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

[whaleboneman]

17 hours ago, Lacessit said:

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.

39 x 12 x 600,000 = 281 million baht. Very good exchange rate.

[Dart12]

22 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.

 

 

What did you used to do for $$?  

What are your skill sets?

or what are you  knowledgeable about?

You are in an enviable position where you could build a small business online...or just work for others online and live in Thailand.

Tons of people willing to pay native english speakers a good wage online for tasks.

[whaleboneman]

14 hours 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.

 

 

Nice!

[whaleboneman]

6 hours ago, mstevens said:

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.

40-45 years? I'm not sure the planet will tolerate us that long.

[Tagged]

Just another thought, make your money in britain, and live in thailand. If that means live 6 months in britain, and 6 months in thailand, 3 x 3 x 3 x3 it is better than being retired 12 months in thailand as long you are fit enough to work. Thailand gets boring with normal life to especially when you are younger. Never ever give up working early to just retire, have a plan and stick to it. And for gods sake have a plan b that do not involve thailand, that is rule nr one. And rule nr one b, never invest more than you can happily walk away from. 

[Tagged]

3 minutes ago, whaleboneman said:

40-45 years? I'm not sure the planet will tolerate us that long.

Dinos lived for almost 200 million years, and cave man? How long do you think he will survive? Just another 40 - 50 years? 

[tonray]

36 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.

 

 

Vanguard is a very solid fund company and with a little education (plenty of material on their site) you can craft a portfolio that will suit you and help you grow your assets while providing the level of income to offset drawdowns for living expenses.

[CrunchWrapSupreme]

The OP could teach. Pick a rural town out in Issan. They're all begging for teachers. 30k-40k extra spending money a month, for not much work. Just a smiling, friendly farang face in front of a classroom, and a lot of tolerance for noisy disinterested children. But there'll be a few you end up making a difference for.

 

The Non-B visa you get with the job also greatly simplifies your visa issues. I did this my first few years here, and was able to get by, occasionally dipping into savings. It was enough to afford going out once a weekend, occasionally during the week, and traveling on the holidays.

 

About ladies, pick one your own age. There's an ample supply. Thai men do not want them. Thus they are eager to please, and have an "appetite" you might have trouble keeping up with. Tell them you're a teacher and have only a small pension. If they balk at this, it's a red flag, move on. Plenty will be satisfied with your modest offerings as they get by with much less. Another red flag, get one who wants to work. Help one start a small business, which is usually just the cost of some supplies. If they want to lie around all day, move on. The devil finds work for idle hands, as been mentioned.

 

Finally, don't retire in Thailand. Use it to have fun for 5-10 years and find a good lady. Contrary to much of the TVF there are good women here, as long as you don't go too young, and don't get attached to bargirls. I've been happily married to my Thai wife who I'm bringing home, and whose personality will go far in US retail, once it recovers from Covid. Thailand should be seen as a great resource given the current, substantial issues with dating in the West.

[1FinickyOne]

1 hour ago, tonray said:

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.

Yes, you are absolutely 100% correct... I get the math and also that aggressive investing is probably better in the long run than conservative. I had been 70% aggressive before this and had great years... 

 

Though as i age, my thinking is changing, now, being 140 yrs old, I may only have another good ten years to go.. and I don't want to risk a short term loss... 

 

I am well above the 600k figure of the OP, and my issues are more psychological than financial... and I will start re-investing conservatively [plus TSLA - a little] but i am also looking at things like the 4% equation... though after a lifetime of earning, saving and investing, it is difficult to spend down even a little. 

 

I probably need a shrink more than an investment manager [ though when I had one, manager, I did great w/o as much worry]. I actually had 2 but 1 retired and 1 cannot handle my account as I do not live in USA and my address is a c/o... 

 

ps - 1954 I was doing duck and cover... 

[4MyEgo]

20 hours ago, BritManToo said:

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

 Suppose you just can't help bad luck then.

 

Invested 50% of my money in the stock market over the past 5 years that I have been living here, so far even though my initial investments dropped in February 2020 because of the pandemic, (most stocks having recovered) with some actually having made gains.

 

During those 5 years I have lived here for free and not had to pay one baht in taxes, I have taken the family back to the old country 3 times for a holiday and travelled all around Thailand, staying in some nice hotels, personally I wouldn't call investing ones money foolish, perhaps I have had some good luck on my side. I don't have urges to invest, I do my due diligence, and if it's sounds like it is worth buying I do, and I also buy up when the stock market drops, although I should have purchased more, but then again, we can't be greedy and risk it all, so I am grateful for that windfall, even though I still kick myself at times ????

 

I survive on 60,000 baht a month plus health insurances for me and the family, so a mil plus return on my conservative investments has worked for me, steady as she goes, and don't put all your eggs in one basket, and never sell when the market is down, and buy when it is down are key to surviving.

