Supporting Myself In Thailand

[Robert Krogh]

Sorry for the lengthy entry, but the background might help you advise me.

I’m 37 and have business degree from Arizona State. I’ve traveled extensively in Thailand and lived in Chiang Mai for 2 years. I’m an avid mountain biker and Chiang Mai was a great fit. I had to return to the USA after being hit by a car.

My Thai wife (married in USA) and myself have been living in California the last three years. After returning to the US and my broken bones healed, I managed a privately held mortgage lending company for a couple years. Currently, I am an exec at a publicly traded lending institution with about 1000 employees. I head the sub-prime department.

At my current salary, I’m able to save about $8,000(320,000 bt) a month, but because of my past traveling and hospital bills only have $60,000 (no debt).

How much cash do I need to start a life in Thailand?

Should I work for someone else or start my own business?

These are loaded questions, but just looking for some ideas. I like taking risks, but do not enjoy making stupid mistakes. Hopefully you can help me avoid some of the common mistakes.

Thank you for you for any advise.

Rob

[ajahnlau]

60g=2.4mil bht not that much to start a new life. Not enough to buy car and house. To work here for way less,way less. Don't rush, get near the 600g mark and then live like a lord.

Edited January 28, 2005 by astral

[penelope]

Sorry for the lengthy entry, but the background might help you advise me. 

I’m 37 and have business degree from Arizona State.  I’ve traveled extensively in Thailand and lived in Chiang Mai for 2 years.  I’m an avid mountain biker and Chiang Mai was a great fit.  I had to return to the USA after being hit by a car. 

My Thai wife (married in USA) and myself have been living in California the last three years.  After returning to the US and my broken bones healed, I managed a privately held mortgage lending company for a couple years. Currently, I am an exec at a publicly traded lending institution with about 1000 employees.  I head the sub-prime department. 

At my current salary, I’m able to save about $8,000(320,000 bt) a month, but because of my past traveling and hospital bills only have $60,000 (no debt). 

How much cash do I need to start a life in Thailand?

Should I work for someone else or start my own business?

These are loaded questions, but just looking for some ideas.  I like taking risks, but do not enjoy making stupid mistakes.  Hopefully you can help me avoid some of the common mistakes.

Thank you for you for any advise.

Rob

<{POST_SNAPBACK}>

you seem to have quite a good liquid position.

but dont rush it, stick to that savings plan for a couple of years, during which time you should conduct research/reconnasaince trips to thailand to refine your plan of attack.your savings will accumlate, your knowledge and know how will accumulate and you'll make more educated & thorough decisions, you'll be more confident. i would say that the biggest risk of failure in migrating to LOS is making rushed, uneducated, unresearched decisions.just be patient and tactful. good luck.

[Dakhar]

Wow...

This is a testament to how addictive Thailand can be. This fellow here, has to be earning around 250K to save 8k a month in America, but yet he is willing to walk away from it all.

That is trully amazing.

In some respects I am in the same delima. I am 32 years old. The wife wants to return to Thailand. In fact she spends about 3-4 months of the year over there, as I get the honor of staying home and working.... Ah the burden that husbands carry. I earn around 1/2 as much as much as the author of this thread. So my saving ability is not as great.

So any how, I have the same question... How much, and when is it the right time to make my life over there? Currently, I have had some town houses built in Thailand, and every time I go there I look for other investment opertunities. When I get there, I figure I do not want to have to work... I want to work becuase I want to work....

A huge difference.

From my estimates, I would say 600K USD would be adequate to live like a king. At your rate of savings you could have that in 6 years. Kind of depressing, but it could be done, and with you investing tallents, you could probably do it even faster than that.

Another problem we face is that the Thai govt. on a whim could change the rules and require a falang to ear 80K rather than 40K.... if you have only saved enough to put you in the position for a 40K income..... TOOO BAD, BYE BYE... so you just can't set your goals to 40K a month. My wife fails to understand this logic.

HHHMMM

[LivinLOS]

Walked away from >600k after tax income in my late 20's...

Best thing I ever did.

