What Would You Do If You Were Me?

[sidjameson]

I am 43. I can't work due to bad health. I am British. I have 290k GBP. I have been in Japan 13 years. I can live cheap. I have a very bad back and a bad prostate. So far neither can be helped with treatment so don't need to factor in those costs. (yet)

There will be no other income/wealth coming my way. That 290k is it.

I see my choices as;

1. Go to Uk. Buy a house. Live in it. Buy a small flat, rent it out. If I can work a few hours a day do that- but I have no work experience outside tefl. I have a degree, but no other quals. If cant work have to rent out a room in my house. Either way, live on about 600gbp a month. No mortgage to pay of course.

That 290 will be in uk housing. Can't see house prices going up for years. Probably at 66 I will get my state pension and still be worth 290k Then come to Thailand.

2. Go to Thailand. Drawn down my 290k. If I can get a deposit rate that matches inflation. (I lost 70k on shares so now risk averse) and I get a uk pension at 66 I can live in 800gbp a month till I am 80. Then if I am still around it's back to blighty.

3. Another option, but bad health, and as this is my last money I dont want to risk totally screwing up. So dont see other options really.

Relevant factors. I can live cheap. I want to find a wife. I need young and attractive. I live cheap, example, never had a car. 3 beers is a big night for me.

Life in England would be comfortable enough for me, but lonely. There would be long term financial security, hospitals and family. But cold winters, cold people and unless I bring back a asian wife a pretty bleak love life.

Life in Thailand would be warm, fun, with friends, a dog, and a wife. But by 66 I would be down to 60kgbp (todays money) and a state pension of course. Back to England in those circumstances, well not attractive is it.

Any one care to comment? Which would you choose?

Edited December 23, 2010 by sidjameson

[stander]

Considering that you have a very bad back and bad prostate, how do you know you are going to live until 66? :rolleyes:

[carmine]

With your inexpensive lifestyle, your money will go a long way in Thailand even at 46 to the pound. You also have the funds to create something to generate income.

For you, i think that getting "fully" covered with medical insurance is a necessity, as it is for everyone here really.

If you can get comprehensive insurance cover things could look very bright for you.

Good luck.

[Jingthing]

You are under 50 so not eligible for a retirement visa in Thailand. You could play the study Thai ED visa game but that would be a stretch to make that go for seven years.

If I were you, I would have a good look at

ECUADOR.

There you can open a CD bank account there with 25K USD (getting six percent interest) and within two years have PERMANENT RESIDENCE. You will have access to affordable health care, a year round spring-like climate, a US dollar currency (not likely to strengthen like the baht), and a sociable expat community in places like Cuenca.

You could also buy and own a condo, townhouse, or house and qualify for residency that way as well. No ownership schemes like Thailand, REAL ownership. For something decent, you might need to spend starting 60K USD.

Downsides, you really need to learn some Spanish and may be harder to attract a young lovely there.

Edited December 23, 2010 by Jingthing

[flying]

How do you know pension will exist at 66?

Carpe Diem

Edited December 23, 2010 by flying

[neverdie]

How do you know pension will exist at 66?

Carpe Diem

INDEED. It seems your government has already spent your pension.

You could invest that 290k pound & get enough income to increase your wealth & live quite well in Thailand - visa issues seem to be your biggest drama on that front. The big HOWEVER & its a big however,

You happened to mention the GREATEST MONEY REDUCING AGENT, KNOWN TO MAN IN THAILAND, so you future looks very bleek indeed.

Edited December 23, 2010 by neverdie

[Jingthing]

The guy sounds like a very sober man to me, so I rate his chances as pretty good, whatever path he chooses.

[neverdie]

The guy sounds like a very sober man to me, so I rate his chances as pretty good, whatever path he chooses.

Your not reading what he wrote JT. He said he wants to find a wife & of course he won't be the first foriegner to be fleeced of his fortune in this manner. Lets face it, the sharks await his arrival & I can hear their JAWS chumping at the bit.

[random]

If you get yourself a Thai wife there is a good chance that those funds will depreciate quicker than u think

[carmine]

The guy sounds like a very sober man to me, so I rate his chances as pretty good, whatever path he chooses.

Your not reading what he wrote JT. He said he wants to find a wife & of course he won't be the first foriegner to be fleeced of his fortune in this manner. Lets face it, the sharks await his arrival & I can hear their JAWS chumping at the bit.

