I have lived in Thailand for 10 years and it's very possible to live on 1,500 dollars a month no problem. Can rent a room for 200 to 400 dollars a month and if you can eat Thai food, can eat for 6 dollars a day easily. If you only eat western food then about 15 dollars a day. Just budget yourself and can easily live in Thailand for 1 ,500 dollars a month.
The intent of this video was I am sure good, but like many say here, it all depends on how you want to live. The cost of living in Thailand will vary on each person, and the lifestyle they choose to live. I have been here for 5 years. You can use credible agencies to get a retirement visa, which will allow you to not have to jump through hoops or having to have a load of money in a Thai bank. I have a retirement visa now. There are many ways to get things done here, and those ways vary from city to city.
My friend of 15 years has lived in Thailand for almost 4 years. He lives in a 1 bedroom Condo he rents for 420.00 a month "it's upscale" in total he spends between 1k to 1,300 a month. that includes all of his bills, gas for his motorbike, and a housekeeper that comes in twice a week to clean and do laundry. also, about 200 of that is food for his house a month. Now eating out or going to the bar is extra or getting a girl for the night lol
Its the last part you mentioned that can add up. Did your friend also move into a fully furnished place. If not, then you have to add that into settlement costs. Lastly, is he living the same type of lifestyle now as he did when he still lived in his home country.
When I was in Thailand (Bangkok) 3 years ago, Cats were the thing. There were tons of street cats and they were very friendly. Everyone loves and takes care of the street cats. I made friends with one very easily. I love cats and that stood me well with the doorman of my hotel, who also, apparently, was taking care of that particular cat.
Appreciated, the intent of the video. People vary so much in their needs. As a frugal person, you will definitely be at an advantage wherever you live. For me, I can have a wonderful time spending relatively little - staying in a cheap room on the River Kwae, hiring a bicycle in Cha-am to explore, spending the afternoon trekking up Erawan Falls etc. I enjoy 40 baht meals and sitting by the beach in Pattaya or Jomtien with a bottle of Chang and a snack. When my state pension comes through, at about $1,000 a month, if I already have a home paid for, I have no doubt that I would have a very enjoyable retirement if healthy, if I decided to retire to SE Asia. Just looking at one's neighbours shows how much people vary in their lifestyles. Inability to balance expenditure vs income rather than the level of income of itself, is the biggest cause of financial problems
100% agree. .. and you have much more fun. damn my kickass private health insurance (on top of italian public health insurance) cost me 900 euros per year and covers everything even cancer ... even when i m abroad.. for sure it is allways easy to spend more .. but with 2400 usd per month I live like a KING in italy so no need to go to Thailand ahah I think he confuses, how much you need to live in thailand with the importance of saving for your retirement
2k USD is 60,000b a month. This amount is below the requirements for even a retirement visa. I am talking about retirement, travel, eating out, doing the things you will want to do once retired. Not just existing.
@@rossinrayong632 There are plenty of things to do in retirement that don't cost much money, or any money. Read, exercise, swim, online learning, relaxing on a beach, learn a language. Sure, travel every now and then, but even that can be done cheaply in SE Asia with all the budget airlines around today.
@@rossinrayong632 Marriage visa requirement is 45,000 baht a month or 400,000 in a Thai bank, under the man's name only, for 2 months prior to visa renewal. My Thai wife and I live in Hua Hin on $2000 a month and we're very comfortable.
lol I’m 25 been living in since I was 22, I live in a nice condo over looking the ocean I play video games all day and go to bars on the weekend my monthly income is only 1600 🤷♂️ i live like a god I don’t know where his money going them thai wife’s can do that to you 😅
That's cool, enjoy it, but don't forget to start building some nestegg for later, Doesn't need to be now, but you don't want to wake up with 55 with no penny to your name.
it depends on your lifestyle. I am 42 and live in Cambodia on 1400 a month My apartment costs 400.oo a month and unless i go on a shopping spree i spend at the most 200 on groceries, and trips. In normal times I will either work in China or at a local school if i have a local girlfriend. I do not go clubbing, drinking or hire sreycouches. I spend most of time at home playing pc games such as minecraft or total war. i prefer homecooked food and eat local or Chinese food when i go out. I try to shop at Chinese business at much as possible as i know they operate at very low profit margins so will likely be cheaper. i picked up alot of habits from the Chinese when I was working in China. Such as drinking pasta water , drinking hot water, and making everything so it can be eaten with chopsticks. I also like to shop at the local market so i can practice the local language.
I have saved even more than that....I moved to a developing country with a flat 10% tax rate and very low cost of living.....however, I am well qualified specialist, so I was still paid a western salary. This meant I was able to save 85% of my salary and live on just 15%....it is not so difficult to do this - the Middle East has hundreds of thousands of working ex-pats in all kinds of industries making great money and paying 0% tax.
This guy living a good life in a $2,600 in Thailand. He doesn't what talking about. The average Thai people make 15k Thai and they do just fine. With 2,600 i can do just fine in 🇺🇸. With $2,600 you live a good life in Thailand.
