Retiring with 16mn Baht

[how241]

Plenty of money, good luck.

[JB300]

@DUS as you've no doubt read, budget threads always bring out polar views in people & I think we've managed to get from 6k to 660k on this one (FWIW, 100-120k, inflation linked is my number).

Any update on your friend? Has he decided to go for it or hang fire?

[DUS]

1 hour ago, JB300 said:

@DUS as you've no doubt read, budget threads always bring out polar views in people & I think we've managed to get from 6k to 660k on this one (FWIW, 100-120k, inflation linked is my number).

Any update on your friend? Has he decided to go for it or hang fire?

 

Hi JB300,

 

I am glad I saw your post this morning since I haven´t been following the thread too closely for the last week or so, I mean since the "usual *****" have joined the conversation only to wind people up. :-)

 

In regard to your question, the latest is that he is still in the UK and wants to make a final decision by the end of this year. I am quite happy that he hasn´t moved yet so that he can reflect on his potential move for a little bit longer. In my discussions with him I used some of the feedback received in this thread so thanks to all of you who contributed.... well, to most of you anyway. ;-))

 

 

Edited September 9, 2016 by DUS

[cheapskatesam]

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

[Rdrokit]

26 minutes ago, cheapskatesam said:

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

Good luck on keeping to this budget. It can be done as many Thais live on a similar budget so you will be living like a Thai. I did not retire to Thailand to live like a Thai. I retired to Thailand to have the same or better life style than I had before I retired.

[bojo]

Regarding purchasing a property in Thailand with limited funds. Invest as much as you can afford to walk away from. The story earlier of the person not being able to sell their lease was also tragic, albeit unusual, but really highlighted how difficult it can be sometimes.

However, another pointed out that buying means that you can cash in your asset at a later stage should needs be. So, there are many angles and obviously many different perspectives.

Personally, I love the feeling of living in a property that I own, as opposed to renting. One has a different outlook completely.

If I was 50 (with or without dependents) and had inherited about 350K pounds and was considering heading to the Kingdom for retirement, I would buy property in the UK to the tune of about 200K ( it could always be my bolthole too) and place with an agent who managed and rent guaranteed.

Then buy a small condo or house in my preferred area in Thailand to save on rent for about 40K, leaving me with about110K.

The funds from UK would give me an income for most of my lifestyle (depending on how savvy I had been with my purchase(s) ).

With the remaining balance, and proximity to home permitting, one could perhaps look for a small agricultural investment, like a very small rubber tree plantation, sharing the small monthly return with the harvester or a fish farm etc. An investment of about 30K would be about the limit.

There are so many foreigners living in Thailand now that buying and selling second hand goods offers a good opportunity to make a couple of quid here and there, but one would need to have certain skills.

There are so many opportunities to open small enterprises but if that's not your style, you need to know your limitations.

The remaining 80K could be invested in a safe haven offering a guaranteed, but low interest return to bump up the monthly income, whilst keeping enough in a Thai bank for a retirement visa.........

 

regards

[JayBird]

6 hours ago, cheapskatesam said:

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

 

100 THB/mo for food?  May I ask what you are eating daily to be able to do it at that low a price?

 

Internet at 400 THB/mo.  Is this mobile internet or wired internet? (Did not know of any wired deals at that price)

 

Rent at 5k/mo: How'd you find that?  I know there are nice places at around 7k+/mo, not found at 5k, but my searching is mostly English web sites and walking around town, so might be hit-and miss.  So curious how you found yours.

 

 

Thank you kindly.

[Oxx]

14 minutes ago, JayBird said:

 

100 THB/mo for food?  May I ask what you are eating daily to be able to do it at that low a price?

 

Pay attention! The column is headed "Daily", and the total is x31.

 

I'm more concerned that the poster is spending as much on alcohol as he is on food.  How much does a liver transplant cost?

[theguyfromanotherforum]

6 hours ago, Rdrokit said:

Good luck on keeping to this budget. It can be done as many Thais live on a similar budget so you will be living like a Thai. I did not retire to Thailand to live like a Thai. I retired to Thailand to have the same or better life style than I had before I retired.

 

ROFL. You live in Thailand and you live like a Thai.... Based on the sole fact that you live in Thailand and not the first world country. Lived in Yugoslavia for 19 years and in Canada another 19 years. No way you can live like a westerner in Thailand whatsoever. Third world is still a third world (pardon me....developed country). 

