if i had a million dollars

-i'd demolish the outhouse with the thai style toilets and build a bathroom with a shower and a toilet which can be flushed and buy once in a while some food for my dogs instead of encouraging them to steal from the neighbours' dogs.

Age and life span expectations are a factor. You know your age. It isn't all that hard to come up with rational life span estimates by knowing your health, taking online surveys, and knowing the life span of your parents, close relatives. In my view, dying with a big pot of unspent gold is for suckers. Any good financial planner will tell you the same thing -- there is a time to spend the money and yes even spend down principle.

Easy to say if you have no wife and children to consider when your dead.

if i had a million dollars

-i'd demolish the outhouse with the thai style toilets and build a bathroom with a shower and a toilet which can be flushed and buy once in a while some food for my dogs instead of encouraging them to steal from the neighbours' dogs.

So long as you don't clear away the squatters behind the back wall.

SC

Age and life span expectations are a factor. You know your age. It isn't all that hard to come up with rational life span estimates by knowing your health, taking online surveys, and knowing the life span of your parents, close relatives. In my view, dying with a big pot of unspent gold is for suckers. Any good financial planner will tell you the same thing -- there is a time to spend the money and yes even spend down principle.

Easy to say if you have no wife and children to consider when your dead.

That's what annuities are for - put that risk onto the pension company...

SC

Age and life span expectations are a factor. You know your age. It isn't all that hard to come up with rational life span estimates by knowing your health, taking online surveys, and knowing the life span of your parents, close relatives. In my view, dying with a big pot of unspent gold is for suckers. Any good financial planner will tell you the same thing -- there is a time to spend the money and yes even spend down principle.

Easy to say if you have no wife and children to consider when your dead.

any financial planner who renders a "spend down" advice without being annointed as prophet by the LORD himself should be avoided like the plague.

Age and life span expectations are a factor. You know your age. It isn't all that hard to come up with rational life span estimates by knowing your health, taking online surveys, and knowing the life span of your parents, close relatives. In my view, dying with a big pot of unspent gold is for suckers. Any good financial planner will tell you the same thing -- there is a time to spend the money and yes even spend down principle.

Easy to say if you have no wife and children to consider when your dead.

any financial planner who renders a "spend down" advice without being annointed as prophet by the LORD himself should be avoided like the plague.

We'll have to agree to disagree. There is a time of life for those with enough money where some spending down is the absolute correct thing to do, except in cases of people whose goal in life is leaving money to others.

Age and life span expectations are a factor. You know your age. It isn't all that hard to come up with rational life span estimates by knowing your health, taking online surveys, and knowing the life span of your parents, close relatives. In my view, dying with a big pot of unspent gold is for suckers. Any good financial planner will tell you the same thing -- there is a time to spend the money and yes even spend down principle.

Easy to say if you have no wife and children to consider when your dead.

any financial planner who renders a "spend down" advice without being annointed as prophet by the LORD himself should be avoided like the plague.

We'll have to agree to disagree. There is a time of life for those with enough money where some spending down is the absolute correct thing to do, except in cases of people whose goal in life is leaving money to others.

actually this discussion is academic because

-peope who listen to that kind of advice from a "financial adviser" will never own worthwhile enough to worry about the pros and cons.

When I was looking for an apartment, I could have got a much bigger apartment for very little more. But I didn't. Because I could drink the extra money, and I did not have a cat to swing, in any case.

I don't think Khun Ian ever said that he could only afford a milk crate to sit on, nor that a milk crate was as comfortable as a chair. What he said was that he had certain requirements, and if those were met, enough was enough, and more than enough was unnecessary.

Unfortunately, for some of us, too much is not enough

SC

Streetcowboy actually UNDERSTANDS what is clearly written.

I do have enough "for me". If I had any more money I would just give more of it away. I don't like waste in anything: fuel or electric energy, excess food, pomp and splendour, or things done just for show. I don't like to see people wasting their lives either, but that is THEIR choice. My children in Canada will inherit my big home there and all the valuable stuff in it. Hopefully I'll survive my stay in Thailand long enough to give the stuff away that others might need more than me. I have the affection of more than a few women and that is also good enough for me. A few new movie starlets would not make it any better... even though I do enjoy "eye candy".

I do like to rough it a bit and take a "bit" of a risk. It all adds to the flavour in life. Having others do things for me is not my style... unless I know that allowing them to give me pleasure also gives them pleasure.

I've had a wonderful life and would not change one little thing that happened in the past even if I had the power to do so. Many things that happened in the past that seemed to be unfortunate at the time have turned out to be blessings in disguise.

