mikekim1219 Posted October 31, 2011 Share Posted October 31, 2011 I am planning to retire in Chiangmai. I would like to know what are the realistic budgets for single person. My major expense would be boarding, food and golf. I don't go to bar and I don't chase girls. I have looked into golf expense and probably will buy couple of low cost membership so it would be around 10k per month. I will probably need a transportation (mainly for driving to golf course) unless I can find a place nearby. I am still relatively young (54) and not eligible for pension until I am 59 (IRA) and 65 (SS). And I am not rich so I am interested in generating some steady income. For example, purchasing condos and renting them out. My fund (until my pension kicks in) is about 8 million baht (today's exchange rate). Any information and suggestion/advice will be greatly appreciated. Mike Link to comment Share on other sites More sharing options...
MaxOz Posted October 31, 2011 Share Posted October 31, 2011 My only tip. Dont invest in Thailand past your next meal. In fact I would even go so far as saying that investing in Thailand is an oxymoron. Link to comment Share on other sites More sharing options...
hehehoho Posted October 31, 2011 Share Posted October 31, 2011 Don't invest in Thailand. 1m baht a year should be plenty for you for living costs. Keep the rest away from the country for a rainy day. Link to comment Share on other sites More sharing options...
Dante99 Posted October 31, 2011 Share Posted October 31, 2011 Budgets are all over the map. You could live on 10,000 a month in a cheap apartment eating Thai food from food stalls using public transport and be fine or you might find that not to your liking and require 60,000 baht a month or more. Since you apparently do not know this, you probably have not come here and it would be highly advisable to visit and check it out before deciding to move. It would be a big mistake to think that you know what it will be like because you have read. Some people like it, others leave and an unfortunate lot stay complaining and unhappy being a drag on everybody. Generating income as indicated above should not be included in your expectations. You are better off doing that where you are them moving when you have everything comfortably covered. Link to comment Share on other sites More sharing options...
ludditeman Posted October 31, 2011 Share Posted October 31, 2011 (edited) @op Don't worry about chasing girls, they will chase you. Assuming you collect a wife + step kid fairly quickly (almost unavoidable), expect to pay around 40k a month + golf. You can't make money here, only spend it. Buying big things (like a condo) in the expectation of making money, only spends your money faster. Edited October 31, 2011 by ludditeman Link to comment Share on other sites More sharing options...
Beetlejuice Posted October 31, 2011 Share Posted October 31, 2011 My advice is: That if you need to generate some steady income to stay in Thailand, then wait until you actually retire and are completely financially secure. Link to comment Share on other sites More sharing options...
sfokevin Posted October 31, 2011 Share Posted October 31, 2011 Make it easy on yourself... Apply for a retirement visa in your home country. They will give you a O Visa good for 3 months... Find a nice hotel on Agoda and book for 2 weeks... Come here and go to a bank of your choosing and open up a Thai account... Transfer 1,000,000 Baht into it... (800,000 is what you will need to have in the account when you go to extand your visa - do not spend this until your visa has been extended) The other 200,000 is for to live on for 3 months and pay a deposit on a furnished condo/house which you should be able to find in the first 2 weeks (You can do a web search on a number of websites - but don't commit until you get here and see the place... Once your visa has been extended you can spend down the 800,000 - Start with a budget of 65K/month - see if at works for you... Also realize that in the first few months thing may cost more as you will not know all the deals and non farrang prices available... Live here a year and rent DO NOT BUY in the first year... Find your niche and learn for yourself what it takes to live here... Link to comment Share on other sites More sharing options...
mikekim1219 Posted October 31, 2011 Author Share Posted October 31, 2011 Make it easy on yourself... Apply for a retirement visa in your home country. They will give you a O Visa good for 3 months... Find a nice hotel on Agoda and book for 2 weeks... Come here and go to a bank of your choosing and open up a Thai account... Transfer 1,000,000 Baht into it... (800,000 is what you will need to have in the account when you go to extand your visa - do not spend this until your visa has been extended) The other 200,000 is for to live on for 3 months and pay a deposit on a furnished condo/house which you should be able to find in the first 2 weeks (You can do a web search on a number of websites - but don't commit until you get here and see the place... Once your visa has been extended you can spend down the 800,000 - Start with a budget of 65K/month - see if at works for you... Also realize that in the first few months thing may cost more as you will not know all the deals and non farrang prices available... Live here a year and rent DO NOT BUY in the first year... Find your niche and learn for yourself what it takes to live here... That's a great advice. Actually I have just returned from one month stay in Bangkok and Chiangmai so I have some ideas on what I want. Prior to that 10 years ago I also worked in BKK for 18 month. Link to comment Share on other sites More sharing options...
