Do I have enough money?

[Bangkokazy]

I have a webpage, may help you

https://retirecheap.asia

[toughlove]

All wasted advice. OP will still come to Thailand and donate a house to his lady that he probably met on the internet

2 years later he will be back home stacking shelves in a supermarket. Some people need to learn the hard way

[RickTik]

Go to her town and look for modest rent. 

That independence, along with living close to each other, will keep you both comfortable.

When the kid moves out, you guys will be emotionally closer and know how you want to continue.  

[suzannegoh]

Someone is bound to criticize this calculation because it's "milk maids math" but it has been a decent rule of thumb for stock & bond investors over the better part of the last century. Take your total amount of savings and multiply it by 4 percent. If your annual living expenses during retirement will be less than that, then you are ready to retire. 

Edited January 29, 2018 by suzannegoh

[denby45]

On the positive side, you don't have much to lose when things go belly up.

On the negative side it's everything you got.

Again a positive, you are probably still young enough to go home and get a job if things do go wrong. You will know how things are panning out in a couple of years living here. Make a spreadsheet with all the info and predictions to get a clear picture as you go along.

 

Go for it

 

Den

[alwaysrainsinUK]

12 hours ago, tonray said:

Invest your savings in dividend paying equities that will grow over time.

 

7,000,000 baht invested paying 3.25% in dividends after taxes will give you about 17,000 baht monthly. If you keep your property spinning off rentals add another 25,000 baht per month. You can live (not extravagantly) but can make it on 42K baht monthly with her supplementing from her business. If the portfolio of stocks does well over time...then a house can be considered. All Thai girls will say that renting is throwing away money...when it is your money they are talking about. If her business is successful have her apply for a mortgage loan and you can make the payments on that if she feels that way. Keep your capital working for you to have options later in life.

What i do is have a few brokers in UK that offer me discounted placings  usually 15-30% below mkt price  in companies low Mcap ones on the AIM mkt , usually punt £50k-£200k a time and getting good returns fast sometimes in weeks or some a few months. But i think after such a long bull run that a big correction isnt far away so im pulling all the money out and going to sit on my hands until it does correct and then dip back in again . I wouldnt invest for the long run to risky and the guys 7mln could halve easily when this mkt does crash.

[MaiChai]

Lots of available women in asia! Rent, be frugle and see where the relationship goes. Its your money so you can call the shots. Think of it as an extended vacation and have an exit plan. Dont be stupid by selling up in the uk and moving to Thailand; you will never be a Thai citizen.

[Skeptic7]

5 hours ago, sammieuk1 said:

It can be done on much less with due diligence .

For a couple for 30 more years? By zero means do I live extravagantly, but £100,000 isn't enough for even a single person...and prices are only going up. 

[JAZZDOG]

OP, Tighten up, you're in a fantasy world under control of your little head. First thing you do is look at the worst case scenario and if you could survive, answer is NO. Your new wife would have total control, you would be lucky to afford a flight home. Second, best case scenario, always consider the end game first because that is where you will end up. The day you sell this house, doesn't much matter when, you will have made a very bad investment. Thailand is a terrible place to build/buy for three reasons. (1) minimal appreciation , (2) uncertain costs to build , ( rents are cheap ). Couple this with the fact you are discounting your return 50% minimum because the new wifey owns 1/2 from the jump, actually much more because she controls if and when you can sell. Building, buying, both are worst case scenarios.

Basically your funds on hand IMHO amount to an emergency reserve fund not to be touched but in your case that seems impossible for a dozen years or so. What you need is cash flow in a country where you can't work? Here's my advise, your assets include the new wifey and two kids and THB$ 7M. Wifey is a hard worker, great, hoping the kids are too! Put your big head too work, find a small guesthouse/café/restaurant in a good location in HH. Should be able to find a quality operation for under THB$ 1.5 M with rent less then THB$ 30K per month.

Guesthouse with 6 rooms gives you 4 to rent and two for your family. No work permit, have the family work, only way to make money and avoid a large tax hit each month. You will not be allowed to work but can direct the company via board meetings. You should be able to gross THB$ 175K minus THB$ 95K expenses leaving THB$ 80,000/month to live on. I am confident in these numbers because it is the minimum one of my similar businesses here brings in.

Here's the deal, you are putting little at risk, you maintain control and can resell business and you'll find out what kind of wife and family you really have. With that kind of income and no housing/food expense your nest egg should grow by at least THB$ 25K/ month. Business is not easy but beats hell out of the stress you'll be under building a house and going broke in a couple years.

Edited January 29, 2018 by JAZZDOG

[maximillian]

For the OP's sake I do hope he will read and re-read all those good advises and follow them.

