To die (with wealth) or not to die, that is the question.

[1FinickyOne]

  On 3/21/2024 at 1:14 AM, simon43 said:

I solved this mental dilemma by having no accrued wealth

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sounds more like a surrender than a solution

[1FinickyOne]

  On 3/21/2024 at 7:21 AM, rwill said:

The problem is you never know how long you will live and what emergencies may arise.

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No expiration date... that would make things easier

[xylophone]

  On 3/21/2024 at 4:32 AM, PJ71 said:

50 is a great age to retire if you can financially.

 

The reason most people continue to work beyond that age ( or at all ) is coz they have no choice.

 

There's more to life than working!

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Well I just missed that point in time, and eventually retired at the age of 55, mostly because of a potentially serious health condition brought on by stress and reflux. 

 

However I had started and managed the Investment Division for a major NZ bank and had also become a registered financial planner/investment adviser, so I was in the good position of being able to work out what I would do with my finances in the future.

 

So far it has worked out well and I still have a tidy nest egg and am living the life that I want here in Phuket, with no financial constraints and enough money to be able to indulge my passion on good wine.

 

I have taken my ex-girlfriends daughter under my wing and have taken care of her financially for the past 17 years, and I have made both a Thai and New Zealand Will, which will ensure that she gets a good lump sum for her future.

 

Something to end on here: – when I was working at the bank as Chief Manager Investments I used to run investment seminars around the country. At one of these, I had just finished my presentation when one very well dressed tall and "stately" gentleman stood up and commended me for the presentation and suggested a round of applause, which was forthcoming.

 

He then said he had a rather perplexing question for me; he and his wife lived in a lovely house in one of the best parts of the city and he owned a business and sold it, and he was obviously wealthy, and he said, "we have everything we need, we take holidays anywhere in the world that we wish to, and we want for nothing, so what am I going to do with my lump sum of money which I have currently in your bank?".

 

I ascertained that he had taken care of his children by virtue of a Will and suggested that he might want to buy anything that his heart desired, even something outlandish, because we can't take it with us – – then I got onto a tongue in cheek remark, when I said, "well you could always follow the SKIN philosophy – Spend Kids Inheritance Now, and have a wild time doing it"! 

 

 This got a good laugh from the audience, however I did add that I would gladly make an appointment to meet with him and sit down in earnest and make sure that he had all his bases covered, so to speak.

 

Plan for the future, save for the future, invest wisely and always be aware of your time horizons and your own risk profile.

[emptypockets]

  On 3/21/2024 at 1:14 AM, simon43 said:

I solved this mental dilemma by having no accrued wealth 🙂  My parents died years ago, my English kids and ex-wife disowned me 25 years ago.  My elder brother (executor of my will), knows full well that there is nothing in the pot for anyone, and therefore his role after my death will be minimal.  I earn my money every day and I spend my money every day 🙂 (putting some aside for my medical insurance, cremation costs etc).

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Not much money in rocket science then. 

I'll encourage my grandson to be a plumber.

[Celsius]

  On 3/21/2024 at 4:32 AM, PJ71 said:

50 is a great age to retire if you can financially.

 

The reason most people continue to work beyond that age ( or at all ) is coz they have no choice.

 

There's more to life than working!

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Well I like to "work".

 

I work 2 hours per day for the last 20 years. I could work more and be richer but this is enough. That 2 hour a day work bought me some Toronto condo I'm renting out in Canada and some interest on investments that I can use to live in Thailand. 

 

My wife stopped working because we were supposedly moving to Canada. During the 4 month of no work she became significantly dumber. I kicked her back to Thailand to get a job.

[PJ71]

  On 3/21/2024 at 1:47 PM, Celsius said:

 

Well I like to "work".

 

I work 2 hours per day for the last 20 years. I could work more and be richer but this is enough. That 2 hour a day work bought me some Toronto condo I'm renting out in Canada and some interest on investments that I can use to live in Thailand. 

 

My wife stopped working because we were supposedly moving to Canada. During the 4 month of no work she became significantly dumber. I kicked her back to Thailand to get a job.

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2 hours a day would be acceptable, keep you active somewhat as well.