CMSteve Posted October 31, 2011 Share Posted October 31, 2011 This is great advice. Get you visa before you come, transfer a bit more than you need for a retirement visa extension, an whatever you do, don't buy anything until you've been here long enough to know what you are getting into. Make it easy on yourself... Apply for a retirement visa in your home country. They will give you a O Visa good for 3 months... Find a nice hotel on Agoda and book for 2 weeks... Come here and go to a bank of your choosing and open up a Thai account... Transfer 1,000,000 Baht into it... (800,000 is what you will need to have in the account when you go to extand your visa - do not spend this until your visa has been extended) The other 200,000 is for to live on for 3 months and pay a deposit on a furnished condo/house which you should be able to find in the first 2 weeks (You can do a web search on a number of websites - but don't commit until you get here and see the place... Once your visa has been extended you can spend down the 800,000 - Start with a budget of 65K/month - see if at works for you... Also realize that in the first few months thing may cost more as you will not know all the deals and non farrang prices available... Live here a year and rent DO NOT BUY in the first year... Find your niche and learn for yourself what it takes to live here... Link to comment Share on other sites More sharing options...
chiang mai Posted October 31, 2011 Share Posted October 31, 2011 You've got to love the "don't invest in Thailand" brigade, they were saying such things when the Thai Baht was 75 to the Pound and 45 to USD, had they not taken their own advice they would be far wealthier today! The OP should make his own decision on the investment front and do what he feels comfortable with but he shouldn't be deterred from investing here simply because of some of the comments here and from other bar stools! As far as cost of living is concerned in CM: a nice apartment/condominium will cost you around THB15k a month, water and electric (no air) a further THB 1K. Taxi transportation (or similar) is cheap and effective so no need to buy a car unless you want to - local food at local restaurants is very good value, we spend around THB 8K a month and eat out several times a week - groceries: buy the local produce from national supermarkets and your bill will be inexpensive, buy a lot of Western or imported foods/specialties and it gets expensive quickly. My finger in the air WAG is that the OP have a comfortable lifestyle on THB 50/60k a month, if indeed he doesn't do bars and all that entails. Having said that there are ex-pats here who exist on THB 20/30k and those who spend a couple of hundred thousand each month. Link to comment Share on other sites More sharing options...
mikekim1219 Posted October 31, 2011 Author Share Posted October 31, 2011 You've got to love the "don't invest in Thailand" brigade, they were saying such things when the Thai Baht was 75 to the Pound and 45 to USD, had they not taken their own advice they would be far wealthier today! The OP should make his own decision on the investment front and do what he feels comfortable with but he shouldn't be deterred from investing here simply because of some of the comments here and from other bar stools! As far as cost of living is concerned in CM: a nice apartment/condominium will cost you around THB15k a month, water and electric (no air) a further THB 1K. Taxi transportation (or similar) is cheap and effective so no need to buy a car unless you want to - local food at local restaurants is very good value, we spend around THB 8K a month and eat out several times a week - groceries: buy the local produce from national supermarkets and your bill will be inexpensive, buy a lot of Western or imported foods/specialties and it gets expensive quickly. My finger in the air WAG is that the OP have a comfortable lifestyle on THB 50/60k a month, if indeed he doesn't do bars and all that entails. Having said that there are ex-pats here who exist on THB 20/30k and those who spend a couple of hundred thousand each month. Thanks Chiangmai for the advice. I understand that most are individual opinions that may or may not be based on expert analysis. I have been to Thailand few times and worked in BKK between 2001 and 2002 so I have some idea about the country. I wanted to hear some experiences of others who have been in the country for a while to get better idea before I make the final move to the country. I could very well live on 20k if not for my fix on golf.. haha.. but this is separate issue~ Link to comment Share on other sites More sharing options...
