Do you owe money?

[simon43]

18 minutes ago, ChaiyaTH said:

Seems you miss out on discounts, promotions, cash back, air miles and more. On top of that you miss out on leveraging your money, which would over time create more wealth, significant on 1-2 decades especially.

...

 

Well, I'm too old to have interest in creating wealth - I'm very happy with my modest lifestyle.

 

As for discounts, cash back etc, I seem to manage very well at my 'level' of cash purchases.  I regularly get discounts in the shops where I go because I speak Thai and have a good sense of humour 🙂  When I buy something, I'll often ask 'loat mai?' with a smile and the price is often reduced.

 

Many years ago, one of my charity enterprises was called 'Xtrer':

 

https://www.24-7pressrelease.com/press-release/143465/if-only-1-of-twitterers-used-xtrer-it-would-generate-more-than-1-million-for-charities-every-month

 

The slogan for that venture was 'A little Xtrer helps', which sums up my view that even a small amount of money can make a big difference in your own or other's lives. I used to buy 300-page school science books in Myanmar (printed locally on the thinnest of paper) for $3, but that small outlay would make a big difference to the studies of middle-school students.

 

Call me a cheap charlie perhaps, but I was once a $ millionaire (doesn't mean much nowadays!), and as times have changed, I have adapted and learnt to live a happy and fulfilling life without the trappings of consumerism.

[Henryford]

12 hours ago, bkk6060 said:

Seems ridiculous not to have credit cards.  I guess a person who has none probably does absolutely nothing. They are needed for travel, hotels, etc.  Just pay them off.

 

If you are a foreigner in Thailand you have no choice. Banks won't give you a credit card only one which is pre paid, which is no different to paying by cash.

[gargamon]

6 minutes ago, Henryford said:

 

If you are a foreigner in Thailand you have no choice. Banks won't give you a credit card only one which is pre paid, which is no different to paying by cash.

But with the credit card you get some protections that using cash does not provide. You can also book airline tickets, rent a car, etc.

 

I use a US credit card all the time. Better exchange rate than wise, no foreign transaction fee. I pay the account in full every month.

[retarius]

I owe not a single dime to anyone.....and haven't in the last 30 years, not even a mortgage. I had a mortgage in my 20s and told myself this was the last debt I was ever going to have....I paid it off in 8 years instead of 30. Never had a car payment either. Credit cards, rarely used but paid off each month, with no exceptions.

[Patong2021]

1 hour ago, hotandsticky said:

 

The kicker is that you have to work.

 

 

I don't have to work. I both want to work and choose to work. The job provides me with with some wonderful advantages. 

I am very fortunate and grateful in that regard.

[Everyman]

17 hours ago, simon43 said:

In other words, do you have financial debts, such as credit card loans, bank loans, loan shark loans and so on?

 

When I moved to Thailand about 22 years ago, I slowly 'lost' my UK credit cards for various reasons (long forgotten).  This means that for the past 20 years, I have had to live using only my income, ie - living completely within my means. It would be near impossible to borrow from a Thai bank, and borrowing from a Thai loan shark would be a crazy move! I never borrow from friends, or have the need to do so.

 

This inability to borrow money has been a very good thing.  I have learnt to live within my means and not 'waste' money on unnecessary consumer items. I owe no money to anyone. Any ongoing financial liabilities can be terminated without a 'fine'. (My rent car has no contract - I can hand it back without financial penalty etc - My rented property can be handed back at 3 month's notice)

 

How about you?  Do you rely on credit to survive? Or do you use credit/loans in a sensible manner and pay them off on-time?

 

Just because I can borrow money, doesn’t mean I do. 

[KhunLA]

4 minutes ago, Everyman said:

 

Just because I can borrow money, doesn’t mean I do. 

Yes used to have, use for emergencies, IF, they popped up.  Luckily none did.  As wasn't into saving for emergencies when a youngin', as money not working for you is useless.