I know I have a limited time left on earth. I want to enjoy it to the fullest. And, that is precisely what I am doing now.

actually this discussion is academic because

-peope who listen to that kind of advice from a "financial adviser" will never own worthwhile enough to worry about the pros and cons.

Cute, but wrong.

Those are two entirely different financial goals you are talking about -- wealth building phase and retirement wealth maintenance (and yes, withdrawal and SPENDING) phase. The mainstream financial goal for retirees with wealth they have built over their life is to not run out of money before death. Not to have the same amount or more as at the time of retirement. This is a huge area of discussion often around what is the "safe" percentage especially vital in the EARLIER years of the retirement phase to greatly reduce any risk of ever running out of money in a person's life. I think the current consensus of thinking is about FOUR PERCENT for the earlier years. Of course as stated before if your heirs are the focus, than the goal is obviously more ambitious then just not running out of money.

actually this discussion is academic because

-peope who listen to that kind of advice from a "financial adviser" will never own worthwhile enough to worry about the pros and cons.

Cute, but wrong.

Those are two entirely different financial goals you are talking about -- wealth building phase and retirement wealth maintenance (and yes, withdrawal and SPENDING) phase. The mainstream financial goal for retirees with wealth they have built over their life is to not run out of money before death. Not to have the same amount or more as at the time of retirement. This is a huge area of discussion often around what is the "safe" percentage especially vital in the EARLIER years of the retirement phase to greatly reduce any risk of ever running out of money in a person's life. I think the current consensus of thinking is about FOUR PERCENT for the earlier years. Of course as stated before if your heirs are the focus, than the goal is obviously more ambitious then just not running out of money.

Well said, Jingthing. Personal goals can be entirely different with people of similar income or wealth. I WANT my children to work for what they can earn on their own. I just want to have enough left to pass on when I die so they can have a slightly easier time when they reach retirement age. Things that are too easily obtained are not usually valued as much as things people work for.

I understand where Naam is coming from, but his values and goals are different than mine.

We'll have to agree to disagree. There is a time of life for those with enough money where some spending down is the absolute correct thing to do, except in cases of people whose goal in life is leaving money to others.

Which is the case for most people.

We'll have to agree to disagree. There is a time of life for those with enough money where some spending down is the absolute correct thing to do, except in cases of people whose goal in life is leaving money to others.

Which is the case for most people.

Are you serious?!? The meaning of life is to die and leave money?

Those are two entirely different financial goals you are talking about -- wealth building phase and retirement wealth maintenance (and yes, withdrawal and SPENDING) phase. The mainstream financial goal for retirees with wealth they have built over their life is to not run out of money before death. Not to have the same amount or more as at the time of retirement. This is a huge area of discussion often around what is the "safe" percentage especially vital in the EARLIER years of the retirement phase to greatly reduce any risk of ever running out of money in a person's life. I think the current consensus of thinking is about FOUR PERCENT for the earlier years. Of course as stated before if your heirs are the focus, than the goal is obviously more ambitious then just not running out of money.

Yes, and no.

You adopt the point of view of a western employee who saves part of his income for retirement. I agree this is the case of most people reading the forum, but most people reading also have their heirs in mind.

Second, I stopped working as an employee and I consider myself a businessman now.

I'm not 40 yet, and I already have enough that I could just stop working - that wouldn't be nice for my children. I still need to pay their studies, and the future is totally uncertain.

As a businessman, there is no difference between private income and business income, there is no pension fund, I manage my cash (well, ok, I pay into the Swiss basic pension scheme, hoping it will still be there in 30 years).

My main goals are:

- being able to support my children as much as they need, including expensive college and universities if they have enough talent to qualify. Lack of money will not be the reason why they can't study what they like.

- being able to prolong support to my children after my death, i.e. transferring wealth to them

- being able to support my own lifestyle without spending what I want to transfer to my children

- expanding my revenues even more so I can better enjoy life, this is my main driver to do business

We'll have to agree to disagree. There is a time of life for those with enough money where some spending down is the absolute correct thing to do, except in cases of people whose goal in life is leaving money to others.

Which is the case for most people.

Are you serious?!? The meaning of life is to die and leave money?

The meaning of life is not to die, it is only the necessary conclusion.

I'm not sure there even is a "meaning".

Also, I believe people themselves define their goals in life.

Ensuring my heirs have a future, i.e. leaving wealth to my heirs is one of my goals.

Enjoying a good life is a goal too, and both are weighted about equally.

Also, when doing your own business, there are no defined "working" and "retirement" periods.