[thaiwanabe]

60g=2.4mil bht not that much to start a new life. Not enough to buy car and house. To work here for way less,way less. Don't rush, get near the 600g mark and then live like a lord.

<{POST_SNAPBACK}>

Can you really live like a lord in Thailand for 600g ? Do you still have to work ? Can you live in Bangkok ?

[RamdomChances]

60g=2.4mil bht not that much to start a new life. Not enough to buy car and house. To work here for way less,way less. Don't rush, get near the 600g mark and then live like a lord.

<{POST_SNAPBACK}>

Can you really live like a lord in Thailand for 600g ? Do you still have to work ? Can you live in Bangkok ?

<{POST_SNAPBACK}>

600,000 dollar US is about 24 million bhat , which if invested and if only giving you 5% return would mean 1.2 million bhat a year, or 100,000 bhat a month, so yes you could live a very comftable life here on that

Edited January 28, 2005 by astral

[Harmonica]

Stay put!

[Robert Krogh]

Thanks for the advice. The general consensus seems to be stay put and save. Saving money has never been an issue, but I always get restless and travel. Not a winning formula for financial security.

I want to comment on one of the responses:

“Wow...

This is a testament to how addictive Thailand can be. This fellow here, has to be earning around 250K to save 8k a month in America, but yet he is willing to walk away from it all.

That is trully amazing.”

Quality of live, not personal wealth is what defines me. I enjoy my life today, but I love life in Thailand. Living like a king in Thailand is not a necessity. If I could make 60k-80k bt a month in Thailand, I would be happier than I am today.

I told my Thai wife, who is visiting her family in Thailand, to research the legalities of acquiring a business license to open an English school in her name. I would then work for her. Would this work? When I met her she was selling insurance and doesn’t have a college degree. Since she won’t be teaching, does she need a degree?

Another idea is to move to Bangkok and start networking. There has to be companies, local and foreign, that pay well.

I do agree with the general consensus, “stay put and save”, but I still want to look into other options.

[Khun ?]

Use your degree to make your life comfortable for a life time not a whim.

Immigration must be thinking, how many eductaed losers do we have to run off before they take the hint.

If they couldn't make it back home with an education where it pays

50 times more why would they think they could make it here.

Besides we don't want you to be smart we want you to be rich, that is why our laws are being adjusted to reflect such.

[Robert Krogh]

Use your degree to make your life comfortable for a life time not a whim.

Immigration must be thinking, how many eductaed losers do we have to run off before they take the hint.

If they couldn't make it back home with an education where it pays

50 times more why would they think they could make it here.

Besides we don't want you to be smart we want you to be rich, that is why our laws are being adjusted to reflect such.

<{POST_SNAPBACK}>

I currently make more than 90% of Americans. Does this make me a loser or winner. I think you are preoccupied with wealth. I’ve succeeded professionally and have enjoyed most of my 37 years. In your opinion, I presume, being a success is a directly correlated to personal wealth. I would have to agree that a certain amount of wealth increases overall quality of life, but it definitely doesn’t constitute happiness.

I would hope Thai immigration would promote foreigners with different backgrounds and skill sets working in Thailand.

[Khun ?]

Congrats your doing very good but your thinking maybe inmature or distorted.

Your savings of $60K is hardly anything if you call yourself a success and at best

if you have no assets which you did not mention is below average for your age.

Now with your present earnings you only need to stick it out for maybe 5 years

at your present savings rate and you will never have to worry about work.

When you are in your late 40's and 50's you will be kicken yourself for not considering your future living if you give up that great job you presently have while only having $60K banked. You have the chance that most farangs in Thailand never had in their life and your quitting after a couple years of it.

You have to work because you don't meet the minimum requirement for long term visa ( being married you may get the visa for that issue alone, I am not and have not looked into under 50 married).

I am speaking from experience and it is not what you think you need today that is your important issue. I know plenty that done the same as you are thinking to do and most of them made it until they were to old and out of the market to long to go back and get a decent job. They are back home barely making it now. Many others hate their present life being a slave to economical conditions they created due to loose thinking like your talking about in earlier years.

