Anyone saving any money?

[kowpot]

It seems that most of the post about retiring in Thailand have to do with visa's and how much money will I need.

The one I would like to address is, the cost of retiring to Thailand. Most of the questions are, how much does it cost and how much will I need a month to live in Thailand.

My question is. Does anyone save any money having moved to the LOS? I may be reading more into it than I should but it seems to me, when you ask questions like that. It seems that many are living paycheck to paycheck or to rephrase it, retirement check to retirement check. That to me sounds like a dangerous way to go.

I mean if something unexpected were to happen, do you have emergency funds. I lived in Thailand for 6 years many years ago and plan on going back and retire there in 2 more years. I would not even fathom the idea, could I not put a little money away for a rainy day. So, if you are able to retire and save money and build a nice savings, I would like to hear from you on this post.

Just wondering.

[Phronesis]

I am an Australian self funded retiree in my forties.

I live in Phuket. My monthly nut here is 75 percent less than what it was in Australia.

And here I have a car and four motorbikes.

[vtjforyou]

Saving to pay your funerals ?

[giggles]

its mostly one way downhill as far as i can see

[MrWorldwide]

OP, there is absolutely no way that I would attempt to predict outcomes for anyone else, but I know that is exactly how this thread will devolve. We all need a plan B, simple as that - without a crystal ball, how can anyone here predict that their money wont run out before they do ? I plan to seize the day, from the moment my plane lands next year to the day I have to put that plan B into action - anything else is a waste of valuable time.

[kowpot]

I think the reason I asked this question is because I do want a plan B option. I have a pension from the military and will collect Social Security when I retire. I would like to be able to live on my military pension and bank my Social Security for any emergency. That being said, I don't know what it will be like in two years.

I lived previously in Thailand for a total of 6 years. I don't want to go native and be able to enjoy life. My wife is Thai. We have been married for 23 years so I don't think she is going to bail on me. At least I haven't given her any reason to do so. We should be able to live pretty comfortable but not extravagant. Thanks for the replies. I guess it's all in what your looking for.

[MAJIC]

OP, there is absolutely no way that I would attempt to predict outcomes for anyone else, but I know that is exactly how this thread will devolve. We all need a plan B, simple as that - without a crystal ball, how can anyone here predict that their money wont run out before they do ? I plan to seize the day, from the moment my plane lands next year to the day I have to put that plan B into action - anything else is a waste of valuable time.

The most important thing is: how much control you have over plan B? we all know the volativity of the exchange rate,health issues and your cover of the same,which would be difficult to plan and see ahead.

But then do you sell up your property back home,or take a rental contract to supplement an income in Thailand,and many other decisions.

By all means have a plan B as a bail out/last resort to get back home,but if that plan B means failure, and not ending your days on the streets of Bangkok! then its probably a sensible objective.

You sound as if you are going to hit the Tarmac running,with your Plan B,and may I say good luck with that and your intentions!

Edited September 15, 2013 by MAJIC

[MrWorldwide]

I doubt that any two 'Plan B' plans will be exactly alike, and that's not something I'm prepared to try to counsel others on. The key to a Plan B is that it signifies that you've accepted a change in your preferred reality (assuming that lifelong retirement in Asia *is* your 'Plan A' ....) but it's not a change that's going to leave you sitting on KSR with a handmade sign that reads 'Need 5000 baht to get home !' ........ One bad relationship and so much could change for any of us - I dont take the next 15 or so years for granted in any way, shape or form.

Again, planning to fail vs failing to plan, but I dont plan to be that guy with the sign.

[Laceman1]

I have lived in Thailand over two years now. The first year managed very well with my military retirement pension alone. Visited hospital once and reimbursed by TRICARE very quickly. Started receiving Social Security last year and have been able to bank all of it. So can be done and I did not go native. Not the same as the US, but very comfortable.

[NeverSure]

Even in the West, some choose to live beyond their means and some don't. Just don't.

[givenall]

I think the reason I asked this question is because I do want a plan B option. I have a pension from the military and will collect Social Security when I retire. I would like to be able to live on my military pension and bank my Social Security for any emergency. That being said, I don't know what it will be like in two years.

I lived previously in Thailand for a total of 6 years. I don't want to go native and be able to enjoy life. My wife is Thai. We have been married for 23 years so I don't think she is going to bail on me. At least I haven't given her any reason to do so. We should be able to live pretty comfortable but not extravagant. Thanks for the replies. I guess it's all in what your looking for.

