British expats in Thailand feeling the misery as the UK pound drops to record low levels.

[cyberfarang]

For many British expats in Thailand, with the worsening £ to bahts exchange rates and virtually no interest on their UK bank savings and lowered bank savings interest in Thailand, the economic squeeze is getting tighter. The pound could slump to where it becomes equal to Euro/bahts or even lower then Euro/bahts exchange rates. If the £ grows weaker and the baht grows stronger, British expats in Thailand could see a shortfall of 40% of their incomes if their incomes are prominently from the UK. Also this must affect the numbers of western tourist visitors to Thailand.

 

If you are a British expat in Thailand; are you feeling the pinch? What if the situation worsens; can you still support yourselves financially in Thailand?

[Daryle]

Maybe some British boys will be selling their wares on Walking St...

Sent from my SM-T530 using Tapatalk

[cyberfarang]

Just now, Daryle said:

Maybe some British boys will be selling their wares on Walking St...

Sent from my SM-T530 using Tapatalk
 

If I didn`t have such short fat stumpy ugly hairy legs, I might be considering that option myself.

[Kwasaki]

This has been done to death,  l can only write/say as l've said before numerous times if research history & planning was done by retiree's wanted to stay and live in Thailand then it shouldn't be a problem.

[tso310]

8 minutes ago, Daryle said:

Maybe some British boys will be selling their wares on Walking St...

Sent from my SM-T530 using Tapatalk
 

Currently slimming down. I suppose I'd better shave my legs too.

[Crossy]

1 minute ago, tso310 said:

Currently slimming down. I suppose I'd better shave my legs too.

 

[tso310]

Crossy , one of the true rock classics of all time. Probably lost on the younger element on TV.

[cyberfarang]

My guess is, considering the £ is at is weakest level since many years and the bank interest rates are also at their lowest since for may years, that there will be a mass exodus of Brits leaving Thailand. I won`t be one of them as I was one of those who planned well, but many Brits were still living on shoestring budgets even when the exchange rates were reasonable enough to get by on.

[Crossy]

I've been selling my services to the highest bidder (tantamount to prostitution according to some) for 25+ years.

 

Scarily, that's more than half my working life.

 

Those who can, do.

Those who can't, teach.

Those who ... ,  are consultants.

 

[KittenKong]

49 minutes ago, cyberfarang said:

If I didn`t have such short fat stumpy ugly hairy legs, I might be considering that option myself.

Many of the professionals on Beach Road are fatter and stumpier and uglier than you could possibly be.

[cyberfarang]

1 minute ago, KittenKong said:

Many of the professionals on Beach Road are fatter and stumpier and uglier than you could possibly be.

Don`t know why and although we have not met, I`m really beginning to like you.

[theguyfromanotherforum]

Meh.... this is still a first world problem.

 

Worse comes to worst the British expats have the option of returning back home to free medicare and numerous benefits.

 

As a 44 year old expat who is doing quite well financially, I still stress every day over my future in Thailand, but I do have the option of returning "home". No one should feel sorry for me when 80% of world population wonders what they'll eat today.

[jeab1980]

No not worried at all. Lets talk about this in two years and see where it all is then.

[nausea]

Ah, a gloating thread; I'm sure there's a circle of Dante's hell reserved for such people.

[Craig krup]

I've said it for decades, there's no future in cash deposits. I've been whacking more and more into shares with every major downturn for twenty years. NASDAQ crash - move a load into high yielding investment trusts. 2003 ructions - more in. Calamity of 2007-8 - do your tank, chuck it all into the pot, eat your losses, stress, reinvest the dividends, keep throwing more in. 

 

Every time the pound falls my foreign shares and FTSE100 companies do well: all those foreign earnings buy more pounds. 

 

If you've got a load of cash - and this is not financial advice!!!! - I'd get it all set up in dealing accounts, and when hell happens - the Donald nukes Pyongyang, whatever - start pulling the trigger. The best bit of advice I've heard from a hedge fund manager is just set price points and buy at that level, because it's too difficult to pull the trigger. So if the FTSE goes through 6800 chuck in (say) 10% of what you've got. 6500 another 20%. 6000 another 20%. Anything below 5,500 - do your tank, go all in. Sit as it (perhaps) hits 4,400. Cry. Blame everyone but yourself. Try to find out who I am to have me killed. Spend two months in despair. See the market gain 800 points one day, for no reason apparent. Feel slightly better. See another 650 added the next day. Realize you're well above break even. 

