Do I have enough money to live in Thailand, and how to do it

[gordog 11]

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

I would like to permanently retire and live in Thailand, leading a modest lifestyle. 

 

I have no knowledge of finance, business (other than my original trade in the UK which I cannot do in Thailand )

 

I was wondering if this sum of money is enough, and if so what I should do with it to best see out my days in retirement here (I enjoy writing and wish to do it full time)

 

Thanks in advance for any suggestions and help ( please no replies about "why Thailand" , "other places are better" and so forth)

 

 

[BritManToo 44,455]

I live here in a nice 3 bedroom house with a younger Thai woman and 2 Thai kids.

Costs me around 12kgbp/year, 600k would last me 50 years.

40,000bht/month.

 

If you had the will power not to spend/spend/spend, you could do the same.

Or the foolish urge too invest or speculate (I always lost money doing that)

You might also want a party lifestyle, which would cost you a lot more.

Edited January 13 by BritManToo

[OneMoreFarang 26,664]

Come to Thailand. Soon you will meet other people who will tell you about those great business opportunities. Like invest 500k and a year later you will have a million. That's the usual way for new guys coming to Thailand.

[Surelynot 7,872]

It all depends...... do you intend to buy "lady drinks" every night?........in my experience no one has enough money to do that.

[Moonlover 6,748]

Retire in Thailand at 42? Sorry sonny, can't be done. Come back when you're 50, if you have any money left then.

[RichardColeman 26,572]

Retirement visa is 50 - you could of course come on a quick holiday , marry and get a marriage visa. But that modest lifestyle you mention will be hard pushed with an extravagant wife and 600k !

 

Eventually, I'd put half in uk property and keep half in the bank - some in Thailand. the house can be an escape route and will also cover all the money you need for living daily

Edited January 13 by RichardColeman

[ukrules 20,937]

52 minutes ago, gordog said:

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

You don't have enough money in the long term assuming there's zero income going forward, so you need to figure out a way to make a 'maintenance' income whilst residing here. I would imagine that's where the writing comes in.

 

You could come and give it a run for a while as you do have plenty of cash as a buffer at the moment.

 

There's a Thailand Elite visa for 1 million baht that covers you for 20 years so you wouldn't need to worry about immigration at all, ever - assuming you get one of those. The cheapest option in the shorter term is 2 x 600k Baht 5 year memberships but I would suggest the 20 year version in your case as you plan on staying very long term.

 

If it doesn't work out you can always return after a few years with most of your money intact unless you change your plans and spend it all pretty quickly.

 

Can you make money from your writing is the golden question? If yes then I don't see any issue.

 

....also you need to get that money invested somewhere with a decent return.

Edited January 13 by ukrules

[gordog 11]

8 minutes ago, ukrules said:

 

You don't have enough money in the long term assuming there's zero income going forward, so you need to figure out a way to make a 'maintenance' income whilst residing here. I would imagine that's where the writing comes in.

 

You could come and give it a run for a while as you do have plenty of cash as a buffer at the moment.

 

There's a Thailand Elite visa for 1 million baht that covers you for 20 years so you wouldn't need to worry about immigration at all, ever - assuming you get one of those. The cheapest option in the shorter term is 2 x 600k Baht 5 year memberships but I would suggest the 20 year version in your case as you plan on staying very long term.

 

If it doesn't work out you can always return after a few years with most of your money intact unless you change your plans and spend it all pretty quickly.

 

Can you make money from your writing is the golden question? If yes then I don't see any issue.

 

....also you need to get that money invested somewhere with a decent return.

 

I don't think i'd be able to make money writing, it is more of an interest/hobby which brings me no income

 

I am a Elite Visa holder so staying in the country is not a problem

 

I guess I need to find a way to make the money generate more money

 

[NCC1701A 52,912]

1 hour ago, gordog said:

So I recently sold my house in the UK.

should have kept the house and rented it out. use the cash to buy another one and rent it out. come to Thailand when you are over 50. 1900 baht a year for the "visa".

 

600,000 pounds converted to baht = 24,619,782.14 and this exchange rate will only get worse over time as the West is in decline against Asia. 

 

45,000 baht per month X 12 = 540,000 baht per year. (good luck actually doing this for 45 years)

 

24,619,782.14 divided by 540,000 baht per year = 45.59 years.

 

42 years old plus 45.59 = 87.5 years old you run out of money.

