Brewster67 Posted April 15, 2016 Share Posted April 15, 2016 The wife has an aunt who lives up in Chiang Mai. Her aunt I would say is about 60 who was married to a guy who owned a modest spa hotel. Now this hotel was not exactly a gold mine, in fact every time we went there to visit, we were almost al;ways the only people there. In fact we built her a website (that she didn't pay us for) that was multi-language, just so she could attract foreign customers. I would go as far as to say, the place provided them with a modest living, not too flash and they never really had a very new car, which to me is the most visible symbol of success. Especially among the Thais. Anyway, sad to say husband passed away some 6 months ago, which was a pity because I really liked the guy. The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, so I don't know how she managed to pull that one off. Someone certainly bought a lemon Now the money has come through, in the first few weeks she has blown 20 million, seriously, she is now constantly surrounded with a family entourage that was never there before now. When she used to visit in the past they would be sat there 3 or 4 of them, now it is 30 to 40 and she is the 'belle of the ball'.... the 'toast of the town'. I do not have a clue what she has blown 20 mill on, she has not bought property according to the wife. I think she has just splurged it on family members who come begging or with their lame brained business schemes, oh and apparently 4.6 million on a car that she can't drive, because she doesn't drive.... lol But anyway, I am sitting in the background watching all this with much amusement. I have a feeling a few years from now there won't be a lot of that money left.... Hope I am wrong. I want to get hold of her and give her some advice, but I am sayting out of this one. Link to comment Share on other sites More sharing options...
fatdog 702 inches Posted April 15, 2016 Share Posted April 15, 2016 (edited) "The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, " Chiang Mai, the hub of drug money laundering Edited April 15, 2016 by fatdog 702 inches Link to comment Share on other sites More sharing options...
laolover88 Posted April 15, 2016 Share Posted April 15, 2016 "The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, " Chiang Mai, the hub of drug money laundering No. That would be where I live: The Mekhong Provinces. More Mercedes and Range Rovers per square foot than Chiang Mai Link to comment Share on other sites More sharing options...
Ghostnigel Posted April 15, 2016 Share Posted April 15, 2016 Brewster, Surely you have a few business ideas to throw her way? She seems ripe for the pickng....don't let everyone else bleed her dry... Link to comment Share on other sites More sharing options...
Ghostnigel Posted April 15, 2016 Share Posted April 15, 2016 I have some prime stocks with a hefty yield, if she's interested....555 Link to comment Share on other sites More sharing options...
Brewster67 Posted April 15, 2016 Author Share Posted April 15, 2016 Brewster, Surely you have a few business ideas to throw her way? She seems ripe for the pickng....don't let everyone else bleed her dry... Lol.... I am having nowt to do with it. I have 3 small businesses that gives me and wifey a good living and nice car, house etc.... Any good business ideas I pursue on my own or with the wife. If I were to give her any advice it would be seeing that she has now moved down to Korat and this place is a big university town... She should buy a couple of dozen cheap condos at about 750K each and rent them out to students and have a good monthly income with her money invested in a property portfolio that is only going up and up. The wife;s other aunt has made herself rich by it and the father in law is catching up fast. I won't do it because of the obvious 'farang rights' issues in Thailand on property. Link to comment Share on other sites More sharing options...
fey Posted April 15, 2016 Share Posted April 15, 2016 thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). Link to comment Share on other sites More sharing options...
Halfaboy Posted April 15, 2016 Share Posted April 15, 2016 Sit back, observe and do nothing. Have fun ! Link to comment Share on other sites More sharing options...
gk10002000 Posted April 15, 2016 Share Posted April 15, 2016 Yep. Pretty common. I have met very few Thai people that think long term. A fresh influx of cash is a huge temptation, especially after years and years of just getting by. I wouldn't mind if they spend it, trying to judge it so the money runs out on the day they die. That method is their choice. But they aren't thinking like that. In fact, they aren't thinking at all. And the relative and friend pariahs that now encircle are the most disgusting. Worse is the mentality that if she doesn't share or give out her "new" wealth, she is stigmatized as Thai society especially expects her to dole out and she will bow to the pressure, never mind the big wig rich feeling ego she might now have. Someone needs to write a letter and in a few sentences warn her about the future, keep a copy for the future and of course speak to her. Then every year remind her how you won't be taking her in when she goes bust. Link to comment Share on other sites More sharing options...
