Thais have very poor financial management skills

[Fookhaht]

If their financial skills are so poor, how do they live here on 9,000 baht per month when most of us would starve to death on less than 5-10x that amount?

Speak for yourself.

Financial management is all about how much you spend, not how much you make.

That's exactly his point.

Sent from my iPhone using Thaivisa Connect Thailand

I was referring to the last half of his assertion. No, he is not accurately speaking for even most of us, I dare say. Thousands of expats are making below the financial threshold he postulates, and they/we do just fine.

Thousands of expats are making 9,000 baht a month?

Sent from my iPhone using Thaivisa Connect Thailand

I am referring to the expat threshold he postulated: 9,000 x 5 - 10 x. Sorry for the ambiguity.

Edited May 1, 2014 by Fookhaht

[spidermike007]

Most of the people I know in the west have zero financial management skills. Not sure if this is a Thai thing, as they make it out to be.

[Tokay]

In other news, Thais also like to eat rice.

[IBoldnewguy]

In other news.

The sky is blue and the Sun is hot.

Here in NM.... it's chile tonight.... and hot tamale....

[recycler]

Lack of critical thinking makes many people here very easily influenced by advertizing and peer pressure

Lack of information on easy available credits

Lack of calculation skills

Government promotions like the first car plan are probably the reason for a big portion of the debt increase!

[zeekgarcia]

Again with this article I am wondering again if there is any information on the average salary of Thai workers.

A Thai with a 6th grade education would on average make _____ baht a month?

A Thai with a high school education would on average make ____ baht a month?

A Thai that graduated with a Bachelor's degree on average makes ___ baht a month?

Thanks for your help.

[Namy]

Keep looking down on Thais , so your people who cannot manage your finance successfully in your own country and come to find the shelter in Thailand plus some are mucking around spending money on heavy drinking and bar girls, will feel good about themselves. Haha

[soalbundy]

Understood ... but what if it's from formal lenders? And anyway would informal borrowing/lending show up in the statistics?

You don't get money from formal lenders if you have no assets that they can take from you in the event of non payment of debt,or you need a garrantor who will have to pay your debt if you default.

[dighambara]

IMHO - it is a ploy by those in charge to ensure they have a ready supply of slaves.

Education avoids History, Math, Geography, Science and Critical Thinking.

Even the law forbiding foreigners to own land is a disincentive to landowners, for fear there might be a group of Neauvo Riche from farmers selling their land to a foreign company for a reasonable price.

Prostitution is one of the few ways for a young woman to pull herself 'by the bootstraps' - if she saves her income she has a very good retirement.

Most girls throw the money at their families which have no concept how to manage what they receive.

[rotary]

I would like to see the same survey done in the USA and other western countries.

[soalbundy]

I again reiterate: it's not how much you make; it's how much you spend that reveals your ability to manage finance

Ps how the hell did you get a visa if you earn 10k baht a month!?

How the hell is a visa connected to salary?

A certain minimum of income is required for a visa and 10k is way too low.

[soalbundy]

So,just for the record,what are they good at ?

Being polite. Not questioning others ways of living. Smiling. Keeping their judgements to themselves.

doesn't make you much money, and wouldn't look too good on a CV as being the only qualifications attained.

[ginjag]

Seems to be a trend that if there is no personal financial gain, (government money) poor financial skill operate.

IF it is for personal gain brilliant financial skills come into play.

[soalbundy]

All that education will do is tell the ones who haven't yet heard of the bliss of being in debt up to your eyeballs to go to the bank and try their luck. Gotta keep up with the Joneses.

Anyone who lives within their means show a lack off imagination, Oscar Wilde.

Money is like manure,it only does any good if its spread around. Unknown

[ginjag]

I again reiterate: it's not how much you make; it's how much you spend that reveals your ability to manage finance

Ps how the hell did you get a visa if you earn 10k baht a month!?

How the hell is a visa connected to salary?

A certain minimum of income is required for a visa and 10k is way too low.

A 1 year O visa, for the older tourist there are little restrictions, depends on the officer at the time. Some ask for a bank statement, some ask for deeds to condo's, together with passport and entry/exit immigration stamps.

[GeorgeO]

There is a great deal of pressure placed onto the consumer in Thailand by the policy of upping the prices for 3.5 weeks in the month then offering the true price for 3-4 days as an amazing "discount". Unfortunately the Thai/Asian consumer necessity to detail how you got a better price is to blame here rather than the suppliers.