 

Investing or emergencies, at worst, paid off ASAP, 6 months or less.  If you can't afford to pay cash, you probably can't afford to buy it yet.  Borrowing money to buy depreciating products probably means you don't have savings and living month to month to begin with.   Not a good place to be, as once in that hole, hard to see daylight.

[hotandsticky]

1 hour ago, Henryford said:

 

If you are a foreigner in Thailand you have no choice. Banks won't give you a credit card only one which is pre paid, which is no different to paying by cash.

 

 

You have a lot of choice..............doesn't have to be a Thai bank card.

[simon43]

15 minutes ago, hotandsticky said:

 

 

You have a lot of choice..............doesn't have to be a Thai bank card.

Although many overseas banks will cancel or not renew your credit card, once you permanently live outside your home country.  That's what my UK banks did >> refused to renew the cards when they expired (some 20 years ago...)

[hotandsticky]

15 minutes ago, simon43 said:

Although many overseas banks will cancel or not renew your credit card, once you permanently live outside your home country.  That's what my UK banks did >> refused to renew the cards when they expired (some 20 years ago...)

 

 

That's where the planning comes in...................by keeping a UK address and having cards sent there.

 

 

 

[JamesPhuket10]

 

I like to take a few minutes break from my programming now and then and have a look at this blog as I come across many people I would never meet in real life, as a lot of them seem to be negative types of people, but they do surprise me now and then. 

 

There seems to be an adverse objection to using credit as far as I can see in this topic, a lot of people are showing off it seems as if they have no credit then it is a good thing. 

 

It depends on the type of credit/debt.

 

There is nothing wrong with using healthy credit if it is going to produce a profit for both the bank and the individual, without mutual credit schemes we would all still be living in a cave.

 

A simple example, I took out a mortgage to buy a house many years ago, it was £175k (multiply that by 1.32 for the $), I sold it two years ago for £750k, I bought two houses with it generating £28,600 a year in rents so that added to my other pension products give me a nice easy life in Thailand especially as the house/car here is paid off.

 

I wonder how many negative frowns I will get for this comment as was the case with my comment above. 😄

 

This article was about credit and this is my honest reply to the article. 

 

 

[JamesPhuket10]

2 hours ago, Everyman said:

 

Just because I can borrow money, doesn’t mean I do. 

 

True, in the same way, pubs/bars are open to us but it does not mean we have to go and get legless every night (now those were the days in youth). 😄

1 hour ago, hotandsticky said:

 

 

That's where the planning comes in...................by keeping a UK address and having cards sent there.

 

 

 

 

Yes, just use them for small transactions now and then to keep them live.

 

Plus the zero % offers for two years etc can be handy as long as we know we can pay off the balance in total after two years, or we can transfer the balance to another 0% card. 

 

[KannikaP]

24 minutes ago, JamesPhuket10 said:

Plus the zero % offers for two years etc can be handy as long as we know we can pay off the balance in total after two years, or we can transfer the balance to another 0% card. 

Great idea. Just did it for GBP 5000 for daughter in law's Uni fees, 0% for 28 months on Virgin, and now just transferred to Tesco at 0% for another 24 months. Simply pay the minimum of about 40 quid a month.

Edited September 22 by KannikaP

[sidneybear]

Debts make you someone else's slave. I scale my life according to my income.

[TheAppletons]

2 hours ago, JamesPhuket10 said:

 

I like to take a few minutes break from my programming now and then and have a look at this blog as I come across many people I would never meet in real life, as a lot of them seem to be negative types of people, but they do surprise me now and then. 

 

There seems to be an adverse objection to using credit as far as I can see in this topic, a lot of people are showing off it seems as if they have no credit then it is a good thing. 

 

 

  Unfortunately, much of your intended audience won't see your post.

 

  They're outside yelling, "You kids get off of my lawn!"

[Everyman]

2 hours ago, JamesPhuket10 said:

 

I like to take a few minutes break from my programming now and then and have a look at this blog as I come across many people I would never meet in real life, as a lot of them seem to be negative types of people, but they do surprise me now and then. 

