what would you do if you were suddenly broke?

[ggt]

I come from parents of modest middle class means...teaching me the value of hard work and protecting one's assets...always putting something away in case of an emergency or natural catastrophe...that being said...if I should wake up one day suddenly broke...I would put my head between my legs and kiss this world goodbye...

[SheungWan]

I have an AMEX card.

Credit cards can be invalidated by the issuing bank.

I have a whole wallet full of CCs.

Edited September 21, 2015 by SheungWan

[CharlieH]

All anyone can do really is hope for the best, but plan for the worst.

If we lived our lives on the "what if" train we would never set foot outside the door, but its interesting to see others views and who knows we may uncover something or give someone pause for thought that may help them in the long run, or even tomorrow.

[uptheos]

Good question, if I end up broke I would hope my wife will support me as I have helped her when she was down and out, I have saved her losing 2 blocks of land, 30 rai of farming land and her 5.7 tonne Hino truck by paying off a debt with the factory she delt with.

You're a nice guy nev but that's no plan B, it's wishful/hopeful thinking.

Maybe you're right and maybe....................

Hope you never have to put it to the test

[micmichd]

Improvisation?

[phrodan]

To answer the OP, which most of you haven't ( he asked if you were destutute, not if you had a credit card to back you up ).

I'd report to my Embassy and let them know my situ. I would ask them to contact my family in the UK to see if they would be prepared to help me. If not, I'd ask them to contact friends to see if they would be prepared to help me. If not:

I'd walk in front of a speeding bus. And my last thoughts would be:

"What kind of sociopath am I that no one would help me in my time of need?"

***********************************************

To show off, as many other members of this forum have - there's not a chance that I wouldn't get help. I know fifty people who would pay for my repatriation in a hearbeat, without question. There would be a race to the bank between sons and daughters, parents, sister, aunts, uncles, cousins, nieces and nephews - as well as childhood friends. That's before we even start talking about business partners, drinking buddies, and others.

That's because I'm not a sociopath - I know I'm an integral part of my family and other people's lives. I get back what I give.

***********************************************

Guesthouse as usual nails it. Devastating events in health can throw anyone off-track. "The best laid plans of mice and men go gang aglee." Like many others - I am insured to the hilt, and there's no healthcare crisis that I couldn't realistically fund from my own pocket. I also have layers of income, bank accounts everywhere, and cards coming out of my ears.

What I also have - which may be of interest to the more switched-on among you, is a Living Power of Attorney. My sisters are both in possession of it - and they have the access codes to all of my bank accounts, financial affairs, the lot. We will have our annual assessment dinner this weekend and I will update all security codes, and let them know of any additional accounts I've opened. That includes overseas accounts, of course.

One of the key mistakes that expats, and may I say, non-expats make too, is leaving their family in the dark - so in the event of a catastrophic illness possibly rendereing you non-compis, they don't even know where to start.

That's bad life planning.

Sort it out.

*************************************************

If you have friends in Thailand, give them a copy of your health insurance - just in case there's a problem. Also an idea to give a copy to your hotel/condo manager if possible. Don't be the guy lying on the gurney non-compis while the hospital works out of your insured.

I bet some of you will read this bit and say "eff me, I never thought of that."

Just a little bit of planning can make a big difference at a time of crisis.

[JLCrab]

Why not ask Louis Winthorpe III

[micmichd]

To answer the OP, which most of you haven't ( he asked if you were destutute, not if you had a credit card to back you up ).

I'd report to my Embassy and let them know my situ. I would ask them to contact my family in the UK to see if they would be prepared to help me. If not, I'd ask them to contact friends to see if they would be prepared to help me. If not:

I'd walk in front of a speeding bus. And my last thoughts would be:

"What kind of sociopath am I that no one would help me in my time of need?"

***********************************************

To show off, as many other members of this forum have - there's not a chance that I wouldn't get help. I know fifty people who would pay for my repatriation in a hearbeat, without question. There would be a race to the bank between sons and daughters, parents, sister, aunts, uncles, cousins, nieces and nephews - as well as childhood friends. That's before we even start talking about business partners, drinking buddies, and others.

