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How many foreigners have gone broke?


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Although many in the foreign  community are retirees with a fixed external income, there are many who started businesses in Thailand.

How many of these people have shut up shop and how many have had to return home?

Did any get government assistance?

Anyone had personal experience of this?

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I'm paying the rent and a little extra for food/utilities of a local bar my friends and I would gather every Saturday noon. The gal that owns it always treated us like family and we really want to see

Find yourself a bar owner or a restaurant owner in one of the tourist areas and ask them.  I know of a few who have walked away and the owner of the main complex has been given his bars back, and that

Very decent and familial of you.   

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I only know of one in our village and another outside but that was before the pandemic.

There's many restaurants shut at present only one was kept going by a falangie during a part of pandemic but closed down now. 

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Just saw an advert for an insurance company in the US,  that following Covid, 55%  of retried western couples need financial support from their still working kids. maybe that's a stat, if true, that isn't getting any kind of publicity.  

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10 minutes ago, Doctor Tom said:

Just saw an advert for an insurance company in the US,  that following Covid, 55%  of retried western couples need financial support from their still working kids. maybe that's a stat, if true, that isn't getting any kind of publicity.  

 

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2 hours ago, Doctor Tom said:

Just saw an advert for an insurance company in the US,  that following Covid, 55%  of retried western couples need financial support from their still working kids. maybe that's a stat, if true, that isn't getting any kind of publicity.  

No government IMO is going to volunteer to give us bad news. If they ain't <deleted> scared of what will happen next election they should be.

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32 minutes ago, ChaiyaTH said:

To be honest, I am quite surprised there are many left who clearly do not even make enough to break-even, that didn't close up yet. My best guess is that they somehow been able to take out additional loans but even with that, I can't see them being around a year from now. 

I heard of many cases where the foreigner left and the Thai family returned to their home towns or villages, living pretty much of poverty. Makes sense I guess, i do not see that many foreigners around in general, even in Bangkok. 

I think all this might category itself by unnecessary lifestyle and inability to adjust - in good times or bad times. 

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4 hours ago, Kwasaki said:

I only know of one in our village and another outside but that was before the pandemic.

There's many restaurants shut at present only one was kept going by a falangie during a part of pandemic but closed down now. 

I've heard that the dozens of resort/guest house complexes out in Muang Khao, owned and operated by Farang/Thai couples, have taken a beating - some have closed permanently. 

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5 hours ago, Doctor Tom said:

Just saw an advert for an insurance company in the US,  that following Covid, 55%  of retried western couples need financial support from their still working kids. maybe that's a stat, if true, that isn't getting any kind of publicity.  

This sounds like something only an insurance company would dream up. From the Pew Trust: "People who have already retired, on the other hand, count not on employment income and workplace benefits but on Social Security and Medicare as well as their own savings and any pensions they may have, so they have been much less affected by the large layoffs associated with COVID-19.2 The challenges they face are different: deciding how much to withdraw from their savings and when, making this group more reliant on the performance of the stock and bond markets."

 

It stands to reason that the employed and self-employed would be most impacted by the pandemic for all the obvious reasons. While inflation could certainly cause retirees to tighten the belt somewhat, those retired are most likely to be supporting their offspring rather than the other way around.

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52 minutes ago, ChristianBlessing said:

This sounds like something only an insurance company would dream up. From the Pew Trust: "People who have already retired, on the other hand, count not on employment income and workplace benefits but on Social Security and Medicare as well as their own savings and any pensions they may have, so they have been much less affected by the large layoffs associated with COVID-19.2 The challenges they face are different: deciding how much to withdraw from their savings and when, making this group more reliant on the performance of the stock and bond markets."

 

It stands to reason that the employed and self-employed would be most impacted by the pandemic for all the obvious reasons. While inflation could certainly cause retirees to tighten the belt somewhat, those retired are most likely to be supporting their offspring rather than the other way around.

When half your tenants have stopped paying rent, and the other half have shuttered up shop and gone out of business, your invested life savings seem less valuable.  Especially when the government runs up inflation on the printing presses churning out monopoly money, and you can see your fixed income and your savings dwindling in value.

On the bright side, there is a little bit of schadenfreude for those with no children, knowing that  other people's future generations will be saddled with the debt incurred during the pandemic to protect primarily the elderly.

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7 hours ago, kwilco said:

How many of these people have shut up shop and how many have had to return home?

Did any get government assistance?

Anyone had personal experience of this?

Sounds like you are in a tight spot. Not to worry, I will assist with the answers.
1. 319

2. NO!

3. Yes! Please check how many in answer 1.

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2 minutes ago, Golden Triangle said:

Surely you mean the clock is ticking 😁👍🏻

I think maybe he is from the bomb squad, and he is planning a controlled explosion before the clock gets to zero.

I had always imagined that the bomb squad would have used a plunger to set off controlled explosions, but maybe old habits die hard in the land of Guy Fawkes.

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7 minutes ago, StreetCowboy said:

I think maybe he is from the bomb squad, and he is planning a controlled explosion before the clock gets to zero.

I had always imagined that the bomb squad would have used a plunger to set off controlled explosions, but maybe old habits die hard in the land of Guy Fawkes.

Believe it or not when I 1st started with EOD we actually used a plunger device, these days they have another piece of kit which can handle about 6 separate jobs, the name escapes me at the moment, but I left the army in 1980 ish, so things have moved on 😎

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8 hours ago, kwilco said:

How many of these people have shut up shop and how many have had to return home?

How many didn't think to burn it down and claim on the insurance.

 

Be very interesting if there have been more businesses burned to the ground and claimedfor during covid than at other times 

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1 hour ago, StreetCowboy said:

When half your tenants have stopped paying rent, and the other half have shuttered up shop and gone out of business, your invested life savings seem less valuable.  Especially when the government runs up inflation on the printing presses churning out monopoly money, and you can see your fixed income and your savings dwindling in value.

On the bright side, there is a little bit of schadenfreude for those with no children, knowing that  other people's future generations will be saddled with the debt incurred during the pandemic to protect primarily the elderly.

Fair enough. My comment concerned retirees in the US, where the vast majority do not rely on rental income for retirement needs. I understand that not all countries provide a decent safety net or social security/pension plans. As for future debt, yes, we'll all be paying, but very little of the Covid relief funding was earmarked for protecting "primarily the elderly". 

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but very little of the Covid relief funding was earmarked for protecting "primarily the elderly". 

And yet that was primarily its function. Just in an indirect way. I really shouldn't hit the 'Submit Reply' button at this point, but ah well. In for a penny, in for a pound.

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