I live on a island in the Philippines. Rent a very nice three bedroom house two minutes walk to the beach. I support four of us on 1200 dollars a month. This man is crazy!!
@@kingrobert1st Seriously man? Where exactly you live and how is the life there? I am ok with $1000 also. What I have saved should last me at least a decade. Who cares what happens after that...
As do i besides it is a great way to save money and to see where you might be over spending on something you do not really need if you are on a limited budget.
Well now I'm stuck on Hawaii, US. I've bought my house in Bangkok, Thailand paid full in cash when I was 25. As a dual citizen I was planning to work for a US state job until I'm retired at 62 so probably around 2055. I went back to college for trade school to get some training but right after I finished the course, COVID-19 happened and ruined everything now I couldn't even get the job!
I'm glad I'm a minimalist with no family and cheap taste. My costs are like 1/3 of the example amounts he listed. Still, good presentation and helpful video for the right people.
$2400/mo sounds about right for a family with kids, but a single expat can easily get by on half that. Aside from setup costs, you may want to budget for a trip home once a year (as many do) plus an emergency fund of 6-12 months of expenses, this is all the more critical if living in a developing nation. As far as how much you need to have invested, just take the annual spend and divide by 4%, so $24k per year needs $600k invested using a 4% safe withdrawal rate (95% chance of not running of money even after 30 years - made famous by William Bengen)
$2400 a month isn't so much anymore. Mostly anything imported into Thailand costs more than imported things into USA or Canada I noticed especially foods and alcohol. You can live on less than 2000 a month but you need to eat Thai food far more often. Need to keep visa costs and medical insurance in mind too. It adds up so fast.
@@robschaller9061 Very true. I continually see fantasy figures stated about how little it will cost to retire in Thailand. My estimate for living a worthwhile existence there is at least £1300 ($17,000) (53,000 Baht) per month, preferably £1,500 ($1,900) (61,000 Baht). I've seen the living standards of Cheap Charlies who live on less and it's a paltry existence.
@@robschaller9061 if it's like this Thailand is not very cheap at all, here in Spain you could retire in the south for 800€ a month whitout any problem, the health system is free and also you can get some help for the govern
While you can live in a small room and eat for less than $5 a day, is that how you want to spend the rest of your life. What about travel? Other things like cleaning supplies for both the house and personal. Power, water, cell phone, internet and other things you use everyday other than housing and food. Add it all up and a single guy with no vices for alcohol, tobacco or dating and you can live under 40,000 b a month, but is that the kind of life you want when you retire. Bag food and a lonely room? No thank you.
It really depends on where you are in the states. 4k/mo in south florida, new York, or Cali, doesn't need "60%" in Thailand, more like 35% Likewise, if you live in a cheap state, your gonna need to keep a greater% of your income moving over.
i am a local living in Surat Thani as a student in college here are my required costs per month 1. Housing, i am living in an apartment 1300 Baht a month, there are wider price ranges depends on your interest but a house is around 5000 baht a month with 2 bedrooms and 1 toilet on regular. 2. Food, i spent around 100 $ buying the entire month if you cook your own you can make it around 50$ which is very cheap for foreginer 3. Transportation, typical scooter to buy is around 50K baht ( 1600 ish $ ) but it's only once. if you are on a budget 150-200 $ per month is enough exc. visa living cost here is very low 1000$+ is premium and luxurious, maybe try living in suburbans
When I was in college I also had a much smaller budget, but once I grew up and wanted more than the housing I had, I realized I needed to earn more money
Would have been beneficial if you would have broken down monthly cost. Rent Utilities Food Transportation Medical Etc Most of us don’t have 20 yrs left .
I just happened to watch your video (I know it's from 2019), and have to admit that your budget surprised me - a lot. How it is possible to inform that it demands 2400 $ (estimated 75.000 THB). to live in Thailand - monthly?? I live there with my wife, and we manage to spend about 28.000 THB (900 $). We don't miss food or TV or Internet etc. - and we feel comfortable - but not luxurious of course. Your numbers are simply out of proportion. Just my comment.
I would much prefer to hear from you as i live a non lavish life with my thai wife in ireland. We will move to Thailand with the same thinking. His figures are crazy. I know medical can be an issue when a certain age, but no expensive car or restaurants. Its retirement not the lottery.
I’m with you. I think 75,000 baht/mo is way over the top to live in TH. Maybe he’s talking about living in some nice condos in BKK. And, if that’s the case then maybe so. But, average working class Thais can live off of about 20~25K baht/mo comfortably. So I would think if you don’t live a lavish life style you can totally put some money away each month living under 30K baht/mo.
I’ll just stay in the USA....I ran the numbers and I can live the same here as there really. I shop at Aldi’s for food, eat great....3 years house will be paid for. House insurance car insurance property taxes power bill water cell phone internet is all about $800 month, add about $400 for groceries. Had Medical and spending jacks it up another $800 and $2000 give me a very good lifestyle in the USA. Over that is just more spending. So, unless I just wanted to go there for someone, I don’t see the point in going. I’ll retire here. But many blessings to those who venture out for whatever reasons they have.