 

There seems to be an adverse objection to using credit as far as I can see in this topic, a lot of people are showing off it seems as if they have no credit then it is a good thing. 

 

It depends on the type of credit/debt.

 

There is nothing wrong with using healthy credit if it is going to produce a profit for both the bank and the individual, without mutual credit schemes we would all still be living in a cave.

 

A simple example, I took out a mortgage to buy a house many years ago, it was £175k (multiply that by 1.32 for the $), I sold it two years ago for £750k, I bought two houses with it generating £28,600 a year in rents so that added to my other pension products give me a nice easy life in Thailand especially as the house/car here is paid off.

 

I wonder how many negative frowns I will get for this comment as was the case with my comment above. 😄

 

This article was about credit and this is my honest reply to the article. 

 

 

 

I have perfect credit and about 15 credit cards. None of them have a balance. I get new credit cards to get signup bonuses and then I stop using them. After a few years the banks cancel them automatically.

[swerve]

Having credit cards makes life a lot easier.  I mostly use them for air tickets and hotels, and I don't use them a lot.  Just pay the balance off every month and it doesn't cost you anything extra.

[Lacessit]

4 hours ago, JamesPhuket10 said:

 

I like to take a few minutes break from my programming now and then and have a look at this blog as I come across many people I would never meet in real life, as a lot of them seem to be negative types of people, but they do surprise me now and then. 

 

There seems to be an adverse objection to using credit as far as I can see in this topic, a lot of people are showing off it seems as if they have no credit then it is a good thing. 

 

It depends on the type of credit/debt.

 

There is nothing wrong with using healthy credit if it is going to produce a profit for both the bank and the individual, without mutual credit schemes we would all still be living in a cave.

 

A simple example, I took out a mortgage to buy a house many years ago, it was £175k (multiply that by 1.32 for the $), I sold it two years ago for £750k, I bought two houses with it generating £28,600 a year in rents so that added to my other pension products give me a nice easy life in Thailand especially as the house/car here is paid off.

 

I wonder how many negative frowns I will get for this comment as was the case with my comment above. 😄

 

This article was about credit and this is my honest reply to the article. 

 

 

I agree. Nothing wrong with taking out credit to buy an appreciating asset.

However, the dearth of financial education for the average person means many can't tell the difference between that and a depreciating asset.

[Ben Zioner]

21 hours ago, Lacessit said:

46% of Americans owe money on their credit cards. $1.14 trillion.

 

So that's about 150 Million people who owe USD 1.14 Trillion each?

[save the frogs]

One way I didn't get into debt is stayed single. Most women are bottomless black holes of spending and they want to keep up with the Jones and constantly upgrade their lifestyle. 

 

Edited September 22 by save the frogs

[JamesPhuket10]

32 minutes ago, save the frogs said:

One way I didn't get into debt is stayed single. Most women are bottomless black holes of spending and they want to keep up with the Jones and constantly upgrade their lifestyle. 

 

 

I think you will find it is your women who are bottomless pits and you project this onto the rest of us as it makes you feel better. 

 

You must have a very narrow set of experiences with women. 

 

What about women with good jobs, careers, etc, doctors, software engineers, and other professionals, who have their own incomes,  I suspect they are out of your league and hence your limited view.

 

Don't forget our mothers, sisters, and many of our other relatives are women and this is what you expect us to believe of them, no thanks. 

[JamesPhuket10]

3 hours ago, swerve said:

Having credit cards makes life a lot easier.  I mostly use them for air tickets and hotels, and I don't use them a lot.  Just pay the balance off every month and it doesn't cost you anything extra.

 

Plus you are covered by a guarantee if anything goes wrong.

 

[Everyman]

3 minutes ago, JamesPhuket10 said:

 

I think you will find it is your women who are bottomless pits and you project this onto the rest of us as it makes you feel better. 

 

You must have a very narrow set of experiences with women. 

 

What about women with good jobs, careers, etc, doctors, software engineers, and other professionals, who have their own incomes,  I suspect they are out of your league and hence your limited view.

