Hi all,
Thought I'd start a new topic - forgive me if already done.
Question I always ask myself - How can I come and live in Thailand and be financially independent? i.e. don't have to work if I don't want to or can't get the right visa. I do want to set up some businesses though! Although not bars.
This year is a big finance sorting out year for me. My goal is to be able to come a live in Thailand (around Udon) and be financially independent. My strategy is to have cash flow positive properties, super/pension sorted and some shares. Mainly property & super though.
Anyone else doing this? As I'm only 44 I can't get at the super until I'm 58 and am still working now. I really want to come to Udon to live, but for us younger (ha!) ones, it's difficult without pension coming in. I worked as a financial planner for a while and have had about 4 years working in the international finance area so (hopefully) I know what I'm doing. Every year my aim is to get 20% growth on super and always get it! This year is up to 34% already and last year got 44%. So I'm happy with my super, but it's the cashflow side of things that I'm working on now - that will be achieved with property.
So, I'm sorting out a strong financial base here in Aussie before coming over. Then if everything goes pear shaped, TG can have any house I buy (cheap compared to Oz houses) and I always have my Oz investments to fall back on.
Be interested to see how other people do it.
Cheers
Phil
Financing/Investment Strategies to get me to Thailand
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Philrjones
- udonmap.com
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- Joined: July 27, 2005, 6:14 am
Sounds like you have the experience to manage your finances OK!You are a great success at getting fantastic returns on your investments!
I am retired and live very comfortably and casually in Thailand,my pensions easily exceed my expenses in living here.I am past the ''working'' age so the focus is on family and a relaxing retirement.
You are in your prime years at 44,so I can see why you would want to find something to keep you busier!You mentioned opening businesses and very smartly ruled out bars!What type of business did you have in mind.Small retail businesses don't provide enough income and present many ''pitfalls''.Property,other than high end properties in very select tourist areas like Phuket,are very risky.The return on investment is nil with the constant maintenace,low rents and low resale abilities!
There seem to be a few individuals able to make business with Web based businesses at this time!
My personal feelings are the Thais are not interested in falangs coming here and making profitable business!Their interest is in tourists,investors and anyone that they can get the money from!I don't think Thailand is a stable environment for business in general at this time and even for the future as ,IMO,they are becoming more and more xenophobic wth time!
The rules change so quickly here,sometimes you have to settle for the interpretation of the individual authority person that you deal with,whether they are right or wrong!The loss of face for them to be overruled could put you in a bad position.The rule of law doesn't always apply except in a negative way for foreigners,some contracts are not enforceable and if you are encroaching on the profits of a Thai,you might get hassled!
Seems to me that investments are better made outside Thailand and vacations done inside Thailand!Cheers
I am retired and live very comfortably and casually in Thailand,my pensions easily exceed my expenses in living here.I am past the ''working'' age so the focus is on family and a relaxing retirement.
You are in your prime years at 44,so I can see why you would want to find something to keep you busier!You mentioned opening businesses and very smartly ruled out bars!What type of business did you have in mind.Small retail businesses don't provide enough income and present many ''pitfalls''.Property,other than high end properties in very select tourist areas like Phuket,are very risky.The return on investment is nil with the constant maintenace,low rents and low resale abilities!
There seem to be a few individuals able to make business with Web based businesses at this time!
My personal feelings are the Thais are not interested in falangs coming here and making profitable business!Their interest is in tourists,investors and anyone that they can get the money from!I don't think Thailand is a stable environment for business in general at this time and even for the future as ,IMO,they are becoming more and more xenophobic wth time!
The rules change so quickly here,sometimes you have to settle for the interpretation of the individual authority person that you deal with,whether they are right or wrong!The loss of face for them to be overruled could put you in a bad position.The rule of law doesn't always apply except in a negative way for foreigners,some contracts are not enforceable and if you are encroaching on the profits of a Thai,you might get hassled!
Seems to me that investments are better made outside Thailand and vacations done inside Thailand!Cheers
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arjay
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- Joined: October 2, 2005, 12:19 pm
- Location: Gone to get a life, "troll free"
Phil, I would totally endorse BkkStan's perspective and comments above.
Whilst it is possible to work in Thailand, or indeed run a business, and even sometimes make money, it is fraught with difficulties and obstacles, and the returns are dubious, particularly when compared to the obstacles, risks and moving goal posts.
I too would recommend keeping the bulk of your investments/businesses, the sources of your income etc, outside Thailand, and just bring in what you need and/or are prepared to lose.
