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


gordog

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4 hours 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

 

You seem to have a few advantages already and sound like you know Thailand quite well as it is? Not so many years ago you could have realised at least 30k pounds a year just in interest from a regular bank account but safe income from a cash nest is not easily had these days. The money you have could be enough but that depends on the budget that you think you can manage on. If you are not sure (about anything) then probably better to wait and work for longer to build your fortune up if you can. 

 

 

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5 hours ago, BritManToo said:

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.

back in the home country (england) we have joint bank accounts???? here in Thailand ,my wife and son own our house ,,<deleted>,she owns the car as well ,some of us live on a knife edge ???? 

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1 minute ago, 1FinickyOne said:

Where is anyone getting 6% these days? Safely? 

 

my bank MM is down to .25% and my last CD at 2.3% is coming due in March... I would love 3% if I could get it... 

 

ps - boredom can be an issue for most retirees... and I am sure it is tougher in USA where you can't go out much... I have wealthy friends in NYC who have lost the Broadway Show/fine dining lifestyle... 

I will admit that 6% can be difficult in 2020. but there are plenty of ETFs that mirror the S&P that will easily  return 6% which is why I chose that number.  There is always a risk that the market could crush as it did last spring, but it recovered. Also the Op can use the funds to purchase an income property, thus not only having  an income ,but low risk and property appreciation to keep up with inflation, for a fee he can have it professionally managed. I don't suggest he does this thins, all I suggest is that he considers them while at the same time considering all the other things I said also. 

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6 minutes ago, ivor bigun said:

back in the home country (england) we have joint bank accounts???? here in Thailand ,my wife and son own our house ,,<deleted>,she owns the car as well ,some of us live on a knife edge ???? 

 

Yes. It can certainly keep one on one's toes. 

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Just now, sirineou said:

I will admit that 6% can be difficult in 2020. but there are plenty of ETFs that mirror the S&P that will easily  return 6% which is why I chose that number.  There is always a risk that the market could crush as it did last spring, but it recovered. Also the Op can use the funds to purchase an income property, thus not only having  an income ,but low risk and property appreciation to keep up with inflation, for a fee he can have it professionally managed. I don't suggest he does this thins, all I suggest is that he considers them while at the same time considering all the other things I said also. 

 

Fair comments but, unfortunately, the risk that the market could crash as it did last spring but not recover for years is also now rising rapidly. 

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10 minutes ago, nauseus said:

 

Fair comments but, unfortunately, the risk that the market could crash as it did last spring but not recover for years is also now rising rapidly. 

All true, we do live in interesting times. which is why I said low risk rather than no risk. Perhaps re-investing in income property might be the better solution, people will always need a place to live in, and at the very least, the Op will always have a place to return too. I am struggling with some of these decision also. but unlike the OP I wave a pension , and when I die my wife gets 70% of it for life. We also little by little build our house in Thailand mortgage free and we have out car there.  .

That's why I suggest he take a sabbatical for a year or two , sow his wild oats, and if he still has attachment to Thailand do the few months here, few months back home working in such arrangement can be accomplished, If nothing else , after a couple of years he would have a clearer idea about Thailand, and what he wants to do with the rest of his life. 

Having been associated with Thailand for  about 15 years ,and the up and downs I always cringe when i hear about someone burning their bridges and using the proceeds to retire, especially at such a young are. Perhaps it's because I am getting older and more risk averse  but i like bridges LOL.

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3 hours ago, Lacessit said:

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.

I think it's fair to assume he is not going to rent a place on the outskirts of town or in a village because he does not speak Thai. 

 

He will have plenty of time for village life after he marries his bar girl but he has to meet her first and that will obviously be in a tourist area 

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1 hour ago, madmen said:

I think it's fair to assume he is not going to rent a place on the outskirts of town or in a village because he does not speak Thai. 

 

Not really that fair ...

 

7 hours ago, gordog said:

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

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Easily enough. 

 

400K into a UK property will yield some nice monthly income to live off whilst always ensuring you have that safety net to return to and have a foot in the UK property market. 

 

I'd be tempted to buy a condo somewhere along the new BTS line in BKK also and either rent it out or live in which could be the base in Thailand or just rent something nice but cheap in any other location. 

 

Another 50K GBP on some higher risk investments and pay attention to how well they perform and play the markets somewhat. 

 

Another 50K in slush fund for travel etc but try not to touch it and live purely off the yield from UK property. 

 

Sorted.

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At age 42, odds are you have 40 - 45 years to live.

 

You presently have around 24 million baht. That's a great lump sum but you really need to make that money work for you. Either invest in property or shares or something that will provide a passive income so that you don't touch the principal.

 

24 million baht sounds like a lot of money and it IS a lot of money.....but you're still a relatively young man and I would not expect that it's anywhere near enough to last you 40 - 45 years unless it is invested wisely.