 

Even if you have 1 million baht to spend a month, you are still living like a Thai. Sorry.

[Craig krup]

16 hours ago, cheapskatesam said:

 

How is that possible? If you see my "price of rice" in Thailand thread you'll see i'm looking at doing what you are doing

 

If you're living for 8000 a month i assume rent must take about 5000 of that.. so i guess that leaves you 3000 a month to eat ?

 

Find a 3,500 flat (or less) close to everything you need. Buy a rice cooker - often a decent Otto one is 290 baht on offer in Tesco. Eat 70% of your calories in one early evening starch frenzy. Use no AC just use a fan. Don't eat anything western, and don't shop as a leisure activity. 

[Boon Mee]

16 hours ago, theguyfromanotherforum said:

. No way you can live like a westerner in Thailand whatsoever. Third world is still a third world (pardon me....developed country). 

 

Sure you can.

Be one of those Sukhumvit Farangs who never venture past Soi Nana to On Nut and do all your shopping for food at Villa Markets.  Live in a fancy condo with all the trappings.

Very easy to live as a Westerner. 

[MyFrenU]

23 hours ago, cheapskatesam said:

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

Is this your entry for the CCC,the Cheap Charlie Championships then?

[cheapskatesam]

2 hours ago, Boon Mee said:

Sure you can.

Be one of those Sukhumvit Farangs who never venture past Soi Nana to On Nut and do all your shopping for food at Villa Markets.  Live in a fancy condo with all the trappings.

Very easy to live as a Westerner. 

 

You mean like popping into Tops Supermarket for some cornflakes, milk, a tin of Campbells Mushroom soup and some bagels

[Boon Mee]

44 minutes ago, cheapskatesam said:

 

You mean like popping into Tops Supermarket for some cornflakes, milk, a tin of Campbells Mushroom soup and some bagels

Similar although Villa is generally more expensive.  Where the HiSo's do their shopping...

[cheynewalk]

As some sort of guide to the op, i manage to live quite well here in sea on a budget of about 50,000 baht per month.  I live in bali and thailand most of the time with regular visits to malaysia and australia (to visit family).  This money includes all airfares, comfortable airconditioned accomodation wherever i go and travel insurance.

 

I don't drink or smoke, but enjoy nights out at the pub for footy, quizzes etc.  I mostly eat local food in asia and regularly enjoy company with local women. I stay with family in australia, still maintain private health insurance there and eat western food, though i do supply and cook for them when i stay.  Last financial I managed this EASILY and in fact came in under budget by about 40,000 baht.

[Xircal]

On 9/9/2016 at 3:34 AM, cheapskatesam said:

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

 

100 Baht a day for food? Sounds like a starvation diet.

 

I don't see any point of settling down in Thailand if you have to live like a pauper.

[puukao]

Just work a few more years...work SMART...save another 4 million baht...easily.

 

then just own a business back home, make another 100 million baht

 

then invest wisely, make another 1000000 zillion baht

 

i really never understand these threads........is this guy fit or fat?  healthy or not?  smart or dumb?  there are a million more metrics than money....no matter what we say, it won't matter...

 

i'm sure nobody asks, "Will you be happy?"

[thaibeachlovers]

On 9 กันยายน 2559 at 8:34 AM, cheapskatesam said:

 

 

here is my spreadsheet from the rice thread that i am planning to live on.. i only want to live in thailand for a few months with no commitments and the ability to fly home at a moments notice.

I live modestly and pay 1200 for electricity ( with AC ), water is 300, and I'd be lucky to spend less than 5,000 on food

[lovelomsak]

Of course he can retire with that.BUT he will probably die in dire poverty. Money will get depleted and cost will increase, he will reach a point where he is flat broke and too old to work.He would have to live real simple well he has his health and build on the 16million through spending less than it produces. this puts him out of access to many things in life well he is still healthy and young enough to enjoy. All retirement at his age with that money will do is allow him to live simple without frills for the rest of his life. Better to keep working and add the retirement fund so there is some flexibilty at retirement time.

[ardokano]

If he has high standards to life
Thailand is clearly not for him. in many European countries it is possible to get cheaper.

Spain etc..