KonaRain Posted April 15, 2016 Share Posted April 15, 2016 Buy some Limos and rent them out..Asians where I am, would work a Taxi.. Some do create that passive income stream.. What an idea! Well said Aloha Link to comment Share on other sites More sharing options...
KonaRain Posted April 15, 2016 Share Posted April 15, 2016 Yep. Pretty common. I have met very few Thai people that think long term. A fresh influx of cash is a huge temptation, especially after years and years of just getting by. I wouldn't mind if they spend it, trying to judge it so the money runs out on the day they die. That method is their choice. But they aren't thinking like that. In fact, they aren't thinking at all. And the relative and friend pariahs that now encircle are the most disgusting. Worse is the mentality that if she doesn't share or give out her "new" wealth, she is stigmatized as Thai society especially expects her to dole out and she will bow to the pressure, never mind the big wig rich feeling ego she might now have. Someone needs to write a letter and in a few sentences warn her about the future, keep a copy for the future and of course speak to her. Then every year remind her how you won't be taking her in when she goes bust. People flocking to her, finally, a way to finance those long held dreams/ideas..Poor people do come up with some good ideas that they've observed, but can't execute. Link to comment Share on other sites More sharing options...
cyberfarang Posted April 15, 2016 Share Posted April 15, 2016 Brewster, Surely you have a few business ideas to throw her way? She seems ripe for the pickng....don't let everyone else bleed her dry... Lol.... I am having nowt to do with it. I have 3 small businesses that gives me and wifey a good living and nice car, house etc.... Any good business ideas I pursue on my own or with the wife. If I were to give her any advice it would be seeing that she has now moved down to Korat and this place is a big university town... She should buy a couple of dozen cheap condos at about 750K each and rent them out to students and have a good monthly income with her money invested in a property portfolio that is only going up and up. The wife;s other aunt has made herself rich by it and the father in law is catching up fast. I won't do it because of the obvious 'farang rights' issues in Thailand on property. Do you know if your wife`s aunt is looking for a new husband? If she is, could you mention my name before she blows the other 30 million. Link to comment Share on other sites More sharing options...
shirtless Posted April 15, 2016 Share Posted April 15, 2016 Thailand is full of fair weather friends , she will be broke in 12 months and she will not be the bell of the ball,do her a favor and get her to buy some assets with due diligence, Link to comment Share on other sites More sharing options...
Berkshire Posted April 16, 2016 Share Posted April 16, 2016 thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). Geez man, get serious. This is not a "Thai thing." Plenty of stories in the west about "instant wealth" causing havoc for people not used to having lots of cash. From lottery winners, to big time athletes, or any number of other folks who became millionaires overnight. Some people just don't handle it so well. Link to comment Share on other sites More sharing options...
starky Posted April 16, 2016 Share Posted April 16, 2016 thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). Geez man, get serious. This is not a "Thai thing." Plenty of stories in the west about "instant wealth" causing havoc for people not used to having lots of cash. From lottery winners, to big time athletes, or any number of other folks who became millionaires overnight. Some people just don't handle it so well. No you cant talk about stuff like that it just doesnt ken with the Thai Visa mantra of the colonial superiority of their betters who live here and how stupid, lazy, hopeless and inferior the natives truly are. Link to comment Share on other sites More sharing options...
elgenon Posted April 16, 2016 Share Posted April 16, 2016 Why would you make the generalization of your thread title from one experience? I have Thai friends who plan their financial future very well. Unfortunately people who have no financial education or experience can easily be taken advantage or make bad choices in any culture. Count yourself lucky. BTW Did you ever consider she might have had large bills to pay since it hadn't done well? She was brilliant enough to get "too much" money though. Link to comment Share on other sites More sharing options...
yellowboat Posted April 16, 2016 Share Posted April 16, 2016 Sadly money does not come with instructions. Fixed rate deposit at SCB is 2.8%. With B50Mill, that would yield B1400000 per year and a care free life. Oh well. Link to comment Share on other sites More sharing options...
