Delayed gratification

[BritManToo]

1 minute ago, PingRoundTheWorld said:

Has your lifestyle and/or location changed though? (less expenses?)

 

As far as I remember from other posts you live a rather relaxed lifestyle with a live-in rental gf. Naturally expenses are low with such a lifestyle. Try to go out to clubs in Bangkok/Pattaya/Phuket a few times a week  with take outs and 60k will barely last you a week.

 

What really has gone up in price in Bangkok since I moved here (2016) is booze, food, and....girls. Pattaya price increases for all of the above seems to be more moderate, but even there there's definitely been changes since.

Obviously as we get older we generally have less use for nightlife or multiple sex partners.

So it seems your  aging lifestyle will more than compensate for inflation.

My pension increases certainly take care of any extra living expenses (10% last year, 8% next year).

 

My biggest expense is housing, but I've been in the same house for the past 11 years, mortgage still 10kbht/month, no inflation there.

Alcohol has also been mainly replaced by cannabis, 4x wine coolers (110bht) a day replaced by 0.5g cannabis (15bht) is a big saving.

[hotchilli]

19 hours ago, Startmeup said:

Your 40 years old so you have circa 40 years left to live all going well.

You have a decision to make.

You can retire early now with 100k baht per month to spend.

You can work another 5-10 years after which time you have 200k per month.

It could be as high as another ten years but if you are lucky it might only be 5 years, This isn't predictable. 

Do you take the 100k per month now or put your head down and double your income in the coming years for a much more comfortable life?

Pros/Cons

Go for the 200K... you're a long time retired.

[Photoguy21]

I love working and will never stop in some form or another. When people look forward to retiring I feel sorry for them as they must have pretty boring lives.

[newnative]

     I retired at age 53 after 30 years at a rather low-paying USA state job.  Got a reduced state pension, which I supplemented by working another 5 years part-time before moving to Thailand with my Thai partner.  Took Social Security as soon as I could, age 62.  Absolutely no regrets with any of the decisions.  In your shoes, I would work another 10 years and retire at 50, with a bigger retirement income--better to have more than enough than not enough.   As others have mentioned, I think you need to do some thinking about how you plan to spend the next 40 years.  Good luck.

[Baht Simpson]

At the company I worked for many years ago a chap died on the way to his retirement party. That was a real eye opener and was one of the factors that led to me retiring early. 

 

I think these days there's both more opportunity to retire early and to delay your retirement if you wish. It's much more flexible than it was because of better pensions. In my day people were expected to retire, usually at 65. Companies would be eager to get in new, cheaper blood to replace you. If you were highly valuable you might be put on a contract. 

 

There are so many variables for retirement and everyone has to assess their own needs. I've never regretted my decision.

Edited December 12, 2023 by Baht Simpson

[Baht Simpson]

27 minutes ago, Photoguy21 said:

I love working and will never stop in some form or another. When people look forward to retiring I feel sorry for them as they must have pretty boring lives.

"Working is more fun than fun." - Noel Coward.

 

 

[GarryP]

8 hours ago, BritManToo said:

When I arrived in 2009 I was spending 60kbht/month. Now in 2023 I'm spending under 50kbht/month.

 

So in the past 14 years inflation hasn't been significant.

 

PS. I retired at age 45

PPS. You wouldn't believe how many of my pals worked just 1 more year then died before 60. Live life now, tomorrow might never come.

My mother officially retired at 60 and died. Never drew her pension. 

[noobexpat]

I sure don't need to work but i work for me, not the man. Nice that its rather lucrative and a few hours a day at my leisure.

 

I took a year off work in my 30's as the private bank i worked for had a restrictive covenant for 12 months. Brain turned to mush - didn't feel good. Way too young to stop work. I feel the same now to some degree.

 

Inflation is the enemy for us in our 40's. You have to be well invested for real growth, but at a certain monetary level it starts getting scary. But cash is a pain because its naff against inflation. Also a problem holding too much!

 

You have to think very long term.

[Fat is a type of crazy]

I am the guy working till 59 - then go on paid accrued leave - and retire. Not too long now. See what happens. 

[BusyB]

20 hours ago, Ben Zioner said:

I can't imagine why someone  would retire at 40.

 

If I'd been born into a millionaire inheritance I doubt I'd have even  s t a r t e d  working ...

[jesimps]

21 hours ago, Startmeup said:

Your 40 years old so you have circa 40 years left to live all going well.

You have a decision to make.

You can retire early now with 100k baht per month to spend.

You can work another 5-10 years after which time you have 200k per month.

It could be as high as another ten years but if you are lucky it might only be 5 years, This isn't predictable. 

