Do I have enough money to live in Thailand, and how to do it

[gordog]

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

I would like to permanently retire and live in Thailand, leading a modest lifestyle. 

 

I have no knowledge of finance, business (other than my original trade in the UK which I cannot do in Thailand )

 

I was wondering if this sum of money is enough, and if so what I should do with it to best see out my days in retirement here (I enjoy writing and wish to do it full time)

 

Thanks in advance for any suggestions and help ( please no replies about "why Thailand" , "other places are better" and so forth)

 

 

[BritManToo]

I live here in a nice 3 bedroom house with a younger Thai woman and 2 Thai kids.

Costs me around 12kgbp/year, 600k would last me 50 years.

40,000bht/month.

 

If you had the will power not to spend/spend/spend, you could do the same.

Or the foolish urge too invest or speculate (I always lost money doing that)

You might also want a party lifestyle, which would cost you a lot more.

Edited January 13, 2021 by BritManToo

[OneMoreFarang]

Come to Thailand. Soon you will meet other people who will tell you about those great business opportunities. Like invest 500k and a year later you will have a million. That's the usual way for new guys coming to Thailand.

[Surelynot]

It all depends...... do you intend to buy "lady drinks" every night?........in my experience no one has enough money to do that.

[Moonlover]

Retire in Thailand at 42? Sorry sonny, can't be done. Come back when you're 50, if you have any money left then.

[RichardColeman]

Retirement visa is 50 - you could of course come on a quick holiday , marry and get a marriage visa. But that modest lifestyle you mention will be hard pushed with an extravagant wife and 600k !

 

Eventually, I'd put half in uk property and keep half in the bank - some in Thailand. the house can be an escape route and will also cover all the money you need for living daily

Edited January 13, 2021 by RichardColeman

[ukrules]

52 minutes ago, gordog said:

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

You don't have enough money in the long term assuming there's zero income going forward, so you need to figure out a way to make a 'maintenance' income whilst residing here. I would imagine that's where the writing comes in.

 

You could come and give it a run for a while as you do have plenty of cash as a buffer at the moment.

 

There's a Thailand Elite visa for 1 million baht that covers you for 20 years so you wouldn't need to worry about immigration at all, ever - assuming you get one of those. The cheapest option in the shorter term is 2 x 600k Baht 5 year memberships but I would suggest the 20 year version in your case as you plan on staying very long term.

 

If it doesn't work out you can always return after a few years with most of your money intact unless you change your plans and spend it all pretty quickly.

 

Can you make money from your writing is the golden question? If yes then I don't see any issue.

 

....also you need to get that money invested somewhere with a decent return.

Edited January 13, 2021 by ukrules

[gordog]

8 minutes ago, ukrules said:

 

You don't have enough money in the long term assuming there's zero income going forward, so you need to figure out a way to make a 'maintenance' income whilst residing here. I would imagine that's where the writing comes in.

 

You could come and give it a run for a while as you do have plenty of cash as a buffer at the moment.

 

There's a Thailand Elite visa for 1 million baht that covers you for 20 years so you wouldn't need to worry about immigration at all, ever - assuming you get one of those. The cheapest option in the shorter term is 2 x 600k Baht 5 year memberships but I would suggest the 20 year version in your case as you plan on staying very long term.

 

If it doesn't work out you can always return after a few years with most of your money intact unless you change your plans and spend it all pretty quickly.

 

Can you make money from your writing is the golden question? If yes then I don't see any issue.

 

....also you need to get that money invested somewhere with a decent return.

 

I don't think i'd be able to make money writing, it is more of an interest/hobby which brings me no income

 

I am a Elite Visa holder so staying in the country is not a problem

 

I guess I need to find a way to make the money generate more money

 

[NCC1701A]

1 hour ago, gordog said:

So I recently sold my house in the UK.

should have kept the house and rented it out. use the cash to buy another one and rent it out. come to Thailand when you are over 50. 1900 baht a year for the "visa".

 

600,000 pounds converted to baht = 24,619,782.14 and this exchange rate will only get worse over time as the West is in decline against Asia. 

