled to get a job, so he went directly into graduate school for an MBA. He paid for the MBA with help of academic scholarships, thanks to good grades and a high GMAT score. After graduate school, Juan got a job with PepsiCo. He didn’t find it terribly exciting and later accepted a tennis-related job in Miami. After that opportunity fell apart, Juan moved back to North Carolina with his long-term girlfriend and enrolled for another master’s degree in Accounting. His new degree from a far more prestigious university made it easier to find employment since companies were willing to sponsor his work visa. Juan found a job with a great company and he’s been with them ever since. Discovering the Financial Independence Movement Juan has always been frugal and debt averse. He observed how his wife’s colleagues, who established themselves with great jobs and were being paid higher salaries, were struggling financially and really stressed about money. In 2015, Juan and his girlfriend (now wife) were living on a single income, and it felt like they had a better handle on their personal finance than most working professionals. He started his own website to spread financial literacy. That’s when he learned about Mr. Money Mustache and his MMM blog. The concept of financial independence resonated for Juan and inspired him to supercharge his savings to realize the dream of the “ultimate freedom – time freedom”. Their 10-year plan Juan just turned 30. He is married and raising a year-old daughter. The family of three presently lives in Raleigh, North Carolina. Juan uses his finance and accounting background to be strategic and very specific when it comes to his journey to “financial independence retirement early” (FIRE). On his blog, he shares his family’s 10-year plan, and posts quarterly expense report updates. Their original plan was to save around $60-70K per year, for the next 10 years. After that, using the 4% annual withdrawal rule (he is going with 3.5% to be conservative), they would be able to cover their living expenses. Their goal is to bring $30K of passive income annually, so they are aiming for an $850K portfolio. They invest into index funds due to low costs and their simplicity. Since he instituted his plan, the family went through many changes: they both received promotions at work; they had a daughter and purchased a home. They had to adjust but they are still on track to achieve their objective by the end of 2024. How do they keep expenses low? Housing – live in a relatively smaller place, close to work.  Transportation – minimal driving, buy used cars with cash, bike to work whenever possible.  Food – cook at home vs. eat at restaurants. Go out maybe once a week, so it feels like a special treat. What’s next? Now that Juan and his wife received their Green Cards, it feels like another level of freedom. They can pursue side hustles, which were previously not an option due to work visa restrictions. Long term, their ideal life might be back in Colombia, closer to family and friends. Advice for Fellow Immigrants “If there is a visa restriction, stay competitive: focus on studying and developing skills; bring value to an employer so they are willing to sponsor you” “Stay true to your values, don’t buy into consumerism and keeping up with the Jones’s” From the tax perspective: Know residency rules for tax purposes. Max out 401K to receive a tax deduction. Have an exit plan for your investments, if you might need to leave the U.S. Resources Mentioned Books (affiliate links): Simple Path to Wealth Work Optional Blogs: Mr. Money Mustache https://www.mrmoneymustache.com/  RootofGood https://rootofgood.com/ Mad Fientist https://www.madfientist.com/ GoGurryCraker http://www.gocurrycracker.com/ Millenial Revolution https://www.millennial-revolution.com/ JL Collins https://jlcollinsnh.com/ Podcasts: ChooseFI https://www.choosefi.com/ Afford Anything https://affordanything.com/ Mad Fientist https://www.madfientist.com/ Connect with Juan Website - https://financeclever.com/ Twitter - https://twitter.com/Financeclever Facebook - https://www.facebook.com/financeclever/ Have you joined Boat2Riches Private Facebook Group yet?  You can do that HERE. Come with us to Financial Freedom Summit this Spring!!!! We are glad you are here!