Do you take the 100k per month now or put your head down and double your income in the coming years for a much more comfortable life?

Pros/Cons

Cripes, I've only got six months left, if all goes well. 

[BritManToo]

2 hours ago, GarryP said:

My mother officially retired at 60 and died. Never drew her pension. 

Same for my very best pal, died at 59 after 1 year in a London hospital.

Company and state pensions down the toilet.

 

Both my parents only made it to 67, everyone thinks they will live to be 90. 

[Dexxter]

21 hours ago, Ben Zioner said:

I can't imagine why someone  would retire at 40.

My eldest son retired at 40 and now he plays computer games. He has enough money in investments to keep him financially secure for life. He also has the option to go back to work as a highly paid IT contractor if he feels the need. He has no wife or children and only has to take care of himself which greatly helps his financial position. He does has a girlfriend in a vague sort of relationship where he gets s*x when he feels like it. It's not a life I would lead but he seems happy.

[BritManToo]

3 minutes ago, Dexxter said:

My eldest son retired at 40 and now he plays computer games. He has enough money in investments to keep him financially secure for life. He also has the option to go back to work as a highly paid IT contractor if he feels the need. He has no wife or children and only has to take care of himself which greatly helps his financial position. He does has a girlfriend in a vague sort of relationship where he gets s*x when he feels like it. It's not a life I would lead but he seems happy.

He sounds like a winner in life's lottery to me.

[Ben Zioner]

8 minutes ago, Dexxter said:

My eldest son retired at 40 and now he plays computer games. He has enough money in investments to keep him financially secure for life. He also has the option to go back to work as a highly paid IT contractor if he feels the need. He has no wife or children and only has to take care of himself which greatly helps his financial position. He does has a girlfriend in a vague sort of relationship where he gets s*x when he feels like it. It's not a life I would lead but he seems happy.

Jesus, what a waste. I guess it is yet another generational thing. I was happy to rake in a quarter of a million CHF a year until I was 62. Enjoyed the work and the environment, and had the feeling I was getting what I deserved. Preserved my sanity, much better than computereffinggames. Also had 10 weeks paid leave and my week ends for my outdoor life.

Edited December 12, 2023 by Ben Zioner

[Lacessit]

IMO unless the job the OP has is mind-crushing, stay with it.

It's impossible to predict what a particular nation's currency will buy in ten years' time. I can remember when the AUD was fetching 32 baht, it has been as low as 20. Governments have a bad habit of printing money.

Everyone is different, retirement can't come soon enough for some. I would still be working if I could.

[JMT42]

You are what you do unless you are too old to do it.

[Kinok Farang]

Never seen "he was a good worker" on a headstone.

[Chongalulu]

Standard sound financial guidance is " work out how much you think you'll need to retire..then double it ”. 

[Prubangboy]

Retire now on 80K a month and let that other 20K keep growing to cover inflation.

[Andre0720]

Here is one quote that I like:

“The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and richer experience.”.

 

But then reality strikes. Most people are just not lucky. The fact that we do not have 'free will', and that we do what we learned from our surroundings, family, friends we make, people we meet, culture, society.

And for many people, these surroundings just came out of some kind of bad luck. And the resulting person that we become, gets modified by our genetics, our brain wiring, that many times are just out of bad luck.

Handicaps, brain limitations, education limitations, knowledge limitations, brain defects, schizophrenia, sociopathic or psychopathic tendencies, or even more simple, how people's brains are influenced by how our parents behaved with their children. It is known now that the tendency to be an intimidator, or a critical interrogator, or being aloof, or claiming to be a victim, comes from manipulation strategies used by parents while raising their children. James Redfield...

And this just adds up to our lack of 'free will'.

 

And then people are either 'extraverted', or 'introverted', which again will drive individuals in different directions. And then we can add the characteristics of people being 'visual', or 'auditive', or 'kinestetic', which will compound even more the way they will live their life with even less 'free will'.

 

And then some people will possess the characteristic of empathy or not. Some people will never understand the notion of philanthropy, humanism, benevolence, charity, which will exclude many domains of interest.  A life driven by selfishness. Which again will further remove whatever free will might have been left. Resulting in so many people appearing to want to die with as much wealth as possible.

 

So, of course, work is definitely an option. Which we all think that we are the sole individual to decide upon, regarding what we choose, when we start, and when we put an end to it.

 

My apologies, seems like I got carried away.

What was the subject again??

 

 

 

[Freddy42OZ]

On 12/11/2023 at 7:55 PM, Ben Zioner said:

I can't imagine why someone  would retire at 40.

 

I can't imagine why someone would keep working if they had the chance to quit. 
 

