Money coach offers lessons on maintaining finances

[snoop1130]

Money coach offers lessons on maintaining finances

By THE NATION

 

 

Money coach Jakkapong Mespan has started providing financial and investment advice to people as businesses are getting adversely affected by the Covid-19 outbreak. His advice includes tips on debt management, controlling expenses and long term investments under the current situation.

 

The coach says that people who have a debt should come up with payment plans before it turns into a bad debt. He is also advising people who are unable to pay their debts to negotiate with their contract parties instead of skipping payments.

 

“During this Covid-19 time, the government and private agencies have come up with measures to help debtors,” he said. “Suspending or reducing big debts, such as house mortgages or care loans, is an effective way of surviving in the current situation.”

 

However, if negotiations are not as effective as expected, the money coach advises people to sell their assets or use their reserves.

 

Moreover, he says, people should avoid or suspend plans to create new debts because the emergence of permanent payments at a time when the financial situation is unstable is far too dangerous.

 

He is also advising people to control their expenses as strictly as possible.

 

“This is the most basic idea with effective results,” he adds. “This is the time to differentiate between what you really need and what you want.”

 

Jakkapong is also advising people to invest carefully, so their investments serve as an opportunity for the future.

 

“Investing during a crisis may be dangerous, but it will provide investors with a profit once there is recovery,” he says.

 

He said investments must be made gradually, in small portions, in the dollar cost averaging (DCA) schemes, such as Super Savings Fund (SSF), Retirement Mutual Fund (RMF) or long-term stocks. However, he says, investors should be careful with certain investments, such as purchasing individual stocks, because the stock market is not promising and can cause damage to investors.

 

Source: https://www.nationthailand.com/news/30385505

 

-- © Copyright The Nation Thailand 2020-04-06

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[Mango Bob]

Free advertising or did they pay for it?

[Justgrazing]

42 minutes ago, snoop1130 said:

 

The coach says that people who have a debt should come up with payment plans before it turns into a bad debt.

Hahaha yea right .. 

 

42 minutes ago, snoop1130 said:

“Suspending or reducing big debts, such as house mortgages or care loans

 

42 minutes ago, snoop1130 said:

However, if negotiations are not as effective as expected, the money coach advises people to sell their assets 

Standby for a tidal wabe of 2nd hand Vigo's and Fortuna's and such like to swamp the market .. 

 

42 minutes ago, snoop1130 said:

He is also advising people to control their expenses as strictly as possible 

should be made easier by the fact you can't go out to spend on anything much .. 

 

42 minutes ago, snoop1130 said:

. “This is the time to differentiate between what you really need and what you want.”

Sound like he's jumbled up the lyrics to a Stones track .. 

 

42 minutes ago, snoop1130 said:

 

Jakkapong is also advising people to invest carefully, so their investments serve as an opportunity for the future

Investments .! I once tried to engage a past bird on the subject of investment .. who just looked , smiled and said " only want gold you buy , after can sell when ( not If ) no have munny " .. I gibe up .. 

Edited April 6, 2020 by Justgrazing
Sp

[Roy Baht]

Yeah, a money coach makes money from being a money coach. I've never met a truly financially successful person become a money coach. Nor have I ever met a rich person write a book about how to get rich.

[car720]

I can tell everyone how to save a lot of money.

Just send me $1 and I will email back the method.

[jimmjam]

40 minutes ago, car720 said:

I can tell everyone how to save a lot of money.

Just send me $1 and I will email back the method.

Reminds of an ad that used to be posted in a newspaper a long time ago.

I wonder how many people sent him $1 he probably made a fortune.????

[gunderhill]

2 hours ago, car720 said:

I can tell everyone how to save a lot of money.

Just send me $1 and I will email back the method.

I'll do it twice  as  good for 99c, with a 10  year guarantee.

[car720]

4 hours ago, jimmjam said:

Reminds of an ad that used to be posted in a newspaper a long time ago.

I wonder how many people sent him $1 he probably made a fortune.????

Actually, it was millions and because he responded to everyone it was totally legitimate.

[jimmjam]

16 minutes ago, car720 said:

Actually, it was millions and because he responded to everyone it was totally legitimate.

Awesome

[UbonThani]

14 hours ago, Roy Baht said:

Yeah, a money coach makes money from being a money coach. I've never met a truly financially successful person become a money coach. Nor have I ever met a rich person write a book about how to get rich.

Robert Kyasachi spelling?

Anthony Robbins

[Assurancetourix]

16 hours ago, snoop1130 said:

The coach says that people who have a debt should come up with payment plans before it turns into a bad debt.