That's because I'm not a sociopath - I know I'm an integral part of my family and other people's lives. I get back what I give.

***********************************************

Guesthouse as usual nails it. Devastating events in health can throw anyone off-track. "The best laid plans of mice and men go gang aglee." Like many others - I am insured to the hilt, and there's no healthcare crisis that I couldn't realistically fund from my own pocket. I also have layers of income, bank accounts everywhere, and cards coming out of my ears.

What I also have - which may be of interest to the more switched-on among you, is a Living Power of Attorney. My sisters are both in possession of it - and they have the access codes to all of my bank accounts, financial affairs, the lot. We will have our annual assessment dinner this weekend and I will update all security codes, and let them know of any additional accounts I've opened. That includes overseas accounts, of course.

One of the key mistakes that expats, and may I say, non-expats make too, is leaving their family in the dark - so in the event of a catastrophic illness possibly rendereing you non-compis, they don't even know where to start.

That's bad life planning.

Sort it out.

*************************************************

If you have friends in Thailand, give them a copy of your health insurance - just in case there's a problem. Also an idea to give a copy to your hotel/condo manager if possible. Don't be the guy lying on the gurney non-compis while the hospital works out of your insured.

I bet some of you will read this bit and say "eff me, I never thought of that."

Just a little bit of planning can make a big difference at a time of crisis.

So I'm a sociopath when I'm an orphan?

[phrodan]

To answer the OP, which most of you haven't ( he asked if you were destutute, not if you had a credit card to back you up ).

I'd report to my Embassy and let them know my situ. I would ask them to contact my family in the UK to see if they would be prepared to help me. If not, I'd ask them to contact friends to see if they would be prepared to help me. If not:

I'd walk in front of a speeding bus. And my last thoughts would be:

"What kind of sociopath am I that no one would help me in my time of need?"

***********************************************

To show off, as many other members of this forum have - there's not a chance that I wouldn't get help. I know fifty people who would pay for my repatriation in a hearbeat, without question. There would be a race to the bank between sons and daughters, parents, sister, aunts, uncles, cousins, nieces and nephews - as well as childhood friends. That's before we even start talking about business partners, drinking buddies, and others.

That's because I'm not a sociopath - I know I'm an integral part of my family and other people's lives. I get back what I give.

***********************************************

Guesthouse as usual nails it. Devastating events in health can throw anyone off-track. "The best laid plans of mice and men go gang aglee." Like many others - I am insured to the hilt, and there's no healthcare crisis that I couldn't realistically fund from my own pocket. I also have layers of income, bank accounts everywhere, and cards coming out of my ears.

What I also have - which may be of interest to the more switched-on among you, is a Living Power of Attorney. My sisters are both in possession of it - and they have the access codes to all of my bank accounts, financial affairs, the lot. We will have our annual assessment dinner this weekend and I will update all security codes, and let them know of any additional accounts I've opened. That includes overseas accounts, of course.

One of the key mistakes that expats, and may I say, non-expats make too, is leaving their family in the dark - so in the event of a catastrophic illness possibly rendereing you non-compis, they don't even know where to start.

That's bad life planning.

Sort it out.

*************************************************

If you have friends in Thailand, give them a copy of your health insurance - just in case there's a problem. Also an idea to give a copy to your hotel/condo manager if possible. Don't be the guy lying on the gurney non-compis while the hospital works out of your insured.

I bet some of you will read this bit and say "eff me, I never thought of that."

Just a little bit of planning can make a big difference at a time of crisis.

So I'm a sociopath when I'm an orphan?

Are orphans unable to make friends?

[Berkshire]

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.

You are correct that this scenario is possible. But if one is a person who plans ahead, wouldn't one have already prepared for this scenario?

[micmichd]

You can make many plans, for almost every possible scenario. But every plan takes time, and you run the risk you never make it to Thailand if you waste too much time.

[micmichd]

To answer the OP, which most of you haven't ( he asked if you were destutute, not if you had a credit card to back you up ).