Kristy grew up in poverty in rural China. She did not have running water, indoor plumbing and lots of other comforts we take for granted in the West. Her entire family was living on $0.44 per day. The family struggled during the communist regime and eventually was able to move to Canada when Kristy was 8 years old.  I learned Kristy’s story from her recent book “Quit Like a Millionaire”. That book is worth its weight in gold - it’s straightforward, concise and it contains a wealth of personal finance information. Kristy is a personal finance geek with a lovely dry sense of humor. Even though it is still very new, Kristy’s book has already achieved #1 best-seller status in multiple Amazon categories. We recommend “Quit like a Millionaire” on our website as it makes an excellent guide for immigrants.  Quit like a Millionaire is exactly what Kristy and her husband Bryce did when they were 31 and 32 years old, respectively. Now Kristy is Canada’s youngest retiree.  What’s the secret? The couple worked relentlessly, saved as much as they could, invested in index funds and accumulated their first million dollars in assets. They decided not to pursue the American dream of homeownership. Instead they focused 100% on investments. In 2015 Kristy and Bryce retired early and went off to travel the world. They have been at it for about 4 years now and things are going quite well.  Kristy’s Journey   Kristy’s dad went to Canada by himself for a study abroad opportunity when she was 5 years old. Originally, immigration was not a part of the plan. Then the Tiananmen Square protests took place in 1989, as the political situation in China quickly unraveled. Kristy’s dad realized that he needed to get his family out of the country and applied for immigration.  Kristy arrived in Canada when she was 8 years old. She witnessed snow for the first time in her life. She was very impressed by indoor heating, hot showers, clean water and pristine cleanliness everywhere. She was blown away by the blue sky in Canada vs. the smog-filled yellow sky that she was accustomed to in China.  The move was not easy on her parents, especially her mom who struggled with a lack of education and the language barrier. Her mom was not earning much – she could only houseclean or wash dishes in restaurant kitchens. Kristy’s dad was doing postdoctoral research, so his earnings were close to minimum wage.  The family often sent money to China to financially support relatives back home. They were not consuming much, preferred to buy used items, and picked up furniture that others had discarded at the curb. This was not a big deal for them. Above all, they were grateful to be in a safe, comfortable place.  Scarcity Mindset  Kristy dreamed of being a writer. When it was time to choose a degree, she didn’t feel like she could decide based on her passion because her nuclear and extended family depended on her. She had to make a mathematical decision, based on what she calls a “POT” or Pay-Over-Tuition Score. With this approach you calculate how much the tuition cost versus what you expect to get paid once you graduate, in order to estimate return on investment for a degree.  This process has served Kristy well because as a writer you do not make much money, and if she had chosen to pursue writing, she would have dragged herself and her family back into poverty. To this day a lot of Kristy’s decisions are based on practical considerations and on pure math.  Another acronym Kristy developed is CRAP.  It’s also linked to the Scarcity Mindset; which people don’t always appreciate.  “By growing up poor, I developed Creativity, Resilience, Adaptability, Perseverance — or CRAP”  These skills helped Kristy move forward in her journey:   Creativity drove Kristy to read books when she couldn’t afford to go out and see a movie, which in turn, developed her lifelong love of books and eventually helped her realize her dream of becoming a writer.  Resilience helped Kristy stay the course while pursuing a technical degree she didn’t particularly enjoy.  Adaptability was instrumental when her family had to move a lot from one rental to another. This consequently helps her travel the world with ease because she is now easily adaptable.  Perseverance helped her when she was on a mission to become financially independent, writing a book and pursuing her passion projects.  Kristy’s FIRE – Financial Independence, Retire Early Initially Kristy and Bryce were going to follow a conventional path; although real estate in Toronto was prohibitively expensive. This made them question status quo even though they both had secured stable engineering jobs. She observed how her industry was lacking stability and work-life balance. Instead of buying a house, they found FIRE. The first personal finance blog that inspired them was from Pete, aka Mr. Money Mustache. The second blog they were exposed to was from best-selling author JL Collins.  To figure out the size of portfolio needed for early retirement, you take your annual expenses and multiply them by 25. This is called the rule of 25 or the 4% rule, which is the recommended annual withdrawal rate from the said portfolio.  Bryce shared this math with Kristy and gave her the idea of retiring early. She was initially skeptical, however she redid the math numerous times and ultimately decided to go down that path. Driven by the Scarcity Mindset, Kristy was scared to put her money into the stock market. Getting over that fear was the biggest hurdle in her pursuit of financial freedom.  “If you figure out the money, life is incredibly easy. If you do not figure out the money, life can be incredibly hard” There was no “how to” recipe for this – the couple referred to blogs and books on investing. This was not an overnight success. It took them 9 years to learn about investing and practice their skills. They started investing in 2008 so they also had to learn the hard way how to survive a downturn.  After their investment portfolio recovered from the financial crisis, Kristy made a mistake of pulling out most of the cash and having it sit for 3 years while they contemplated purchasing a home. Even with that mistake, they were still able to retire early. This was a valuable learning experience.  Early retirement has changed Kristy’s perception of money. As a result, she now has more of an Abundance Mindset. Her parents are slowly coming to terms with her lifestyle and getting interested in investing themselves. Kristy and Bryce are finding their tribe in the international FIRE community, as they continue to explore the world abroad.  Advice for Fellow Immigrants  “Learn now to invest and get into the market as early as possible. Pinch every penny and learn so your money can make money”. Kristy and Bryce offer a FREE workshop teaching investing step-by-step and how to build a portfolio like theirs at https://www.millennial-revolution.com/investworkshop/.  “Don’t think that the Scarcity Mindset will hurt you. Think about it from a different perspective and it might actually make you a Millionaire!” Resources Mentioned  Books (affiliate links) Quit Like a Millionaire  The Simple Path to Wealth  Blogs  Mad Fientist https://www.madfientist.com/ “Pete’s blog” https://www.mrmoneymustache.com/  “Jim’s blog” https://jlcollinsnh.com/ Podcasts  ChooseFI https://www.choosefi.com/ Connect with Kristy  Website: www.millennial-revolution.com Twitter: https://twitter.com/FIRECracker_Rev FB: https://www.facebook.com/MillennialRevolutionBlog Reader case analysis https://www.millennial-revolution.com/contact-us/ Have you joined Boat2Riches Private Facebook Group yet?  You can do that HERE. We are glad you are here!

