The concept of saving for a rainy day

[Elizway]

I don't think it exists from my observation not only here in Thailand but almost all other SEAsian countries. 

 

People buy things way more than what they can afford. And most of these things are perishable. I mean, you don't need to be drinking a Frappuccino everyday when you're making a measly $200 a month.

 

Anyone else notice, or is it just me? 

[CharlieH]

Simple philosophy, you may not be here next week.

Enjoy while you can.

Not saying I agree, but that's how the many seem to be, in my experience.

[thequietman]

If i'm honest, I kinda envy them in a way. They buy for the now and I honestly wish I had a little bit of that thinking.

 

There are a few things that I would like to treat myself and the wife to, but I hold back due to the 'rainy day' thinking.

 

Maybe, for the new year resolution, I will take a little bit more risk and live for the now a little bit. ????

[blackcab]

The other point of view being if you were earning 200 dollars a month then something like a frappaccino might just make your life bearable.

 

I do see where you are coming from though.

[bkk6060]

No education in Thailand on this topic.

The issue is they end up old and in poverty.

Social security here is 500 b a month.

And, this is mostly why the children end up providing financial assistance and taking care of their parents.

Just a revolving door at this point.

 

[FritsSikkink]

1 hour ago, bkk6060 said:

No education in Thailand on this topic.

The issue is they end up old and in poverty.

Social security here is 500 b a month.

And, this is mostly why the children end up providing financial assistance and taking care of their parents.

Just a revolving door at this point.

 

Not true, that is why people wants to own a house (and land if possible) and use this for a rainy day. Quite a few expats are happy to do this for a bargirl and think they have their love of their live.

Edited December 21, 2019 by FritsSikkink

[OneMoreFarang]

I guess it also depend on how bad that possible "rainy day" can get.

 

If a "rich" person loses his income and the mortgage can't be paid anymore and the house and the car is soon gone then "everything" is gone.

 

If a poor person has no income anymore but a few relatives then maybe he has to eat rice and fish for some time and maybe sleep hard - not a huge difference to the previous life.

 

In comparison the poor person does not really lose so much.

[thaibeachlovers]

11 hours ago, Elizway said:

I don't think it exists from my observation not only here in Thailand

Do you forget that Thais believe that they shall be reborn? Ergo, whatever they do in this life is just another go around on the great wheel.

In the west, everyone seems to be living on credit. Is that a better way to live?

[Denim]

If you saved for a rainy day in the UK your savings would never amount to much. Better to save for a glorious hot and sunny day. That way you might save up a decent amount.

[thaibeachlovers]

2 minutes ago, Denim said:

If you saved for a rainy day in the UK your savings would never amount to much. Better to save for a glorious hot and sunny day. That way you might save up a decent amount.

I used to think that I should save, but then I realised that had I saved the $18 a week I earned back in 1967 it wouldn't buy much now.

 

[RichardColeman]

You know that 800,000 didn't arrive by magic in your bank account ! Most of us - probably all - would not be here if we had not planned.

 

Most Thais on the other hand think their families will always take care of them and the bank is an endless stream of porn shops to buy stuff and then return to.

 

That said, my wife is great at budgeting to save money - you give her 500 baht, she'll come back with enough food for a week and put the change in the pot for a rainy day. She worked as a school teacher, saved money, bought land and built a house, planned ahead. So, yes, some plan ahead, probably the same number as believe in Corbyn's magic money tree

 

 

[alex8912]

14 hours ago, thequietman said:

If i'm honest, I kinda envy them in a way. They buy for the now and I honestly wish I had a little bit of that thinking.

 

There are a few things that I would like to treat myself and the wife to, but I hold back due to the 'rainy day' thinking.

 

Maybe, for the new year resolution, I will take a little bit more risk and live for the now a little bit. ????

The first time it pours rain in 2020 you should grab the wife and and go crazy! Then it shows her you saved for a rainy day and will probably make you happy as well. I mean grab her and spend some money taking her out not other naughty things! 

Edited December 22, 2019 by alex8912

[TallGuyJohninBKK]

2 hours ago, RichardColeman said:

the bank is an endless stream of porn shops

 

Wow..... I guess I need to start spending some more time at my local bank branch. Obviously I've been missing something!!!  

[justin case]

spend today, you might be dead tomorrow

[Curt1591]

My mother-in-law has millions squirreled away. Don't have to worry about her sick buffalo! 

 

[worgeordie]

The most likely view is the interest rates are so low,no incentive 

to save,the Government wants to do everything for people in debt,

and it's a "I want it ,I want it now" society,never mind i cannot afford it.and not just Thailand.

 

regards worgeordie

[Enoon]

1 hour ago, justin case said:

spend today, you might be dead tomorrow

 

But more likely, if you were a US citizen born in 1955, that you "might be alive".........on consecutive "tomorrows" since then.