zippydedodah Posted October 31, 2011 Share Posted October 31, 2011 You've got to love the "don't invest in Thailand" brigade, they were saying such things when the Thai Baht was 75 to the Pound and 45 to USD, had they not taken their own advice they would be far wealthier today! The OP should make his own decision on the investment front and do what he feels comfortable with but he shouldn't be deterred from investing here simply because of some of the comments here and from other bar stools! As far as cost of living is concerned in CM: a nice apartment/condominium will cost you around THB15k a month, water and electric (no air) a further THB 1K. Taxi transportation (or similar) is cheap and effective so no need to buy a car unless you want to - local food at local restaurants is very good value, we spend around THB 8K a month and eat out several times a week - groceries: buy the local produce from national supermarkets and your bill will be inexpensive, buy a lot of Western or imported foods/specialties and it gets expensive quickly. My finger in the air WAG is that the OP have a comfortable lifestyle on THB 50/60k a month, if indeed he doesn't do bars and all that entails. Having said that there are ex-pats here who exist on THB 20/30k and those who spend a couple of hundred thousand each month. the price you will pay for housing varies a great deal... for a single person, it could be done quite inexpensively... we pay 15K for 3bd/3bath, fully furnished, within walking distance of Meechok fresh market. 240 sq meters and nice yard in gated community. Again, depending on where you want to live, costs vary. I would suggest subscribing to that Christian based listserve that sends out weekly notices on housing, electronics and other items for sale/rent... plus, of course, check thaivisa classifieds. As to other costs, depends on what you like to eat and how you like to eat... do you cook? or eat out? falang or thai food.... Transportation: motorcy or car... one is obviously more expensive than the other... anyways.. since you have some experience here already, you should do fine... Link to comment Share on other sites More sharing options...
naboo Posted October 31, 2011 Share Posted October 31, 2011 When I first got here, I was living on 20,000B per month. Now I live on nearly three times that. Both are possible, though now I can go on holidays, eat occasionally at more expensive restaurants and own a car and two motorbikes. With your golfing, and the friends you will meet through that, I'd say at least 60k/month. With 8 million Baht, you could buy 5 nice condos which you could let out for 15,000 living in one, meaning a potential income from them of 60k/month....... assuming 100% occupancy. Minus costs...... Not such a good investment idea, especially seeing as you'll need 800,000B in a Thai bank account every year for 4 months or so for visa purposes. I'd be looking for a secure investment of 7 million Baht outside of Thailand, giving a 5% return meaning 350,000B/year covering rent, golf and food. The rest will need to be here for visa purposes. Then make some money, somehow.... If you're not up for working, the golf may need to go. Link to comment Share on other sites More sharing options...
ludditeman Posted October 31, 2011 Share Posted October 31, 2011 I would suggest subscribing to that Christian based listserve that sends out weekly notices on housing, electronics and other items for sale/rent... plus, of course, check thaivisa classifieds. And I would advise exactly the opposite. Anything aimed at foreigners will cost you 50% to 100% more than something aimed at Thais. Be it Christian or whatever, if the advert is in English, or anyone involved is speaking in English, it will be far more expensive. Look for a house with a Thai sign outside, hire someone to translate. Hard to do as the person translating will also be negotiating themselves a commission. Everyone wants to make a bit of extra money off foreigners. Link to comment Share on other sites More sharing options...
elektrified Posted October 31, 2011 Share Posted October 31, 2011 (edited) I wouldn't invest one Baht in a condo as you could lose your money. They depreciate rather quickly here and are often difficult to rent out. But I would put some money in Thai stocks or mutual funds if you know the markets and have some investment experience. There are investments (equities, bond funds, etc.) that are safer than others, just like in any country. Also you can sell when you like, take profits, etc. With a condo you could wait years to re-sell it. As for living expenses, everyone is different. Whatever works for you. Edited October 31, 2011 by elektrified Link to comment Share on other sites More sharing options...
elektrified Posted October 31, 2011 Share Posted October 31, 2011 I would suggest subscribing to that Christian based listserve that sends out weekly notices on housing, electronics and other items for sale/rent... plus, of course, check thaivisa classifieds. And I would advise exactly the opposite. Anything aimed at foreigners will cost you 50% to 100% more than something aimed at Thais. Be it Christian or whatever, if the advert is in English, or anyone involved is speaking in English, it will be far more expensive. Look for a house with a Thai sign outside, hire someone to translate. Hard to do as the person translating will also be negotiating themselves a commission. Everyone wants to make a bit of extra money off foreigners. I've been to some of those sales put on by the Christians and I would say that 85% of the people doing the buying were Thais or Burmese. Very few farangs were buying anything. But there were mostly things for kids, kitchen, used clothes and things like that. As for the rental property, I agree with this. Link to comment Share on other sites More sharing options...