SOTIRIOS Posted April 16, 2016 Share Posted April 16, 2016 .....seems she is very happy..... .....too bad the husband couldn't reap any of the benefits before he passed..... Link to comment Share on other sites More sharing options...
Ombra Posted April 16, 2016 Share Posted April 16, 2016 "The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, " Chiang Mai, the hub of drug money laundering No. That would be where I live: The Mekhong Provinces. More Mercedes and Range Rovers per square foot than Chiang Mai That's an interesting observation because, in Nakhon Phanom, opposite the River Hotel, there is a garish, purple-coloured mansion, and I think that the owner usually has four Range Rovers parked there. They can be seen easily from the road. Link to comment Share on other sites More sharing options...
mesterm Posted April 16, 2016 Share Posted April 16, 2016 Enjoy now think later. Link to comment Share on other sites More sharing options...
big carl Posted April 16, 2016 Share Posted April 16, 2016 Brewster, Surely you have a few business ideas to throw her way? She seems ripe for the pickng....don't let everyone else bleed her dry... Lol.... I am having nowt to do with it. I have 3 small businesses that gives me and wifey a good living and nice car, house etc.... Any good business ideas I pursue on my own or with the wife. If I were to give her any advice it would be seeing that she has now moved down to Korat and this place is a big university town... She should buy a couple of dozen cheap condos at about 750K each and rent them out to students and have a good monthly income with her money invested in a property portfolio that is only going up and up. The wife;s other aunt has made herself rich by it and the father in law is catching up fast. I won't do it because of the obvious 'farang rights' issues in Thailand on property. So she is not the only family member with money. But she is the one the rest of the family hits on. Link to comment Share on other sites More sharing options...
12DrinkMore Posted April 16, 2016 Share Posted April 16, 2016 Sadly money does not come with instructions. Fixed rate deposit at SCB is 2.8%. With B50Mill, that would yield B1400000 per year and a care free life. Oh well. There are a lot who wish they could get 2.8% More like 1.6% Link to comment Share on other sites More sharing options...
Stray Posted April 16, 2016 Share Posted April 16, 2016 thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). So, by that logic, there are no rich Thais and there are certainly no Thais living well on their investments and passive income streams? Just looking at some of the wealth around Bangkok, there be an huge number of foreigners in Thailand. Link to comment Share on other sites More sharing options...
laolover88 Posted April 16, 2016 Share Posted April 16, 2016 (edited) "The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, " Chiang Mai, the hub of drug money laundering No. That would be where I live: The Mekhong Provinces. More Mercedes and Range Rovers per square foot than Chiang Mai That's an interesting observation because, in Nakhon Phanom, opposite the River Hotel, there is a garish, purple-coloured mansion, and I think that the owner usually has four Range Rovers parked there. They can be seen easily from the road. And the hotel owners of River, Viewkong etc have very nice Mercedes, too, even the children! That purple house is an eyesore. Most of the serious money here, apart from Chavalit, is Vietnamese/Chinese/Lao. Thais too lazy to shift themselves. All you can say it all goes on without too much violence, though the entertainment venues have No Guns signs. The Customs Office appears to do a very profitable business and if you want a decent bottle there is a daily illegal boat service to French supplied shops in Lao Edited April 16, 2016 by laolover88 Link to comment Share on other sites More sharing options...
fey Posted April 16, 2016 Share Posted April 16, 2016 (edited) thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). So, by that logic, there are no rich Thais and there are certainly no Thais living well on their investments and passive income streams?Just looking at some of the wealth around Bangkok, there be an huge number of foreigners in Thailand. there are a few, usually have higher education and better thinking skills.but on the whole most thais dont have the education and thinking skills to manage large amounts of money or to set limits when faced with emotional demands from others. those skills translate into ability to plan for the future and delay gratification for future reward. also dont usually have the math skills to deal with it from elementary or high school classes. most of it is just about havinf fun now. and most people dont find self control that fun. im sure you caught onto that somewhere diring your visit. Edited April 16, 2016 by fey Link to comment Share on other sites More sharing options...