The way I see it is not weather I have enough money to the end, it is if my wife will. of course she is younger and will last me few decade more but if she totally depend on me then she will not be in a good shape and if you have any children then even worse

[MrWorldwide]

Neversure, my ambition is to be able to live beyond your means !

Short of a telegram from the Queen if you make it to 100 (!), I see no particular advantage to growing older than everyone else here. Growing poorer than everyone else here, on the other hand ........ definitely not on my to-do list.

[poanoi]

i DID save money the year i lived too far from go-go

[Baloo22]

Yes, I do put some money into savings while living here in Thailand. I, too, am living here on my military retirement. So that gives me an income that is less than some and more than some. At least in my case, I've learned that saving some $$ regularly is not complicated, although it may not be easy. It does take some self-control/self-discipline. Spend less than your income. Make your savings the first "bill" that you pay and make it an automatic payment that occurs before you see/get the money.

Now, if only I realized that, and acted upon it, when I was twenty !!

[jackr]

Op, it is a lot more expensive than the last time you were here and will only get more expensive.

[theblether]

There's a fundamental misunderstanding of the concept of retirement by many people. Feel free to retire from working, but why retire from making money? Go have a look at the financial forum here and you'll find plenty of members who are making money make money.

[i claudius]

Luckily i have lots of money and my familly is rich ,they are my backup plan.

[swissie]

There's a fundamental misunderstanding of the concept of retirement by many people. Feel free to retire from working, but why retire from making money? Go have a look at the financial forum here and you'll find plenty of members who are making money make money.

Kindly direct me to the Forum where all the Farangs are listed that have lost all of their money in Thailand. To print out such a list it would require that the printer is well fed with blank pages. Success Ratio 1 to 100 ?)

What's the rule again and again and again?

- The money must come from outside of Thailand. In form of accumulated wealth beforehand or by way of a truly solid pension.

Farangs, not in the position to claim that this is applicable to their situation are not entering Thailand but they are entering "dreamland."

Cheers.

[Neeranam]

I've lived on 5,000 baht a month and also 150,000 baht a month. I've had savings and now I have none, although I just bought a house(mortgage). I I have any unexpected expenses, I could sell something.

My kids are hopefully my pension plan. If not, I deal with it when it happens.

I don't understand people with pensions for the rest of their lives worrying about stuff like this.

If you really had to you could live here on 10,000 baht a month and eat well.

[cpofc]

No need to go into great detail here. I am the recipient of an Australian military superannuation (pension). I don't live in the bush either. Been there and done that as a young bloke. I am old now, I want comfort and infrastructure! I live in the big smoke where I have access to everything. I have everything I need, and more, including my own house. I eat the best food, smoked salmon and advocado on a daily basis if I want. No, I don't live from payday to payday and don't plan to.

I do admit, I don't own a car. Which is a huge saving. No need to own a car where I live. Taxis 24hrs per day outside my front door. Transport is not a problem, One also must be careful about gathering too many possessions, the more you have the more you have to worry about. Not owning or driving a car in Bangkok has many advantages when it comes to saving money, providing exercise and reducing stress. How many cab rides, at 35 baht per time, can I get for the average price of a decent auto at B500,000? Think about it.

It depends if you want to live here like a tourist, or you want to live 'home style'.

budget, budget, budget. Live within your means. Pay cash for everything. If you don't have the readies, then don't buy it. yes, I could work or make money here if I wanted to. But I don't want to. I don't need it, and besides, I did not come here to work!

Whilst I am paid, and receive income from my banked savings a lot more than I budget on, which BTW is B10,000 per week (as a single man), I don't go without much and what's left over I save,

Yes, I am saving money. In few years I will have even made up the money I spent buying and renovating my house in BKK, where I used up a small amount of my capital. I struck when the iron was hot and bought in at 32 baht to the AUD and when interest rates hit an all time low in Aust. Winner! The only way from here is up.

I may even lash out and head on over to Villers-Bretonneux , France, in 2016 for the 100th Anniversary of my Uncles Death at Pozieres.

So, saving money - Piece of piss!

I understand your 'fears'. it is not easy to give up your country of birth and relocate to another. Don't worry, trust me. You will romp it in.

As for Plan B? I don't need a plan B.

[razorramone]

If you are unable to save money in Thailand, you wont be able to save money anywhere. It is cheap as shit here.

I've lived on 5,000 baht a month and also 150,000 baht a month. I've had savings and now I have none, although I just bought a house(mortgage). I I have any unexpected expenses, I could sell something.

