FIREinTh
Crazy Mango
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Post by FIREinTh on Aug 8, 2018 8:36:48 GMT 7
It seems like many people end up losing everything in Thailand. If someone asked you for 5 steps to be financially successful in Thailand, what would you say?
Here's my list:
1. Spend less
2. Invest as much as possible (Ex. max out LTFs/RMFs)
3. Be smart with work and business
4. Choose a financially savvy life partner
5. Avoid scams
What would you add or change?
My full article can be found at:
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Post by rgs2001uk on Aug 8, 2018 15:17:57 GMT 7
Learn the lingo, including reading, dont worry so much about writing (these days the only thing I write in Thai is my name and address).
In the last months for me the following bargains have occurred, brand name shorts, reduced in price from 2,200 baht per pair to 590 baht per pair, I bought 3pairs.
Polo shirts, brand name, reduced from 1,200 baht to 490 baht, the girl told me if I bought 4 she would give me one for free, so what could have cost 6,000 baht cost me 1,960 baht.
American hot dogs, 80 baht per packet, buy one get one free, result, two packets for 80 baht instead of one.
Other benefits walking around and looking at bank advertising, read one the other day, in big writing 1.7%, on closer inspection, months 1-3 1.3%, months 4-6 1.35% months 7-9 1.7%, I declined the offer.
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Post by Soutpeel on Aug 8, 2018 18:09:23 GMT 7
Here's my list:
1. Get a job with a high salary
2. Take half of said salary and set up a slush fund in Singapore
3. Dont tell 'er in doors about said slush fund
4. Spend wisely in Thailand..No i dont need a THB 10 million house or a big Merc or BMW
5 Wearing heaps of gold is not a measure of wealth
6 Make sure Smokie and Tony buy their rounds
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FIREinTh
Crazy Mango
Posts: 85
Likes: 47
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Post by FIREinTh on Aug 8, 2018 20:23:05 GMT 7
Learn the lingo, including reading, dont worry so much about writing (these days the only thing I write in Thai is my name and address). In the last months for me the following bargains have occurred, brand name shorts, reduced in price from 2,200 baht per pair to 590 baht per pair, I bought 3pairs. Polo shirts, brand name, reduced from 1,200 baht to 490 baht, the girl told me if I bought 4 she would give me one for free, so what could have cost 6,000 baht cost me 1,960 baht. American hot dogs, 80 baht per packet, buy one get one free, result, two packets for 80 baht instead of one. Other benefits walking around and looking at bank advertising, read one the other day, in big writing 1.7%, on closer inspection, months 1-3 1.3%, months 4-6 1.35% months 7-9 1.7%, I declined the offer. Learning the language and reading the fine print are definitely important. It's guys who have to rely on their gf for absolutely everything that often end up losing everything and getting so frustrated they leave Thailand. I'd hate to be dependent on someone for basic things.
If Ripple keeps going down and Soutpeel has to kiss his DB-11 goodbye, maybe he'll be nice enough to give us tips how to buy second-hand Toyota taxis for as cheap as possible  |
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FIREinTh
Crazy Mango
Posts: 85
Likes: 47
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Post by FIREinTh on Aug 8, 2018 20:24:57 GMT 7
Here's my list: 1. Get a job with a high salary 2. Take half of said salary and set up a slush fund in Singapore 3. Dont tell 'er in doors about said slush fund 4. Spend wisely in Thailand..No i dont need a THB 10 million house or a big Merc or BMW 5 Wearing heaps of gold is not a measure of wealth 6 Make sure Smokie and Tony buy their rounds
Haha. #2 & 3 made me laugh not just because it's funny, but because it's actually a good idea!
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Post by Soutpeel on Aug 8, 2018 20:26:00 GMT 7
Learn the lingo, including reading, dont worry so much about writing (these days the only thing I write in Thai is my name and address). In the last months for me the following bargains have occurred, brand name shorts, reduced in price from 2,200 baht per pair to 590 baht per pair, I bought 3pairs. Polo shirts, brand name, reduced from 1,200 baht to 490 baht, the girl told me if I bought 4 she would give me one for free, so what could have cost 6,000 baht cost me 1,960 baht. American hot dogs, 80 baht per packet, buy one get one free, result, two packets for 80 baht instead of one. Other benefits walking around and looking at bank advertising, read one the other day, in big writing 1.7%, on closer inspection, months 1-3 1.3%, months 4-6 1.35% months 7-9 1.7%, I declined the offer. Learning the language and reading the fine print are definitely important. It's guys who have to rely on their gf for absolutely everything that often end up losing everything and getting so frustrated they leave Thailand. I'd hate to be dependent on someone for basic things.