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We moved to Thailand in 1996 at age 46 with $200,000 in the bank and a military pension and 75% medical coverage through my military program.  When you're young and healthy, the last thing on your mind is the need for health insurance.  A French friend of mine had a money knock him off his bicycle in Huahin.....needed a new hip for $5000.  An American friend of mine was practicing with his new motorcycle doing laps on a vacant street.  He forgot to raise the kickstand and it grabbed the curb......he was in the hospital for several days.  Of all the things potential expats don't seem to put at the top of their priority list is the need to have a pool of money available for medical care.  You can't use the same gauge to measure medical care as you do your rent or bowl of noodle soup.  Given your young age and lack of other sources of income, I'd suggest working another 10 years, bank every penny you can, and reevaluate.   Thailand will still be here in 10 years.   If you come here now and find yourself draining too much money from your savings after 5 or 10 years, you'll be that much less likely to reenter the workforce in your home country.  Be patient!

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2 minutes ago, kokesaat said:

When you're young and healthy, the last thing on your mind is the need for health insurance.

The first time I stayed more than 90 days, on day 91 I took out one of the best full health policies available.

 

I was in my mid 30's and this was more than 10 years ago. Still got it now. It's a priority.

 

The younger you get in the healthier you are and the cheaper it is!

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9 hours ago, 1FinickyOne said:

boredom can be an issue for most retirees.

No such thing as a bored, single, retiree living in Thailand who has money. OP has more than enough money to live the dream. He just needs to invest it wisely.

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DO NOT RETIRE HERE

 

Rules change there is no uniformity in the laws.

I would suggest vacation here and in other countries.

Rent a small place in your home country and travel.

Invest your money in a conservative program.

Health care in yoUr home country will be much better than Thailand.

Enjoy your life..TRAVEL!

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17 hours 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)

 

 

Why do you have 600K in your bank account earning nothing ? Should speak to someone (friend, trusted colleague) about getting it invested and returning dividends and some growth of capital for the future. 

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2 minutes ago, tonray said:

Why do you have 600K in your bank account earning nothing

This past year it has been out of fear... at the first sight of what covid could do to a tourist area, I extrapolated out... and sold out.

 

A mistake in retrospect - but coming off 2 good years of returns averaging 12-15% - I had room to breathe but... who knows - the world does not look too stable... 

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For new guys 100 000,- a month until you have settled and figured out how to live

 

then maybe you can live on 30 000 bath a month, but that excludes insurance and for most an outgoing social life, if you do not live on the country side, and have found an decent lady who will not rip you off. 

 

24 million is not enough for an 42 year old retired single man. I would say 1 million a year with all included is a decent budget for most who want to live good, have insurance, something gets you around and a decnent girl who do not rip you off. 

 

Man, to live and learn how to live in thailand is art itself. Can be beautiful, can be aweful

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17 minutes ago, 1FinickyOne said:

This past year it has been out of fear... at the first sight of what covid could do to a tourist area, I extrapolated out... and sold out.

 

A mistake in retrospect - but coming off 2 good years of returns averaging 12-15% - I had room to breathe but... who knows - the world does not look too stable... 

The world hasn't been stable since 1954....returns over time continue....not making thise returns means inflation eats into your 600K making it really only about 300K over your expected lifespan...invest conserviatively if that suits your temperment but invest you must to maintain your hedge against inflation. A very conservative portfolio allowing for growth over time, generating even a relatively low 2.5% dividend payout will provide you with over 50K baht monthly (before taxes of course)...makes you nestegg last a lot longer.

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Thanks for the responses.

 

As I mentioned in some posts. I have an elite visa currently, speak Thai (I have lived here sporadically since a teenager) and know the culture as well as a foreigner can. I just don't have any knowledge of business or investing.

 

Reading the responses it seems I need to do something with the 600k to create income. Given I don't know anything about investing, would the best option be to use a service or 3rd party, like this Vanguard that everyone talks about? As I don't think i'd be knowledgeable enough to pick investments myself.

 

 

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4 minutes ago, gordog said:

Thanks for the responses.

 

As I mentioned in some posts. I have an elite visa currently, speak Thai (I have lived here sporadically since a teenager) and know the culture as well as a foreigner can. I just don't have any knowledge of business or investing.

 

Reading the responses it seems I need to do something with the 600k to create income. Given I don't know anything about investing, would the best option be to use a service or 3rd party, like this Vanguard that everyone talks about? As I don't think i'd be knowledgeable enough to pick investments myself.

 

 

A rental property (in home country or even Thailand) is a good investment. 

Your capital stays intact, the capital and the rent goes up with inflation.

If its in your home country, you always have a plan B, ie: a house to return to.

Its not hard to find a rental yield of 5-10%, more than enough to live a comfortable life in Thailand

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