Searat7 Posted April 16, 2016 Share Posted April 16, 2016 thai personality traits are not conductive to investing money or creating passive income streams. not sure why, but likely has to do with inability to control emotions well and being much more closely emeshed others resulting in needing to be accepted and gain face. makes living frugally and saving for the future a rare trait. the money will be gone soon unless they happen to buy a better business which succeeds with its own income stream and which can be seen by friends and relatives and gain face (shown off basically). Geez man, get serious. This is not a "Thai thing." Plenty of stories in the west about "instant wealth" causing havoc for people not used to having lots of cash. From lottery winners, to big time athletes, or any number of other folks who became millionaires overnight. Some people just don't handle it so well. Nouveau Riche Link to comment Share on other sites More sharing options...
smotherb Posted April 16, 2016 Share Posted April 16, 2016 don't know how many farangs I have seen come into money and act the same. Look at all the "vacation millionaires," you know, the ones who work a menial job in their home country and act like they have plenty of money when on vacation. Look at the expats who make a bundle on a contract and then blow it before the next contract. Look at the O&G workers who used to make good money and now have no work and no money. I am sure you have all heard the stories of lottery winners or former entertainers who blew everything they had and are now broke. Look how many retirees there are here living on a shoestring; some actually had good jobs and made plenty of money, but somehow it just got away. Link to comment Share on other sites More sharing options...
Shiver Posted April 16, 2016 Share Posted April 16, 2016 If I were her, I'd start a nice collection of chinoots for any money outlayed to the new found friends (cents on the dollar or real perceived value). That is unless she's prepared to lie and say most of the money is gone due to being kind, and see how many drift away. I doubt she'd listen, but most people get a break or two in life and a couple of them build on it. Mostly though they burn it down to nothing then go cap in hand to the next person who comes into money. Either that or they dust themselves off and carry on walking as if they'd never seen the opportunity. 50mill is a nice chunk of money for a very comfortable life if middle aged or above, but if divided between 30-40 people plus a few sob stories, even the wealthiest couldn't sustain it for long, not even the Bill Gates types. People who earn their money seem to have a different appreciation of it than those who are unlucky enough to win the lottery. They remember how much sweat it took to get where they are. Link to comment Share on other sites More sharing options...
F4UCorsair Posted April 16, 2016 Share Posted April 16, 2016 "The first thing his wife did was to put the hotel on the market which sold for 50 million baht.... That blew me away because I would have valued the whole thing under 20 million, " Chiang Mai, the hub of drug money laundering That's not laundering money...that's throwing it away. Laundering involves recovering the money, and buying a lemon doesn't permit that to happen. It may even attract attention if the buyer can't be seen to be worth B50M! Link to comment Share on other sites More sharing options...
1FinickyOne Posted April 16, 2016 Share Posted April 16, 2016 I had a mother in law in USA who always wanted to be rich. When she finally got her small inheritance of $25,000 - this was in 1980s... so, A bit more than it sounds now, but not much... she went to a used car dealer - walked around the lot slowly with the salesman, and when they completed the tour, she said, "I'll take the car over here, that camper van there -- and oh, throw in the caddy too." That was it. No bargaining. She thought that was how rich people bought things and for once in her life, even just for a few minutes, she was rich. So, it happens all over. Of course, sad to see your MIL go down the drain - I doubt it will last the year then everyone will be gone. Link to comment Share on other sites More sharing options...
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