The big change, as detailed before, is readily available credit. There are PLENTY of people in Thailand that can afford a lot however there are a LOT more people acting like they can. One day somebody's going to say "I need my money now" and there is going to be a problem. Basically the same thing that happened in 2008 in the US & Europe. The problem is that the level of credit worthiness has not been well assessed in Thailand so there are a lot of people borrowing many multiples of their wage without any thought/guidance.

When the government help people to get into debt with populist 1st car schemes etc. Then that entices people into debt! Even with the rice farmers, how many rushed into debt thinking they were going to be able to afford to pay back that debt with inflated prices they were going to get for their rice!

But as said by someone else, most Thais only think for today, tomorrow can take care of itself! Forward thinking is not a strong point. Though you would hope a government would be more responsible than helping it's citizens get deeper into debt.

I'm quite surprised it took so long for the rice farmers to get a mention in this thread, but it does seem clear that this "government" could go a long way to reducing the current household debt level if they would just pay the farmers what they owe them without any more pussyfooting about...!!

[belg]

no s h i t sherlock

they need a report for this ?

[Jonmarleesco]

'... students, low-income people, and farmers. Shockingly, they make up at least 70 percent of the Thai population.' Shockingly? With farmers and low-income earners in the list, what percentage would be expected to be the norm? .

'... the latter group’s excessive spending habit was influenced by commercial advertisements on mainstream media.' Well, with more ads than entertainment, hardly a surprise there.

[DrTuner]

Again with this article I am wondering again if there is any information on the average salary of Thai workers.

A Thai with a 6th grade education would on average make _____ baht a month?

A Thai with a high school education would on average make ____ baht a month?

A Thai that graduated with a Bachelor's degree on average makes ___ baht a month?

Thanks for your help.

Here's one: http://www.kellyservices.co.th/uploadedFiles/Thailand_-_Kelly_Services/4-Resource_Center/White_Papers_and_Reports/Thailand%20Salary%20ebook%202013-14.pdf

It's notable that managers make a lot more than the workers. Explains why nothing ever gets done, outside blowing hot air.

Edited May 2, 2014 by DrTuner

[Munger]

Keep looking down on Thais , so your people who cannot manage your finance successfully in your own country and come to find the shelter in Thailand plus some are mucking around spending money on heavy drinking and bar girls, will feel good about themselves. Haha

BUT, the report was from the "Bank of Thailand". So the Thais are looking down on Thais. WISE UP "Namy"

[draftvader]

So,just for the record,what are they good at ?

Being polite. Not questioning others ways of living. Smiling. Keeping their judgements to themselves.

doesn't make you much money, and wouldn't look too good on a CV as being the only qualifications attained.

You didn't stipulate "what are they good at....for making money?". For making money there are plenty of Thais who are exceptional at it. I know quite a lot of them. As with anywhere in the world some a nice others are pricks. Today one friend (successful businessman with medium sized supply business) has loaned me his Mercedes for the week-end (as he has done before). When I picked it up he told me that it has a full tank. I told him that I would return it full and he told me not to bother (naturally I will and spotlessly clean). Meanwhile another Thai friend whose family have good money have been trying to arrange for my family to take their holiday home. Unfortunately another family member had already agreed to take it. They told us that if we want it in future we just pay B200 to the maid when we leave....for a 2 bedroom home with pool by the sea!!

My point is that there are plenty of people with excellent skills making good money and they are not judgmental (i.e. the Mercedes owner is Muslim but doesn't mind that I will transport beer with me in his car) or questioning of our way of living.

As anywhere there are pricks and there are nice people. I guess I'm blessed in knowing nice people....or maybe it is because I am nice to them and go out of my way to help them?

You get from this life what you put in.

As far as what the "general" low wage population is good at? Copying. Masters at copying. That makes them an exploitable resource and keeps them in employment. Sure there are some feckless lazy bas**rds out there but I know far more hard working people in this country (how many of us know a vendor who we see ALL day EVERY day in the same location?....how much hard work is that?) and I have seen some excellent examples of business people who would be snapped up in the West.

Guess it is who you know.

[soalbundy]

So,just for the record,what are they good at ?

Being polite. Not questioning others ways of living. Smiling. Keeping their judgements to themselves.

doesn't make you much money, and wouldn't look too good on a CV as being the only qualifications attained.