 

Relax. See the quarterly dividends roll in. See the dividends increase every time the pound falls. Have a big and (almost certainly) rising income for life. 

[tomas557]

4 hours ago, Kwasaki said:

if research history & planning was done by retiree's wanted to stay and live in Thailand then it shouldn't be a problem.

 

How would a British retiree who arrived here more than 5 years ago been able to research or plan for the current situation?

[Craig krup]

28 minutes ago, tomas557 said:

 

How would a British retiree who arrived here more than 5 years ago been able to research or plan for the current situation?

Don't spend up to your income, don't retire without a safety margin, don't assume that 56 to the pound has to continue....

 

People make loads of assumptions about what's reasonable and unreasonable. Last week someone who was part of a couple on £100,000 a year, in a cheap part of the country, was in a state because she hadn't made it to the bank to get £300 from a savings account. A couple of days before payday, nearly six grand hitting the account every month, and they didn't have a poxy £300 before payday without a special trip to the savings account. If you get £800 a month UK pension in 2014 (quite typical), and you spend 44,800 baht a month in a country where a decent condo is 6,000 or less, and big bottles of beer are 80, it's not what you'd call "prudent", is it? 

[tomas557]

4 minutes ago, Craig krup said:

in a country where a decent condo is 6,000 or less, and big bottles of beer are 80

6000 for a DECENT condo?

 

You must be joking, an yes a big bottle of beer can be had for 80 Baht, but not everyone fancies drinking at the concrete tables outside 7/11.

 

But when I looked at your previous post I understood already that your not talking out of your mouth.

[cyberfarang]

4 minutes ago, Craig krup said:

Don't spend up to your income, don't retire without a safety margin, don't assume that 56 to the pound has to continue....

 

People make loads of assumptions about what's reasonable and unreasonable. Last week someone who was part of a couple on £100,000 a year, in a cheap part of the country, was in a state because she hadn't made it to the bank to get £300 from a savings account. A couple of days before payday, nearly six grand hitting the account every month, and they didn't have a poxy £300 before payday without a special trip to the savings account. If you get £800 a month UK pension in 2014 (quite typical), and you spend 44,800 baht a month in a country where a decent condo is 6,000 or less, and big bottles of beer are 80, it's not what you'd call "prudent", is it? 

When I arrived in Thailand from the UK, the bank exchange rate was 69 baht for £1. Knowing I`d probably be remaining in Thailand for a very long time I based my income on the rate being 40 baht for £1, including estimating the amount I would required each month as costs increased by inflation and now I`m doing alright, thank you, having planned well.

 

But I do believe we are being shafted by the corrupt banking institutions, whereas every which ways we lose. Considering the disgusting rates of interest the banks are giving us I hardly see any incentives for keeping savings in a bank at all, we may just as well keep our money at home under a mattress and save the hassle of dealing with the banks. 

 

As for dabbling in the stock markets or dealing in gold, this is something that players in the game would have to have a lot of experience and knowledge about and really know their stuff. Having never been a gambling man, these are avenues I would not become involved with.

[Craig krup]

9 minutes ago, tomas557 said:

6000 for a DECENT condo?

 

You must be joking, an yes a big bottle of beer can be had for 80 Baht, but not everyone fancies drinking at the concrete tables outside 7/11.

 

But when I looked at your previous post I understood already that your not talking out of your mouth.

 

Well, the price of a condo depends where you are, but 1) I think you could put a decent roof over your head in most places for 6,000, and 2) if you're on your uppers, but looking to avoid going home, moving to somewhere replete with good apartments at that price hardly seems like selling a kidney. 

 

As to the rest of it, fine, whatever, do whatever you like, I can't be bothered trying to save people who won't be saved.

 

If you're living on something close to a basic pension income you can't spend every penny, and shouldn't have done for the last five (or more) years. 

 

If you've cash and you stay in cash you'll be shafted in the long run. Use calamities to buy income producing solid assets. Or don't. I don't care if other folk don't care. I'm not on a mission to try and save people who're absolutely determined that they won't be saved. 

[Craig krup]

1 minute ago, cyberfarang said:

As for dabbling in the stock markets or dealing in gold, this is something that players in the game would have to have a lot of experience and knowledge about and really know their stuff. Having never been a gambling man, these are avenues I would not become involved with.

