what would you do if you were suddenly broke?

[fireplay]

Set up a second bank account, not the one you regularly operate or which is linked to your TGF, sorry I mean ATM card. Sock away enough to get the hell of out of Dodge in 24hrs. Do not ever never ever ever never touch this account before the fat lady sings.

How much do I have? Honestly, I don't know. Because I set it up years ago - I think it was 50K but I forget - and never looked again.

If you have not done so, do this now.

If you have not touched the account for one or two years then it is probably locked or closed. Had it happen to me and it was my visa funds account, first I knew was when I wanted the letter. The bank swore blind they contacted me, they had mailing address, email and mobile and not a word heard. Then had to go back to the original branch where I opened that account to sort out.

So I move some funds around all my accounts every 6 months. This is also for Australia as they changed the inactive period from 7 to 2 years a few years ago when the Dudd was looking for funds. Moral of the story keep the funds active or risk them not being available when needed.

Cheers

Ouch.

[micmichd]

After my first 3 months in thailand i found myself in siem reap with my buddy and suddenly flat broke. I couldn't pay the girl i met at the club the night before the 10 bux I promised her. She felt sorry for me and let me stay in her apartment for 2 days until my friend and I went back to bkk. My buddy was pissed. He bought my van ticket home and i had to walk from khoasan road to suk soi 22 where my apartment was. I come from a family of tough lovers. They offered to buy me a plane ticket home but wouldn't send me 20 bux. I refused. I told them all i needed was 400 bux to get a suit and some walk around cash until I scored a job teaching.

In the meantime i took my apc40 midi controller and my macbook pro and i started to hustle dj gigs at the little street bars on sukhumvit...soi 11 and soi 22. I actually got some regular gigs doing this...and was paid a commission...got free drinks and some food.

One night after 3 weeks of living like this i was rocking a dj street party all night when i noticed around 7 am things were hitting me. After something shattered my laptop screen i realized someone was sling shotting tamarind nuts at my screen. My source of income. Gone.

A girl in the crowd took me home to her room. She became my girlfriend. She bought me a suit. I finally got my first job 3 weeks after that. I survived from the kindness of a massage girl...who i broke up with 9 months later because she was bat shit crazy. I still love her like a sister. That was 6 years ago.

That's real life.

I survived Germans with the help of those that are called prostitutes by Farangs.

[dotpoom]

All the replies I'v read so far are talking about a "Plan B" or how to avoid getting broke,.... which has nothing to do with the question you posed. When I was about 17 yrs. old I emigrated to the country nearest to my own. I thought I knew it all and it wasn't until I fell in with "bad" company did I realize how "green" I really was. They took me for a ride and left me totally penniless. The following two years I spent sleeping on beaches in the summer and in doorways in cities in the wintertime. I had no contact with family as they (and myself) were an odd lot. My problems began after my Mum died when I was 13 years of age. Now 48 years later I look back and see that period of my life as my greatest asset today. It made me strong in myself as well as having a great understanding of and deep feeling for those among who are suffering today (the boat people in mind now). I understand how mental sickness can touch any of us or our families at any time. I have had to overcome addictions that had enslaved me. I understand how blessed I am not to have been born with different disorders and urges that can hurt others immensely and land a person in lock up for many many years. Above all, I more than realize how blessed I am today to have a simple bed to sleep in and a bowl of rice to eat. But life has given me even much more than I ever dreamed of....it brought me to this beautiful country where the sun shines and people are happy with very little. I have just come in from a walk on the beach next to my own house....can it get any better that that....well actually it can, all I have to do is continue having the desire to try and not hurt, but be of help to others if I can.

[dotpoom]

All the replies I'v read so far are talking about a "Plan B" or how to avoid getting broke,.... which has nothing to do with the question you posed. When I was about 17 yrs. old I emigrated to the country nearest to my own. I thought I knew it all and it wasn't until I fell in with "bad" company did I realize how "green" I really was. They took me for a ride and left me totally penniless. The following two years I spent sleeping on beaches in the summer and in doorways in cities in the wintertime. I had no contact with family as they (and myself) were an odd lot. My problems began after my Mum died when I was 13 years of age. Now 48 years later I look back and see that period of my life as my greatest asset today. It made me strong in myself as well as having a great understanding of and deep feeling for those among who are suffering today (the boat people in mind now). I understand how mental sickness can touch any of us or our families at any time. I have had to overcome addictions that had enslaved me. I understand how blessed I am not to have been born with different disorders and urges that can hurt others immensely and land a person in lock up for many many years. Above all, I more than realize how blessed I am today to have a simple bed to sleep in and a bowl of rice to eat. But life has given me even much more than I ever dreamed of....it brought me to this beautiful country where the sun shines and people are happy with very little. I have just come in from a walk on the beach next to my own house....can it get any better that that....well actually it can, all I have to do is continue having the desire to try and not hurt, but be of help to others if I can.

