Business

Every Entrepreneur Needs to Unplug to Unlock Peak Productivity and Creativity — Here’s Why

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Here’s a scene that’s become all too commonplace: The family is gathered around the table for a delicious meal. Platters of food cover the table. They’ve come to one house to spend time together, and everything seems perfect. Except…no one is talking. Where there should be joking, laughing, even bickering, a deafening silence pervades the room. Everyone is on their phones.

I’m not going to lie: I’m as guilty as anyone about firing off a work email during a lull in dinnertime conversation or sneaking a look at Slack during a school play.

But there’s a price to be paid for the stranglehold our devices have over us. Not only are we missing out on the aspects of our lives that take place beyond our screens; we may actually be harming our cognition and making ourselves less effective at our jobs.

That’s why I’m an advocate of digital fasting — unplugging from every phone, tablet, laptop, etc. for a predetermined period of time. These breaks can take place over the course of an hour, an evening or…pause for effect…even longer. That may sound impossible — especially for entrepreneurs. But as painful as it may seem to miss out on an important memo or viral meme, the benefits are even greater.

You’ll stave off burnout

Burnout has been a major topic of conversation for years, especially after the World Health Organization recognized it as a syndrome in 2019. As WFH gained traction during the pandemic, the “always on” mentality became the norm.

But research has found that staying permanently plugged in isn’t actually helping you accomplish more. One study out of Boston University found that managers couldn’t tell the difference in the output between employees who worked 80 hours a week, and those who just pretended to.

Not only is staying constantly connected not getting you ahead, but it can also be actively harmful. As Harvard Business Review notes, we have a finite capacity for concentrating deeply over long periods. When our brains tire out, we become more prone to distractions and a task that might take a well-rested brain only a few minutes to complete can stretch out to hours.

You’ll renew your creativity

Constantly checking your devices may look productive, but the reality is that by immediately responding to every notification, you’re actually killing your creativity.

Perhaps you’re familiar with Bill Gates’ famous Think Weeks — week-long stretches of time where Gates would isolate himself from friends, family, and coworkers and do…nothing. He’d read. He’d think. That’s it.

For me, some of my greatest ideas have come to me in the moments when my mind has been allowed to wander freely. My version of a Think Week is the cherished time I spend each year working on my family’s olive farm in Turkey. I’m certainly not doing nothing, but these respites from constant connectivity have sparked insights I would never have come up with while scrolling through my phone.

If doing nothing sounds boring — it is. That’s part of why it works. Our devices provide our minds with an incessant barrage of stimuli, much of which isn’t especially educational or even interesting. But without those stimuli, our minds are free to wander — and it’s from this place that creative breakthroughs can occur. In one study, researchers found that engaging in boring tasks, like reading numbers from a phone book, boosted mental acuity in subsequent, more creative exercises. Daydreaming, they discovered, actually stimulates imaginative thinking.

How to do it

To implement a digital fast, my advice is to start small. Setting down your phone for just a few minutes may seem like no big deal — until you try to do it.

Don’t get discouraged. When I first began implementing two hours of deep work time into my daily routine, I was constantly getting pulled off course. We crave the dopamine hit that our devices give us, and diving in too fast can result in giving up altogether. To begin, put your phone in another room for an hour. Once you’ve mastered that, work your way up.

Transparency is also key. Don’t just vanish for several hours in the middle of a Tuesday when people expect things from you. Block time out on your calendar and let colleagues and other stakeholders know you’ll be unreachable during this time.

One great option is to do a digital sabbath. On either Saturday or Sunday, gather up your devices, place them in a drawer and leave them all day. Read a book. Go for a hike. Cook your family dinner. Do something that requires interacting with the world around you, out of proximity of your smartphone, since studies have found that our devices can still impact cognitive capacity if they’re within arms reach.

So much of our lives are lived online. It’s an inevitability of the modern era in which we live. But there is a price to pay for relying on our devices too much — not only does it hasten burnout, it stifles creativity. I urge you to unplug. The emails, notification and even memes will all be waiting for you when you get back.

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Business

Squeeze a Whole Business Book into Your Lunch Break

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If you’re running a business, leading a team, or scaling a side hustle, chances are your “books to read” list is growing faster than the actual reading time you have available. But, there are ways around the time it takes to read an entire book.

This modern app, 12min, is a productivity tool that distills the key insights from more than 1,800 bestselling titles into bite-size, 12-minute reads or audio summaries that are designed to fit your schedule. They call them micro-reads.