[Freddy42OZ]

14 hours ago, Dexxter said:

My eldest son retired at 40 and now he plays computer games. He has enough money in investments to keep him financially secure for life. He also has the option to go back to work as a highly paid IT contractor if he feels the need. He has no wife or children and only has to take care of himself which greatly helps his financial position. He does has a girlfriend in a vague sort of relationship where he gets s*x when he feels like it. It's not a life I would lead but he seems happy.

 

This is success.  Well done to him.

[KhunLA]

Aside from income for the rest of your life, if leaving the safety net (if exists) of your home country, you'll need a very large oops fund.   Don't rely on insurance.

 

Need to anticipate high inflation, and exchange rate fluctuations if living overseas.  Along with govts moving the goal posts.  Higher taxes, cutting benefits.

 

Personal experience to the above:

... year 2000 ...  could easily live on ฿15k a month

... now if owning everything, need ฿30k a month for comfort

... does NOT inc; rent & transport payments

... exchange rate ฿40+/$1 USD (2000)

... exchange rate fluctuation ฿45 - ฿28.5/$1 USD, over 23 yrs

... ฿33 +/- ฿5 for average H/L exchange rate/USD

... inflation well over 150-200%, with COLA ~50% (USD Social Security)

... fortunate enough to have house builds & transport paid for in cash

... if needing transport, petrol price fluctuation ฿13-฿45 per liter

... health ins gets expensive, as you age, and most policies won't cover after a certain age (70 ?), probably when most needed.  

 

NO plan is a plan to fail

 

[Walker88]

I understand the desire to live life and experience all it has to offer, but unless one is content to live a very spartan and simple lifestyle---and do it for decades---100K baht a month from age 40 onward is going to be both a financial and mental challenge, not even factoring in inflation.

 

If you can answer "Yes" to these 5 questions, then maybe you're okay:

 

1) Are you sure you can live a spartan lifestyle for the next 30-40 years?

2) Will you take good enough care of yourself---gym, diet, etc.---so that health issues won't wipe you out and wipe out your cash?

3) Are you sure Thailand is the place for you, until death do you part, because you are unlikely to have enough money to move someplace else?

4) Are you confident Thailand will not change the rules re what it takes in earnings/bank balance to stay?

5) Are you resourceful enough to occupy your time and avoid boredom and loneliness?

 

I did 'retire' quite young, but I had two things working greatly in my favor. One is that I am endlessly curious, so do not get bored. The other is that I had made a bundle and was never going to have to worry about money and could pursue any dream that arose. Lacking either of the two, I couldn't have done it. Maybe some people can, but not me. If the OP is sure he can, more power to him.

 

Sure, you'd be playing the odds. It's possible you could choose continued work, but get hit by a bus tomorrow. Of course if you did, you wouldn't know, and any 'regret' for not having sowed your wild oats would only be something those who know your story might feel via empathy. You'd be dead, so feel nothing.

 

[BTB1977]

100,000 baht a month. You really think that will be enough. In 20 years with inflation it will be more like 60,000. I couldn't do it the rest of my life on so little.  

[BritManToo]

8 minutes ago, BTB1977 said:

100,000 baht a month. You really think that will be enough. In 20 years with inflation it will be more like 60,000. I couldn't do it the rest of my life on so little.  

What if there's a nuclear war next year, or climate change destroys the world in 10 years, or you get cancer?

You'd have missed out on that all that wild sex in Pattaya for nothing.

[BritManToo]

16 hours ago, Ben Zioner said:

Jesus, what a waste. I guess it is yet another generational thing. I was happy to rake in a quarter of a million CHF a year until I was 62. Enjoyed the work and the environment, and had the feeling I was getting what I deserved. Preserved my sanity, much better than computereffinggames. Also had 10 weeks paid leave and my week ends for my outdoor life.

Not everyone is greedy or needy.

At 45 I worked out I had enough for the rest of my life in the UK, so I quit.

At 52 I was divorced and asset stripped,

But I still had enough left for the rest of my life in the 3rd world, so I moved.

[georgegeorgia]

20 hours ago, Photoguy21 said:

I love working and will never stop in some form or another. When people look forward to retiring I feel sorry for them as they must have pretty boring lives.

You don't wish to retire fully to Asia? 

[georgegeorgia]

47 minutes ago, BritManToo said:

Not everyone is greedy or needy.

At 45 I worked out I had enough for the rest of my life in the UK, so I quit.

At 52 I was divorced and asset stripped,

But I still had enough left for the rest of my life in the 3rd world, so I moved.

Your live in GF still working though so it's easier for you I guess