 

45,000 baht per month X 12 = 540,000 baht per year. (good luck actually doing this for 45 years)

 

24,619,782.14 divided by 540,000 baht per year = 45.59 years.

 

42 years old plus 45.59 = 87.5 years old you run out of money.

 

of course nothing else factored in like inflation, medical expenses, car.  no new anything included or any unexpected expenses. really more like 65-70 you crash.  

 

 

 

Edited January 13, 2021 by NCC1701A

[bkk6060]

If you live 40 years that is slightly over 20,000 US a year which seems extremely low even now.

It will not last because of inflation and other issues that will come up in your life.

Sorry, I think your FTSE is lousy has not performed well and probably will not in the future.  In fact It is actually lower now than is was 20 years ago.  The US Dow has averaged 7 percent a year over that time.

You are still pretty young I would invest a fair share( at least half) of it in a solid US diversified index fund.

Good luck.

[Kenny202]

1 hour ago, BritManToo said:

I live here in a nice 3 bedroom house with a younger Thai woman and 2 Thai kids.

Costs me around 12kgbp/year, 600k would last me 50 years.

40,000bht/month.

 

If you had the will power not to spend/spend/spend, you could do the same.

Or the foolish urge too invest or speculate (I always lost money doing that)

You might also want a party lifestyle, which would cost you a lot more.

 

Always short and sweet and 100% spot on ???? 

What is the 12kgbp per year? Are you budgeting for your family per kg? ????????

[Lacessit]

1 hour ago, gordog said:

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

I would like to permanently retire and live in Thailand, leading a modest lifestyle. 

 

I have no knowledge of finance, business (other than my original trade in the UK which I cannot do in Thailand )

 

I was wondering if this sum of money is enough, and if so what I should do with it to best see out my days in retirement here (I enjoy writing and wish to do it full time)

 

Thanks in advance for any suggestions and help ( please no replies about "why Thailand" , "other places are better" and so forth)

 

 

Your life expectancy based on UK averages is 39 years. After allowing for costs such as the 20 year visa, your savings would give you 39 years at about 600,000 baht/ month. So yes, it is doable. However, there is no guarantee your exchange rate would stay constant, and you may live longer than the average. The other issue is unexpected costs such as a hospital stay, which can be very expensive here.

My advice would be to keep working and saving in the UK at least until the COVID pandemic is history. Also, get the money you have invested in safe, income-producing vehicles to extend them.

You cannot get a retirement visa here until age 50. If you can stand it, wait until then. If you continue to save in the meantime, all the better.

Writing, although enjoyable, is only a good source of income for very few. Good luck.

[timendres]

I would strongly recommend that you do not consider permanent, full-time retirement for at least another 10 years. For a long list of reasons. Personally, I would look to find a job I could do 9 months of the year, bank more savings from that, and spend 3 months traveling SEA and possibly other locations. If you spend a number of those years in Thailand, you will be much more prepared to retire on what you have accumulated, as well as have fewer years to be concerned about, when you do finally retire full-time. I have a few friends who have attempted to retire in their 40-s, and not one of them succeeded. Not because of money, but because of boredom and mischief. It is simply too early for most people.

[Kenny202]

Just now, KannikaP said:

And I know many guys who are happily married for years, no financial problems or gambling issues with their partners. As for putting property in someone elses name....most couples in UK have JOINT MORTGAGES.

 

I know a lot of guys who are happy too, including myself...why I went to great pains to say I love living here and love Thais. And what I am describing isn't a JOINT MORTGAGE scenario, the situation is winner (wife) take all, unless married and still doubtful you could get anything back. It is only advice based on my first hand experience. If you are saying what I described doesn't happen often in Thailand you are dreaming. In any case the guy may not even be considering adding a Thai lady to the mix. I thought I was offering advice that wasn't the normal negative Thai bashing vitriol. There are so many guys come here with no clue about anything, do no due diligence and sometimes lose everything. 

[BritManToo]

4 minutes ago, KannikaP said:

And I know many guys who are happily married for years, no financial problems or gambling issues with their partners. As for putting property in someone elses name....most couples in UK have JOINT MORTGAGES.