neilrob Posted October 31, 2011 Share Posted October 31, 2011 You've got to love the "don't invest in Thailand" brigade, they were saying such things when the Thai Baht was 75 to the Pound and 45 to USD, had they not taken their own advice they would be far wealthier today! The OP should make his own decision on the investment front and do what he feels comfortable with but he shouldn't be deterred from investing here simply because of some of the comments here and from other bar stools! As far as cost of living is concerned in CM: a nice apartment/condominium will cost you around THB15k a month, water and electric (no air) a further THB 1K. Taxi transportation (or similar) is cheap and effective so no need to buy a car unless you want to - local food at local restaurants is very good value, we spend around THB 8K a month and eat out several times a week - groceries: buy the local produce from national supermarkets and your bill will be inexpensive, buy a lot of Western or imported foods/specialties and it gets expensive quickly. My finger in the air WAG is that the OP have a comfortable lifestyle on THB 50/60k a month, if indeed he doesn't do bars and all that entails. Having said that there are ex-pats here who exist on THB 20/30k and those who spend a couple of hundred thousand each month. Well said, Chiang Mai. People who make such blanket statements are just showing their ignorance. Of course it is possible to invest well in Thailand---there are plenty of examples of this. That said, just like investing anywhere, it is important to know what you are doing and it is certainly not right for everyone. So the advice on this thread not to rush into anything is very good advice. That is why you should not count on generating investment income in Thailand as part of planning for retirement, because it may well not work out that way. Link to comment Share on other sites More sharing options...
cheynewalk Posted October 31, 2011 Share Posted October 31, 2011 8 million baht invested in a term deposit in australia for 5 years @ 5% (until you get your pension) will yield 400,000 baht per annum. Plenty to live on in chiang mai and you will still have your 8 million baht at the end. No sleepless nights worrying about generating income or security of your money. Link to comment Share on other sites More sharing options...
PostmanPat Posted October 31, 2011 Share Posted October 31, 2011 Jeez. The Original Poster has Pensions from the IRA and the SS??!! He must have had a hell of a life!!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
Jingthing Posted October 31, 2011 Share Posted October 31, 2011 (edited) Jeez. The Original Poster has Pensions from the IRA and the SS??!! He must have had a hell of a life!!!!!!!!!!!!!!!!! I don't think he's a Nazi Irish rebel. Anyway, IRA's don't pay pensions. What the OP means of course is that at age 59 1/2 he can start withdrawing from his funds in his IRA account without paying onerous tax penalties. I am in a very similar financial situation to the OP, but I moved to Thailand at age 48, now mid 50's. You can do it. Just be cheap. BTW, however, I did buy a condo and so far little regret. Getting "free" rent makes a big difference to me with current finances. Edited October 31, 2011 by Jingthing Link to comment Share on other sites More sharing options...
ludditeman Posted October 31, 2011 Share Posted October 31, 2011 (edited) Well said, Chiang Mai. People who make such blanket statements are just showing their ignorance. Of course it is possible to invest well in Thailand---there are plenty of examples of this. That said, just like investing anywhere, it is important to know what you are doing and it is certainly not right for everyone. So the advice on this thread not to rush into anything is very good advice. That is why you should not count on generating investment income in Thailand as part of planning for retirement, because it may well not work out that way. For example? Didn't Naam point out that almost all Thai stocks haven't recovered from their all time high or 10 years ago? Yes there are people that have had a bit of luck, but for every lucky person I suspect there are 20 unlucky. Property bubble at the top, I think. The only way is down. Edited October 31, 2011 by ludditeman Link to comment Share on other sites More sharing options...
sfokevin Posted October 31, 2011 Share Posted October 31, 2011 (edited) Well said, Chiang Mai. People who make such blanket statements are just showing their ignorance. I was replying back to an OP who has made 24 posts in this forum and gave no hint in his post that he had any experience in Thailand but does tell us he has 7 million baht burning a hole in his pocket... I told the OP not to buy anything in the first year (Not to buy I Thailand) Sent from the common sense brigade... :jap: Edited October 31, 2011 by sfokevin Link to comment Share on other sites More sharing options...