 If want p..sy . yep in Thailand its more easy and cheaper.

 Invest in UK property(London) still great Idea..

 

 

[berybert]

Some say work until you have enough to retire on. but your mate will never be 50 again. He could work until he is 65 or 70 and have an extra 300 thousand pounds in the bank. Sadly at that age he will have nothing he will want to spend the money on.

You get one life and there is no rule book that tells you you have to work until you are old and feeble.

 I lived in Thailand for 2 years and got bored so came back to England and returned to my old job. Now 18 months later I have booked my return to Thailand next January and it cant come soon enough. I work 5 long days a week only managing to go out and enjoy myself on a Saturday night. Then its back to work again.. Coming back was the worst mistake I could have made.

So I go back with an extra 20 odd grand in my bank account, but I live a pretty simple life which means the 20 grand means nothing and all I have done is waste  the last 18 months of my life.

One life, choose wisely.

 

[HampiK]

I think it's difficult to say when the right time is, when you not can count on a pension at some time.

If the OP would know how long he really would stay alive it's much easier to calculate.

Even when the OP say, he need this money for 20 years and after that......... But what happen when in 20 years he still feels perfectly healthy... he will do suicide???

 

For me, I can calculate, because with about 65 or 67 the pension from my country will come. So it's easier to calculate how much money you will need.

[takkatan in the land]

It's been said many times here before it depends on anyone's lifestyle but i bet almost nobody who has lived in Thailand would rather to live let's say around 20 to 30 of his last years in a place like UK than being living in Thailand

[Bung]

My advice is do half and half.  Work 6 months of the year in 2 month stints if possible.  That way you don't become a crazed, cheap and miserable expat "stuck" living in Asia and you always have light at the end of the tunnel while at work and you do something meaningful and spend time in a culture of your own.  I realize not everyone has a job they can come and go to but there are employment agencies catering to most jobs.  Work hard and efficiently and you will soon get a good name with them and they will keep you employed.  Don't be scared to take your skills somewhere where they may be in demand.  I was an electrician and have worked like this since the 1990's.

[The Dark Lord]

On 15 August 2016 at 3:40 PM, dick dasterdly said:

Renting depends on luck as to the tenants.

 

Been there, done that - and would never even consider doing it again, especially if living abroad.

Fully concur,

 

bought a UK 5 bed in London (cash) did £50k renovations,lost job,rented out and moved to LOS got stiffed for £10 k damages when "model tenant" left.

 

faced 6 months and more ££££ in legal fees getting nowhere and with zero income still had to pay £250 per month council tax on unoccupied property as condition prevented re letting.

 

bad year never to be repeated.

 

All that was with reputable ( my backside!) managing agent. 

 

Still reeling with sub market level rent due to condition ( but deal includes tenant doing repairs) and fairy FX bankers overreaction to BREXIT culminating in net reduction in income of 52% ( that also includes our oh so honest bankers in the UK with their fantasy FX rates when transferring to LOS.)

 

impact so severe that I have to now drive within speed limits to reduce my contributions to BIB retirement funds......

 

tough life indeed!

[JB300]

Some say work until you have enough to retire on. but your mate will never be 50 again. He could work until he is 65 or 70 and have an extra 300 thousand pounds in the bank. Sadly at that age he will have nothing he will want to spend the money on.

You get one life and there is no rule book that tells you you have to work until you are old and feeble.

 I lived in Thailand for 2 years and got bored so came back to England and returned to my old job. Now 18 months later I have booked my return to Thailand next January and it cant come soon enough. I work 5 long days a week only managing to go out and enjoy myself on a Saturday night. Then its back to work again.. Coming back was the worst mistake I could have made.

So I go back with an extra 20 odd grand in my bank account, but I live a pretty simple life which means the 20 grand means nothing and all I have done is waste  the last 18 months of my life.

One life, choose wisely.

 

Similar story here, retired (at 49) in Jan 2015 , spent a year travelling around Asia then was talked back into work 6 months ago & have regretted saying yes ever since.

Upside is at least I'm back in Singapore & not freezing my nuts off in the UK, downside is I'm (practically, professionally & personally) committed for 2 years.

So I just look at it like I can save 5million THB in 2 years which will buy me a nice place & knock 20k of my monthly budget [emoji106]

[ardokano]

On 10.09.2016 at 8:00 AM, Boon Mee said:

Sure you can.