 

Will agree with your comment about not to spend, spend, spend, and having a party lifestyle, have holidays, enjoy the things you like and insure your most valuable assets, starting with yourself, the house, the car, and have have private health cover for everyone, no different to when back in the home country for me, only difference is I don't have to work ridiculous hours, have compliance up my rear when it's not needed and no need to stress about being somewhere while stuck in traffic, or having to go to stupid meetings which serve no purpose but to justify peoples ego's. 

 

Life in Thailand is very manageable, but you don't use your own money to live off if you can, because that is a minus, when you need a plus.

[rwill]

I think you can do it. 

I would open a Schwab One International account.  You need 25K US to open it.  Request a debit card with it.  The advantages of the Schwab account are that you can use your Thai address and phone number (no need to maintain a home country one if you don't want/need to).  The debit card allows you to make free ATM withdrawals, no fees and they rebate the fee Thai banks charge instantly.  Plus you can wire large or small amounts of money to a Thai bank account for free too,  they have a $15 fee but instantly rebate it too.  This is a brokerage account, not a bank account, and pays really low interest on cash you just leave sitting in it, .02%.  I have a regular bank account to keep my emergency money in that earns more interest.

 

Then if you want to be conservative you could put 500,000 in SCHD etf.  It averages about 14% growth per year.  Plus you earn a little over 3% in dividends.  500K in the etf would give you around 15-16K dividends per year you could use to live on without touching your original investment.  Yes there will be periods your money will go down in value, like last March, but don't panic and just ride it out, it will recover and continue growing.  In the meantime you still have your dividend money coming in to spend.  When the market goes down, like last March, it is a great time to put more money in if you have some available.  Or you could put less money into a conservative fund like that and put some of the money into more aggressive funds such as ARKG, all the ARK funds have been doing well.

 

This is just an idea for what you could do.  It's your money so you have to make the ultimate decision.

Edited January 14, 2021 by rwill

[robertson468]

Two possibilities worth considering:

 

1.   Buy 2 condos in the UK which you can rent out to generate an income for you.  Then if you need to return to the UK, you have somewhere to live and still have a small incom.

 

2.  For that amount of money from your house 600,000X39=23,400,000 you could build a  small Resort, again generating an incomen for you.

 

3.  Lease a small resort, for 30 years with an option to extend, which would normally involve key money and an annual rental payment, which you could cover from your rentals.

 

If 2 or 3 interests you, please pm me and I would be very happy to discuss the options further.

[London Boy]

19 hours ago, timendres said:

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.

I came here at 43 and it was the best thing I did. You're still young and energetic enough to enjoy it, and have the maturity to appreciate the unique circumstances you find yourself in. Nothing better than being freed from the shackles of being an employee. To the Op, invest your 600k into two high yielding buy to lets in London and then come here. The fact you already have an elite visa, means you’re already a step ahead  from some of the other 40-ish entrepreneurs who moved here.

[PGSan]

20 hours ago, bkk6060 said:

Sorry, I think your FTSE is lousy

Is this opinion, or the FTSE at all relevant?

[LomSak27]

First I use Vanguard, I like them, but there are any number of reputable companies that offer similar services. Second I would strongly suggest putting your money in a mutual fund, or a couple mutual funds, unless you want & like to play the market. I would say, don’t do that, unless you have the time or skill to make it work. (BTW As I’m a dummy I recommend buying Mutual Funds for Dummies or some such book and start reading. No time like the present)

Having an investment like that gives one options. You can take a bread and butter job in Thailand, if you want. B&B; one that covers living expenses, not much more. Take a small cut from your fund for other things, travel, companionship, have fun. You could use that template for other countries also. If you don’t like things move on. Or just spend a year or two here then back to a higher paying job. Make sure you can and will do that if taking this route

I do think you should work, whether at higher paying jobs in your own country, or lower OS for another ten years at least. One note, I know a number of people who retired early and used this approach. They protected their investment and it protects them. Got a xmas card from a couple I worked with years back, spent a decade in CM Thailand, now in Portugal. Another in Alberta, but winters in Belize, 

Prejudicial points, regard them a s such.
1) Do work for another decade, even if only a bread & butter job, or occasionally (year here, year there, take a year break) but keep doing that, don’t just ‘sit & live on your investment’.
2)  Remember the cliché … “expenses rise to equal the money available”. Be careful.
3) Do not get talked into investing in some business venture. Better yet never mention you have money, tell them you’re skint, on the road, ex wife took everything, mums chemo, etc. Usually it is your own countrymen who are the problem here. Side note in Thailand do not become a real estate magnate. IE DON’T BUY HER THE HOUSE! Or do that in 20 years.
4) Rent do not own in Thailand.
5) Protect your investment and it will protect you.
6) Have fun.

7) & Don't get a big bike, here or a few other nearby countries. Yes I am a bike person, BUT ... 

 

Edited January 14, 2021 by LomSak27

[4MyEgo]

21 hours ago, gordog said:

I am 42 years old.

 

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

As others have said, 42 is young, if you can find a job where you can work for 6 months of the year, then do 6 months here, naturally you would have to exit every so on and re-enter again, you would probably get a good feel for it, while not getting bored. I retired at 55 perfect age. But if your hell bent on doing it now, your life, then read on.