mikekim1219 Posted October 31, 2011 Author Share Posted October 31, 2011 Well said, Chiang Mai. People who make such blanket statements are just showing their ignorance. I was replying back to an OP who has made 24 posts in this forum and gave no hint in his post that he had any experience in Thailand but does tell us he has 7 million baht burning a hole in his pocket... I told the OP not to buy anything in the first year (Not to buy I Thailand) Sent from the common sense brigade... :jap: I did make a post about living in Thailand with 7 million baht. Not close to 24 posts. I have since been to Thailand for a month and wondering if anybody was generating any income stream. I am just trying to dig into people's experience. Not all advice are sound but some are constructive and informative. Link to comment Share on other sites More sharing options...
ludditeman Posted October 31, 2011 Share Posted October 31, 2011 (edited) If you had the skill set to make money in Thailand, you wouldn't be asking us for this information or our advice. Sorry if our advice, that you requested, isn't to your liking. Edited October 31, 2011 by ludditeman Link to comment Share on other sites More sharing options...
mikekim1219 Posted October 31, 2011 Author Share Posted October 31, 2011 8 million baht invested in a term deposit in australia for 5 years @ 5% (until you get your pension) will yield 400,000 baht per annum. Plenty to live on in chiang mai and you will still have your 8 million baht at the end. No sleepless nights worrying about generating income or security of your money. All my funds in China. What is the rule for opening an account for USA citizen in Australia? Sounds like it's an option I should look into.. Link to comment Share on other sites More sharing options...
elektrified Posted October 31, 2011 Share Posted October 31, 2011 8 million baht invested in a term deposit in australia for 5 years @ 5% (until you get your pension) will yield 400,000 baht per annum. Plenty to live on in chiang mai and you will still have your 8 million baht at the end. No sleepless nights worrying about generating income or security of your money. All my funds in China. What is the rule for opening an account for USA citizen in Australia? Sounds like it's an option I should look into.. Probably not possible I would guess. The U.S. is cracking down with a new law that was passed and goes into effect 01/01/2013. Lots of info on this on the Internet. Many countries have already agreed to cooperate with the U.S. I tried to open a brokerage account in the U.K. They basically said Americans need not apply. Link to comment Share on other sites More sharing options...
sfokevin Posted October 31, 2011 Share Posted October 31, 2011 I did make a post about living in Thailand with 7 million baht. Not close to 24 posts. I have since been to Thailand for a month and wondering if anybody was generating any income stream. I am just trying to dig into people's experience. Not all advice are sound but some are constructive and informative. I mention the 24 total posts (On any matter) that you have made as a gauge of how long you have been posting on this forum and from that I was assuming your experience in Thailand... Sorry to say but your initial post sounds like a newbie post All I was advising was take your time... That being said... I have a condo here and now am planning a country house... (neither of which is income producing) Investing here is fine but do it with thought and with money you can afford to walk away from... My 2 bahts worth Link to comment Share on other sites More sharing options...
ludditeman Posted October 31, 2011 Share Posted October 31, 2011 I mention the 24 total posts (On any matter) that you have made as a gauge of how long you have been posting on this forum and from that I was assuming your experience in Thailand... Sorry to say but your initial post sounds like a newbie post All I was advising was take your time... Post count only indicates how recently a poster was last banned. Link to comment Share on other sites More sharing options...
el jefe Posted October 31, 2011 Share Posted October 31, 2011 We go thru this at least once a month. Asking how much it costs to live in Chiang Mai is like asking how much it costs to live in your home country (USA). I know people who can't live on less than $100k/yr. btw, you can start collecting SS at 62. You'll collect about 50% more if you wait until you're 70. 65 is a random number. Based on your year of birth (1958), 67 is considered your "normal retirement age". To the poster who bragged about how he made money buying condos when the dollar was 45 to the baht -- you didn't need the risk and headache of a condo. You could have made the same profit by just putting the money in a Thai bank. I'll bet you didn't make anything if you used baht. Link to comment Share on other sites More sharing options...
Jingthing Posted October 31, 2011 Share Posted October 31, 2011 My understanding is that MOST US retirees end up doing better (collecting more in their lifetime) by opting for the earliest possible social security start date. Sure they'd like you to delay it and then die without claiming a penny. Link to comment Share on other sites More sharing options...
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