If Ripple keeps going down and Soutpeel has to kiss his DB-11 goodbye, maybe he'll be nice enough to give us tips how to buy second-hand Toyota taxis for as cheap as possible Ripple going down...  ...mearly a blip on the radar in the bigger scheme of things dear boy...oh yes i will have my DB-11...598 iscoming  |
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Post by Soutpeel on Aug 8, 2018 20:28:07 GMT 7
Here's my list: 1. Get a job with a high salary 2. Take half of said salary and set up a slush fund in Singapore 3. Dont tell 'er in doors about said slush fund 4. Spend wisely in Thailand..No i dont need a THB 10 million house or a big Merc or BMW 5 Wearing heaps of gold is not a measure of wealth 6 Make sure Smokie and Tony buy their rounds
Haha. #2 & 3 made me laugh not just because it's funny, but because it's actually a good idea!
Uncle Soutie learnt rules 2 & 3 the hard way...when he was young and stupid...and no she wasnt Thai  |
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FIREinTh
Crazy Mango
Posts: 85
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Post by FIREinTh on Aug 8, 2018 20:31:51 GMT 7
Let's see what happens first: crypto paying for my condo or your DB-11... Drinks are on the  . "Uncle Soutie learnt rules 2 & 3 the hard way...when he was young and stupid...and no she wasnt Thai" That's why I like hanging out here - to learn from your mistakes with both money and women |
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Post by rgs2001uk on Aug 8, 2018 20:36:46 GMT 7
^^^, , I knew a MUG years ago whose investment/retirement plan was to buy her 5 brothers brand new Nissans and set up a taxi business in darkest nowhere, he was seen off for about 60k quid. Not mentioned, but honourable mentions must go to, Fruit Farms in Chan, Rubber tree farms, printing press in some bumferk nowhere town, gym in Pattaya, crayfish farms, homestay air bnb types with properties located so far in the jungle even the Thais cant find the place. Not mentioned "resort" buy 4 rai of paddy fields about 50k per rai, throw up some "knockdown" housing/chalets that cost about 500k baht each, lets say 10 of them, then and try and offload the lot onto som mug for 20 million baht. Best one I ever heard of, I actually knew this mug, "buy" a yacht and set up a padi school down south. Ferk off your farang mrs and two kids and take up with an island girl, buy yourself a captains hat,life is sweet. After the first year the shit hits the fan. "Do you want to extend your lease?" Lease on what. Lease on the boat. I dont have a lease, I bought it. No you didnt sucker its only on lease, if you dont want to take up the 2 million baht per year lease offer, no problem, theres plenty of other mugs waiting in line to take your place. I can give names and rough dates for all the above. |
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Post by rgs2001uk on Aug 8, 2018 20:38:41 GMT 7
Learning the language and reading the fine print are definitely important. It's guys who have to rely on their gf for absolutely everything that often end up losing everything and getting so frustrated they leave Thailand. I'd hate to be dependent on someone for basic things.
If Ripple keeps going down and Soutpeel has to kiss his DB-11 goodbye, maybe he'll be nice enough to give us tips how to buy second-hand Toyota taxis for as cheap as possible Ripple going down... ...mearly a blip on the radar in the bigger scheme of things dear boy...oh yes i will have my DB-11...598 iscoming I have been on the Lazada website perusing the cost of knee pads to allow me to prostrate myself in front of it. |
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Post by rgs2001uk on Aug 8, 2018 20:52:43 GMT 7
Here's my list: 1. Get a job with a high salary 2. Take half of said salary and set up a slush fund in Singapore 3. Dont tell 'er in doors about said slush fund 4. Spend wisely in Thailand..No i dont need a THB 10 million house or a big Merc or BMW 5 Wearing heaps of gold is not a measure of wealth 6 Make sure Smokie and Tony buy their rounds #7, apart from sight seeing, there is no reason for any sane man to venture north of Bkk, its a farang graveyard up there in the boonies, nothing but heartache and misery. |
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Post by rgs2001uk on Aug 8, 2018 20:55:17 GMT 7
Heres a photo of the mrs and myself getting some practice in.  |
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Post by Fletchsmile on Aug 9, 2018 20:44:14 GMT 7
1. Educate yourself about money and finances. If you do, you'll often be the best person to manage your money
2. Plan your finances. Failure to plan is planning to fail. Understand your outgoings and money coming in and prepare ongoing and long term budgets.
3. Invest, Save, Spend in that order. i.e Pay yourself first regularly/ monthly before you start spending. Don't spend and invest/save what's left. That's also where step 2 comes in first
4. Create cash and other reserves to draw on when things don't go as expected.
5. Minimise your tax bills, using allowances, tax favourable investments (LTFs, RMFs), etc
Those would be pretty much some key steps for anywhere. For Thailand, ask yourself can you afford not to invest in Thailand? Then being educated about FX and other risks and understanding your finances, you'd likely realise you need to build some Thai assets
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Post by rgs2001uk on Aug 9, 2018 21:10:24 GMT 7
Pretty much the same for any country, nothing to do with Thailand, plain common sense.
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oldie
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Post by oldie on Aug 9, 2018 22:10:12 GMT 7
Have a good income and have fun blowing it, except for a few properties.
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...mearly a blip on the radar in the bigger scheme of things dear boy...oh yes i will have my DB-11...598 iscoming