You didn't stipulate "what are they good at....for making money?". For making money there are plenty of Thais who are exceptional at it. I know quite a lot of them. As with anywhere in the world some a nice others are pricks. Today one friend (successful businessman with medium sized supply business) has loaned me his Mercedes for the week-end (as he has done before). When I picked it up he told me that it has a full tank. I told him that I would return it full and he told me not to bother (naturally I will and spotlessly clean). Meanwhile another Thai friend whose family have good money have been trying to arrange for my family to take their holiday home. Unfortunately another family member had already agreed to take it. They told us that if we want it in future we just pay B200 to the maid when we leave....for a 2 bedroom home with pool by the sea!!

My point is that there are plenty of people with excellent skills making good money and they are not judgmental (i.e. the Mercedes owner is Muslim but doesn't mind that I will transport beer with me in his car) or questioning of our way of living.

As anywhere there are pricks and there are nice people. I guess I'm blessed in knowing nice people....or maybe it is because I am nice to them and go out of my way to help them?

You get from this life what you put in.

As far as what the "general" low wage population is good at? Copying. Masters at copying. That makes them an exploitable resource and keeps them in employment. Sure there are some feckless lazy bas**rds out there but I know far more hard working people in this country (how many of us know a vendor who we see ALL day EVERY day in the same location?....how much hard work is that?) and I have seen some excellent examples of business people who would be snapped up in the West.

Guess it is who you know.

You know some nice rich people, i know some nice poor farmers,,big difference.........but point taken.

[draftvader]

Being polite. Not questioning others ways of living. Smiling. Keeping their judgements to themselves.

doesn't make you much money, and wouldn't look too good on a CV as being the only qualifications attained.

You didn't stipulate "what are they good at....for making money?". For making money there are plenty of Thais who are exceptional at it. I know quite a lot of them. As with anywhere in the world some a nice others are pricks. Today one friend (successful businessman with medium sized supply business) has loaned me his Mercedes for the week-end (as he has done before). When I picked it up he told me that it has a full tank. I told him that I would return it full and he told me not to bother (naturally I will and spotlessly clean). Meanwhile another Thai friend whose family have good money have been trying to arrange for my family to take their holiday home. Unfortunately another family member had already agreed to take it. They told us that if we want it in future we just pay B200 to the maid when we leave....for a 2 bedroom home with pool by the sea!!

My point is that there are plenty of people with excellent skills making good money and they are not judgmental (i.e. the Mercedes owner is Muslim but doesn't mind that I will transport beer with me in his car) or questioning of our way of living.

As anywhere there are pricks and there are nice people. I guess I'm blessed in knowing nice people....or maybe it is because I am nice to them and go out of my way to help them?

You get from this life what you put in.

As far as what the "general" low wage population is good at? Copying. Masters at copying. That makes them an exploitable resource and keeps them in employment. Sure there are some feckless lazy bas**rds out there but I know far more hard working people in this country (how many of us know a vendor who we see ALL day EVERY day in the same location?....how much hard work is that?) and I have seen some excellent examples of business people who would be snapped up in the West.

Guess it is who you know.

You know some nice rich people, i know some nice poor farmers,,big difference.........but point taken.

Trust me I know plenty of uber poor people in Thailand. They are, on the whole, just as generous and loving. There are also some poor pricks that I wish I didn't know but a live and let live attitude and the decision to NEVER get involved with them has served me well. The rich pricks make my skin crawl more somehow!

[marko kok prong]

Before I left the west I remember a college telling me I was completely crazy if I did not borrow 400k au and buy a house. A reminder, interest rates have never been this low in Australian history. And debt never this high.

Practicality every one I know in Australia who works has a 200k au plus mortgage. My sister has over 1 million in debt.

I would say, by far, the west is absolutely insane when it comes to money.

I remember the carange of japan, I drove along a river and from Narita airport all the way into saitama blue tents lined the banks the whole way. My wife told me to shut up multiple times as I narrated the blue tent scenery constantly for 4 hours.

I never forget one homeless guy who was interviewed. He had a Carpenter business, when interest rates spiked to 15% he and every one who had debt were wiped out.

Interest rates have been going down since then for 40 plus years.

This time around around it will be the west who will be caught with their pants down.

And Australians are not food producing farmers either.

So you have recovered since your last thread have you?

[marko kok prong]

So,just for the record,what are they good at ?