This isn’t just another summary app. It’s a business resource for leaders who want to sharpen their thinking, strengthen their strategy, and keep pace with new ideas—without carving hours out of their day. Whether you’re revisiting the classics like The 7 Habits of Highly Effective People or exploring the latest in marketing, leadership, or personal development, 12min helps you soak up game-changing lessons while you’re commuting, working out, or waiting for your next meeting.

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Business

Millionaire Migrations: Where Millionaires Are Moving Globally

If you became a newly minted millionaire, where would you migrate to? Due to inertia, I bet most of you would stay right where you are. A lot of us are afraid of change, which is why we stay at jobs we hate and suffer through broken marriages for too long.

But how about being more adventurous instead and relocating to another country. After all, you’ve got more money than 94% of the American population and 99% of the world. Live a little!

Depending on where you would move to once you become a millionaire depends on where you currently live, how happy you currently are, and what stage of life you’re in. Let me share where I would have moved to in my younger days. Then we’ll get to the big data.

Table of Contents

Millionaire Migration In My 30s

If I could rewind time to 2012, when I left my job and didn’t have children yet, I would have spent a year living in Malaysia for a year and then China for a year. I had a blast living in Kuala Lumpur during middle school, and always fantasized what life would be like if I actually had some spending money. The people are great and the food is hands down, top 3 in the world in my book.

Meanwhile, I first visited China in 1997 as a college junior studying abroad for six months. It was extremely evident back then that the country was going through an economic boom. But when I got a job offer to work and help manage an eyeglass parts manufacturing company in Shenzhen in 1999, I chickened out for the safer route of a Wall Street job.

By returning to China, I would fulfill my uncertainty of not going as a 22 year old and improve my Mandarin. Then I would attempt to do something entrepreneurial so I won’t look back on life with regret for not trying. With millions of dollars in investments, I would feel free to experiment with new ideas. I’m sure I could easily make friends, partly by being a gregarious newcomer.

Millionaire Migration In My Late 40s

Today, if you were to tempt me to move away from vibrant San Francisco with $10 million, I would obviously move to Oahu. I’ve been to most states in America and over 60 countries so far, and Hawaii provides one of the greatest qualities of life.

As a bonus, you might even get to live longer, with Hawaii as the highest life expectancy state at 79.9 years according to the CDC. Once you’ve won the financial lottery, your health can no longer take a back seat. Your goal should be to live as long and healthy of a life as possible to enjoy your wealth for longer.

Sadly, my hunger for adventure and exploration has waned. For all you younger folks out there, take advantage of your motivation while you’ve still got it. Eventually, you’ll no longer want to live in youth hostels and backpack around the world.

Today, I mostly want to live in an area with year-round sunshine and comfortable weather. I love being outdoors and moving my body in some capacity every day. Further, I want to be there for my parents, who are in their late 70s.

Where Millionaires Are Moving Around The World

Based on The 2025 Henley Private Migration Report, more millionaires migrating than ever. The UAE is attracting the most millionaires, followed by USA, Italy, Switzerland, and Saudi Arabia.

Conversely, the UK is losing the most millionaires, followed by China, India, South Korea, and Russia.

What’s going on here? The answer is a country’s tax policy. Given millionaires earn the most and have the most assets, they also tend to face the highest tax rates. Therefore, one of the easiest ways to minimize taxes is to relocate to a country with lower taxes, and preferably, a higher quality of life.

Millionaire Migrations: Where Millionaires Are Moving Around The World

UAE Is Drawing Millionaires In, While the U.K. Pushes Them Out

If you’re a high-net-worth individual looking to optimize for taxes and lifestyle, it’s easy to see why the UAE is one of the top destinations. With zero income tax, long-term golden visas, and a luxury lifestyle in a strategic global location, the UAE has become a magnet for migrating millionaires.

So far, most millionaire migrants to the UAE have come from India, Russia, Africa, and the broader Middle East. But more Brits and Europeans are expected to follow as tax policies in places like the U.K. become increasingly unfavorable.

The U.K., in particular, is losing appeal fast. The government is phasing out the long-standing “non-dom” status, which used to shield foreign residents from paying taxes on overseas income. That change alone will likely drive many wealthy residents to consider relocating.

Add in Labour Party plans to slap a 20% VAT on private school tuition, and you’ve got another reason for affluent families to look elsewhere. When the government keeps raising the cost of staying, it’s only natural to explore what life might look like somewhere more welcoming.

Hard To Save On Taxes By Migrating As An American

If you’re a wealthy American thinking about moving abroad to lower your tax bill, here’s the reality: the IRS doesn’t care where you live. So long as you hold a U.S. passport, you owe taxes on your worldwide income, regardless of your physical location.