I agree with this. The basics (rent, food, utilities) are very cheap. But Bangkok in particular is one of the most capitalist, consumerist places I have ever been to. "buy more things and be happy". There are a lot of shops ready to take your money, so you could easily blow 150k a month. Depends on you and what your interests are.

Edited September 16, 2013 by razorramone

[FiftyTwo]

I've lived on 5,000 baht a month and also 150,000 baht a month. I've had savings and now I have none, although I just bought a house(mortgage). I I have any unexpected expenses, I could sell something.

My kids are hopefully my pension plan. If not, I deal with it when it happens.

I don't understand people with pensions for the rest of their lives worrying about stuff like this.

If you really had to you could live here on 10,000 baht a month and eat well.

The problem with pensions is they can suddenly rise or fall and appear to be completely unpredictable.

So far this year, I have had

25-40% of one pension fund lost due to mismanagement and poor investment by an iffy IFA (along with many others in CM).

Final salary pension scheme predicting 50% more annual income than I expected.

UK state pension changing around all over the place (how much, how many years NI needed, what age I can take it).

BHT/GBP exchange rate changing 14% in the last 8 months.

How on earth can anyone be expected to prudently plan for the future with wild swings like this happening.

Edited September 16, 2013 by FiftyTwo

[slipperylobster]

Rent 3 bedroom house here for a thousand dollars less than my home in new york. That goes in the bank every month. All other expenses are similar or a bit cheaper. Nice saving 12,000 usd a year...hopefully that money stays in the US bank. This is the first time, since my divorce, I was able to save as much. I have a nice lady, mid 40's, who is very frugal. I know that sounds kind of strange. If you do not mind renting an older home, and staying with a gal that is willing to watch money accrue, then that's the ticket. Spent many years squandering and living month to month. I figure, save for 4 years and then my social security kicks in. At that time, I will have enough in the bank and will not worry about spending more. I enjoy myself, but limit myself to 3 or 4 good nights out a month. 30 baht for a day at the gym or pool is much better that a thousand baht at the pub.

[guzzi850m2]

People with pensions should not care too much, you got money coming in every month for the rest of your lives unless the whole world goes to hell and then it doesn't really matter does it?

Okay if you got a wife it's a different thing, I bough a nice house for my wife (yes yes I know, but don't start okay) and our son can hopefully help her when I goes 6 feet under or she can sell the house and buy a smaller one away from Pattaya.

[GuestHouse]

So far this year, I have had

25-40% of one pension fund lost due to mismanagement and poor investment by an iffy IFA (along with many others in CM).

Name and shame

[mogandave]

If you can save money anywhere, you can save money anywhere. If you can't save money anywhere, you can't save money anywhere.

[ggold]

There's a fundamental misunderstanding of the concept of retirement by many people. Feel free to retire from working, but why retire from making money? Go have a look at the financial forum here and you'll find plenty of members who are making money make money.

Kindly direct me to the Forum where all the Farangs are listed that have lost all of their money in Thailand. To print out such a list it would require that the printer is well fed with blank pages. Success Ratio 1 to 100 ?)

What's the rule again and again and again?

- The money must come from outside of Thailand. In form of accumulated wealth beforehand or by way of a truly solid pension.

Farangs, not in the position to claim that this is applicable to their situation are not entering Thailand but they are entering "dreamland."

Cheers.

That is probably the nicest way of putting it.

[StasD]

in my opinion 40 000-50 000 bath per month is min for a quiet life, not much beer and whisky, sex with massage women from time to time. permanent GF will increase expenses muk-muk)

Edited September 16, 2013 by StasD

[theblether]

There's a fundamental misunderstanding of the concept of retirement by many people. Feel free to retire from working, but why retire from making money? Go have a look at the financial forum here and you'll find plenty of members who are making money make money.

Kindly direct me to the Forum where all the Farangs are listed that have lost all of their money in Thailand. To print out such a list it would require that the printer is well fed with blank pages. Success Ratio 1 to 100 ?)

What's the rule again and again and again?

- The money must come from outside of Thailand. In form of accumulated wealth beforehand or by way of a truly solid pension.

Farangs, not in the position to claim that this is applicable to their situation are not entering Thailand but they are entering "dreamland."

Cheers.

Swissie, where did I say invest in Thailand?

There are hundreds, if not thousands of members here playing the financial markets. Some of the threads on the financial forum are technically superb. Go have a look.

[MrWorldwide]

cpofc, only time will tell if any of us 'need' a Plan B. To me, its no different to keeping a thousand-baht note in your sock, regardless of how many years you've survived without being robbed.