There are parts of America that will be way less expensive than Thailand. They are usually not near oceans, waterfalls, jungles or other scenic things to see and do. I know the mountains of Kentucky and West Virginia are very low cost. But places like Los Angeles, New York, Chicago, San Francisco, Washington DC, Miami will be 4 to 5 times higher than Kentucky or West Virginia. Part of the appeal of Thailand is the warm weather, culture and different life style. Congrats on getting your home paid for. Not having a mortgage is very liberating.
It’s nothing like that much I lived here 18 years it bad at the moment but Thai money is strong right now. $1000 per month is still easily doable for rent bills food transportation only problem is med bills if needed so keep insurance. Loads of places for free food or really cheap street food
Monte that’s what I was thinking. Also, there is so much to do in the US also. I think we take that for granted. Same thing here, you can live simple or extravagant. We take many day trips and weekend trips for not much at all. Groceries at Aldi’s are dirt cheap. I’m not buying into this move to another country thing. I mean it’s cool, but I’m not getting the point. When my hoodie is paid off, $2000 a month here is going to be way way plenty and will be living high quality life. I have broke the numbers down here and there’s not much difference. In fact if you get your house paid off, it’s a piece of cake.
The dollar figures seems a little inflated, but I assume that the percentage of the budget (60%) is accurate. So as an American, if you are used to $4000/mo., then plan on needing $2400/mo. In Thailand. If you are used to $2000/mo. in America, then you would need only $1200/mo. ($2000 x 60%) in Thailand to live the same lifestyle.
I've not been but as Jeremy is always saying the cost on Thailand is no longer the cheap option it once was, Take heed of those figures or become a beggar on the streets of Thailand being deported.
This is actually not going to be true! (I have a finance degree) The reason it's not true is because you have different kinds of expenses. Some are discretionary (optional like eating at cheap or expensive restaurants) and some are not (health insurance will be the same each month). Some will be fixed (same rent each month) and some will be variable (more air conditioning in the hotter months). If you rent a small studio in Iowa now or you rent a 5 bedroom home in San Francisco, the rentals for those equivalents in Thailand is not always going to be 60% (or whatever %) of the USA rentals. You simply can't just use some given % to determine the equivalend cost between two countries at both a high level of living and a low level of living. It should only be used to get a rough idea of the equivalent cost.
I’m in Las Vegas for work and my Uber driver casually mentions that he want to retire to Thailand. I told him to watch this video and to subscribe to the channel. Small world guys!
I live in America in a two hundred thousand dollar home paid for. Myself wife and two kids can life on 2500 per month. No way would I pay that much living in a place like Thailand.
Not sure how someone spends 2400 in thailand but I suppose collecting things and having the best house/condo is way behind me. I live well in the U.S. for 1400, rural US sure but always go out to local event hang out with friends etc... my vacation in Thailand for 6 months 'budget' was 1600 cant even imagine spending more I did not even think about money was doing everything I wanted and only managed to spend 1600... /shrug But i do agree with the 500k mark but not because you need that much now its for future inflation a real concern when retiring almost 30 years early like I will soon.
@@xomox5316 he gave you a rather simple formula. Essentially take 60% of what you live on in the US to get your Thai number so I would imagine everyone would have a different number. Really depends on what kind of lifestyle you want.
I live nicely in a gated compound in Guatemala for $600 a month... food $200...Rent $250. Misc $150. I have friends that have traveled the world for 20 years, they report that amount is typical for Thailand as well. It sure is not anything close to $2,500/mo...
I am Thai, but have studied in the US for my Bachelors Degree in Lexington Kentucky. My 1 bedroom studio alone, on the outskirts of that small city, with a bit scary neighbors costed me USD275/month in 1992. My electricity bill was USD85 and water a fraction of that. I had a heat pump service in my room for cooling and heating. Food was mostly supermarket purchased at around USD60-70/week. Gas for my car was around USD50/week for a Chevrolet Cavalier. That would leave USD1,660 left from an income of USD2,500/month. With this amount of money I do not believe I would be able to live in a major city in the US today (2019). The main reason is the cost of rental today would be a lot higher and I suppose gas would be more than the USD1.95/gallon I was paying back in 1992. But I do believe in a fairly rural area (possibly more than in Lexington Kentucky), it would be possible to live in the US today, but not terribly comfortably. However, to live in the largest city in Thailand, namely Bangkok, today would require no more than USD1,000/month for one person to live relatively comfortably (eating out in restaurants, beers in bar, water parks, shopping included) if you do not finance car or real estate. This is to me a very realistic picture in 2019.