Being polite. Not questioning others ways of living. Smiling. Keeping their judgements to themselves.

huh? not questioning others' ways of leaving and keeping their opinions to themselves? You are either a Thai in denial or do not speak any Thai at all. Khun ting tong mai?

I have lived all over the world and have never seen such a judgemental, opinionated, and openly racist society.

I am neither. Maybe I have just got lucky so far? Maybe I have put in what I want to get out? Maybe I am discerning in my friendships?

Carefull Draftvader did you know geoman1976 is a PMP.

[louse1953]

We are all slaves of debit! Whatever they say, Thai people or not we all have financial problems. It is not about your "managment skills", for instance Asia culture know much better how live their lives in a budget. I'm just another westerner and I can assure you, this is true!

Rubbish, people fall into the same trap everywhere, Asian culture is no different.

People all over Asia are increasing their personal debt even though a lot of salaries have risen significantly over the past 10 years,, why? If you are correct why has this increase in wealth not resulted in huge amounts of savings and why is the debt increasing so fast?

Simple, they get more money, get a taste of a bette life (or what they are told is a better life), they then watch the media, accept the credit cards and spend on stuff they never had before but now think they need.

I have worked in Asia for many years and seen this happening very rapidly,, China is supposed to be a communist country but the major cities are full of greed (and iPhones)

Nothing to do with cost of living skyrocketing i suppose.

[GAZZPA]

We are all slaves of debit! Whatever they say, Thai people or not we all have financial problems. It is not about your "managment skills", for instance Asia culture know much better how live their lives in a budget. I'm just another westerner and I can assure you, this is true!

Rubbish, people fall into the same trap everywhere, Asian culture is no different.

People all over Asia are increasing their personal debt even though a lot of salaries have risen significantly over the past 10 years,, why? If you are correct why has this increase in wealth not resulted in huge amounts of savings and why is the debt increasing so fast?

Simple, they get more money, get a taste of a bette life (or what they are told is a better life), they then watch the media, accept the credit cards and spend on stuff they never had before but now think they need.

I have worked in Asia for many years and seen this happening very rapidly,, China is supposed to be a communist country but the major cities are full of greed (and iPhones)

Nothing to do with cost of living skyrocketing i suppose.

I don't think so. If you are suggesting that people are building personal debt in Thailand to buy food and necessities then the country is in very serious trouble and is heading for a hunger crisis and total economic collapse. I think it is more likely the car buying scheme, iPhones, flat tv's and other luxuries that they have never owned before.

It is the materialistic trap created by the west spreading all over the world.

[puukao]

Life is short. Why live in poverty 100% of the time, if you can borrow and at least enjoy some of life's pleasures? Ok, how about life within your means but splurge a few times a month? Well, this is a slippery-slope and will lead to the same demise. I'm sure the "happy" years are from 20-30, so borrow and enjoy your one life. work when you are 80 to pay it back, but money at 80 is not like money at 30. unless you have kids, married...then all bets are off. i do not blame the West. Anyone in the world would rather live in a nice house than a bad house, good neighborhood than bad, good car versus bad, etc....and every country has salespersons that lie so they make money. i cannot blame microsoft for making billions, or the internet being created to spread such lavish lifestyles. if so, ban movies, ban everything....then we are back to one King and 1,000,000 poor people. yes, throughout history, some are exploited while others thrive. poor finances is not really that....it might be a poor PLAN. try a business, but fail. that is ok, as long as you really planned.

sent from my iphone 8ac beta with HD twitter upgrades for only $49,99 a week!!

[louse1953]

Again with this article I am wondering again if there is any information on the average salary of Thai workers.

A Thai with a 6th grade education would on average make _____ baht a month?

A Thai with a high school education would on average make ____ baht a month?

A Thai that graduated with a Bachelor's degree on average makes ___ baht a month?

Thanks for your help.

Here's one: http://www.kellyservices.co.th/uploadedFiles/Thailand_-_Kelly_Services/4-Resource_Center/White_Papers_and_Reports/Thailand%20Salary%20ebook%202013-14.pdf

It's notable that managers make a lot more than the workers. Explains why nothing ever gets done, outside blowing hot air.

In Aust.CEO "earn"12× more than workers,but want workers continually to tighten the belt.When they fail they get a golden handshake to leave quietly.Same same around the world.

[Eloelo]

I know quite a few females who are very good at managing their money and other peoples money when they have spent there allotted amount. on the phone they go looking for more money to manage.