You just stop working when you feel you have enough wealth and when it's not fun anymore.

Also, when doing your own business, there are no defined "working" and "retirement" periods.

You just stop working when you feel you have enough wealth and when it's not fun anymore.

What about us guys who never really DID have to work? That's not entirely true, but is it work if you enjoy what you are doing?

Jingthing can look at the end from an entirely different perspective. He is gay and as far as I know he doesn't HAVE any heirs. That puts an entirely different perspective on balancing your income and expenses in your final years.

I have a good friend in Canada who has always been single and never had kids. He managed his money well and has a reasonable pension. He can do pretty much whatever he wants within reason. He also enjoys a simple life like I do... fishing and a bit of travel. The only difference between us is he doesn't have any heirs... I do. His home is worth well over a million dollars, but to him its just a place to live and store his toys. He has a few charities picked out for when he passes on, but doesn't concern himself with it.

Jingthing can look at the end from an entirely different perspective. He is gay and as far as I know he doesn't HAVE any heirs. That puts an entirely different perspective on balancing your income and expenses in your final years.

I know... but he posts as if his situation was normal, whereas in reality most people are not gay and do have heirs.

What about us guys who never really DID have to work? That's not entirely true, but is it work if you enjoy what you are doing?

Well, I don't know any paid work or business that is 100% fun only.

Well, I don't know any paid work or business that is 100% fun only.

Heck, even fun isn't always fun.

I can remember MANY times on a cold, wet fishing trip when the salmon weren't biting saying..."Are we having any fun yet?" ... and said with a wry smile on my face.

I would only spend Dec-Feb here. Pretty much had it with the visa BS.

Like I stated before - most guys are here for the easy access to easy women. So the answer will be yes no matter what the net worth.

I would only spend Dec-Feb here. Pretty much had it with the visa BS.

Like I stated before - most guys are here for the easy access to easy women. So the answer will be yes no matter what the net worth.

That and getting away from long, cold, wet winters elsewhere. Despite its visible and obvious problems, Thailand is a fairly stable country for people who have enough money to enjoy themselves in relative safety. It doesn't have roaming gangs of armed thugs who will kill tourists on the off chance that they might have something worth stealing.

Jingthing can look at the end from an entirely different perspective. He is gay and as far as I know he doesn't HAVE any heirs. That puts an entirely different perspective on balancing your income and expenses in your final years.

I know... but he posts as if his situation was normal, whereas in reality most people are not gay and do have heirs.

What about us guys who never really DID have to work? That's not entirely true, but is it work if you enjoy what you are doing?

Well, I don't know any paid work or business that is 100% fun only.

This "gay theme" in this thread abundant with idiotic assumptions about gay people is very offensive. I was speaking about mainstream financial planners; absolutely nothing to do with sexual orientation. Also I was speaking about the mainstream advice to not run out of money before death. That DOES NOT mean the goal is to die with no money at all. Obviously, people need to adjust their strategy based on their interest in helping heirs. It's so massively homophobic to suggest that this has anything to do with sexual orientation. In case you don't get that -- gay people have heirs too. I also am disgusted with the personal nature of the assumptions made about me, simply based on sexual orientation. Since you're so interested, yes I have a will and yes I have an heir. Now back to the topic and I ask nobody bring their twisted homophobia and retro notions of "normalcy" to a discussion about FINANCIAL PLANNING.

Back to the money aspect, yes the super conservative people say well you expect to be dead by 80 but you MAY live to 100. But the flip side of course is that you might be living on beans for many years at 50 expecting to live to 80 but be run over by a truck tomorrow. So you need to be rational and balance all that info out ... yourself.

That DOES NOT mean the goal is to die with no money at all.

That is MY goal, but to be able to live as comfortably as possible up to that point. ,

That DOES NOT mean the goal is to die with no money at all.

That is MY goal, but to be able to live as comfortably as possible up to that point. ,

Understood, but that is a risky goal if you are healthy or not planning to off yourself.

That DOES NOT mean the goal is to die with no money at all.

That is MY goal, but to be able to live as comfortably as possible up to that point. ,

Understood, but that is a risky goal if you are healthy or not planning to off yourself.

Most people buy an annuity with their pension savings; this transfers the risk of your longevity to the pension company, who hope by aggregation to make up the swings what they lose on the roundabouts. I'm not sure how they allow for the risk of improvements in medical technology, but they have been suffering that for long enough that I am sure that they cope somehow.

Anyway, the annuity gives you a fixed (possibly escalating) income for as long as you live, and nothing when you die. Which is what most here seem after. You can similarly sell your house to the insurance company on a similar basis, I believe...