It’s a good idea to live in Thailand 🇹🇭 6 months per year then get a 3 months visa you can get cheap accommodation on the east side of Pattaya or chaing Mia for 4500 thai baht per month you can get a 6 month visa from the states uk 🇬🇧 Canada 🇨🇦 Australia 🇦🇺 then you can get a 90 day one before it finishes
I think another option is live in luxury hotels or apartments with free travel visa for $300 USD per month, make a trip to Cambodia for free 1 month visa there every 28 days have 2 places to call home no visa issues very very cheap monthly
I’m hoping I can retire at 55. I’m saving a bunch. I hate the heat and humid tho lol I my plan now is to get a travel trailer and just move around the U.S. to hike, ride my motorcycle. By the time I’m 55. I’ll have my house paid off, 100k in a Roth, 300k in my pension. I think I can live on the paid off house’s rental income alone.
With all due respect, I think bigger windows just let in more hot air. If it's hot outside which is mostly the case, you're talking hot inside your house unless aircon is running. Plus I'd recommend screens on those windows unless you like flies and mosies.
Big windows, make for big air movement. Large roof overhangs and a north south house prevent direct sunlight and heat from staying in. Of course there are screens on the windows. Would be silly not to.
Ross seems to live a nice life for that budget, I honestly thought it would be a bit higher. I like watching the videos where it’s not how cheap you can get by on but more this is my lifestyle and this is what it cost me, I watched a livestream last night of someone who’s budget was closer to 6k usd, but that was with 2 children in a good school a nanny and living in a very nice place. As you know from personal experience you can live cheaper than Ross but that is not for everyone, no more than Ross’s budget is for everyone. Thanks to you both for sharing. Keep Doing More Life 😎
Even financial experts will say to take it at 62, nobody is promised tomorrow and if you die it all goes back into the s.s. pool. They also say it would take about 14 years or so just to make up the difference from 62 to 67 so unless you know for a fact that you will be living into your 80's or 90's by all means take it at 67.
you didn't calculate the most important part......"medical expenses" to include hospital stays, prescription drugs, doctor visits, and etc relative to "medical expenses"
Very informative video, many farangs underestimate the cost of retirement, it is way cheaper than retiring in the U.S. but it is still a big amount of money to be available to sustain a decent life style.
Generic advice, applies to just about any retirement. Having traveled to Thailand (a few times) you will see a good number of expats and it’s simply because the quality of life can be better than that of home country... the cost of living is more affordable. When I’m 65 would I consider Thailand? Family can change your plans quick. Do you want to be around grandchildren? Are family holidays/get together’s a big deal to you? Those are the questions that need to be answered. Thailand is cheaper.. no question , but....
Some of these people have a point - I'd appreciate you explaining why if you dont mind? Why is it so expensive to live there? You could literally just retire in USA for that amount of money comfortably. I thought part of the allure of living in Thailand is the great price reduction on cost of living? Thanks.
If you want to live Thai style, a small house, little to no furniture, sleeping mat, fan, cold water shower or bucket shower, you can live for much less. Using JC as example, he clears maybe a bit over 40k baht a month. He travels very little, does not drink or smoke and is able to save just a very small amount each month. We can do that in the USA. The allure of Living in Thailand, for about $3000 a month you can live a upper middle class lifestyle as a single guy, Travel once a month, enjoy some nightlife and possible dating. Its the freedom you feel here. Once you get out of the city, life is very relaxed. The weather is about the same year round. Food and housing cost much less than than your home country. But once you start adding power, Cell phone, internet, and not living in a hotel you will then understand all the other costs you don't think about. things like laundry if you don't own a machine, toiletries, and travel can all add up.
You missed the entire point of the vid... he is saying if your retirement lifestyle is 4,000 a month, to have the same lifestyle in Thailand you are going to need about 60%
My grandpa is retired and he earns 8000€ monthly. He just use 2500€ monthly for every expenses in Thailand and the rest will be deposited in the bank while he gives me 700€ monthly...
Many in America working until sixty five are lucky if they get $1,500 a month from Social Security. They can barely afford to even pay their rent. Does the average Joe in America have $4,000 a month to live on? I am not saying your figures are wrong perhaps for your lifestyle but does the average person really spend that much? I totally agree with you about a budget. i have been keeping one for over forty years. I write down every penny or baht and where it goes everyday. I have a daily column for food , miscellaneous items and total. Then there is rent, power, wi-fi, water and fuel. It is not the money coming in that matters its what you spend. In Thailand for two i live on a budget of between $400 to $650 a month. And this includes travel, hotels, eating , visas and everything. And no i do not live in a broken down wooden shack with no running water and power eating dried noodles three times a day. I have been living on this budget in Thailand going on twenty years. I do not think happiness or living well has anything much to do with the amount you spend. Your thoughts.
You’re missing his point James. I know that you want everyone to know that you can live here very inexpensive. Some of like to go out and have a life. This is a baseline for that.
@@JeremyClodfelter That is what i am asking ? Just would like to see a breakdown on the different expenses for spending that much. I think that would be helpful so others on various budgets can understand. Maybe i misunderstood Ross but he made it sound like everyone needed that much a month to live comfortably .