This makes America one of only a few countries in the world with citizenship-based taxation. In other words, even if you move to a tax haven, the U.S. still wants a piece of your financial pie.

That said, there are ways to reduce your tax liability—but not eliminate it.

Foreign Earned Income Exclusion (FEIE)

For 2025, the Foreign Earned Income Exclusion allows you to exclude up to $130,000 in earned income if you qualify via the physical presence test (330 full days abroad in a 12-month window) or the bona fide residence test. If you’re married and both of you qualify, that’s potentially $260,000 of income shielded from federal income tax.

But keep in mind, this exclusion only applies to earned income—your W-2 wages or freelance/contractor income. It does not apply to investment income, rental income, dividends, or capital gains. So if your wealth is largely passive, the FEIE won’t help much.

Foreign Tax Credit (FTC)

If you’re living in a higher-tax country, the Foreign Tax Credit lets you offset U.S. tax liability dollar-for-dollar based on the income taxes you pay abroad. This can be especially useful for those earning significant passive income.

However, you can’t double-dip. If you exclude income using FEIE, you can’t also claim the FTC on that same income. And while the FTC can reduce your tax bill significantly, it rarely brings it to zero—especially if you’re living in a low-tax jurisdiction.

State Taxes Still Lurking

Some states, like California, don’t give up easily. They will hunt you down like the Predator does in one of my favorite movies. Unless you completely sever ties—no property, no driver’s license, no voter registration—they may still argue you owe state income taxes too. It’s a good reminder that just because you move doesn’t mean the state lets go.

Want True Tax Freedom? Renounce Citizenship

If you want to completely cut ties with the IRS, there’s only one way: renounce your U.S. citizenship.

But before you go booking a one-way ticket to St. Kitts, know that this move comes with consequences. If your net worth exceeds $2 million or your average income over the past five years is above a certain threshold (~$200,000+), you may owe an exit tax. This tax treats all your assets as if they were sold the day before you renounce—triggering potential capital gains taxes on unrealized gains.

You’ll also be giving up the right to live and work freely in the U.S., face limitations on banking and travel, and lose access to certain legal protections. And once you renounce, there’s no going back.

For most people, especially those with deep roots or business interests in the U.S., renunciation is a nuclear option—not a clever tax optimization move. It’s much easier to relocate to one of the no state income tax states instead.

Live in the Best Place Money Can Buy

Each time we moved, I was sad to leave friends behind, but it was also exciting to see new parts of the world. That kind of exposure gives you perspective. You start to appreciate where you live—and more importantly, you start to understand what’s possible elsewhere.

Here’s the funny thing: even if you work remotely and have millions in investments, chances are you won’t actually move to a new country for a better life. It’s hard to leave behind the comfort of the familiar—your routines, your friends, your community. If you have young kids, it becomes even harder because you don’t want to disrupt their sense of stability.

Think about it. No rational multi-millionaire would voluntarily spend winter in frigid Winnipeg, Canada or Duluth, Minnesota when they could be enjoying life in Honolulu, Hawaii. And yet, plenty of millionaires stay put. Why? Because they’ve built deep roots in their communities. That connection outweighs climate and even tax savings.

When you’re younger and still building wealth, go wherever the best opportunities are. But once you achieve financial freedom, don’t forget to upgrade your environment. Live in the best place money can buy—not just for comfort, but for quality of life.

Readers, if you were to inherit $1 million or $10 million, where would you move—and why? If you’re currently living in the UAE or the U.K., I’d love to hear what your lifestyle and tax experience has been like. Would you recommend it to others seeking financial freedom or a better quality of life?

Reevaluate Your Portfolio Before You Relocate

If you’re thinking about moving for a better life—or just sitting on a large cash windfall—it’s worth getting a second opinion on your finances. One smart move is to take advantage of a free financial check-up from Empower.

If you have $100,000 or more across taxable accounts, IRAs, savings, or a 401(k), an Empower advisor can help you uncover hidden fees, spot unbalanced allocations, and identify ways to improve your risk-adjusted returns. It’s a no-obligation way to stress-test your strategy—especially if you’re considering a dumbbell portfolio or shifting more assets internationally.

Before you migrate your life or your money, make sure your portfolio is working as hard as you are.

This statement is provided to you by Financial Samurai (“Promoter”), who has entered into a written referral agreement with Empower Advisory Group, LLC (“EAG”). Click here to learn more.

Your Roadmap to Wealth—No Matter Where You Live

Thinking about migrating for a better lifestyle, lower taxes, or more freedom? Before you move, make sure your finances are on solid ground.