[smudger1951]

I guess the most likely thing to happen with most of us is problem with our bank cards for accounts in our mother countries. Or our cards getting skimmed and the balance drained off. Leaving the pin around for a tgf to suss out. Believe me, they are checking you out all the time. One night scam or long time sleeper agent waiting for the right moment.

[micmichd]

The "bad company" (Thai bar and massage girls) turned out to be the best help, and the "good company" (German upper middle class) turned out to be scum. In Germany you only have friends when you have money, you're an "unperson" (less than an animal) when you're broke.

[Spock]

The old cliche saying holds true....Don't spend more (invest) in Thailand than you can afford to safely walk away from. The clothes on your back, credit card and passport is all you need to walk or in my case drive away. If you don't abide by this simple rule then Sum num na when it falls apart.

What is the meaning of 'sum num na' and what do the individual words mean? Or give it to me in Thai and I'll get a translation. Please?

[Timebandit]

Fortunately there is a lot of gold for sale here in The Land of Smiles. Take advantage of it and save at your own rate. The price is very low right now. Ernest Hemingway was quoted about bankruptcy as " at first it goes very slowly and then very fast ". Be aware of your income and outlay at all times. Don't let a sexy girl fog up your thinking.

[fireplay]

The old cliche saying holds true....Don't spend more (invest) in Thailand than you can afford to safely walk away from. The clothes on your back, credit card and passport is all you need to walk or in my case drive away. If you don't abide by this simple rule then Sum num na when it falls apart.

What is the meaning of 'sum num na' and what do the individual words mean? Or give it to me in Thai and I'll get a translation. Please?

สมน้ำหน้า means serves you right...you deserve what happens to you for your actions

[off road pat]

you have plan b, ok, but if plan b not working, what would you do?

Improvize,....up to Plan B+.....

Edited September 21, 2015 by off road pat

[hawksway]

Never sell your Home in your Home Country. While in Thailand rent that Home and use part of the income for sensible investments.

All too often, Foreigners come to Thailand after failed Marriages in their Home Country, are left with insufficient monies to buy a new House having lost up to two thirds of their equity and decide to move to Thailand to live out their lives. The future for them is a constant risk as they cannot easily buy a Home in Thailand without falling prey to the local "wild life". As they get older, medical cover gets either very expensive or unavailable and despite private health care being much cheaper in Thailand than back Home. When things go wrong costs can break the Bank very quickly.

Almost every Foreigner I have met in Thailand seems to fall into this category.

To live in Thailand comfortably without risks you need to be a millionaire, a successful entrepreneur or business person. There are quite a number of these in the Country but they are greatly outnumbered by those with a lot fewer resources.

That daily meeting with your Friends at the Bar is a road to disaster!

[micmichd]

If everything else failed, I would still have my brain and body - both good for "dual use"

Of course, the f***ers would like to gain control over both, and they are ultimately violent.

Edited September 21, 2015 by micmichd

[fitnesspm]

My parents told me a young age to always have some kind of money in a hidden bank account that you never touch unless it's an emergency.

I just had to head back to Australia last week cause i'm out of money and using my "emergency" bank account cause i can't work cause i just found out my hand is broken.

Always have money saved up cause we all go through financial problems in life!

[micmichd]

My parents told me a young age to always have some kind of money in a hidden bank account that you never touch unless it's an emergency.

I just had to head back to Australia last week cause i'm out of money and using my "emergency" bank account cause i can't work cause i just found out my hand is broken.

Always have money saved up cause we all go through financial problems in life!

Not so easy, Big Brother is watching your bank accounts very intensively.

[nev]

My parents told me a young age to always have some kind of money in a hidden bank account that you never touch unless it's an emergency.

I just had to head back to Australia last week cause i'm out of money and using my "emergency" bank account cause i can't work cause i just found out my hand is broken.

Always have money saved up cause we all go through financial problems in life!

It's called saving for a rainy day, being self employed all my life I have never had a secure income, so I have always kept money in a separate account in case no work came in.

[smotherb]

Having no money or options in Thailand was the best time of my life. It's what you do in those times defines you.

No, it's allowing yourself to get broke that defines you.

[smotherb]

To me, the entire concept of finding yourself "suddenly broke" is ludicrous. There has to be some time frame involved for allowing your funds to dwindle to the point of nothingness. However, if you couple that with having spent all your finances on medical care, it makes more sense.

