Living in Thailand, money matters..
Many of my customers that arrive to Thailand with big beautiful dreams many times very unrealistic. I do not want to be a dream killer and the same time I want to protect the client’s assets as I want to build a long relationship with every customer possible. You have probably heard all these stories how happy dreamers arrive to the kingdom of Thailand and just 1 or 2 years later they leave bankrupt, broken hearted and unhappy and its totally unnecessary if you listen and follow some simple advice. Here is 5 Simple rules and some tips.
Rule nr 1, you can NOT have the cake and in the same time eat it. You cannot live on savings, Pension yes but not savings. Maybe if you’re one of the fortune few that have so much, that your assets grow faster than they can spend. Most of my clients are normal people that worked hard all life to have a lifesaving of some 2 to 10 mil THB and for these money they want to buy or build a home, maybe invest in some small business and then live on the rest.
Rule nr 2. Don’t invest in something you’re not familiar to or very good at, doing or managing, making you relay on other people and their skills. You will by a very big chance lose your time, joy and money. 9 out of 10 Companies started in Thailand (Same for Thai people) will not celebrate there first 1 year anniversary, so sad.
Rule nr 3. Invest safe and if the offer is too good to be true most often it is.. Don’t lose your hard earned money on stupid projects far away were you don’t want to stay yourself. My late father, when he invested in a property he always said, can I live here? If the answer was no, he did not buy or invest in it.
Rule nr 4, live a modest and simple life, do you need that second or third bedroom? do you really need a car? Is not a shared communal pool enough? You need to ask yourself this, how long do you want your money to last.
That brings us to the last rule nr 5, Budget. Make a simple budget, don’t break it every week and spend it on beautiful strangers, parties and think you will survive. Always budget higher numbers than you think.
Tips. If you have 7 Mil THB, 200 000Euro cash savings and a low monthly pension income do like this. Buy a cheap house/condo for yourself in an attractive area of Hua Hin. If you like the place buy 1 or 2 more units or houses close to you, rent them out, manage it yourself, and use social media, Airbnb, or use us to rent them/it out. Now you have something to do, you have a income and the value will apparently increase.
We care for our clients, ask me and I will give you good advice for free.
Robin