In my USA TODAY national bestseller, Millionaire Milestones: Simple Steps to Seven Figures, I break down the practical, step-by-step strategies I used to build wealth from scratch. Whether you’re still grinding toward your first $100K or you’re strategizing around multi-million-dollar decisions like geographic arbitrage and tax efficiency, the book offers a clear path forward.

Money gives you options. And once you have options, you can live where—and how—you truly want.

Grab your copy today and start making moves with confidence.

Millionaire Milestones book at the beach — Reading MM in Honolulu, Hawaii

Listen and subscribe to The Financial Samurai podcast on Apple or Spotify. I interview experts in their respective fields and discuss some of the most interesting topics on this site. Your shares, ratings, and reviews are appreciated.

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Business

Small Business Credit Is Tightening — Here’s How to Prepare for What’s Ahead

Opinions expressed by Entrepreneur contributors are their own.

Many small and mid-sized business (SMB) owners entered 2025 with high hopes: a stronger economy, falling interest rates and easier access to credit. But just a few months in, the landscape looks more complicated. New data shows a dip in optimism and a rise in uncertainty among SMBs — alongside signs that banks are starting to tighten lending standards.

If you’re a business owner, now is the time to prepare. Here’s what’s happening — and how to position your company for success in a shifting credit environment.

Table of Contents

Optimism is slipping, uncertainty is rising

According to the National Federation of Independent Businesses (NFIB), the Small Business Optimism Index dropped 2.3 points in January 2025 to 102.8. While still above the long-term average of 98, it’s a notable shift. Even more striking: the NFIB Uncertainty Index jumped 14 points to 100 — its third-highest reading ever.

While one month of data doesn’t signal a crisis, it could indicate that small businesses are hitting unexpected turbulence. The NFIB found fewer owners plan to make capital outlays in the next six months, with numbers falling from 27% in December to 20% in January.

What’s behind the dip in confidence? Inflation and labor quality were tied as the top operational concerns, each cited by 18% of respondents. Meanwhile, only 17% said now is a good time to expand — a three-point drop from the previous month.

For SMBs hoping to borrow in 2025, these trends suggest a more cautious outlook, not just among business owners but among the lenders they rely on.

A new credit squeeze may be forming

The Federal Reserve’s January 2025 Senior Loan Officer Opinion Survey (SLOOS) reveals that banks are beginning to tighten credit standards for small business borrowers, especially those with lower credit scores.

Here’s what the data showed from Q4 2024:

14.3% of banks tightened credit standards for SMB loans
13.1% increased premiums for higher-risk SMB borrowers
11.9% are using more interest rate floors for small business loans

Why the shift? A majority of banks cited a more uncertain economic outlook (68.4%), industry-specific concerns (63.2%), and reduced risk tolerance (55%) as reasons for tightening standards.

In short, banks are seeing what SMBs are feeling — more risk, less clarity and a need to protect their own exposure. For business owners with weaker credit profiles or limited borrowing history, this could translate into fewer options and tougher terms.

How to navigate a tougher lending environment

This might not be a long-term crisis, but smart SMBs are already getting ahead of it. Whether you’re planning a major investment or simply want to preserve access to working capital, now is the time to strengthen your financial position and explore all your financing options.

Here are four ways to prepare:

Tighten operations and strengthen your balance sheet.
Look for ways to boost profitability, cut costs, and improve cash flow. The stronger your financials, the better your chances of qualifying for credit if lending tightens further.
Secure financing before you need it.
It’s better to borrow on your terms, not out of necessity. Maintain your credit lines, build relationships with lenders, and take advantage of favorable conditions while they last.
Don’t count on rate cuts.
As of April 2025, the Fed hasn’t moved to lower rates, and long-term yields remain stubbornly high. If you’re hoping to refinance or secure lower-cost credit, don’t assume it’s just around the corner.
Think beyond traditional banks.
If banks are saying no — or offering unattractive terms — look to non-bank lenders, fintechs, and asset-based financing. These providers may be more flexible and better suited to your business model.

Final thoughts

There’s no need to panic, but there is a clear need to plan. Credit conditions are shifting. Optimism is softening. And banks are proceeding with caution.

The good news? You can too, without missing growth opportunities. The SMBs that succeed in uncertain times are the ones that stay adaptable, explore diverse financing strategies and act before challenges become urgent.

In my experience, non-bank lenders who understand the realities of running a business offer the kind of flexibility, speed and partnership that help companies thrive, no matter what the economy does next.

If you’re a business owner, now is the time to prepare. Here’s what’s happening — and how to position your company for success in a shifting credit environment.

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