Whilst it is possible to work in Thailand, or indeed run a business, and even sometimes make money, it is fraught with difficulties and obstacles, and the returns are dubious, particularly when compared to the obstacles, risks and moving goal posts.
I too would recommend keeping the bulk of your investments/businesses, the sources of your income etc, outside Thailand, and just bring in what you need and/or are prepared to lose.
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jackspratt
- udonmap.com
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Philrjones
- udonmap.com
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- Joined: July 27, 2005, 6:14 am
Hi guys,
Thanks for the comments. Yes I understand what you're saying about business in LOS. Difficult and getting more so! My strategy is to get the financial base strong outside of Thailand, then come over. I've been many times already and love the place, but understand the frustrations I may be in for with business.
I'm getting really great support from her in Udon and she understands what I'm doing (although doesn't know the extent of current investments - happy for her to know I can pay for things sometimes, but I'm not stupid). Haven't decided on businesses yet and understand it's very probable she will end up owning them, plus any properties I buy. Risky yes, but as long as I have the bulk of my investments outside of Thailand and can live on those, I'm happy.
Eg. if I buy 3 investment properties outright in Thailand (no mortgage owed) and the rent money is coming in from them and even have a business, and everything is in her name, then it goes pear shaped, I know I can always come back here to Oz, or just leave it for her because I still have money coming in from my investments here. I don't mind the loss as long as my Oz investments are safe and obviously worth a lot more than Thai investments. I've been married twice before to farang girls and been to hell and back. Now my outlook is much more relaxed about losing out - I was completely wiped out twice with nothing to fall back on. Wiping me out in Thailand won't have that effect because of the other investments.
A thought about businesses - how about motorbike/scoot repairs/hire? - I'm a mad keen biker and do older ones up here in Oz - (not saying I don't trust the service/repair work done in Udon.........). Bear in mind, this is more to keep me busy/tinkering than hoping to make a vast profit, and I would have a few larger bikes, not just scoots. I often think - if only I could rent a 500cc - 750cc I'd be happy and biker minded farangs I come across there say the same. I used to help run motorcycle tours in Europe so have some experience in that area too (and I'm an ex-Chief Motorcycle Instructor from the UK). A small fleet of Suzuki GS 500's or GS 750F's kitted out with screens and touring panniers - If I could rent one of those I would! Another thought is a gym - I've been to what's available there and it's either not kitted out too well or too expensive. When you're not looking to make vast profits, you can prices very reasonable!
My goal is to be in a position so I don't HAVE to work, but can choose to work if I want. That could even be growing veggies and selling them! ( I have a farm and grow everything you can imagine organically!)
I suppose I'm looking at my skill set, seeing what I can do that I may be half decent at, then seeing if I can do something in Thailand with it. If profits are low but I'm happy, then I'm happy!
Cheers - have a cold one for me. Hey, have they finished that damn overpass yet near Big C/Santapol? I was there in Udon last time in Feb and it was still going on from the year before! Due another visit before long I think!
Thanks for the comments. Yes I understand what you're saying about business in LOS. Difficult and getting more so! My strategy is to get the financial base strong outside of Thailand, then come over. I've been many times already and love the place, but understand the frustrations I may be in for with business.
I'm getting really great support from her in Udon and she understands what I'm doing (although doesn't know the extent of current investments - happy for her to know I can pay for things sometimes, but I'm not stupid). Haven't decided on businesses yet and understand it's very probable she will end up owning them, plus any properties I buy. Risky yes, but as long as I have the bulk of my investments outside of Thailand and can live on those, I'm happy.
Eg. if I buy 3 investment properties outright in Thailand (no mortgage owed) and the rent money is coming in from them and even have a business, and everything is in her name, then it goes pear shaped, I know I can always come back here to Oz, or just leave it for her because I still have money coming in from my investments here. I don't mind the loss as long as my Oz investments are safe and obviously worth a lot more than Thai investments. I've been married twice before to farang girls and been to hell and back. Now my outlook is much more relaxed about losing out - I was completely wiped out twice with nothing to fall back on. Wiping me out in Thailand won't have that effect because of the other investments.