Yes, a lovely Thai lady can put a spell on you so you will not be able to resist to her wishes.

Be careful, be very careful. Rent a house or an apartment for less than 10.000 Baht/month, for

couple of years until you fully understand how things go on here in Thailand. Electricity, water, internet, medical bills, furniture, entertainment, TV, transportation... it all has to be paid.

I am lucky having found a very nice house in a good area for only 10 thousand THB, it came without aircon, no water heater, not one piece of furniture.

Try to live without TV, without car, without regular alcohol consumption, without aircon, without water heater, with a minimum of furniture, without visits to pubs, restaurants and cinemas. Can you ?  And please, please, please do not buy or build a house unless you are ready and well prepared to lose it all. GOOD LUCK to you and best wishes for a good and long lasting relationship.

[toughlove]

For the OP's sake I do hope he will read and re-read all those good advises and follow them.
Yes, a lovely Thai lady can put a spell on you so you will not be able to resist to her wishes.
Be careful, be very careful. Rent a house or an apartment for less than 10.000 Baht/month, for
couple of years until you fully understand how things go on here in Thailand. Electricity, water, internet, medical bills, furniture, entertainment, TV, transportation... it all has to be paid.
I am lucky having found a very nice house in a good area for only 10 thousand THB, it came without aircon, no water heater, not one piece of furniture.
Try to live without TV, without car, without regular alcohol consumption, without aircon, without water heater, with a minimum of furniture, without visits to pubs, restaurants and cinemas. Can you ?  And please, please, please do not buy or build a house unless you are ready and well prepared to lose it all. GOOD LUCK to you and best wishes for a good and long lasting relationship.

If he had to live like you say, may as well go to the jungle and find a cave. Plenty of firewood, snakes and lizards to catch and eat [emoji3]

[maximillian]

1 minute ago, toughlove said:

If he had to live like you say, may as well go to the jungle and find a cave. Plenty of firewood, snakes and lizards to catch and eat

That's exactly what i was trying to tell him. Thanks for putting it in the right words.

Sarcasm off.

[MaeJoMTB]

18 hours ago, nopsled said:

OK, first off, I'm new here so hi!  I know there are quite a few older threads about this already but the circumstances are a bit different, so would appreciate some advice.  I was thinking I would like to leave ole Blighty behind and move to Thailand for a while now.  I have met a lady who lives in HH and would like to move there and build a house with her about 18km outside HH.  I'm 54 years old and if I build said house i would have about £100k left.  She has 2 children, one leaving home soon.  I know it depends how i invest/spend the money, but she is hard working and pretty frugal I think, so would you say this is realistic or am i a long way off here?

Why would you want to build a house?

How much were you expecting to spend on the build?

How about her buying a house with a 90% home loan over 30 years and you making the repayments.

(2Mbht house with 10% deposit and repayments over 25 years approx 11k/month)

Also plenty of nice houses (furnished/unfurnished/partly furnished) to rent for 6k/month and up.

 

PS

On a more personal note, 40 year old single mums ..... there's usually a good reason they're single, and it ain't "Thai man bad" except in a foreigners fantasy world. If she's frugal and hardworking ..... how come she doesn't already own a house?

Edited January 29, 2018 by MaeJoMTB

[denby45]

4 minutes ago, alwaysrainsinUK said:

What i do is have a few brokers in UK that offer me discounted placings  usually 15-30% below mkt price  in companies low Mcap ones on the AIM mkt , usually punt £50k-£200k a time and getting good returns fast sometimes in weeks or some a few months. But i think after such a long bull run that a big correction isnt far away so im pulling all the money out and going to sit on my hands until it does correct and then dip back in again . I wouldnt invest for the long run to risky and the guys 7mln could halve easily when this mkt does crash.

Can you PM me some names of brokers please.

 

Much appreciated

 

 

Den

[Mister T]

47 minutes ago, MaeJoMTB said:

Why would you want to build a house?

How much were you expecting to spend on the build?

How about her buying a house with a 90% home loan over 30 years and you making the repayments.

(2Mbht house with 10% deposit and repayments over 25 years approx 11k/month)

Also plenty of nice houses (furnished/unfurnished/partly furnished) to rent for 6k/month and up.

Absolutely correct, do not build (sure to be overcharged). Plenty of homes and townhouses for sale around HH. Rent for six to12 months and have a good look around. Bring about 1 million baht and get a retirement visa. She may be a gem, maybe a money grubbing witch, you will not know in the short term.

[MaeJoMTB]

48 minutes ago, denby45 said:

Can you PM me some names of brokers please.

Much appreciated

Den

Hargreaves Lansdown, the only straight players in town, and can all be done completely online.

http://www.hl.co.uk/

 

PS. You have to state you are living in the UK to open an account (but they don't check).