 

As of 2017, 85.5% of those people were still alive.

 

"Coarse" extrapolation from these stats giving 82.2% still alive today and 79.5% in 2 years time:

 

https://247wallst.com/special-report/2017/06/01/how-many-people-are-left-from-the-year-you-were-born-

 

Living too long is the prospect for most Westerners, not a life cut "tragically short"........tomorrow.

 

 

 

[SteveK]

That's one of the things I first noticed about the Thais when I came here many years ago. Most don't seem to think past the end of the day. Obviously in the West we plan everything. I believe the theory is that because of the seasons in Europe, people were forced to store food for the winter, and figure out whether they had enough to last it out. that forced people to build granaries and think about how to preserve foods. Whereas in Thailand, food grows everyday of the year, no need to plan or think about anything too much.

[Beggar]

Look at the EU and the Euro. We were always told to save. With negative interest rates what sense does it make to save? Today you get punished if you bring money to a bank if they still accept it at all. Perhaps the Thais are more clever. Time will tell. 

[spidermike007]

When I was younger I had incredible opportunities to take advantage of great investments and had the means to do so. Most of the time I lacked the vision and courage and was enjoying the moment too much to make the sacrifice. Some of my friends at the time did and are wealthy now as a result. A dear friend wanted to be my financial mentor. He was a wiz. I just would not listen. He is retired and quite wealthy now. It requires a degree of wisdom, vision and sacrifice. Some have it. Some don't. 

[Thomas J]

Take any interest rate and divide it into 72 and it will tell you the number of years it will take for your money to double.  6% equals 12 years  8% equals 9 years.  The earlier in life you put money away the more times it will double. That final doubling is the most important since it doubles with the most amount of money. 

[Brunolem]

17 minutes ago, Thomas J said:

Take any interest rate and divide it into 72 and it will tell you the number of years it will take for your money to double.  6% equals 12 years  8% equals 9 years.  The earlier in life you put money away the more times it will double. That final doubling is the most important since it doubles with the most amount of money. 

And what about - 0.5% ???

[Brunolem]

1 hour ago, worgeordie said:

 

and it's a "I want it ,I want it now" society,never mind i cannot afford it.and not just Thailand.

 

regards worgeordie

Or you can say:

 

People buy things they don't need with money they don't have.

 

The whole purpose of the system...because it is a (worldwide and not only Thai) system...is to create a new form of feudalism, in which the masses are debt chained to the banks, owned by the few super wealthy, rather than being chained to the land owned by the nobility.

 

Same, but not same, but same...

 

Of course, when the mountain of debt...a house of cards in fact...comes crashing down, there will quite a few rainy days, years in fact, and savings will suddenly matter.

 

See The Grasshopper and the Ant...

 

[Jaxxper]

Look how many new cars/pickups there are on the road. Somewhere between Thb 600 k and Thb 1,000 k. I would guess mostly on credit. Definitely live for today and worry about tomorrow the day after tomorrow.

[Phulublub]

19 hours ago, Elizway said:

I don't think it exists from my observation not only here in Thailand but almost all other SEAsian countries. 

 

People buy things way more than what they can afford. And most of these things are perishable. I mean, you don't need to be drinking a Frappuccino everyday when you're making a measly $200 a month.

And in what way is this different to the majority in the West?

 

I realy wish posters here would take a look at their own country, and people, and perhaps have a think how things were just ten or twenty years ago before wantonly bashing Thais.

 

PH

[SoonOh]

Why safe? There is plenty farangs dreaming about happy life in land of smile. 

[VBF]

4 hours ago, justin case said:

spend today, you might be dead tomorrow

Bit  but.......

 

 

 

Oh and this is the original, by the way!

[The Theory]

The fact it my savings is holding my pants up since I still have about 10 years to reach SS. No luxury kind of life, no party, no drinking every night, but I imagine what it could look like with no savings ????.

No savings ???? = no extension, no Thailand. 
New year is coming, party time ????????????

Edited December 22, 2019 by The Theory

[Stevemercer]

9 hours ago, OneMoreFarang said:

I guess it also depend on how bad that possible "rainy day" can get.

 

If a "rich" person loses his income and the mortgage can't be paid anymore and the house and the car is soon gone then "everything" is gone.

 

If a poor person has no income anymore but a few relatives then maybe he has to eat rice and fish for some time and maybe sleep hard - not a huge difference to the previous life.

 

In comparison the poor person does not really lose so much.

 

And that is why the wealthy want to keep Thailand just the way it is!

[scubascuba3]

i find it disturbing that even though they may have no money they will porn their gold to give to a "friend" or family member. Any money they get is spaffed up the wall.

 

If someone set up FREE classes for money management, no one would turn up

Edited December 22, 2019 by scubascuba3