Yes you misunderstood him. No worries. Go back and watch it again, and listen carefully to what he says. The point of the video is not that an expat needs $2,400/month to live on. You have to look at all his variables. All you heard was the monthly income, and your defense system kicked in. Listen to what he is saying....please
He must be living next door to the kings palace!!! I was there off and on for 4 years. I didn't spend anywhere near his figures. There Is one point he touched on, I found correct. I do not know how many westerners I met there, that really had nothing and were on the bones of ass. I never seen so many bone poor westerners in life. Some didn't even have 25.000 baht in the bank, they were staggering down the streets aged 80.... with nothing. It struck me as a beggars paradise. I would not like to go broke thier, because as much as it is the land of smiles))) there Is nobody running to your aide if you go bust.
budgeting is the most important thing for whatever u want to do. But there are many things to consider: where are you gonna retire, the lifestyle u want to have and many other things
If you are getting $2000 per month and inflation is 5% per year, in 20 years it will only be worth $833. In 40 years it will be worth about $350. Inflation could be much higher than 5% in the future. If your payments are indexed to inflation, the government lies about the inflation rate so your increase will still be lower than the actual rate. You can hedge against this effect by saving part of your income and investing it to create future income, buying vs. renting, and buying gold/silver to preserve your purchasing power.
I think growth/inflation is maybe 2% overall and banks now payng 1.5% in Thailand for fixed deposit. Looks like there are UK investments paying 7% but it scares me as does the lease back option here in Thailand that pays 10%. It's basically a gamble on Ponzi for the first 10 years. I was also approached by a Hong Kong group but their figures were definitely Ponzi, ie they claimed borrowed money as huge profit. I still have the brochure. I'm content with a financial cushion and reasonable hobbies. If I find a wife I want to publish my book and maybe then get a big gain. Meanwhile I'm having too much fun and am to lazy to do more life than I do, hahahahah.
it is a question of where and 'how' do you life in Thailand - if you living in the Northeastern part of the country - you can easy life on 1000 USD a month - and you can live pretty good! We are 5 people (mother, father and 3 kids) - living on this 30.000 THB budget and have everything some need (of course house and motorbikes and the car are already paid for) - so there is only the costs for electricity, Internet, water, petrol, and food and even shopping clothes, shoes, even travel,...whatever... - with 2.500 USD you can live like a king! - but as mentioned - it is a question of your location in the country, and if you have to pay a monthly rental fee, etc...
Costs maybe $300 for housing and food for a month in Chiang Mai., a suburb of Thailand. $600 flight $2400 for housing for an entire year $360 for food $400 for visas $3860 cost to get there, housing, food and visas for an entire year. Does not include phone service or unexpected costs. Compared to the lower end of rent in America Rent: $500 x 12 = $6000 Bills: $200 x 12 = $2400 Total: $8400 Food: $250 x 12 = $3000 Transportation: $50 x 12 = $600 Total: $12,000 Based off $11 an hour full time one would make: $18,624 One would be able to save less than $6,624 a year. Living in thailand is 3x more cost efficient than living in America. This isn't meant to be compared with, for example, buying a $5,000 RV and saving up a big chunk of money for a year. This is meant to compare the costs of living in a similar rental unit in two different countries with the same currency. The rent presented in America is significantly lower than most places. For example, I live in Florida. The minimum for a 1b 1ba is $1,000 a month, not including bills. But generally you can get lower rent prices if you're willing to commute further distances. And $500 a month is quite literally the cheapest you'll get in America. But taking into account the neighborhood, crime, etc it may not be all that worth it. So maybe spend your hard earned money in Thailand instead? I mean.. $11 hr is equivalent to $33 an hr in Thailand.
After building our home, I have no rent, or even property tax. So a small 1 time investment will pay off for years to come. Glad you get what I was attempting to explain. For me, the bottom line, if you can not afford the required 800K to sit in a bank, you are never ready to retire. Less than 30k saving will never last you the rest of your life. You need investments, multiple revenue streams, and a lifestyle where material things are the last items you want to spend money on.
Always have a plan B you never know what will happen in the future. The figures in this video are for the current situation no one knows what will happen next year, even less what happens in 5 or 10 years time.
Is this cost for just you or is there a women in the picture. I have lived there quite comfortably for 1200usd a month ( nice apartment ,wi-fi, utility bills, and motorbike rental ) plus going out for the odd drink.
You're so lost! LOL! This is a video about retirement, not monthly income. The monthly income is whats left over from an exhausted pension, divided by 20 years.
I watched this video again, the figures he shows are for his expenses/lifestyle so everybody's will be totally different. It all boils down to a persons comfort zone/needs in life. There are so many variables to this topic.......do you chase women, do you drink every day, do you eat at expensive restaurants, travel throughout the month, high end condo living? There will be a HUGE difference in cost especially if it's compared to someone who comes over here that doesn't drink, doesn't chase women but happily married but chooses to live a more simple lifestyle. This next part is about the residual income one has coming in, is it a savings account/trust fund, investment, some sort of pension? This is the kicker, for example: If you are 50 do you have enough income coming in to sustain your lifestyle here for at least 30 years or at the least to the age to draw social security? If you can answer yes then congratulations on working hard for your future. If the answer is no, stay were you are and save, save, save.........you do not want to become destitute in a foreign country!