He should start by touring Thai banks to explain something very simple in force in most developed countries:
prohibition to lend money to a person or a family who already has an outstanding personal debt reaching 30% of his or her monthly income.
It would avoid seeing all these officials who have outstanding debts sometimes exceeding 80% of their income.

[yourauntbob]

6 hours ago, Assurancetourix said:

He should start by touring Thai banks to explain something very simple in force in most developed countries:
prohibition to lend money to a person or a family who already has an outstanding personal debt reaching 30% of his or her monthly income.
It would avoid seeing all these officials who have outstanding debts sometimes exceeding 80% of their income.

what developed countries are you talking about?  the USA is run off of debt.  Back in 2002-2007 they even invented NJNA (ninja) i,e, No Job No Income loans.  

 

Most of the western countries themselves wouldn't qualify for loans under your standards  

 

Debt to GDP %

UK -85.9% of GDP (2018)

Spain - 97.6% of GDP (2018)

Germany 61.9% of GDP (2018)

France - 98.4% of GDP (2018)

USA is likely headed for 150% by the time the stimulus is added up and GDP falls 

 

I agree with your sentiment but "the west" can hardly lecture the east on debt hahaha

 

 

 

Edited April 7, 2020 by yourauntbob

[Assurancetourix]

20 minutes ago, yourauntbob said:

Most of the western countries themselves wouldn't qualify for loans under your standards  

If you read all the words, I'm not talking about the countries but the people of those countries.

[rvaviator]

On the question of money ... Do any of you know of any local who has received the 5000THB for month '1' after having made the online application on day 1?

 

Some talk apparently on local FB that a lot of people do not think 'anyone' will get anything ....  Hence I was curious if anyone know anything different?

[yourauntbob]

3 hours ago, Assurancetourix said:

If you read all the words, I'm not talking about the countries but the people of those countries.

I read the words.  Household debt to income isnt any better:

 

debt to income (first google result)

France - 95.88%  

England -  123%

Spain - 95.45%

USA - 76%

 

Either way, pot/kettle situation you got going

 

 

[gk10002000]

On 4/6/2020 at 11:43 AM, Roy Baht said:

Yeah, a money coach makes money from being a money coach. I've never met a truly financially successful person become a money coach. Nor have I ever met a rich person write a book about how to get rich.

I have never met a wealthy financial advisor.  If they were so financially savvy, then why do they not have huge portfolios?  

 

   So many of my friends and co workers, all with degrees in engineering, math, etc.  have financial advisors.  I have way more money than any of them and can retire at any time.  It has been simple, spend less than I make, and conversely make more than I spend.  I don't borrow money, don't have any debt, I do charge almost everything but I pay off the credit card every month and get the cash back rewards.  I have always driven used cars, and gotten a good 10 years out of them with some simple maintenance and minor repairs.  Being used cars they were never worth insuring for collision, I just get liability and that stuff.  So that alone has saved thousands over the years.  I made simple constant investments in dividend paying stocks or ETFs, and tax free municipal bonds and funds in the appropriate account. 

 

  Sickens me how little time these educated and supposedly smart people spend on financial things.  They bust their humps for hours weeks and years and have little to show for it.   I mean most have no understanding of a ROTH IRA, Pre Tax, Post Tax, Tax free investments in a regular brokerage account, what a qualified dividend is and how that is taxed.. etc. 

[scubascuba3]

Thais seem really bad with money, obviously much harder if poor. They really need free money\debt advice.

 

A money coach offering their service for free would ideally suit a retired person who already has made their money. Cannot sell products just free advice

 

[Assurancetourix]

9 hours ago, yourauntbob said:

I read the words.  Household debt to income isnt any better:

 

debt to income (first google result)

France - 95.88%  

England -  123%

Spain - 95.45%

USA - 76%

 

Either way, pot/kettle situation you got going

 

 

You read badly or you have not found the right WiKi page;
the percentages that you give correspond to the debt of the countries compared to their GDP;
and besides the percentage of France is not 95,88 % but 105 %;

and that of Japan is much worse: 238% of GDP

[scorecard]

On 4/7/2020 at 10:56 AM, car720 said:

I can tell everyone how to save a lot of money.

Just send me $1 and I will email back the method.

And I hope people who contact the coach don't reveal their personal details. 

[car720]

4 hours ago, scorecard said:

And I hope people who contact the coach don't reveal their personal details. 

Don't need them.  Just their $1 and their email address.