I'd report to my Embassy and let them know my situ. I would ask them to contact my family in the UK to see if they would be prepared to help me. If not, I'd ask them to contact friends to see if they would be prepared to help me. If not:

I'd walk in front of a speeding bus. And my last thoughts would be:

"What kind of sociopath am I that no one would help me in my time of need?"

***********************************************

To show off, as many other members of this forum have - there's not a chance that I wouldn't get help. I know fifty people who would pay for my repatriation in a hearbeat, without question. There would be a race to the bank between sons and daughters, parents, sister, aunts, uncles, cousins, nieces and nephews - as well as childhood friends. That's before we even start talking about business partners, drinking buddies, and others.

That's because I'm not a sociopath - I know I'm an integral part of my family and other people's lives. I get back what I give.

***********************************************

Guesthouse as usual nails it. Devastating events in health can throw anyone off-track. "The best laid plans of mice and men go gang aglee." Like many others - I am insured to the hilt, and there's no healthcare crisis that I couldn't realistically fund from my own pocket. I also have layers of income, bank accounts everywhere, and cards coming out of my ears.

What I also have - which may be of interest to the more switched-on among you, is a Living Power of Attorney. My sisters are both in possession of it - and they have the access codes to all of my bank accounts, financial affairs, the lot. We will have our annual assessment dinner this weekend and I will update all security codes, and let them know of any additional accounts I've opened. That includes overseas accounts, of course.

One of the key mistakes that expats, and may I say, non-expats make too, is leaving their family in the dark - so in the event of a catastrophic illness possibly rendereing you non-compis, they don't even know where to start.

That's bad life planning.

Sort it out.

*************************************************

If you have friends in Thailand, give them a copy of your health insurance - just in case there's a problem. Also an idea to give a copy to your hotel/condo manager if possible. Don't be the guy lying on the gurney non-compis while the hospital works out of your insured.

I bet some of you will read this bit and say "eff me, I never thought of that."

Just a little bit of planning can make a big difference at a time of crisis.

So I'm a sociopath when I'm an orphan?

Are orphans unable to make friends?

No, of course orphans are able to make friends.

Are sociopaths unable to make friends?

[williet98248]

Well of course this happens in Thailand quite often. When you are younger not so bad but many older guys who run out of money and or health take a header off a balcony, go for a long swim, hang themselves off the ceiling fan. Many people on this forum don't believe the finding of suicide by the BIB but I am not surprised that many farangs kill themselves when things go tits up.

[joshstiles]

i would put a post on tvf bc its a successful website and i am sure i can get some money

[RolandRat]

As one guy did, go visit the gun range in Pattaya, only need one round, problem solved.

[Tragic]

Moneyboy

[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.

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.

I've faced visa problems, recessions, divorces, crimes, and self-destructive habits; yet have never gone broke. You'd be surprised all that is under your control if you are clever enough. Perhaps you need to rethink your opinion. For example, do you really believe all those refugees are broke?

[smotherb]

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

That's a good question. What would you do?

Plan C

[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.

I've faced visa problems, recessions, divorces, crimes, and self-destructive habits; yet have never gone broke. You'd be surprised all that is under your control if you are clever enough. Perhaps you need to rethink your opinion. For example, do you really believe all those refugees are broke?

No they're not broke because they landed in a nanny state, the smart ones who made it that is. If they hadn't moved fast under fear and desperation to survive they may not be doing so good.

I'm not sure if you're agreeing or disagreeing with me so I'll hold on rethinking my opinions for now.

Tootles

[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.”

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.

Leally? Do you think hospitals would keep you there with no money, or would they work out some repayment plan?

If I had an accident, amassed a huge bill, and had no insurance, it would not terminate my pension, disallow refinancing of my properties, discontinue my futures on natural resources, or necessarily wipe out my liquid assets. So, yes, it would take some time.

Now, had an accident happened in my youth, before I had all the contingencies, I would have had the insurance from my employers--even in between contracts I continued the insurance.

Sorry for all those who do not have the wherewithal to weather a catastrophe; it's called proper planning.

[BKKSnowBird]

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.

Do you guys live in the same Thailand as me???

Stop picking up women from bars.