 

1st thing is you need to talk to a financial planner who also knows about accounting, e.g. you don't want to be investing and paying taxes when living overseas because you will be going backwards.

 

2nd thing is you need to have a budget and I would say if your 42, your wanting to live a little, i.e. not be too tight, so I would allow 50,000 baht a month, if your thinking to settle in Bangkok you can up that by 10, 20, 30k a month, that figure doesn't include private health cover because without it you could be paying millions of baht if needing emergency treatment, the figure also doesn't cover having an occasional partner every now and again and that some might say that that could send you broke if you fall in love ????

 

3rd thing is you have to find a visa appropriate for you, and I would imagine that would be an Elite visa, so be prepared to pay through the nose for that, I think it's around 600,000 baht for 5 years, and when you reach 50 and your still wanting to live here you can switch to the retirement visa/extension for 1,900 baht a year.

 

4th thing and one of the most important things is private health cover in my opinion, as discussed in 2, no cover expect the treatment you get in a government hospital, some will say they are fine, others will say they are not, I have private cover after my own personal experiences.

 

5th thing, a drivers and or motorbike licence if your wanting to get around and insurance for either because if you have an accident without a valid licence, your insurer won't cover any damage to you, the other party, or the vehicles and laws here in Thailand are not like in the UK, you could be paying out millions of baht.

 

Last, but not least, only transfer what you need every year, I only transfer what I need to live on here in one annual amount, personally it keeps me to on track for my monthly draw downs from my bank account here and anything left over which is seldom is put aside and mostly gets swallowed up in the next month.

 

I think that just about covers it.

 

Stay in tough with the rest of the grumpy old men here on TVF, you will learn a lot and cop a lot as well ????

 

Edited January 14, 2021 by 4MyEgo

[PGSan]

19 hours ago, timendres said:

It [40s] is simply too early for most people.

I found 80 was too early to retire.  Your mileage  may vary! 

[PGSan]

19 hours ago, Kenny202 said:

What is the 12kgbp per year?

12,000 great british pounds.  Is that not obvious? 

[PGSan]

18 hours ago, madmen said:

you literally live on the edge of a jungle.

What is so terrible about jungles?

[PGSan]

15 hours ago, Bangyai said:

Never ever sleep with or get entangled with a Thai woman or transsexual.

So Thai men are ‘good to go’?  That is very reassuring. 

[PGSan]

14 hours ago, BritManToo said:

had a nice girlfriend, funded until he was 80.

The girl-friend was funded, good!  But what about him?

[PGSan]

14 hours ago, 1FinickyOne said:

my bank MM is down to .25% and my last CD at 2.3% is coming due in March

What is all this about?? 

[PGSan]

14 hours ago, Saraburi121 said:

a good medical policy from my retirement

What does this mean? 

[PGSan]

9 hours ago, mstevens said:

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

I must have missed the STOP sign at age 87. 

[PGSan]

4 hours ago, 1FinickyOne said:

but coming off 2 good years of returns averaging 12-15%

Returns on what?

[whaleboneman]

6 minutes ago, PGSan said:

I must have missed the STOP sign at age 87. 

Are you the oldest member here?

 

[PGSan]

1 minute ago, whaleboneman said:

Are you the oldest member here?

 

No idea!   unlikely I guess

[PGSan]

2 hours ago, whaleboneman said:

40-45 years? I'm not sure the planet will tolerate us that long.

Yes, on that timescale do not invest in Bangkok houses! 

[PGSan]

4 hours ago, tonray said:

The world hasn't been stable since 1954....

What happened then?  I was around in that year but noticed no wobbles.

[4MyEgo]

2 hours ago, CrunchWrapSupreme said:

and don't get attached to bargirls. I've been happily married to my Thai wife who I'm bringing home, and whose personality will go far in US retail, once it recovers from Covid. Thailand should be seen as a great resource given the current, substantial issues with dating in the West.

 

I got attached to one 14 years ago when I married her, yes a bar girl, oh my God, or is that oh my Buddha, never been happier in my life since the day I met her in the bar, what a gal, sh-ts on all the western women I have met and that is a lot of them.

 

Judging people because of their work and stories heard is pretty immature, I have never feared a woman, ok lets label them here, a bar girl, because of her profession, ok, I cool with that. Fact of the matter is if a guy doesn't know how to read a woman, (bar girls included), most guys will fall by the wayside and lose it all because they can't read women, bar girls included, woman are all snakes in the grass, you just have to know how to read them, they are cunning, they will daze most guys with their heavenly petite bodies, beauty or whatever else it is that they can blind the male with, and if stupid enough, yes most of the time, he will hand them over his money and only power over them he has because he "LOVES" here, straight out of Hollywood, once that's done, it's game over, we know the rest of the story.

 

Best of luck with yours in US retail. 

 

Edited January 14, 2021 by 4MyEgo