Answer: "Effed if I know. What am I - the answer man?" No seriously, this was a good video. It was helpful to show us your numbers on paper cause us guys are visual. BTW a thai girl might think it's Christmas every day, but let her know it's not. Ask her what her contribution will be and she will change the subject pronto
I don't know about the Thai women thing, my wife works 7 days a week busting her ass at her business. She does not have to work. She chooses to work and be a contributor to our family. Even my daughter works and pays her own way while still under our roof. There are many fine, wife quality women her. But I doubt you will find many in any P4P area. Look for quality women who are working good jobs. Jobs requiring an education or advanced training. Most will speak English but will be much more selective on who they will date. No one whats to fall in love to someone who will be gone as soon as their tourist visa runs out.
I live in NYC. I pay $3000 between the two of us. That includes, car payments, insurance, rent, and food. If you paying that much to live in Thailand, I hope you getting Thai punani all day
Andy, yes, i am sure you are correct because that is the case also here in the USA. However, many people want to live in the tropics. Around nice people. Nice weather, white sand beaches, amazing places to SCUBA. travel cheaply. Once in SE Asia flights are cheap. I've bought R/T tickets from Philippines to Malaysia for $40. Agreed you may choose to live in Spain and travel around the Mediterranean rim, and yes, that's also nice. But that will cost more.
first time i went to Thailand it was 71 baht to £1, the last time i went it was 52 baht to a £1. Looks like i wont ever be going back if the exchange rate has gotten that bad.
Here in Germany there are people living on 1000€ and less. I will retire to Thailand in about 2 years. I have already rented a condo in Nonthaburi: new, I am the first tennant, security, gym, pool, small but very comfortable, 23 square meters = 250 square feet, about 5000 THB per month including communal fees. And I although I will have to continue my health insurance in Germany (about 500€ per month) I know that I can easily live in Thailand on 1300€, which includes the above mentioned costs for my insurance and my condo. I have already tried it out, I know what I am talking about.
$4000.00 per month !!!???? that's crazy too much! I am living in America for less then that. Also it depends on whether you own a home there or not, if you take care of the family and if you go out to bars every night. You can live on SO MUCH less then that even now as real-estate has gone up so much over the last 15 years. I give my girl 20,000 baht every month for our home in Udon and when I am there I need only about 10,000 for myself. we then pay 35,000 baht a year for an extra condo in Koh Samui and some more for emergencies and travel. you and your girl can live for 45,000 baht easily once you own your own home. at 32:1 do the math.
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
Good video, If the cost of living is $2400 per month, or $28800 per year, you need to have $720k. That gives you a 4% withdrawal rate, assumes inflation of 3% and allows you to increase your budget by that 3% each year without running out of money. Simply dividing the nest egg by months and years will run out out of money as costs rise, especially if the money is only earning a 1% in a bank account.
Good video. There are still vloggers selling the “live for free” in Southeast Asia script. I would say the cost is 70% of what it costs in america though.
£409pm. Live a great life on my military pension. Married and now using a retirement visa. Keep my daughter in college, built my house years ago. We all have wheels, I love a beer and I still save 3,000-5000 baht per month. I am no cheap Charlie. I have no reason to line others pockets. I also rent a wooden Thai style house in a resort. No aircon this is the new life why sit in doors sniffing cool air. There is no true cost to happiness. Pointless videos about buying pizzas and living the life you left behind. Go native, enjoy retirement.
We never had AC in the USA, but find we sleep much better with it now. In the cooler months I run the fans. Most people including myself, still want to live a life style we are accustomed to. We still do family Sunday dinners at a restaurant. 2 adult kids, 1 young child, 2 grand kids and usually one or 2 inlaws join us. Even then its less than $40 for everyone to walk away stuffed
4 grand a month amazing. If you get a monthly pension of£ 600-£1000 per month you can live in Thailand quite comfortably. The biggest outlay is leaving 800k baht in the bank to cover the retirement visa condos to buy in Pattaya start from under a million baht to buy and apartments to rent start at around 6000baht a month. If you can afford it buy a condo or house and retire here even with a poor exchange rate it's miles better than miserable rain soaked smack head infested blighty .
But you are not a Thai person. Honestly there are many things that cost more in Thailand than back home. If you eat Thai food and drink Thai beer it will be cheap but it will get very boring after awhile and they tend to have very small portions.
With 4.000$ a month you will live like a poor, minimum is 15.000$ a month and thats for a remote village around Chiang Mai, if you want to live in Bangkok, you need at least 50.000$ a month.