Diego is originally from Lima, Peru. He is a millennial entrepreneur living and working in Austin, TX. He is an investor, a realtor, a speaker and a coach. He likes to run; he likes to dance salsa - talk about high energy! Diego’s Journey  Diego’s story is unique. He is a Dreamer/DACA recipient. He came to the United States with his family on a tourist visa when he was 9 years old with $8,000 in cash. Their family of four moved into Diego’s aunt’s house, and for the first months everyone shared a single bedroom fitted with bunk beds. Diego’s parents found work in a restaurant. His dad was a cook and his mother a waitress. His parents emphasized to their children how important school was, and their future success would greatly depend on it. Securing a higher education was always Diego’s priority while his parents worked tirelessly to provide for the family. Diego encountered some unexpected setbacks due to his immigration status: “When I was a teenager, I did not fully understand what it meant to be an undocumented immigrant. After the visa expired, I thought everything was going to be the same until the day I went to get my driver’s license. I was denied due to lack of documentation’’. At that moment, he understood that his life was going to be different compared to the rest of his friends and classmates. Though, instead of feeling sorry for himself, he put all his time and attention into school. Diego ended up graduating third atop his high school class. Emphasis on School When he was applying for colleges, just like his friends, he found out that due to his immigration status he could not qualify for student loans or financial aid. He won a lot of scholarships; yet he couldn’t receive the funds because he did not have a Green Card. This was difficult to deal with, but he continued to look for other opportunities. He was determined to find his path to success despite these challenges of not being able to drive, not being able to benefit from student loans, and not having a work permit. Consequently, Diego created his own LLC and began working as a contractor for small businesses and nonprofits, developing their websites. That’s precisely how he was able to pay for his college tuition. Diego went on to graduate in the top 1% from Florida State University with two bachelor’s degrees in less than 4 years. He started working as a software developer for General Motors. He soon discovered that corporate America was not for him. In 2015 Diego was seeking a career shift, and ultimately decided to pursue his passion in real estate. Real Estate Investing Diego read “Rich Dad Poor Dad” when he was 21 years old. The book instantly made an impression and taught him two things – you can trade your time for money, or you can make your money work for you. He knew he wanted to put his money to work and saw real estate as an asset and a tool that would allow him to generate money on a recurring basis. Now Diego is pursuing financial freedom and early retirement (aka FIRE) through real estate investment. He owns more than ten properties in Texas and Florida and is able to generate enough passive income to cover his monthly expenses. Diego’s goal is to continue to grow his passive income and to become a millionaire in 2020, just before he turns 30. “If I can become a millionaire by 30 as a Dreamer/DACA recipient, anything is possible for anybody, starting at any age!” Diego is passionate about helping others, especially Millennials, become financially independent. Thought his real estate work he assists other dreamers and DACA recipients in realizing their real estate ownership dreams. Diego is also the founder of House-Hacking Club. Advice for Fellow Immigrants Diego has developed 6 keys to achieving financial freedom. This is the wisdom he acquired from surrounding himself with 200 millionaires since 2014, and being a fly on the wall in their conversations: Manage your personal finances Schedule personal development Understanding the power of your tribe and your peer group Goal setting with accountability Increase your income Investing Resources Mentioned Books (affiliate links) Rich Dad Poor Dad Think and Grow Rich The Richest Man in Babylon Financial Freedom Podcasts https://www.choosefi.com/ https://thefishow.com/ Connect with Diego https://www.instagram.com/realdiegocorzo/ https://www.facebook.com/diego.corzo http://www.ratracetofi.com/ Diego’s TEDx talk “Can the American Dream Be Achieved If You’re Not A Citizen?” Have you joined Boat2Riches Private Facebook Group yet?  You can do that HERE. We are glad you are here!