[BumGun]

  On 3/21/2024 at 2:52 AM, SAFETY FIRST said:

It's so sad to think a person can live their life without any children. 

 

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Some of us don't lack the imagination you seem to lack ?  The vast majority in the developed world when educated. reasonably well off and are free to choose, have no, or maybe only a child and  thank goodness, or the 8 billion we do have would be many, many more.

[Celsius]

  On 3/21/2024 at 1:53 PM, BumGun said:

Some of us don't lack the imagination you seem to lack ?  The vast majority in the developed world when educated. reasonably well off and are free to choose, have no, or maybe only a child and  thank goodness, or the 8 billion we do have would be many, many more.

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Elon Musk has 11 children.

 

But I don't and never will. 

 

I would like to have a baby girl. When I go to any mall in Thailand and see them all dressed up and walking around confused I almost vomit from all the cuteness.

 

But I'm scared I wouldn't have the patience and I'm too old now with far less energy.

[The Old Bull]

My mother used to say "nobody cares if you are the richest man in the cemetery".

[WebGuy]

Good question. I am 43 with a 3 years old daughter and 2.6 mb house mortgage to pay but I thought about what I would do if I ever get in a similar situation.

 

I would find some families with children that really want to study and support their education financially. Yes true, not every student wants to study but I've seen over the years some students who really would but simply no money so despite of their sincere wish and potential, they end up as street vendors (nothing against the street vendors).

 

I would make it as a hobby. For example pay regular or random visits to their home/school, make these payments personally etc. 

 

What I surely wouldn't do is to give the funds to some charity organizations because they are holes without bottoms. 

[MarkT63]

  On 3/21/2024 at 5:45 AM, Rampant Rabbit said:

Ill have a look, do they have audited   accounts?

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Hi, let me get in touch with them and get back to you 🍻

[Prubangboy]

  On 3/21/2024 at 10:54 AM, 1FinickyOne said:

not only do I have simple tastes and am not a drinker or big spender, it is uncomfortable to spend more than I make or draw down savings...  

 

 

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Same here.

 

Plus, my wife's Christmas tree farm back home seems to be shooting up 15% year on year, seemingly indefinitely. I reallocated to more muni-bonds recently, it means less income, but no diff in our standard of living.

 

This, combined with cutting our living expenses 70% by moving to Chiang Mai, has our cash just piling up -no matter how many mouth frothing-inducing 200 baht Pad Thai's we consume. 

 

When I was a financial planner, over-saving among the 72+ crowd was the norm. ScubaSteve is right about needing money for end of life healthcare, but there's also an opportunity cost. At 71, this is my last decade to travel the world.

 

I'm currently brunching on a stupendous beach in Oman. There would be zero impact on my material life if I dutifully wasn't. My wife is wine-touring in Portugal. Her mobility isn't great. It's literally now or never.

 

Remember, the words of Howard Hughes's butler when asked how much Howard left:

 

"Well, he left all of it, didn't he?"

[Prubangboy]

  On 3/20/2024 at 9:26 PM, Rampant Rabbit said:

Thai charities and western ones  seems to spend  inordinate amounts on "management"

Open to suggestions................erm not the obvious, must be NON religious  based prefer education inc anti religion

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'Can't touch The Red Cross for their efficiency of using donations and the work they do.

 

I have a strong personal affinity/relationship with The International Rescue Committee, which helps refugees world-wide, and will def be leaving them some cash.

 

 

[Rampant Rabbit]

  On 3/22/2024 at 5:54 AM, Prubangboy said:

'Can't touch The Red Cross for their efficiency of using donations and the work they do.

 

I have a strong personal affinity/relationship with The International Rescue Committee, which helps refugees world-wide, and will def be leaving them some cash.

 

 

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the name kind  of puts me off, religious connotations

[Rampant Rabbit]

  On 3/21/2024 at 12:43 AM, stoner said:

i am willing to be adopted. i will disrespect you and never live up to your expectations.

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youll fit  right into modern society

[Prubangboy]

  On 3/22/2024 at 8:58 AM, Rampant Rabbit said:

the name kind  of puts me off, religious connotations

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Wiki's your friend, it's not that kind of cross.