Edited January 29, 2018 by MaeJoMTB

[YT5]

Well all the responses and advice you have received appear to be from men so here is some from a woman.

Rent do not buy.  Chanotes (leases) last 30 years x 3 so you never own the land, only a Thai can own land.  As the lads have stated everything will be 51% owned by the Thai and in a court case the Thai will win.

Having lived in Thailand myself I have met just one Brit married to a Thai who is really happy, they set down rules before they wed and it works.  She has two boys and works like a trojan.  He is retired.  They rent a very nice house in Phuket and have a good life together.  However he has a rental place in the UK.  You do need somewhere in case anything goes wrong and if you sell you will never afford to buy again and will be left trying to live on a govt pension.  

Medical treatment is expensive unless you go to a govt hospital so insurance at your age is a must.  You are only going to get older.

You have to learn the language.

Doing nothing all day is both boring and can become expensive.  How many expats do you see sitting in a bar all day spending money.  Drinking is not a cheap habit even in Thailand.

Try and eat locally sourced food, imported foods are expensive.

Cars are expensive but safer than motorbikes.  You can buy a reasonably good secondhand one but prices are much higher than in the UK.

Unfortunately the gf will be thinking of her future and her children's.  She will be thinking of her family.  You will be near the bottom of the list whatever she tells you.

As someone else has said you would think hard if the situation was presented to you in the UK so why oh why jump in with both feet in a country you don't know or understand where you don't know the language and the law is not on your side.  Each year you renew your visa you will need to show £10,000 in the bank. 

Finally, constant sunshine can be very boring and she will always have her family behind her, yours will be back in the UK

[Lacessit]

Not the chance of a snowflake in hell, unless the OP has a life expectancy of about 5 years OR he can find work in Thailand.

Live like a Thai = 10,000 baht a month.

Live like a falang in very modest circumstances such as solely on a pension = 25,000 baht a month.

Live reasonably well = 50,000 baht a month or more.

If the OP was in his seventies, that GBP 100,000 could be sufficient. From age 54? No way Jose.

I'd suggest stay in the UK until the capital reserve is GBP 250,000 and can generate an income from investment that will keep the reserve reasonably intact.

 

[473geo]

Forget the car, you appear to have the ability to handle the excitement of a Honda wave (40k baht) or maybe an old Phantom (70 - 90k Baht), will get you around locally, and cheap to go exploring, easy to park anywhere. There are many reasonably priced longer distance travel options from HH if required, and the local taxi fares on occasion will not break the bank.

Years ago I suggested to my wife a car is dead money does not hold value compared to land. We have two motor cycles, no car, she does however own more land! 

[473geo]

One other thing to consider, you see much advice on how you must have health insurance.

Think about this, because many 'renters' fail to see it. If you do eventually invest in land/house for your wife, in the majority of cases she will have the ability secure a loan at short notice, if, you fall ill, and, a substantial cost is involved. So how is your health, because 10 years @ circa 75k baht a year is a fair contribution to a home or a parcel of land.

Health insurance the downside of renting perhaps?

Also government hospitals may keep you waiting, but from my limited experiences are satisfactory for 'everyday' illness/injuries and childbirth.

[tonray]

5 hours ago, suzannegoh said:

Someone is bound to criticize this calculation because it's "milk maids math" but it has been a decent rule of thumb for stock & bond investors over the better part of the last century. Take your total amount of savings and multiply it by 4 percent. If your annual living expenses during retirement will be less than that, then you are ready to retire. 

Not forgetting to add in any pensions or annuities that will supplement that also

[suzannegoh]

11 minutes ago, tonray said:

Not forgetting to add in any pensions or annuities that will supplement that also

That's correct. The above mentioned 4% is actually the rate at which you can withdraw from your savings rather than the amount that you can spend. Vanguard calls it the "Safe Withdrawal Rate, or SWR.

[MyFriend You]

22 hours ago, lopburi3 said:

100k for how long?  The rest of your natural life?  You will have a pension?  When?  How much?  

 

How will you take care of medical expenses?  They could be small or huge and we never know.

 

Rents in Thailand are very reasonable to probably not a good idea to spend money on a house until relationship is proven.

 

As for what fits you we really can not say.  But finding work in Thailand if required to pay the expense costs later may be hard or impossible.