Like anything in life its done to choosing wisely. The fact that the guys sober will go a long way here to helping him not fall in with a wrongun.

[rgs2001uk]

How do you know pension will exist at 66?

Carpe Diem

INDEED. It seems your government has already spent your pension.

You could invest that 290k pound & get enough income to increase your wealth & live quite well in Thailand - visa issues seem to be your biggest drama on that front. The big HOWEVER & its a big however,

You happened to mention the GREATEST MONEY REDUCING AGENT, KNOWN TO MAN IN THAILAND, so you future looks very bleek indeed.

I am all ears, please enlighten me,

"You could invest that 290k pound & get enough income to increase your wealth & live quite well in Thailand".

While its not exactly chump change its hardly enough for a 43 year old with health problems to even consider moving to Thailand to retire.

Even if converted into A$ thats what, 500k at 4% interest after tax say A$ 20k per year at 30 to the A$ so 600,000 per year or 50,000 per month.

Yeah he could have a modest life style here, but how much will he have in say 10 years time after inflation and exchange/interest rates are factored in?

His capital slowly being eroded in 20 years time he may not even have enough to meet the visa requirements.

[saraburioz]

I'd become a monk at a nice temple here for a year or so and think about things and learn about emptiness.

Very cheap and I might learn that women in Thailand are generally bad, it's only an illusion that they're otherwise.

I'd buy a little condo somewhere on the coast and get a housekeeper. If the urges for sex have not been removed by my new life of meditation, I'd hire prostitutes on a daily basis.

It's amazing how many "stupid" ot "ignorant" people fool themselves into thinking they need a wife, or even worse kids to drain their funds.

[sidjameson]

Hmm, already the usual assertions that the foreign guy will be fleeced have been sprung.

I have had relationships in England, America, Indonesia, Spain, Japan and even with a Thai in Japan. I have never lost a dime, I can't see why Thailand would be any different.

The people who just say some thng can't be done. Well, could you tell me what would you do in this situation?

[Mighty Mouse]

If your prostate gets to the stage that you need an operation, would that not eliminate your desire for a wife?

If your answer is "yes," you have just saved a bundle.

[sidjameson]

I'd become a monk at a nice temple here for a year or so and think about things and learn about emptiness.

Very cheap and I might learn that women in Thailand are generally bad, it's only an illusion that they're otherwise.

I'd buy a little condo somewhere on the coast and get a housekeeper. If the urges for sex have not been removed by my new life of meditation, I'd hire prostitutes on a daily basis.

It's amazing how many "stupid" ot "ignorant" people fool themselves into thinking they need a wife, or even worse kids to drain their funds.

Well, look at the many studies done in this area. Married men live longer than single men and report being happier. Interestingly having kids doesn't affect life span or happiness at all.

Why would some body be "stupid" to want to love someone? Feel sorry for you for thinking that all Thai women are bad too. How does someone reach that stage?

[sidjameson]

wow, is this what the average guy thinks marriage is about?

I have had plenty of sex. I am looking for love now.

[jsflynn603]

I had not heard about Ecuador, but Panama has the same sort of deal. Move there, buy a house, and enroll in the very good state health plan.

Forget a comprehensive health plan in Thailand, IMHO they are worthless and if you search you will find innumerable stories of comprehensive until you have an issue, then everything related to that issue is removed from the policy. Frankly health insurance in Thailand for farang is a bakka (a blanket a child holds for security). Further, if your back worsens pain control options in Thailand are poor compared to GB. On the other hand, back issues while admittedly horrid, are often "static," meaning they often simply stay the same.

You don't enlighten us much about prostate issues and you're pretty young for BPH and/or a Prostate cancer, but again, there is a certain security in Britain compared to Thailand.

You could buy a triplex in GB, live in a small unit and rent the other two out--a pain perhaps, but often a way to pay any mortgage and live essentially rent/mortgage free. But Do NOT get a variable rate mortgage. A fixed mortgage, in my opinion will turn out to be a very good thing when inevitable inflation hits. (For an example of what will happen to us over the next 5 years watch Viet Nam's inflation now and through the next year--a great example of what will happen to most Western countries). (Just search keywords Viet Nam inflation)

I would not rely upon gov't pension--not anywhere in Europe or America. The numbers, when looked at are simply unsustainable. Life in five years will be remarkably different. I have no clue as to how low the value of the US$ will go, but I have my fears and they are substantial. The Euro is in the exact same boat. GBP is a bit unique, but your country has severe economic problems of a similar nature and therefore I suspect that the GBP will drop in value too. This is a replay of the "beggar thy neighbor" policy that became prevalent during the Great Depression.