With the money you are making just take trips when you have the time.

Anyways it is your life and if you find your work that miseable then make the mistake. I am a bit older than you and doing much better than you both in savings in the bank and presnt earnings savings and own a house in Thailand and the U.S. but I won't give it up just yet ( I have minimum goals). Get some goals and what scares me the most is the failures I have ran into in Thailand. Even some that think they are doing good may barely make it in the future if the exchanges rates have a drastic change.

Many could barely exist back home if for some reason that was in the unforseen future. You will never be but a visitor in thailand no matter how long you live there. I don't walk around everyday thinking I could die tomorrow which most of us don't. A cot and a hot shot of leg a few few meals a day will not always make you happy in the future. Money is not everything but it sure does seem to be the cure for most things.

( Quote )

I currently make more than 90% of Americans. Does this make me a loser or winner. I think you are preoccupied with wealth. I’ve succeeded professionally and have enjoyed most of my 37 years. In your opinion, I presume, being a success is a directly correlated to personal wealth. I would have to agree that a certain amount of wealth increases overall quality of life, but it definitely doesn’t constitute happiness.

I would hope Thai immigration would promote foreigners with different backgrounds and skill sets working in Thailand.

[Dakhar]

Khun,

Good wisdom....

"""I am speaking from experience and it is not what you think you need today that is your important issue. I know plenty that done the same as you are thinking to do and most of them made it until they were to old and out of the market to long to go back and get a decent job. They are back home barely making it now. Many others hate their present life being a slave to economical conditions they created due to loose thinking like your talking about in earlier years."""

This discription is my worst nightmare. What my wife fails to understand is that when I go to Thailand, I am litterally handicapped. I have what is called a "communication disorder" in Thailand. I will not be able to earn the type of income as I can here over there. No, I don't mean in USD. What I mean is, if I make 5 times your avg. house hold income in the US.... I don't have what it takes to make 5 times the avg. Thai income over there. I will become handicapped as soon as I step off of the plane. My profession is extremely narrow, and most people don't even understand what I do... and that is in America. In Thailand there is only one college that offers a degree in my field. So in other word's I doubt my talents are valued.

Anyhow, my goal is to do what you said, hold tight, save the money and go when it is right. I also go to Thailand once a year, and sniff around for oppertunities.

Hope one day, I can do as you have done.

[Khun ?]

You would definetly think a 37 year old uni grad to think things out a bit more,

specially since he just had a 2 year break a few years back living in Thailand.

No investments that produce income and no assets and only $60K in the bank.

Get an equity loan rent out the house and put the loan into investments that will

pay you some cash to live on. I would not even consider the $60K of being more than a long term insurance for mishaps like he had before.

Tailand has chewed up more loose minded people than you can count and there will be plenty more in the future. JMHO good luck either way.

[Khun ?]

Dakhar

You may not have a uni degree but have a he11 of alot of common sense. I like your analytical skills on the comparisons of work. I never thought of it that way but I never thought of working in thailand other than maybe letting my money work for me. I don't even think of that anymore as my money will stay home where things are more safe and produce income. To much foreign garbage walking around thailand today just looking for the next foreigner they can get a commission off from for almost anything you can think of. Your bound to succeed

using your thinking like yo do. Good Luck

Khun,

Good wisdom....

"""I am speaking from experience and it is not what you think you need today that is your important issue. I know plenty that done the same as you are thinking to do and most of them made it until they were to old and out of the market to long to go back and get a decent job. They are back home barely making it now. Many others hate their present life being a slave to economical conditions they created due to loose thinking like your talking about in earlier years."""

  This discription is my worst nightmare.  What my wife fails to understand is that when I go to Thailand, I am litterally handicapped.  I have what is called a "communication disorder" in Thailand.  I will not be able to earn the type of income as I can here over there.  No, I don't mean in USD.  What I mean is, if I make 5 times your avg. house hold income in the US....   I don't have what it takes to make 5 times the avg. Thai income over there.   I will become handicapped as soon as I step off of the plane.   My profession is extremely narrow, and most people don't even understand what I do...    and that is in America.  In Thailand there is only one college that offers a degree in my field.  So in other word's I doubt my talents are valued.  