Good advice - rent for a year first, a few tips:

• if she pushes you to buy/build a house (on land She/Brother/Mother/Father owns) run, don't walk away...........
• foreigners haven't a clue how Thai's think, they are the best at deceiving anyone, and have patience
•  pressures from family are unsurmountable, you will always be last, never first in the relationship
•  You say, one child will be out of the house soon??  Maybe so, but you will be taking care of him/her as well.
• Again,  rent for at least a year, they think about buying - I visited Thailand off and on for over 30 years and just bought my first place four months ago, I don't regret it having seen many, many people taken to the cleaners by that 'Special Hard Working Lady"
• Mi Dos Centavos    Buen Surete'

Edited January 29, 2018 by TunnelRat69

[theguyfromanotherforum]

You guys talk about investing, but I know that in Canada, if you are a non resident, you are absolutely not allowed to open or keep any investment accounts.

 

Is it really different in UK?

[tingtongtourist]

do yourself a favour and listen to these guys.many them been burnt so they know.

 

my best tip:

-forget the lady and 2 kids (are you mad?)

you will forget her in 2 weeks and can afford to hire a new gf every week anyways.

 

-live by yourself in nice condo in suburban Bangkok 7-10k per month.

 

see? immediately you have cut out ALL the risk and trouble

 and you get maximum benefit from your money

 

the best part, not give away a free house and go home broke to line up at welfare office when all goes to shlt

[MyFriend You]

19 hours ago, nopsled said:

OK, second option. Don't sell my flat, rent it out and have an income of about £650 per month after agent/repair fees.?  Clutching at straws?

That UK rental is the straw that will save your life one day, believe me.  Keep it...............Life may be good for a few years, then the gambling, mortgaging, borrowing will eat your house and you could be out on the street with nothing  -  remember, in Thailand you are NOTHING - her family will always come first.  Of course you may be one of the lucky ones but remind us.............."How much money did you say she will provide to the relationship and what part of this house is she paying for"??????  BTW we are not being nosy, or ruse, we just have heard it all before and in some cases been there, done that.

[Jip99]

6 minutes ago, TunnelRat69 said:

That UK rental is the straw that will save your life one day, believe me.  Keep it...............Life may be good for a few years, then the gambling, mortgaging, borrowing will eat your house and you could be out on the street with nothing  -  remember, in Thailand you are NOTHING - her family will always come first.  Of course you may be one of the lucky ones but remind us.............."How much money did you say she will provide to the relationship and what part of this house is she paying for"??????  BTW we are not being nosy, or ruse, we just have heard it all before and in some cases been there, done that.

 

 

Capital is temporary...

 

 

Income is permanent.

 

 

living in Thailand, the latter is safest.

[MyFriend You]

19 hours ago, nopsled said:

Thanks geo.  Yes, I would live with her first anyway.  She suggested this.  She has a small business and supports this family on her own.  I think with our resources pooled it would be OK?  She rents though, and I think she sees it as wasted money if at some point we could buy somewhere.  So do I come to that.

Maybe so, but a 15K rental will only be a loss of 1.8Mil after 10 years,,,,,,,,,,,,,,its not a waste of money, I would venture 90% of this country is renting.  If she is adamant, then but a Condominium in your name, at least you can own that..................you can't own land outright.

[473geo]

20 minutes ago, TunnelRat69 said:

Good advice - rent for a year first, a few tips:

• if she pushes you to buy/build a house (on land She/Brother/Mother/Father owns) run, don't walk away...........
• Interesting as one would save substantially on the initial outlay, and, be receiving something free one could never own. Minimising potential future loss. 
• foreigners haven't a clue how Thai's think, they are the best at deceiving anyone, and have patience
• Use the patience, move slowly, Thai appear to enjoy showing 'improvement' year on year, give a bit of thought to making this happen. Does not always have to be grandiose gestures.
•  pressures from family are unsurmountable, you will always be last, never first in the relationship
• Family first, nothing wrong with that, treat their daughter well, encourage, love, and help her become a confident person. The family will accept you more readily. Be smart, be seen to encourage where it will happen anyway 
•  You say, one child will be out of the house soon??  Maybe so, but you will be taking care of him/her as well.
• Support your wife, she will do what she must do, see above
• Again,  rent for at least a year, they think about buying - I visited Thailand off and on for over 30 years and just bought my first place four months ago, I don't regret it having seen many, many people taken to the cleaners by that 'Special Hard Working Lady"
• Move in with your family, live the Thai way for while, explain you need to save for a house in a few years. Do not treat Thai people like they cannot understand economics. Coach your wife in this time, like suggesting a big house is just more cleaning 
• Mi Dos Centavos    Buen Surete'

 

[MaeJoMTB]

1 hour ago, theguyfromanotherforum said:

You guys talk about investing, but I know that in Canada, if you are a non resident, you are absolutely not allowed to open or keep any investment accounts.

 

Is it really different in UK?

Can't open new ........ if you tell them you're already abroad.

A UK postal address that forwards a couple of forms to you, then you return through that address does the trick.

Can keep, if you later move abroad.

Edited January 29, 2018 by MaeJoMTB