 

The one thing I would never, ever do is "dabble" in the stock market. But when Murray International Investment trust went from 1200p to 830p - a massively diversified, bog standard, international investment trust - I did my tank. At 1200p it was ludicrous: you were paying 10% more than the underlying shares were worth. At 830p it was a opportunity (perhaps once in a lifetime) to buy when the underlying shares were worth more than the investment trust shares - a discount. Now the *******g things fell to less than 770: I could have puked. But I held on, and now they're way above 1200p About ten days ago I got a big dividend. Tasty! Now I'll never sell, I'll just keep taking the divis. Never dabble. Never trade. Pick something straightforward - City of London Investment Trust, perhaps - hopefor a complete market meltdown, and - if it happens - get in at a decent price and hold forever. But this is just what I'd do, and have done. I'm not recommending it for anyone else. 

[Denim]

Always look on the bright side. The more you have to tighten your belt , the less chance there is of your trousers falling down.

[tomas557]

6 minutes ago, Craig krup said:

 

The one thing I would never, ever do is "dabble" in the stock market. But when Murray International Investment trust went from 1200p to 830p - a massively diversified, bog standard, international investment trust - I did my tank. At 1200p it was ludicrous: you were paying 10% more than the underlying shares were worth. At 830p it was a opportunity (perhaps once in a lifetime) to buy when the underlying shares were worth more than the investment trust shares - a discount. Now the *******g things fell to less than 770: I could have puked. But I held on, and now they're way above 1200p About ten days ago I got a big dividend. Tasty! Now I'll never sell, I'll just keep taking the divis. Never dabble. Never trade. Pick something straightforward - City of London Investment Trust, perhaps - hopefor a complete market meltdown, and - if it happens - get in at a decent price and hold forever. But this is just what I'd do, and have done. I'm not recommending it for anyone else. 

Great that you have only winning stocks, you must be unique.

 

I've been in the stock market for about 30 years, stopped investing in it about 6 years ago, and today I still hold stocks that haven't recovered from the 2007 debacle.

 

Oh and before you start, those were highly recommended stocks that the time I bought them, and some of them have become worthless as well.

 

Glad your portfolio consists of winners only.

[Craig krup]

3 minutes ago, tomas557 said:

Great that you have only winning stocks, you must be unique.

 

I've been in the stock market for about 30 years, stopped investing in it about 6 years ago, and today I still hold stocks that haven't recovered from the 2007 debacle.

 

Oh and before you start, those were highly recommended stocks that the time I bought them, and some of them have become worthless as well.

 

Glad your portfolio consists of winners only.

 

 

Yeah mate. You've obviously not taken two seconds to read my post. Two things. 1) I don't - in any meaningful sense - buy stocks. 2) I don't - in any meaningful sense - buy stocks. Now I appreciate that strictly speaking that's only one thing, but it's such an important thing I thought it was worth mentioning twice. If you "bought stocks" that were "recommended", and they haven't recovered since 2007, then you obviously did the precise opposite of what I've said I did. 

 

I've only ever bought long-established income producing widely diversified investment trusts. I've never bought a single company stock in my life. In my opinion you'd have to be an idiot to do this. The Barclay's Equity-Gilt study makes it clear. The long run return on shares is 5.1%. The private investor doesn't know, and doesn't know who knows.  Never ever buy a single share, never follow a trend, never follow a recommendation, never dabble. Wait until there's blood all over the streets, buy widely diversified trusts that have been chugging along since the 19th century, never sell, don't trade, spend most of the dividends. Or don't. I'm not going to argue. Stay in cash for ever, leave cash only to buy poured concrete in the Algarve when every other nutter is doing it....whatever. What works is well-established. If folk don't want to do this, I'm completely cool about it. I get another load of dough in two weeks from Securities trust of Scotland. They own lots of ordinary solid companies. they pay out every three months. I'm effectively being paid to 1) wait, and 2) swallow the volatility. Nobody else should do this!! Do whatever you think. 

[Kwasaki]

1 hour ago, tomas557 said:

 

How would a British retiree who arrived here more than 5 years ago been able to research or plan for the current situation?

By looking at the history of what's happened with the Thai baht rate and the £ rate was what l did.

Got most of my £'s over in Sept 2005 when it was 75 my guess would be that we will never see that again but who knows.