  Anyhow, my goal is to do what you said, hold tight, save the money and go when it is right.  I also go to Thailand once a year, and sniff around for oppertunities.

Hope one day, I can do as you have done.

<{POST_SNAPBACK}>

Edited January 25, 2005 by Khun ?

[Dakhar]

Khun,

Actually I have a Doctorate degree.... but again, in a field that it extremely narrow. There is seldom a carrer ladder in my field. Once you have the job, you are usually the boss, from day one. No where else to go. The pay is good, but again an extremely narrow and obscure field.

Dakhar

You may not have a uni degree but have a he11 of alot of common sense. I like your analytical skills on the comparisons of work. I never thought of it that way but I never thought of working in thailand other than maybe letting my money work for me. I don't even think of that anymore as my money will stay home where things are more safe and produce income. To much foreign garbage walking around thailand today just looking for the next foreigner they can get a commission off from for almost anything you can think of. Your bound to succeed

using your thinking like yo do. Good Luck

Khun,

Good wisdom....

"""I am speaking from experience and it is not what you think you need today that is your important issue. I know plenty that done the same as you are thinking to do and most of them made it until they were to old and out of the market to long to go back and get a decent job. They are back home barely making it now. Many others hate their present life being a slave to economical conditions they created due to loose thinking like your talking about in earlier years."""

  This discription is my worst nightmare.  What my wife fails to understand is that when I go to Thailand, I am litterally handicapped.  I have what is called a "communication disorder" in Thailand.  I will not be able to earn the type of income as I can here over there.  No, I don't mean in USD.  What I mean is, if I make 5 times your avg. house hold income in the US....   I don't have what it takes to make 5 times the avg. Thai income over there.   I will become handicapped as soon as I step off of the plane.   My profession is extremely narrow, and most people don't even understand what I do...    and that is in America.  In Thailand there is only one college that offers a degree in my field.  So in other word's I doubt my talents are valued.  

  Anyhow, my goal is to do what you said, hold tight, save the money and go when it is right.  I also go to Thailand once a year, and sniff around for oppertunities.

Hope one day, I can do as you have done.

<{POST_SNAPBACK}>

<{POST_SNAPBACK}>

[astral]

At your age you will need 3 M baht ($81K) to invest here to get a visa to live, otherwise you must find a job.

A potential employer has to show there is no local who can do the job before employing you!!

I suggest you keep saving and come here in holidays when you can.

Alternatively make this you base, but travel in and out, doing contract work overseas.

Perhaps spending 30 days a quarter here.

It all depends if you job permits that sort of work.

Last option, marry a Thai girl.

The last it the most expensive.

[Robert Krogh]

Great advise Khun and everyone else! I'll stay in the US and make the cash to retire in Thailand. It's tempting to walk away from it all and enjoy myself in Thailand, but not a formula for long term happiness.

Khun - the immature comment hurt, but there is some truth to it.

[lukamar]

I do agree with everyones comments but i do think the costs of living in Thailand depend on a lot of factors. If you want a new Range Rover every 2 years and can't get along without the maid, gardener and nanny or the huge house and golf every day and send the 4 kids to an international school then you need loads of financial resources. If you have your accommodations paid for and don't mind driving a car that's a few years old, or a bike, you can live on much less. It all depends on your expectations.

My wife and I have a very simple lifestyle, both in Canada and Thailand. We live well but we don't live extravagantly. We have our house in Canada paid for and we have a small mortgage on our house in LOS (5000bt/m for 4.5 more years). We don't need much money to live on every month here or there.

As someone else stated we worry about the Thai Government changing the rules for supporting a Thai spouse once we move back and have decided to stay in Canada for another 2.5 years until my wife is eligible for Canadian citizenship. That way if they turf me out of Thailand at least i can take my family with me... 5555

[Jowels]

Dakhar,

You've aroused my curiosity. Which 'narrow' field did u study?