SC

That DOES NOT mean the goal is to die with no money at all.

That is MY goal, but to be able to live as comfortably as possible up to that point. ,

Understood, but that is a risky goal if you are healthy or not planning to off yourself.

Most people buy an annuity with their pension savings; this transfers the risk of your longevity to the pension company, who hope by aggregation to make up the swings what they lose on the roundabouts. I'm not sure how they allow for the risk of improvements in medical technology, but they have been suffering that for long enough that I am sure that they cope somehow.

Anyway, the annuity gives you a fixed (possibly escalating) income for as long as you live, and nothing when you die. Which is what most here seem after. You can similarly sell your house to the insurance company on a similar basis, I believe...

SC

Most "people" buy an annuity huh? Somehow, I seriously doubt that. I think you might be referring to certain nationalities retirement schemes. A quick google told me under TEN PERCENT of Americans owned annuities.

^At least you might get some taste in furniture....

That's quite funny.

I myself have planned up until my last day give or take a month...dec 2012.

Jingthing can look at the end from an entirely different perspective. He is gay and as far as I know he doesn't HAVE any heirs. That puts an entirely different perspective on balancing your income and expenses in your final years.

I know... but he posts as if his situation was normal, whereas in reality most people are not gay and do have heirs.

What about us guys who never really DID have to work? That's not entirely true, but is it work if you enjoy what you are doing?

Well, I don't know any paid work or business that is 100% fun only.

No but in some businesses even the stresses can have a certain entertainment and satisfaction about them..

I would only spend Dec-Feb here. Pretty much had it with the visa BS. Like I stated before - most guys are here for the easy access to easy women. So the answer will be yes no matter what the net worth.

That and getting away from long, cold, wet winters elsewhere. Despite its visible and obvious problems, Thailand is a fairly stable country for people who have enough money to enjoy themselves in relative safety. It doesn't have roaming gangs of armed thugs who will kill tourists on the off chance that they might have something worth stealing.

If you investigate tropical / sub-tropical countries based on quality of life and cost of living, Thailand will be near the top of the list. For those so interested, the availability of women of questionable virtue is just another tick mark in the Pros column.

The visa situation in Thailand is not much different than any other country, so I am not sure why so many people whine about it. You want to stay, you either qualify for and adhere to the regulations or leave.

The visa situation in Thailand is not much different than any other country, so I am not sure why so many people whine about it. You want to stay, you either qualify for and adhere to the regulations or leave.

As someone who has researched lots of countries visa situations, I don't agree that Thailand's visa policies are typical. There are some very unique aspects to the system here: retirement extension option based on banked money only (rare), ED visas for most any age just for a ridiculously small number of class hours (rare), able to stay indefinitely just by flying in and out every 30 days, severely limited paths towards permanent residence for most long term foreign residents, and the weirdly paranoid 90 day address reports! No, certainly not typical. Unique more like it.

Jingthing can look at the end from an entirely different perspective. He is gay and as far as I know he doesn't HAVE any heirs. That puts an entirely different perspective on balancing your income and expenses in your final years.

I know... but he posts as if his situation was normal, whereas in reality most people are not gay and do have heirs.

What about us guys who never really DID have to work? That's not entirely true, but is it work if you enjoy what you are doing?

Well, I don't know any paid work or business that is 100% fun only.

This "gay theme" in this thread abundant with idiotic assumptions about gay people is very offensive. I was speaking about mainstream financial planners; absolutely nothing to do with sexual orientation. Also I was speaking about the mainstream advice to not run out of money before death. That DOES NOT mean the goal is to die with no money at all. Obviously, people need to adjust their strategy based on their interest in helping heirs. It's so massively homophobic to suggest that this has anything to do with sexual orientation. In case you don't get that -- gay people have heirs too. I also am disgusted with the personal nature of the assumptions made about me, simply based on sexual orientation. Since you're so interested, yes I have a will and yes I have an heir. Now back to the topic and I ask nobody bring their twisted homophobia and retro notions of "normalcy" to a discussion about FINANCIAL PLANNING.

Back to the money aspect, yes the super conservative people say well you expect to be dead by 80 but you MAY live to 100. But the flip side of course is that you might be living on beans for many years at 50 expecting to live to 80 but be run over by a truck tomorrow. So you need to be rational and balance all that info out ... yourself.

In that case I apologize, Jingthing. I didn't mean to be offensive or in any way sexual. I was just assuming that being gay you would not have children, and most people think of children as their heirs.