Gold has run from $700 to almost $1400 in a few years but the reason is fear--people are awakening to the fact that worldwide there is no answer to our economic dilemma other than quantative easing and it will be QE to infinity--with real risk of severe inflation. Gold is simply a barometer of smart money's fear of fiat currency. You might consider investing a portion of your wealth in gold/silver if only as an insurance policy should the future bring what I fear it is going to bring.

On the other hand I'd have no qualm about exchanging my US$ for Thai Baht (I exchanged every investable US$ for Canadian Loonies back in 2008 and ignoring the investments simple parity change has enriched me by 29%). I predict that the Thai Baht will strengthen whilst the Euro, Pound and US$ will devalue. So having your money here in a savings account getting 2% might turn into a purchasing power rate of return of 6% or more. I think the future of Thailand compared to the EU or America is very bright. The Thai stock exchange will (IMHO) do very well, and many sound stock investments here return a very good rate in dividends.

I'd suggest a Thai woman >age 35. With your issues the only young and pretty one you'll likely get will bleed you dry. An older woman who never worked in the trade will value "you" much, much more for what little (great amount--choose your POV) of security you bring with you.

Just my thoughts, not advice. Ever think of finding a job where you can work on the phone, from home?

Many of us are in the same sort of boat and there are no simple answers. But too, during these strange economic times there will be opportunity also, so chin up lad....and carry on... (isn't that what the Brit's say?) You're thinking and planning so you're on a path far beyond most of your or my countrymen.

Edited December 23, 2010 by jsflynn603

[Moonrakers]

Go to Pattaya and invest in a beer bar.

An easy life and lots of money to be made.

[gregb]

Hmm, already the usual assertions that the foreign guy will be fleeced have been sprung.

I have had relationships in England, America, Indonesia, Spain, Japan and even with a Thai in Japan. I have never lost a dime, I can't see why Thailand would be any different.

The people who just say some thng can't be done. Well, could you tell me what would you do in this situation?

The phrases "young and attractive wife" and "live cheap" are mutually exclusive. No young attractive girl will stay with you if you don't meet her minimum standard of living, which is quite likely going to be well above what you are satisfied with and willing to pay.

You could rent a young attractive girl by the day of course, or you could get an older woman, but I'd forget the wife part if you only have 290k and need young/attractive. I just don't see anyone staying with you for any length of time under those conditions. Not an issue of getting fleeced or not. You can prevent that by not being stupid. Just an issue of her not being willing to stay with you when she has better options. Young attractive Thai women are very materialistic in general, and you are just unlikely to meet the gem who isn't.

My advice, if you want to try Thailand, is to do it and live cheap for a while. But don't count on finding a permanent girl unless you are willing to lower your requirements. You have to be realistic. Thailand of today is not what it was 10 years ago.

[Jingthing]

Regarding Panama, no they don't have anything that competitively compares to Ecuador for those without a pension or verifiable income. They do have a reforestation investment program for residency starting at 40K USD but that is basically throwing away your money.

The closest thing to Ecuador's 25,000 residency program costs 200,000 in Panama.

http://www.panama1.com/Pensionado_Visa_Panama.php

[neverdie]

Even if converted into A$ thats what, 500k at 4% interest after tax say A$ 20k per year at 30 to the A$ so 600,000 per year or 50,000 per month.

Yeah he could have a modest life style here, but how much will he have in say 10 years time after inflation and exchange/interest rates are factored in?