[cyberfarang]

10 minutes ago, Craig krup said:

 

 

Yeah mate. You've obviously not taken two seconds to read my post. Two things. 1) I don't - in any meaningful sense - buy stocks. 2) I don't - in any meaningful sense - buy stocks. Now I appreciate that strictly speaking that's only one thing, but it's such an important thing I thought it was worth mentioning twice. If you "bought stocks" that were "recommended", and they haven't recovered since 2007, then you obviously did the precise opposite of what I've said I did. 

 

I've only ever bought long-established income producing widely diversified investment trusts. I've never bought a single company stock in my life. In my opinion you'd have to be an idiot to do this. The Barclay's Equity-Gilt study makes it clear. The long run return on shares is 5.1%. The private investor doesn't know, and doesn't know who knows.  Never ever buy a single share, never follow a trend, never follow a recommendation, never dabble. Wait until there's blood all over the streets, buy widely diversified trusts that have been chugging along since the 19th century, never sell, don't trade, spend most of the dividends. Or don't. I'm not going to argue. Stay in cash for ever, leave cash only to buy poured concrete in the Algarve when every other nutter is doing it....whatever. What works is well-established. If folk don't want to do this, I'm completely cool about it. I get another load of dough in two weeks from Securities trust of Scotland. They own lots of ordinary solid companies. they pay out every three months. I'm effectively being paid to 1) wait, and 2) swallow the volatility. Nobody else should do this!! Do whatever you think. 

You appear to be one of those who really knows his business when dealing in stocks and shares.

 

I`m going to admit on reading your posts, most of it goes way above my head and hardly a clue of what you`re on about. I`m guessing that most of us have similar knowledge as myself with the stock markets, which is no knowledge at all and again like me, are stuck with the leaching banking institutions sucking off our incomes and know of no other methods to bypass these systems.

[swissie]

2 hours ago, Craig krup said:

I've said it for decades, there's no future in cash deposits. I've been whacking more and more into shares with every major downturn for twenty years. NASDAQ crash - move a load into high yielding investment trusts. 2003 ructions - more in. Calamity of 2007-8 - do your tank, chuck it all into the pot, eat your losses, stress, reinvest the dividends, keep throwing more in. 

 

Every time the pound falls my foreign shares and FTSE100 companies do well: all those foreign earnings buy more pounds. 

 

If you've got a load of cash - and this is not financial advice!!!! - I'd get it all set up in dealing accounts, and when hell happens - the Donald nukes Pyongyang, whatever - start pulling the trigger. The best bit of advice I've heard from a hedge fund manager is just set price points and buy at that level, because it's too difficult to pull the trigger. So if the FTSE goes through 6800 chuck in (say) 10% of what you've got. 6500 another 20%. 6000 another 20%. Anything below 5,500 - do your tank, go all in. Sit as it (perhaps) hits 4,400. Cry. Blame everyone but yourself. Try to find out who I am to have me killed. Spend two months in despair. See the market gain 800 points one day, for no reason apparent. Feel slightly better. See another 650 added the next day. Realize you're well above break even. 

 

Relax. See the quarterly dividends roll in. See the dividends increase every time the pound falls. Have a big and (almost certainly) rising income for life. 

Good advice. It's called long-term investing = buy on weakness, sell on strenght, or not at all. Good advice for a 25 year old.
For a 65 year old Farang this advice comes a little late. (He doesn't have that much "long-term" left.)

For those, strictly living off some state-pension, with no "surplus-funds" at their disposal, those are the ones that
suffer the most, everytime the £ hits a new low.
Cheers.
PS: This is not meant to encourage a discussion "should folks in this position be here in the first place or not".

[observer90210]

I don't have a financial cristal ball, but something tells me that the UK exporters...exporters... are chuckling with the £ drop!

[emilymat]

It's cause and effect. Brexit was the cause and the effect is what we have.

 

I have yet to meet a Brit here (I am one by the way) who supported us remaining in Europe. I went back to the UK to vote 'remain ' during the referendum.

 

Even today I spoke to a guy at the golf driving range who said he felt we had our 'freedom' back. He couldn't be bothered to vote though, as I know for a fact he came over with mega cash several years ago.

 

I came over when it was 71 baht/£, but am still managing on a state and modest private pension. It suits the UK government to have a weak pound and, every time there is a slight surge they wheel out Mark Carny to make some gloomy predictions about the UK economy - ensuring the pound does not rise.

 

Until this whole Brexit issue is sorted we are going to have to grin and bear it. It will be interesting to see what happens now, given Labour have come down on the side of remaining in the single market and customs union during any transitional period.

[nasanews]

more suicide to hear about.