Although, I find this topic difficult to imagine, here goes. I suppose I would have had to have somehow lost my pension, sold all my investments, maxed out all my credit cards, mortgaged all my property to the point of negative equity and could not even rent them out or sell them without a loss, disposed of all my personal assets, and, of course, received no payment for the funds I have lent out to so many poor-planning acquaintances.

Relying on family and friends goes against my grain, but I am sure that is plan B for so many. So, I'll address that first.

I have a capable wife, son and daughter-in-law; upon each of whom I could depend. If, for some reason, my immediate family were unable or unwilling to help me, I have an extended family in the US. I have friends here and in the states from whom I could borrow some money, stay with, and be fed temporarily. If for some reason friends and family were unwilling, that would mean I was so despicable I am unworthy of help. So, being the “hansum” man I am, I would have to gigolo that rich older lady to care for me. Failing that, I would steal a cup and beg on the streets, con people out of a few beers and som tam; or simply die.

However, unless I was sick, my dependence on others would not be long term. So, let's address a novel concept; finding work.

I am 70, but still have marketable skills, I could be employed here in Thailand. At worst, I could teach English—before any of you get upset and think I believe anybody who can speak English can teach here (which I do), I have a doctorate and I taught at university for twenty years. I am also a management consultant with over 35 years expatriate experience, most in SEA.

If I needed to go back to the states because I was sick, or simply destitute; the US Embassy will repatriate me, but require me to sign a promissory note and pay it back. This does take a few days, but the embassy will also arrange food and a bed—I know, I helped a friend through that process about two years ago; and yes, he had no plans and simply drank himself into abject poverty. Once in the states, I would have medicare—unless I was so unplanned as to have opted out of that care or it somehow went away with the pension—and could apply for welfare and/or old age assistance.

Before any of you give me the “oh lucky you,” stifle yourself. There was no luck involved. I started work at ten years of age, worked my way through all of my schooling, worked even harder honing my skills and planning for my future. I encountered set-backs, lost small fortunes, and did stupid things, but still haven’t ended up “suddenly broke.”

[coulson]

Having no money or options in Thailand was the best time of my life. It's what you do in those times defines you.

No, it's allowing yourself to get broke that defines you.

Disagree totally. People go broke very quickly for not any one reason, and can pick themselves up again.

Visa problems, recessions, divorces, crimes or self destructive habits, it goes on....don't try and pretend that being clever makes you immune.

I guess all the refugees flooding Europe must be idiots to allow themselves go broke.

Survival produces powerful cognitive action.

Edited September 21, 2015 by coulson

[wabothai]

Join the Syrians

[slipperylobster]

Grow hooters and work in a club.

[Roman51]

Honestly I would feel bad knowing that I don't have any alternatives. Like for example, money given to my sister for safekeeping, to whom I could apply in the case of losing everything I have, to be able to return to my country.

But consider the case about which you write. So I have nothing, lost everything, I have no money for a rainy day. I understand that I am not a citizen of Thailand? In this case, first I would go for help to Embassy of my country.

Edited September 21, 2015 by Roman51

[CharlieH]

To me, the entire concept of finding yourself "suddenly broke" is ludicrous. There has to be some time frame involved for allowing your funds to dwindle to the point of nothingness. However, if you couple that with having spent all your finances on medical care, it makes more sense.

Although, I find this topic difficult to imagine, here goes. I suppose I would have had to have somehow lost my pension, sold all my investments, maxed out all my credit cards, mortgaged all my property to the point of negative equity and could not even rent them out or sell them without a loss, disposed of all my personal assets, and, of course, received no payment for the funds I have lent out to so many poor-planning acquaintances.

Relying on family and friends goes against my grain, but I am sure that is plan B for so many. So, I'll address that first.

I have a capable wife, son and daughter-in-law; upon each of whom I could depend. If, for some reason, my immediate family were unable or unwilling to help me, I have an extended family in the US. I have friends here and in the states from whom I could borrow some money, stay with, and be fed temporarily. If for some reason friends and family were unwilling, that would mean I was so despicable I am unworthy of help. So, being the “hansum” man I am, I would have to gigolo that rich older lady to care for me. Failing that, I would steal a cup and beg on the streets, con people out of a few beers and som tam; or simply die.

However, unless I was sick, my dependence on others would not be long term. So, let's address a novel concept; finding work.

I am 70, but still have marketable skills, I could be employed here in Thailand. At worst, I could teach English—before any of you get upset and think I believe anybody who can speak English can teach here (which I do), I have a doctorate and I taught at university for twenty years. I am also a management consultant with over 35 years expatriate experience, most in SEA.