Okay, using your example, since you brought it up & its not the way I'm suggesting he does it, but,

If he conversted 290k Pound into Aussie Dollars (because you raised it), he would get about 450k AUD for it. Today if he went to one of the major 4 in Oz, he could get a 5 year term deposit at 7% (I don't know why your quoting 4%). So with that example he would get $31,500 gross, after deducting tax (10%) he would end up with $28,350, which at this particular point in time would be 858,000 baht so divided by 12, monthly 71,500 baht. He could probably live on 30k baht per month & put the remainder with his principal savings in an attempt to counter inflation. Perhaps in normal times he could acheive that, but with uncertain times ahead, virtually anything could happen with inflation. ANYWAY

Thats NOT what I would do. Perhaps he should seek REAL PROFESSIONAL FINANCIAL ADVICE, not the type of stuff that goes about on internet forums.

[JurgenG]

You are under 50 so not eligible for a retirement visa in Thailand. You could play the study Thai ED visa game but that would be a stretch to make that go for seven years.

If I were you, I would have a good look at

ECUADOR.

There you can open a CD bank account there with 25K USD (getting six percent interest) and within two years have PERMANENT RESIDENCE. You will have access to affordable health care, a year round spring-like climate, a US dollar currency (not likely to strengthen like the baht), and a sociable expat community in places like Cuenca.

You could also buy and own a condo, townhouse, or house and qualify for residency that way as well. No ownership schemes like Thailand, REAL ownership. For something decent, you might need to spend starting 60K USD.

Downsides, you really need to learn some Spanish and may be harder to attract a young lovely there.

It sounds like paradise, I've just one question : what are you doing in Thailand ? Is there something you're not telling us ? Because if the problem is just learning Spanish ... Spanish is one of the easiest language to learn.

Edited December 23, 2010 by JurgenG

[clinique]

If i were you in this situation i would do the following;

1) make sure i can get the best medical cover to allow meto be treated in Thailand.

2) talk to some of the private banks in Singapore (ICICI, SocGen,) and find out what they can offer me on my money in a fixed deposit or the like. They generally take good care of private banking customers and theire rates of return are above average. If that question is answered to my satisfaction then;

3) Move to Thailand with my health insurance in place and my money deposited with a reputable bank in Singapore (secure, low tax rates, world class private banking)

4) On the finding a wife, you obviously have experience but still take care. Nonetheless if your money is fixed in Singapore it is less likely to get sucked out of you, becasue you have to think before being able remove it from the bank.

Good luck..

[Jingthing]

It sounds like paradise, I've just one question : what ere you doing in Thailand ? Is there something you're not telling us ?

No place is paradise. I chose Thailand first and there are certain things that are keeping me sticky here, for now, maybe not forever, who knows.

The OP has visa issues to live in Thailand now as he is well under 50. I thought my suggestion to look at other countries that are more open to under 50 non-workers was relevant. Philippines could also work for him.

Edited December 23, 2010 by Jingthing

[neverdie]

4) On the finding a wife, you obviously have experience but still take care. Nonetheless if your money is fixed in Singapore it is less likely to get sucked out of you, becasue you have to think before being able remove it from the bank.

You've pretty much nailed it with your entire post, however you raise a very good point above.

Get a professional wife with a good job and she can support you.

Of course, if you are 3 foot tall, 220kg's, no teeth and poor personal hygiene, then theres probably little chance of that happening.

[neverdie]

Go to Pattaya and invest in a beer bar.

An easy life and lots of money to be made.

[sarahsbloke]

1) make sure i can get the best medical cover to allow meto be treated in Thailand.

Just to point out the chances of getting medical cover of any sort with his conditions is pretty much ZERO

[Jingthing]

1) make sure i can get the best medical cover to allow meto be treated in Thailand.

Just to point out the chances of getting medical cover of any sort with his conditions is pretty much ZERO

Agreed, which is why he should consider staying with National Health or going to a country where the cash payments for such treatments are in reach. Thailand's trend is much higher costs for medical care.

[clinique]

1) make sure i can get the best medical cover to allow meto be treated in Thailand.

Just to point out the chances of getting medical cover of any sort with his conditions is pretty much ZERO

Agreed, which is why he should consider staying with National Health or going to a country where the cash payments for such treatments are in reach. Thailand's trend is much higher costs for medical care.

Didnt say he should buy the cover from a Thai insurer. What i said was "make sure i can get cover" - he could do that in UK or even Singapore from an International Insurer , for the best cover available - sure i agree no other Insurer will cover him like the NHS will, but then if he takes that view (which it appears he is not) he would have to remain in UK.

[stander]

Come to Thailand, start burning the candle at both ends, as by the looks of things time is not on your side.