I had a joint mortgage in the UK, then I paid it off, then she divorced me and the judge gave her the house 100%.

I was happily married for 28 years, and unhappily married for another 2, she claimed to have been unhappy for the last 20 years.

I guess she just stuck it out for the free house, and half my pension.

 

The great thing about Thailand, renting is cheaper than buying, you can quickly move if the neighbours start being a pain, and your woman will never get entitlement to any of your assets back in the home country.

[Jai Dee]

A Thai-bashing troll post and a number of replies have been removed.

 

Please be reminded of the following from the Forum Rules:

 

11) You will not post slurs, degrading or overly negative comments directed towards Thailand, specific locations, Thai institutions such as the judicial or law enforcement system, Thai culture, Thai people or any other group on the basis of race, nationality, religion, gender or sexual orientation.

[RJRS1301]

Learn the language first, come over on an education visa if you can get it.

Explore your options first, and see where in the varied spots in Thailand you feel most comfortable

Take twelve months and study the langiuage, explore.

Then make the move, I think the suggestion of using ghe funds for a rental back there for income and to keep up with inflation.

A must is to factor in the cost health insurance, especially now.

[RJRS1301]

1 hour ago, gordog said:

 

I don't think i'd be able to make money writing, it is more of an interest/hobby which brings me no income

 

I am a Elite Visa holder so staying in the country is not a problem

 

I guess I need to find a way to make the money generate more money

 

Get an investment property to generate income.

Depending on the type of writing you enjoy and are skilled at you could become a paid contributor to things like Medium and its ilk.

 

[gordog]

9 minutes ago, RJRS1301 said:

Learn the language first, come over on an education visa if you can get it.

Explore your options first, and see where in the varied spots in Thailand you feel most comfortable

Take twelve months and study the langiuage, explore.

Then make the move, I think the suggestion of using ghe funds for a rental back there for income and to keep up with inflation.

A must is to factor in the cost health insurance, especially now.

 

I should have added: I have lived in Thailand off and on since a teenager, and speak Thai

 

My post is just about the financial aspect of retiring here, not everything else

[Kwasaki]

You now say you have an Elite visa and ask is £600,000 enough of course it is. 

[RJRS1301]

27 minutes ago, gordog said:

 

I should have added: I have lived in Thailand off and on since a teenager, and speak Thai

 

My post is just about the financial aspect of retiring here, not everything else

Great, so many challenges are overcome.

I would still consider an investment property to generate income. I do not know the tax implications either in the UK or Thailand however

Edited January 13, 2021 by RJRS1301

[madmen]

3 hours ago, BritManToo said:

I live here in a nice 3 bedroom house with a younger Thai woman and 2 Thai kids.

Costs me around 12kgbp/year, 600k would last me 50 years.

40,000bht/month.

 

If you had the will power not to spend/spend/spend, you could do the same.

Or the foolish urge too invest or speculate (I always lost money doing that)

You might also want a party lifestyle, which would cost you a lot more.

Why do you always omit that you literally live on the edge of a jungle. You really think OP, a single cashed up guy or any other sane person would want your lifestyle? 

[Lacessit]

10 minutes ago, RJRS1301 said:

Great, so many challenges are overcome.

I would still consider an investment property to generate income. I do not know the tax implications either in the UK or Thailand however

An investment property still requires maintenance and supervision. One lot of bad tenants can wipe out a year's income in a month.

Government bonds, or exchange traded funds e.g. Vanguard do not require supervision. They can be left alone to grow.

 

[Irrumator]

2 hours ago, Kenny202 said:

 

Always short and sweet and 100% spot on ???? 

What is the 12kgbp per year? Are you budgeting for your family per kg? ????????

 

12k = 12,000  gbp = GB (British) Pounds.

He missed the space.

Easily solved.

[BritManToo]

1 hour ago, madmen said:

Why do you always omit that you literally live on the edge of a jungle. You really think OP, a single cashed up guy or any other sane person would want your lifestyle? 

Over my garden wall earlier this week ....... not exactly Jungle.

On the other side of the house is 7-11/Mini BigC/swimming pool, within about 200m.