 

in Thailand, I have given some cash to the preservation of krill, an essential food chain element in the coastal area's. There are easily google-able lists of Thai charities. My fave poster here, ThaiBeachLover, is a fan of the orphanage in Pattaya, and so am I.

[Rampant Rabbit]

  On 3/21/2024 at 7:57 AM, crazykopite said:

There are plenty of animal rescue centers in Thailand 

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Id  rather  fund re education of owners

[Rampant Rabbit]

  On 3/22/2024 at 9:10 AM, Prubangboy said:

Wiki's your friend, it's not that kind of cross.

 

in Thailand, I have given some cash to the preservation of krill, an essential food chain element in the coastal area's. There are easily google-able lists of Thai charities. My fave poster here, ThaiBeachLover, is a fan of the orphanage in Pattaya, and so am I.

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The  name only I know its non religious

[Prubangboy]

  On 3/22/2024 at 9:13 AM, Rampant Rabbit said:

The  name only I know its non religious

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If you flat out don't like the name, don't give them a nickel. 

 

Your generosity is very admirable.

[Rampant Rabbit]

  On 3/21/2024 at 9:40 AM, Gecko123 said:

I'm finding it increasingly harder to find things I want to spend money on.

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Same in fact things I always wanted and  bought sit  doing nothing, which made me decide to buy nothing else a long  time  ago. Wife is  younger and still buys  stuff, i dont mean cars or depreciating stuff, she'll buy if she thinks she can make  money long  term, Theres  really nothing I want anymore.

Last purchase was a  pick up I almost never  use in 2018.

[Rampant Rabbit]

  On 3/22/2024 at 9:16 AM, Prubangboy said:

If you flat out don't like the name, don't give them a nickel. 

 

Your generosity is very admirable.

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Its  not that ,it just has religious connotations "in my  mind"

[Prubangboy]

  On 3/22/2024 at 9:19 AM, Rampant Rabbit said:

Same in fact things I always wanted and  bought sit  doing nothing, which made me decide to buy nothing else a long  time  ago.

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5* restaurants can be helpful here. I have only 11 left on my BKK list, but thank god one or two are opening every month.

 

But not every one gets on my list. Sushi offers ever-diminishing returns and Omakase is just too much food. Chinese 5*'s are about premium ingredients that seem to be premium just because they say so. Surhing is a brilliant (and expensive) take on German food, but will I ever go again? No. But it's always in the top 5 listings. Follow your stomach and your heart.

[RocketDog]

  On 3/20/2024 at 11:00 PM, Hummin said:

The biggest concern being in my 50'is, can we expect the world goes on as we know it the next 30 + years? Will we get our pentions as promised? Can we still live Asia or in the west as I asume we all come from with bebefits as we do today? Im sure, it will be a different world just in 10 years.

 

Spending it all for nothing? 

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Two excellent questions.

 

Through most of my adult life I assumed that I would never collect any social security benefits at all.

At 74 I have been drawing it for 7 years, and living here I seldom spend even half of it each month.

 

On the other hand, if the government in America turns Orange this year I thinks all bets on continued SS payments are off. Same for Medicare and Democracy.

 

As far as being able to stay here long term it's a daily crap shoot.

 

The world being the same as we know it over the next 30 years? :

Not a snowball's chance in hell of that.

[Jingthing]

  On 3/23/2024 at 5:34 AM, RocketDog said:

Two excellent questions.

 

Through most of my adult life I assumed that I would never collect any social security benefits at all.

At 74 I have been drawing it for 7 years, and living here I seldom spend even half of it each month.

 

On the other hand, if the government in America turns Orange this year I thinks all bets on continued SS payments are off. Same for Medicare and Democracy.

 

As far as being able to stay here long term it's a daily crap shoot.

 

The world being the same as we know it over the next 30 years? :

Not a snowball's chance in hell of that.

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If the magas take power, I don't expect any immediate impact on current SS recipients. But they would raise retirement age maybe even reduce benefits for younger people. IF SS isn't reformed, benefits will need to be cut about 25 percent even for current recipients in about 10 years.