I think if you can get up the 800,000 baht and have health insurance if required ( I'm 70 and feel fine so forgoing same) and have 5-600 a month USD I can retire here and "live like a king." I found a cheap grimy development outside Bangkok and am doing just that although I have $1131 a month and about 1/4 million USD in bank. I had a windfall profit on my house in California. I never labored just to be super rich. It's too stressful. My overall investments already done here are between 1 and 1.5 million baht with 2 vintage cars, 4 motorcycles and 7 bicycles and 3 cheap-o condos at 30 meters sq each plus a bunch of model supplies. My biggest downside is some legal problems with my first condo and car. Twas a family business and monkey business too. I should have consulted a lawyer. However I am still hoping for a happy ending as I have kept my friends and kept cool. I have cheap hobbies like plastic models and RC gliders and biking and beach walking. I think I'll travel more in the future as I think Thai people and culture are the most interesting in the whole world. I don't compare myself to others and that makes me pretty content in all circumstances. If I want a mega yacht I'll just build a model of it, ahhahahah. I"ve met a lot of women and some of them really really beautiful. Right now I"m avoiding the bar scene and going to culture things and pool parties. I hope to marry a beautiful woman and have a baby too in spite of my age. The Monk Luang Phor Supah, his Wat is on Phuket Island, lived 118 years and that is my goal too. Long live the King and thank you all my friends. Amen.
I hate the word retirement or living somewhere. I like say at this moment of my life I am staying here or there. Never to long in one spot. Stay moving. Change. Be diversified in life. So retirement or living somewhere will never be a part of my vocabulary
I saved, invested, and have financial interests that pay me into perpetuity. I have monthly commissions from work done years ago that still comes in every month.
I really need help other people's opinion. Basically I am self-studying korean and thai, not gonna lie it's going pretty good for me and planning to be an english teacher BUT the problem is that, I ain't sure if it's better to move in South Korea or Thailand. I love both of the countries equally and I can't decide which one is better to live in. Any opinions? I would appreciate it, thank's 💕
thanks for actually putting down some real numbers on paper! may i ask your reasoning to wait until 68 to collect ss benefits? so is 576k savings needed basically considering no home rent/mortgage because you had already built and completely paid for your home?
I am not waiting for any particular reason for SS. I have a steady residual income on top of my savings. We built the house for under 100k. We wanted a dream home. You will not find this model house anywhere in Thailand. The main point I wanted to get across is don't think you can live a comfortable life for the next 25 years on a small savings. It is not easy to make the incomes we do in western culture in Thailand. I have seen a few people broke and mentally broken at 60 because they did not plan for inflation, taxes, the amount of money wine, women and song can eat into savings. If I were single I don't think I would have made the move. Having a Thai wife made the difference and made it easy.
i totally agree on having a substantial savings. i've run the calculations and was slightly short with budgeting at 3,000 USD but on target for 2,500 USD. however, this was supplementing the forecast with ss benefits. i have a thai wife as well and can appreciate your comment of grounding your existence in thailand. are you including ss benefits in any of your budgeting calculations?
@@rct0mball Not at all Being self employed for most of my life, My SS benefits will be low. They are also based on number of years paid in. The majority of my income has never been payroll. My residual income and invest income will be enough for both the wife, our kids and hopefully enough to send grand kids to college. As long as I don't have mid life crisis and want some crazy stuff I don't need.
its very easy to find. Jif and Skippy brand. Both creamy and crunchy. Its the small things I will splurge on for a taste of home. Something very comfortable about a PB&J every now and then.
Another comment I would add... You said that you're waiting until 68 to collect social security. That actually may not be the best way to go. There is a common misconception that it is best to wait until "full retirement" or later to collect social security because the check amount will be greater. That thinking is ONLY valid in situations where you plan to continue working until full retirement age AND you are married AND you expect to live a very long life AND you are living in a higher cost-of-living. If any of those are not true and you are living in a low cost-of-living place like Thailand or the Philippines, the exact opposite is true. This is because collecting social security at a minimum age (62, in my case) allows you to keep more of your retirement savings in the bank to continue earning interest. I have spreadsheeted these scenarios (I have an accounting degree) and reviewed it with financial advisors. They all agree that collecting early in my case is better than waiting. I will move to the Philippines in a few months. If I wait until 67 to collect social security, for example, I will practically empty my retirement savings within 10 years because I'm living off of that money until then. If I collect at 62, however, my retirement savings will work for me and double within 10 years at just a 2% interest rate! Most advisors feel that a 6% to 8% interest rate is more realistic. Everyone's situation is going to be different. However, I would strongly recommend anyone to spreadsheet the different scenarios to ensure that you are getting the most financial benefit!
Agree, why to wait for so long? the life is too short, beside at that age most mens have erectile dysfunction and is not good idea to go Pataya better stay in home
Some people have a lot in tax favored accounts like IRA and 401k. For those people it can be better to wait longer and do something called Roth conversions to save money on taxes. Once those people hit 70 they are forced to take specific percentages out (required minimum distributions) which can drive up the tax on their social security payments by a lot. It would be financially unwise for me to start social security before 70 (and I have an accounting degree, a very old one!)
You need to redo your math. If you have $1,000,000 you can purchase a retirement annuity that will pay you $7,000 a month of more. Or you can keep it in a mix of stocks and bonds and earn $60,000 a year. Other options. You don't take your expenses and multiply it by 20 years and use that. It's simple wrong., NPV. Secondly, a retirement requires 800,000 OF NEW MONEY in your account EVERY YEAR.