 

Don't forget our mothers, sisters, and many of our other relatives are women and this is what you expect us to believe of them, no thanks. 

 

I have a family member who is a medical doctor. Her finances have been a disaster her entire life. The only reason is isn’t broke is because of her huge income. But even after working as a doctor for decades, her net worth is almost zero. 

[JamesPhuket10]

2 hours ago, Lacessit said:

I agree. Nothing wrong with taking out credit to buy an appreciating asset.

However, the dearth of financial education for the average person means many can't tell the difference between that and a depreciating asset.

 

I appreciate that. 😄

[JamesPhuket10]

6 minutes ago, Everyman said:

 

I have a family member who is a medical doctor. Her finances have been a disaster her entire life. The only reason is isn’t broke is because of her huge income. But even after working as a doctor for decades, her net worth is almost zero. 

 

But she is not a drain on anyone else as mentioned by @save the frogs, her money is for her to decide what to do with.

 

And a huge pension must be waiting for her when she retires. 

Edited September 22 by JamesPhuket10
Added text

[Everyman]

7 minutes ago, JamesPhuket10 said:

 

But she is not a drain on anyone else as mentioned by @save the frogs, her money is for her to decide what to do with.

 

And a huge pension must be waiting for her when she retires. 

 

Not to get sidetracked, I guess the point I’m making is that intelligence and education do not mean a person will be wise financially. It’s not really about women.

[save the frogs]

18 minutes ago, Everyman said:

 

Not to get sidetracked, I guess the point I’m making is that intelligence and education do not mean a person will be wise financially. It’s not really about women.

No, I take back my generalized statement about women.

 

Every single person is different with how they deal with money - both men and women. 

 

[Jingthing]

Owe nada.

I've not ever not paid off my credit cards same month.

I think credit card companies call such customers parasites, ha ha. 

Previously I had one car lease (a mistake), never a car loan, and one condo mortgage (a big life changing bonanza). Otherwise always bought used cars with cash and my Thai condo with cash (as is usual here for foreigners). 

I don't count house and car stuff as being in debt per se but I guess cars are more so especially if you buy more than you can afford.

I have one U.S. credit card that is used mildly every month and a stellar credit rating.

I used to have two. I think it was closed for inactivity or something. 

That makes me nervous only having one and can't see applying for a new credit card at this point. I need it occasionally like to pay for online tax services.

I suggest new expats come with three because you might eventually lose some of them.

Interestingly I didn't get my good credit habits from my family. Don't ask. 

Edited September 22 by Jingthing

[Jingthing]

Suggested entertaining youtube channel to watch people in debt being held to account by a sadist. 

 

Caleb Hammer - YouTube

 

 

Edited September 22 by Jingthing

[swissie]

On 9/22/2024 at 4:03 AM, simon43 said:

 

Well, I'm too old to have interest in creating wealth - I'm very happy with my modest lifestyle.

 

As for discounts, cash back etc, I seem to manage very well at my 'level' of cash purchases.  I regularly get discounts in the shops where I go because I speak Thai and have a good sense of humour 🙂  When I buy something, I'll often ask 'loat mai?' with a smile and the price is often reduced.

 

Many years ago, one of my charity enterprises was called 'Xtrer':

 

https://www.24-7pressrelease.com/press-release/143465/if-only-1-of-twitterers-used-xtrer-it-would-generate-more-than-1-million-for-charities-every-month

 

The slogan for that venture was 'A little Xtrer helps', which sums up my view that even a small amount of money can make a big difference in your own or other's lives. I used to buy 300-page school science books in Myanmar (printed locally on the thinnest of paper) for $3, but that small outlay would make a big difference to the studies of middle-school students.

 

Call me a cheap charlie perhaps, but I was once a $ millionaire (doesn't mean much nowadays!), and as times have changed, I have adapted and learnt to live a happy and fulfilling life without the trappings of consumerism.

Like your style in many ways and always have. Good thing you don't live in the US. Any US citizen, not holding at least 3 credit cards is considered as a person that suffers from some serious mental disorder.