[nev]

Good question, if I end up broke I would hope my wife will support me as I have helped her when she was down and out, I have saved her losing 2 blocks of land, 30 rai of farming land and her 5.7 tonne Hino truck by paying off a debt with the factory she delt with.

You're a nice guy nev but that's no plan B, it's wishful/hopeful thinking.

Maybe you're right and maybe....................

Hope you never have to put it to the test

Mate so do I, anyway the money I paid off her debt with is being earned back as I told her I will go back to work and save back.

I have a plan b mate I have money in Australia that I don't touch which is my back up.

[micmichd]

Nice to see that most posters here rely on contracts or money back at home.

That rises the question in me: Can you really rely on this?

Contracts can be broken. Maybe you can go to court to enforce them, but that takes time, and in the mean time you're broke.

Don't say it can't happen, it happened to me.

Money can be devaluated, to a point where banknotes are just good for making fire. Introducing a new currency is a good way to expropriate people from their assets.

Don't say it can't happen, it happened in Germany in the last century, several times.

In extreme cases not only you will be broke but also your Farang economy might have collapsed.

You (and everybody else) might panick. In panic situations all you want is to survive. You're ready to kill everybody that is in your way - or you get killed.

What will be your plan to avoid panic in case Western economy collapsed?

Edited September 22, 2015 by micmichd

[soalbundy]

Nice to see that most posters here rely on contracts or money back at home.

That rises the question in me: Can you really rely on this?

Contracts can be broken. Maybe you can go to court to enforce them, but that takes time, and in the mean time you're broke.

Don't say it can't happen, it happened to me.

Money can be devaluated, to a point where banknotes are just good for making fire. Introducing a new currency is a good way to expropriate people from their assets.

Don't say it can't happen, it happened in Germany in the last century, several times.

Events happen, it's called life and yet most of us get through it, of course the end result is always the same no matter how much 'safety' you have stashed away we will all breath our last gasp. Why keep knocking Germany, i lived there as an Englishman for nearly 40 years, a nicer fairer place i have never found.

[chilli42]

It would depend on my age. If 40-50 or younger I would try the plan B advice offered here. I would also add to this a consideration of how many dependenst a I have. If even one I would would be looking again at plan B. However, as I am 61 with no dependents, I would likely opt to have a hell of a month, a monster party then top myself. I dislike the idea of crawling back to my home country and throwing myself on their mercy so that I can "exist". My point being you need to consider your circumstances carefully ... Is there hope for better circumstances, do you have opportunity to recover and get your life straight, are you important to someone such that abandoning them would be self serving etc. I saw my father pass on at 99. That convinced me that living a long time is not the right life goal.

[Naam]

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

move and apply to plan C.

[micmichd]

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

move and apply to plan C.

Is there any plan where you don't have to rely on Western economic stability?

[Farangdanny]

Good question, if I end up broke I would hope my wife will support me as I have helped her when she was down and out, I have saved her losing 2 blocks of land, 30 rai of farming land and her 5.7 tonne Hino truck by paying off a debt with the factory she delt with.

Dream On. The first advice my bank manager gave me 52 years ago was; 'when money troubles come in the door, love flies out of the window'.

Regards.

[micmichd]

Good question, if I end up broke I would hope my wife will support me as I have helped her when she was down and out, I have saved her losing 2 blocks of land, 30 rai of farming land and her 5.7 tonne Hino truck by paying off a debt with the factory she delt with.

Dream On. The first advice my bank manager gave me 52 years ago was; 'when money troubles come in the door, love flies out of the window'.

Regards.

The bankster meant 'When money troubles come in the door, all credit flies out of the window'

I trust my lady more than a bankster, at least she says what she means.

[Farangdanny]

Good question, if I end up broke I would hope my wife will support me as I have helped her when she was down and out, I have saved her losing 2 blocks of land, 30 rai of farming land and her 5.7 tonne Hino truck by paying off a debt with the factory she delt with.

Dream On. The first advice my bank manager gave me 52 years ago was; 'when money troubles come in the door, love flies out of the window'.

Regards.

OR, color your face, wear a knitted hat, climb through a train window, say lots of nasty things about Europe and pretend to be a Syrian Migrant !!