 

of course nothing else factored in like inflation, medical expenses, car.  no new anything included or any unexpected expenses. really more like 65-70 you crash.  

 

 

 

Edited January 13 by NCC1701A

[bkk6060 13,130]

If you live 40 years that is slightly over 20,000 US a year which seems extremely low even now.

It will not last because of inflation and other issues that will come up in your life.

Sorry, I think your FTSE is lousy has not performed well and probably will not in the future.  In fact It is actually lower now than is was 20 years ago.  The US Dow has averaged 7 percent a year over that time.

You are still pretty young I would invest a fair share( at least half) of it in a solid US diversified index fund.

Good luck.

[Kenny202 2,475]

1 hour ago, BritManToo said:

I live here in a nice 3 bedroom house with a younger Thai woman and 2 Thai kids.

Costs me around 12kgbp/year, 600k would last me 50 years.

40,000bht/month.

 

If you had the will power not to spend/spend/spend, you could do the same.

Or the foolish urge too invest or speculate (I always lost money doing that)

You might also want a party lifestyle, which would cost you a lot more.

 

Always short and sweet and 100% spot on  

What is the 12kgbp per year? Are you budgeting for your family per kg? 

[Lacessit 22,937]

1 hour ago, gordog said:

So I recently sold my house in the UK. I have around 600,000 pounds in my UK bank account. Divorced, I have no pension, no other savings, investments or assets and I am 42 years old.

 

I would like to permanently retire and live in Thailand, leading a modest lifestyle. 

 

I have no knowledge of finance, business (other than my original trade in the UK which I cannot do in Thailand )

 

I was wondering if this sum of money is enough, and if so what I should do with it to best see out my days in retirement here (I enjoy writing and wish to do it full time)

 

Thanks in advance for any suggestions and help ( please no replies about "why Thailand" , "other places are better" and so forth)

 

 

Your life expectancy based on UK averages is 39 years. After allowing for costs such as the 20 year visa, your savings would give you 39 years at about 600,000 baht/ month. So yes, it is doable. However, there is no guarantee your exchange rate would stay constant, and you may live longer than the average. The other issue is unexpected costs such as a hospital stay, which can be very expensive here.

My advice would be to keep working and saving in the UK at least until the COVID pandemic is history. Also, get the money you have invested in safe, income-producing vehicles to extend them.

You cannot get a retirement visa here until age 50. If you can stand it, wait until then. If you continue to save in the meantime, all the better.

Writing, although enjoyable, is only a good source of income for very few. Good luck.

[timendres 6,576]

I would strongly recommend that you do not consider permanent, full-time retirement for at least another 10 years. For a long list of reasons. Personally, I would look to find a job I could do 9 months of the year, bank more savings from that, and spend 3 months traveling SEA and possibly other locations. If you spend a number of those years in Thailand, you will be much more prepared to retire on what you have accumulated, as well as have fewer years to be concerned about, when you do finally retire full-time. I have a few friends who have attempted to retire in their 40-s, and not one of them succeeded. Not because of money, but because of boredom and mischief. It is simply too early for most people.

[Kenny202 2,475]

Just now, KannikaP said:

And I know many guys who are happily married for years, no financial problems or gambling issues with their partners. As for putting property in someone elses name....most couples in UK have JOINT MORTGAGES.

 

I know a lot of guys who are happy too, including myself...why I went to great pains to say I love living here and love Thais. And what I am describing isn't a JOINT MORTGAGE scenario, the situation is winner (wife) take all, unless married and still doubtful you could get anything back. It is only advice based on my first hand experience. If you are saying what I described doesn't happen often in Thailand you are dreaming. In any case the guy may not even be considering adding a Thai lady to the mix. I thought I was offering advice that wasn't the normal negative Thai bashing vitriol. There are so many guys come here with no clue about anything, do no due diligence and sometimes lose everything. 

[BritManToo 44,455]

4 minutes ago, KannikaP said:

And I know many guys who are happily married for years, no financial problems or gambling issues with their partners. As for putting property in someone elses name....most couples in UK have JOINT MORTGAGES.

I had a joint mortgage in the UK, then I paid it off, then she divorced me and the judge gave her the house 100%.

I was happily married for 28 years, and unhappily married for another 2, she claimed to have been unhappy for the last 20 years.

I guess she just stuck it out for the free house, and half my pension.

 

The great thing about Thailand, renting is cheaper than buying, you can quickly move if the neighbours start being a pain, and your woman will never get entitlement to any of your assets back in the home country.