If I needed to go back to the states because I was sick, or simply destitute; the US Embassy will repatriate me, but require me to sign a promissory note and pay it back. This does take a few days, but the embassy will also arrange food and a bed—I know, I helped a friend through that process about two years ago; and yes, he had no plans and simply drank himself into abject poverty. Once in the states, I would have medicare—unless I was so unplanned as to have opted out of that care or it somehow went away with the pension—and could apply for welfare and/or old age assistance.

Before any of you give me the “oh lucky you,” stifle yourself. There was no luck involved. I started work at ten years of age, worked my way through all of my schooling, worked even harder honing my skills and planning for my future. I encountered set-backs, lost small fortunes, and did stupid things, but still haven’t ended up “suddenly broke.”

There has to be some time??? really, there are some on this forum that would disagree, here's a scenario where it can happen in seconds.

Riding your motorcycle (or driving a car) you get hit, paralysed, or comatose, You wake up several weeks later in hospital with a HUGE hospital bill, as a result of no insurance, you are now wiped out financially, all in just a few seconds, as the Hospital wont release you until the bill is paid, yes you "may" be able to work something out with a payment plan, but it will still hit some very hard and be potentially devastating financially.

Now, obviously the "smart" thing is to have insurance and people around you etc that will take care of things until you are able, BUT there are many who dont and adopt the "it cant/wont happen to me"

So as the basis of this thread is "what if" the above scenario can be and has been very real for some.

[micmichd]

Very interesting thread. Almost everyone here agrees that you should have a plan B at least. Left alone the question if you can save enough money for emergency cases, all planning (and implementing) require decisions. Decisions require a free will.

What would you fo if you were denied a free will and - consequently - the ability to make decisions?

[ozyjon]

I always have a plan B, then C and D

when my ex kicked me out after the

house was finished i headed straight

to plan B, in Udon Thani,,then plan C

was waiting in Bangkok then relaxed

with plan D in Pattaya, women in any

country will take what they can, fools

and money will soon be parted, but

not me i have a secret ATM card

somewhere only i know, it's with my

sister overseas in a pre paid envelope

if i get into trouble all she has to do

is put it in a post box, done deal.

[SheungWan]

I have an AMEX card.

[soalbundy]

I always have a plan B, then C and D

when my ex kicked me out after the

house was finished i headed straight

to plan B, in Udon Thani,,then plan C

was waiting in Bangkok then relaxed

with plan D in Pattaya, women in any

country will take what they can, fools

and money will soon be parted, but

not me i have a secret ATM card

somewhere only i know, it's with my

sister overseas in a pre paid envelope

if i get into trouble all she has to do

is put it in a post box, done deal.

relying on the Thai post, good luck with that.

[micmichd]

I always have a plan B, then C and D

when my ex kicked me out after the

house was finished i headed straight

to plan B, in Udon Thani,,then plan C

was waiting in Bangkok then relaxed

with plan D in Pattaya, women in any

country will take what they can, fools

and money will soon be parted, but

not me i have a secret ATM card

somewhere only i know, it's with my

sister overseas in a pre paid envelope

if i get into trouble all she has to do

is put it in a post box, done deal.

Then they raise the postal fee, underpaid is your envelope, and never get here does your secret ATM card.

[Sutty]

Never sell your Home in your Home Country. While in Thailand rent that Home and use part of the income for sensible investments.

All too often, Foreigners come to Thailand after failed Marriages in their Home Country, are left with insufficient monies to buy a new House having lost up to two thirds of their equity and decide to move to Thailand to live out their lives. The future for them is a constant risk as they cannot easily buy a Home in Thailand without falling prey to the local "wild life". As they get older, medical cover gets either very expensive or unavailable and despite private health care being much cheaper in Thailand than back Home. When things go wrong costs can break the Bank very quickly.

Almost every Foreigner I have met in Thailand seems to fall into this category.

To live in Thailand comfortably without risks you need to be a millionaire, a successful entrepreneur or business person. There are quite a number of these in the Country but they are greatly outnumbered by those with a lot fewer resources.

That daily meeting with your Friends at the Bar is a road to disaster!

Good advise to a point problem is for instance now my home in UK is say worth 240 thousand GBP the way things are going over there boom and bust again in 6 months it might be worth 210 thousand GBP for sure it won't rise in value within those 6 months so I sell now 240 thousand in the bank minus usual fee's. Wait and hope lose 30 thousand. Then have to wait for the full circle again which as in last bust was nearly 6 years to get house back to its then value. So 30 thousand in the bank for me. Renting yes ok but the problems faced with tenants now a days unless your really lucky then give the agent there cut then the tax man no thanks not worth the hassle for me.

[hagler]

It took me a long time to get decently rich.

It would take 3 lifetimes now for me to get decently broke

Will worry about it in 3 reincarnations if it happens

[micmichd]

I have an AMEX card.

Credit cards can be invalidated by the issuing bank.