To retire "in comfort", fine. What about your children?

[swissie]

Your children about 20 years old?

Talk to them like a dutch uncle: Start a (monthly?) retirement savings plan now. "Time" is the greatest wealth builder. Speak to them softly: "To start a retirement plan at the age of 55 is pointless". By convincing them to act accordingly, you may have given them the greatest gift you could ever have given them.

Especially as the state based "retirement-concepts" would have run it's course, due to "underfunding".

[KhunLA]

Retirement 'savings' plan ... in Thailand, that's some funny ass sh!t right there.

 

Teach them how to invest, and if Thailand, here's a hint ... 

... Thai Land 

 

One thing that is guaranteed to appreciate, as they're not making any more.   55 certainly isn't too late to start, depending how long one plans on living.

 

Wife & myself, investing in land, and about 15 yrs ago, making me 55 +/- back then

 

฿720k turned into ฿3M in less than 10 yrs

฿1.036M recently, has turned into ฿2.4M, last 3 ish yrs, 

 

Of course, it's always better to start earlier.  Really doesn't take much to get started, just live within your means, control & manage your finance, and build equity ASAP, with all your spare money, instead of trying to impress people who don't give a rat's ass about you.

Edited 2 hours ago by KhunLA

[Cameroni]

1 hour ago, swissie said:

Your children about 20 years old?

Talk to them like a dutch uncle: Start a (monthly?) retirement savings plan now. "Time" is the greatest wealth builder. Speak to them softly: "To start a retirement plan at the age of 55 is pointless". By convincing them to act accordingly, you may have given them the greatest gift you could ever have given them.

Especially as the state based "retirement-concepts" would have run it's course, due to "underfunding".

 

Good advice to get started early.

 

You could just invest in an index linked fund for them, with 100 USD a month they'd be guaranteed to be millionaires by retirement age. Provided there is no catastrophic event in the markets.

 

Or, you could adopt the Kyoasaki method like KhunLa and buy land and hope it appreciates.

 

Shares and land are the two classic options.

 

I will teach them to trade FOREX, as I suspect the returns would outstrip land and index linked funds, if done right.