I'm 12Km from the moat in Chiang Mai, 1KM from MaeJo town centre, and 6KM from Tesco, Makro and Rimping superstores.

 

Probably a better location than your 24m2 condo.

But OP hasn't specified what sort of life and location he's looking for, if he did, I missed it.

 

 

[Lacessit]

17 minutes ago, BritManToo said:

Over my garden wall earlier this week ....... not exactly Jungle.

On the other side of the house is 7-11/Mini BigC/swimming pool, within about 200m.

I'm 12Km from the moat in Chiang Mai, 1KM from MaeJo town centre, and 6KM from Tesco, Makro and Rimping superstores.

 

Probably a better location than your 24m2 condo.

But OP hasn't specified what sort of life and location he's looking for, if he did, I missed it.

 

 

Nothing wrong with my 35 sqm condo in Chiang Rai, it's my man cave. Screw gardening, done more than enough in my lifetime.

The OP only said a modest life in Thailand, which could mean anything. Didn't specify location or lifestyle.

[Gecko123]

In a nutshell, you could do it, but it is highly risky because you have insufficient resources to weather major setbacks such as:

• medical or health problems,
• failure to properly budget,
• sudden changes in interest, currency exchange, or inflation rates,
• real estate or other casualty losses (esp. those incurred due to failed marriage),
• stock market crashes, etc.

Even though your financial status for your age is commendable, and it sounds like you are familiar with the language and the culture, you have to realize that once you make such a move and time starts ticking by, your ability to repatriate to your home country will become more and more financially difficult if things don't work out the way you hoped. So you really need to be fairly confident that Thailand really is your cup of tea and that you really want to live here for the rest of your life. Just my two cents. Good luck to you.

 

 

 

Edited January 13, 2021 by Gecko123

[wasabi]

My personal opinion is anything less than 10 million USD and you need a way to generate recurring revenue, basically creating an annuity type of income stream for life. The more money you have the easier that is to do. But that is the only true way to be sure you don't run out of money. 

[Bangyai]

Provided you have no contact with Thai women of any background whatsoever ...... zilch ......, then 600,000 should be enough to live comfortably here using the elite visa option.

 

Never ever sleep with or get entangled with a Thai woman or transsexual. Obey this simple rule and live the life enjoying the food and sucking up the air con in any of the many shopping malls.

 

Ignore this rule and risk losing all within a few years as many have done before.

[BritManToo]

37 minutes ago, Gecko123 said:

In a nutshell, you could do it, but it is highly risky because you have insufficient resources to weather major setbacks such as:

• medical or health problems,
• failure to properly budget,
• sudden changes in interest, currency exchange, or inflation rates,
• real estate or other casualty losses (esp. those incurred due to failed marriage),
• stock market crashes, etc.

Interesting thoughts but ..........

I never worried about health problems or insurance, Thai government hospital is very cheap for most conditions.

(of course I'd die if I had cancer, but then I'd probably still die with even the best care)

Budgeting is a problem with some people, with others it isn't.

Not sure interest rates matter, assume ZEro and you can't go wrong. 

Currency exchange, only a problem if you're living on the edge, and OP isn't (personally, I don't see the Baht/GPB rate getting much different)

Inflation rates, not significant, I've not found much inflation in Thailand over the last 10 years, hookers got more expensive, property rental went down.

Real estate, only a risk if you buy a house in a woman's name.

Stock market crash, only a problem if you gamble on the stock market.

 

I see greed and fear as big motivations for a lot of posters

Fear of death .......... I say accept your time when it comes.

Greed ........... some people always want more, if you are one of those people, better to just keep working in your home country.

I have a better lifestyle here on 1,000 pounds a month today, than I ever had in the UK on 50,000 pounds a year in the UK in the 1990s (and with a younger and more attractive woman).

 

I had a pal from NZ living here on 20,000bht/month, he was very happy, had a nice girlfriend, funded until he was 80. At age 49 he felt ill and was diagnosed with stomach cancer, dead in 2 months despite spending all his savings on hospital bills. There was nothing anyone could do at any price to save him.

Edited January 13, 2021 by BritManToo