Be one of those Sukhumvit Farangs who never venture past Soi Nana to On Nut and do all your shopping for food at Villa Markets.  Live in a fancy condo with all the trappings.

Very easy to live as a Westerner. 

theater, opera, ballet, walking on the streets clean, free of dirt and stench .
  and thousands more detail

[Boon Mee]

3 minutes ago, ardokano said:

theater, opera, ballet, walking on the streets clean, free of dirt and stench .
  and thousands more detail

But then you'd miss the serious Street Theater that exists here in LOS!

Ladyboys on parade.  Bar Girls hanging out of doors. etc., etc. 

[ardokano]

20 minutes ago, Boon Mee said:

But then you'd miss the serious Street Theater that exists here in LOS!

Ladyboys on parade.  Bar Girls hanging out of doors. etc., etc. 

Man i like many thinks in Thailand..

 But  but I look reality in the eye. by Western( even middle quality standart) and even some Eastern or Asian standards in Thailand it is very difficult to live.. and its more cost than in another country

[4MyEgo]

10 hours ago, berybert said:

Some say work until you have enough to retire on. but your mate will never be 50 again. He could work until he is 65 or 70 and have an extra 300 thousand pounds in the bank. Sadly at that age he will have nothing he will want to spend the money on.

You get one life and there is no rule book that tells you you have to work until you are old and feeble.

 I lived in Thailand for 2 years and got bored so came back to England and returned to my old job. Now 18 months later I have booked my return to Thailand next January and it cant come soon enough. I work 5 long days a week only managing to go out and enjoy myself on a Saturday night. Then its back to work again.. Coming back was the worst mistake I could have made.

So I go back with an extra 20 odd grand in my bank account, but I live a pretty simple life which means the 20 grand means nothing and all I have done is waste  the last 18 months of my life.

One life, choose wisely.

 

 

Your every wise, I recently moved here in November 2015 (retired), been planning this for 10 years, and have covered all basis to have enough dollars to NEVER ever have to return to the slave trade, regardless of what interest rates do.

 

I retired just after my 55th birthday, seen too many mates go to their graves under 50 after working their asses off, for what, having also almost had my lights turned off at 47 after having a heart attack, (wake up call).

 

Back in Australia I was making in excess of $150k a year, sounds good, but you can imagine the hours, days, brain F..., and sacrifice to my family, and almost killing myself in the process as mentioned.

 

I figured by the time I paid taxes including the Medicare levy surcharge of 2 %, mortgage, living expenses, own super and a few other bits and pieces, I didn't really have much left, but enough for a family holiday in Thailand to be closer to our dream, believe it or not, you need $52k gross just to survive in Australia and that's not including your mortgage or car payments.

 

Who ever invented the rule that if you work and pay your taxes, and at 65 we will look after you with a pension, was cruel, it was a trap, a set up, now they have raised the bar to 67, won't be long before its 70, oh and wait for it, in Australia its not portable, e.g. you cannot leave the country with it like you used to be able too unless you live in the country prior to getting the OAP, although if you are outside of the country and return for 2 years prior to the old age pension age and prove you intend to stay and live in Australia and qualify, you get it, albeit it, once you have it you can go and they can't do anything about it, that is until they close that loophole, which I am sure is in the pipeline, after all, they need it to give it to all the greedy politicians for their grossly inflated pensions, and needy on Centrelink, most of whom lie through their teeth to milk the system, am I bitter, no no not at all, perhaps sad for others who will depend on it to survive abroad, as their is no way I would return for 2 years to get what was once my right to receive it without any conditions being imposed, suffice to say, it is what it is, noting that some others here won't agree with what I am saying because they have been blindsided IMO 

 

My hard work and planning will pay off, because I have a whole life ahead of me to enjoy here without the need to work another day until my lights are turned off, hopeful in a long time to come as I have a lot of catching up to do. Everything here so affordable, like you say "one life" or "mia zoe" as we say in Greek, and what a place to live your life, cheap food, cheap women, cheap everything if your not too much into imported stuff, although its a fine balance, but couldn't do the cheap Charlie life as some have stated on this post, but hey, each to their own, and if they are managing, holding their own, I respect that, good luck to them, as we are all in the same ship, sailing to the same port in the end.