[RocketDog]

  On 3/23/2024 at 6:13 AM, Jingthing said:

If the magas take power, I don't expect any immediate impact on current SS recipients. But they would raise retirement age maybe even reduce benefits for younger people. IF SS isn't reformed, benefits will need to be cut about 25 percent even for current recipients in about 10 years.

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I read that too but don't take anything for granted.

Hope for the best but plan for the worst.

 

I don't depend on my SS at all and instead keep assets in several countries, banks vaults, etc. I definitely don't keep most of it in America or USD.

[Jingthing]

  On 3/23/2024 at 6:20 AM, RocketDog said:

I read that too but don't take anything for granted.

Hope for the best but plan for the worst.

 

I don't depend on my SS at all and instead keep assets in several countries, banks vaults, etc. I definitely don't keep most of it in America or USD.

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I suggest going with probabilities.

Anything can happen. Black swans can happen.

The Russia-Iran-NK- China axis could melt down the international banking system tomorrow.

[RocketDog]

  On 3/23/2024 at 6:32 AM, Jingthing said:

I suggest going with probabilities.

Anything can happen. Black swans can happen.

The Russia-Iran-NK- China axis could melt down the international banking system tomorrow.

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Especially your last one seems uncomfortably likely in the next few years.

I go with probabilities too and have been stacking metals for decades.

 

Just don't keep it all in one place.

[mrwebb8825]

  On 3/21/2024 at 2:24 AM, georgegeorgia said:

Mind you ,you need to be shrewd to run a pawnbrokers business, I used to love watching that family up in Detroit with their pawnbrokering ,what was the show called again ?

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Never heard of a show out of Detroit but Pawn Stars is out of Las Vegas.

 

OP - Depending on the amount you're talking about, I'd book a luxury suite on Viking Cruises or Carnival Cruises or a combination for a year. They're all inclusive (save gambling and shopping) and would only cost you around $5,000-$6,000 a month.

Next, I'd book a seat/space on a SpaceX flight to the space station and stay a couple of months (would probably be bored by then).

Since my wife and I live in her families village I would work with the village elders, the temple and the school to make sure all the children get a good education for free to take some of the burden off the families. Updated books, sports equipment and science equipment as well as good teachers cost quite a bit. With the elders and monks overseeing things it would hedge the bet against corrupt government directors as you could designate the school as private with 90% Thai management. (you would be the remaining 10%)

Just some thoughts since you asked.

[noobexpat]

  On 3/23/2024 at 5:34 AM, RocketDog said:

Two excellent questions.

 

Through most of my adult life I assumed that I would never collect any social security benefits at all.

At 74 I have been drawing it for 7 years, and living here I seldom spend even half of it each month.

 

On the other hand, if the government in America turns Orange this year I thinks all bets on continued SS payments are off. Same for Medicare and Democracy.

 

As far as being able to stay here long term it's a daily crap shoot.

 

The world being the same as we know it over the next 30 years? :

Not a snowball's chance in hell of that.

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Old people are just naturally pessimistic about the future.

Its some kind of projection of their end of life inevitability.

 

Envisage being in 2009 during the GFC and a 74 year old insists the world will never be the same again. And yet....

 

 

[xtrnuno41]

  On 3/24/2024 at 1:44 PM, mrwebb8825 said:

Never heard of a show out of Detroit but Pawn Stars is out of Las Vegas.

 

OP - Depending on the amount you're talking about, I'd book a luxury suite on Viking Cruises or Carnival Cruises or a combination for a year. They're all inclusive (save gambling and shopping) and would only cost you around $5,000-$6,000 a month.

Next, I'd book a seat/space on a SpaceX flight to the space station and stay a couple of months (would probably be bored by then).

Since my wife and I live in her families village I would work with the village elders, the temple and the school to make sure all the children get a good education for free to take some of the burden off the families. Updated books, sports equipment and science equipment as well as good teachers cost quite a bit. With the elders and monks overseeing things it would hedge the bet against corrupt government directors as you could designate the school as private with 90% Thai management. (you would be the remaining 10%)

Just some thoughts since you asked.

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THat show was called "Hardcore Pawn", a terrible family and show to watch.