A thought about businesses - how about motorbike/scoot repairs/hire? - I'm a mad keen biker and do older ones up here in Oz - (not saying I don't trust the service/repair work done in Udon.........). Bear in mind, this is more to keep me busy/tinkering than hoping to make a vast profit, and I would have a few larger bikes, not just scoots. I often think - if only I could rent a 500cc - 750cc I'd be happy and biker minded farangs I come across there say the same. I used to help run motorcycle tours in Europe so have some experience in that area too (and I'm an ex-Chief Motorcycle Instructor from the UK). A small fleet of Suzuki GS 500's or GS 750F's kitted out with screens and touring panniers - If I could rent one of those I would! Another thought is a gym - I've been to what's available there and it's either not kitted out too well or too expensive. When you're not looking to make vast profits, you can prices very reasonable!
My goal is to be in a position so I don't HAVE to work, but can choose to work if I want. That could even be growing veggies and selling them! ( I have a farm and grow everything you can imagine organically!)
I suppose I'm looking at my skill set, seeing what I can do that I may be half decent at, then seeing if I can do something in Thailand with it. If profits are low but I'm happy, then I'm happy!
Cheers - have a cold one for me. Hey, have they finished that damn overpass yet near Big C/Santapol? I was there in Udon last time in Feb and it was still going on from the year before! Due another visit before long I think!
Well there are already four big bike shops in Udon. You go up against them you mu ight find youself with problems that won't be very pleasant. There is a bike tour company based here, but the rides are in the North, Chaing Mai area.
If you just want to tinker and your good, you will get bit of work via word of might through farrangs. Yuo set up a shop ther better bea Thai there and one should ever see a wrench in your hand. The only way to avoid problems is to file a proper business and get a work permit. Easy not easy I have no idea.
If you enjoy riding there are lots of groups to ride with, just go to d find the one that fits your tyle.
Your thinking is good as long a you don't brings anything can no afford to loose here you will be allright. I you want to hook up wth the other bikers here let me n know when yuo get here adn I'll show the little I know.
I don't post our rides on the forum seemed to be bothering people so I have mail list to let everyone no about upcoming rides. Not very active at the moment it's hot LOL If yuo want to know about the rides just PM me with a emial address and I will add you to the list.
Gyms lots of them around and very cheap. For example you can use the fitnes college equipment for 20 Bhat each time, or buy a membership for next to nothing.
My recommendation spend sometime and then decide if a buisness is for you or not.
If you just want to tinker and your good, you will get bit of work via word of might through farrangs. Yuo set up a shop ther better bea Thai there and one should ever see a wrench in your hand. The only way to avoid problems is to file a proper business and get a work permit. Easy not easy I have no idea.
If you enjoy riding there are lots of groups to ride with, just go to d find the one that fits your tyle.
Your thinking is good as long a you don't brings anything can no afford to loose here you will be allright. I you want to hook up wth the other bikers here let me n know when yuo get here adn I'll show the little I know.
I don't post our rides on the forum seemed to be bothering people so I have mail list to let everyone no about upcoming rides. Not very active at the moment it's hot LOL If yuo want to know about the rides just PM me with a emial address and I will add you to the list.
Gyms lots of them around and very cheap. For example you can use the fitnes college equipment for 20 Bhat each time, or buy a membership for next to nothing.
My recommendation spend sometime and then decide if a buisness is for you or not.
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Philrjones
- udonmap.com
- Posts: 444
- Joined: July 27, 2005, 6:14 am
Thanks Ray - Yep, I'll take some time considering. Hey, I probably met you in Downunder when Justin was there? Is it still the Udon S/Bike club? Re bike rides - thanks about the notifications. I'll wait though until I'm there as I'm currently in Australia. But certainly will join in when I come over.
Cheers
Phil
Cheers
Phil
This is a investment Blog I think thats the word, here in Thaland. Good, bad I don't know.
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Saw this on Stickman!Have no opinion about it,just passing it on!
IdeaCon is run by Kristian, an expat Dane with 9 years of experience in business matters in Thailand. He has seen so many foreigners making the same mistake - investing their money in the most common business for foreigners in Thailand, a bar, restaurant or guesthouse. After 12 months or less they realise they
IdeaCon is run by Kristian, an expat Dane with 9 years of experience in business matters in Thailand. He has seen so many foreigners making the same mistake - investing their money in the most common business for foreigners in Thailand, a bar, restaurant or guesthouse. After 12 months or less they realise they
Maybe I have been in there a couple of times to eat. There are at least four different club I don;t ride a sports bike thoughPhilrjones wrote:Thanks Ray - Yep, I'll take some time considering. Hey, I probably met you in Downunder when Justin was there? Is it still the Udon S/Bike club? Re bike rides - thanks about the notifications. I'll wait though until I'm there as I'm currently in Australia. But certainly will join in when I come over.
Cheers
Phil