Hi Ross & thanks for sharing this info. The issue for many will be that they can easily do some work in their own country so have an extra income, whereas in Thailand (in most cases) they will not be able to. Also there will be those that have very low outgoings in their own country because they have their largest outgoing paid for, their house. This can mean that in their own country they're actually saving up good money (low outgoings v large incomings) & moving to their dream Thailand would put them alot out of pocket. This probably gives them the opinion that it's better for them to take say a 90day trip to Thailand once per year. Whats your thoughts?
I have a Thai wife, so the idea of traveling back and forth is not worth it. Rent in America, Airplane tickets all that adds up. When I was in my late 30's I was doing contract work. When I was not on a contact, I was living in Thailand on 90 non immagrant type O visas. This allowed me to stay 90 days without checking out of the country every 30 days
I have lived in Thailand for 10 years and it's very possible to live on 1,500 dollars a month no problem. Can rent a room for 200 to 400 dollars a month and if you can eat Thai food, can eat for 6 dollars a day easily. If you only eat western food then about 15 dollars a day. Just budget yourself and can easily live in Thailand for 1 ,500 dollars a month.
Your 1,500 /mo and his 4,000 is a big difference
I think $2,000 is decent.. there’s no need to spend like a one week millionaire
@@keithhenderson4057 I think he means $4k would be if he was in the US. In Thailand $2.4K a month.
Easy ..Thai food and a few beers here and there ..small detached bungalow/condo ,still have enough left for a gym a a massage here and here ..
Depends what’s going on I can live there for 700$ a month
Rent 300$
Food 100$
WiFi / Electric / Water/ Transportation/ Health Care / CellPhone 300$
I live on 2K/month in smalltown Oklahoma and rarely cook at home. I'm pretty confident I can live on $1200/month in Thailand.
Best of luck
The intent of this video was I am sure good, but like many say here, it all depends on how you want to live. The cost of living in Thailand will vary on each person, and the lifestyle they choose to live. I have been here for 5 years. You can use credible agencies to get a retirement visa, which will allow you to not have to jump through hoops or having to have a load of money in a Thai bank. I have a retirement visa now. There are many ways to get things done here, and those ways vary from city to city.
My friend of 15 years has lived in Thailand for almost 4 years. He lives in a 1 bedroom Condo he rents for 420.00 a month "it's upscale" in total he spends between 1k to 1,300 a month. that includes all of his bills, gas for his motorbike, and a housekeeper that comes in twice a week to clean and do laundry. also, about 200 of that is food for his house a month. Now eating out or going to the bar is extra or getting a girl for the night lol
Its the last part you mentioned that can add up. Did your friend also move into a fully furnished place. If not, then you have to add that into settlement costs. Lastly, is he living the same type of lifestyle now as he did when he still lived in his home country.
When I was in Thailand (Bangkok) 3 years ago, Cats were the thing. There were tons of street cats and they were very friendly. Everyone loves and takes care of the street cats. I made friends with one very easily. I love cats and that stood me well with the doorman of my hotel, who also, apparently, was taking care of that particular cat.
Appreciated, the intent of the video. People vary so much in their needs. As a frugal person, you will definitely be at an advantage wherever you live. For me, I can have a wonderful time spending relatively little - staying in a cheap room on the River Kwae, hiring a bicycle in Cha-am to explore, spending the afternoon trekking up Erawan Falls etc. I enjoy 40 baht meals and sitting by the beach in Pattaya or Jomtien with a bottle of Chang and a snack. When my state pension comes through, at about $1,000 a month, if I already have a home paid for, I have no doubt that I would have a very enjoyable retirement if healthy, if I decided to retire to SE Asia. Just looking at one's neighbours shows how much people vary in their lifestyles. Inability to balance expenditure vs income rather than the level of income of itself, is the biggest cause of financial problems
100% agree. .. and you have much more fun. damn my kickass private health insurance (on top of italian public health insurance) cost me 900 euros per year and covers everything even cancer ... even when i m abroad..
for sure it is allways easy to spend more .. but with 2400 usd per month I live like a KING in italy so no need to go to Thailand ahah
I think he confuses, how much you need to live in thailand with the importance of saving for your retirement
100% agree guys. Well said.
My son lives in Bangkok with his Thai wife,They live on 2k per month and live a good life
2k USD is 60,000b a month. This amount is below the requirements for even a retirement visa. I am talking about retirement, travel, eating out, doing the things you will want to do once retired. Not just existing.
More power to you Charlie.
@@rossinrayong632 There are plenty of things to do in retirement that don't cost much money, or any money. Read, exercise, swim, online learning, relaxing on a beach, learn a language. Sure, travel every now and then, but even that can be done cheaply in SE Asia with all the budget airlines around today.
How old is he I'm wanting to move there myself I'm 37 most of these videos are retired people
@@rossinrayong632 Marriage visa requirement is 45,000 baht a month or 400,000 in a Thai bank, under the man's name only, for 2 months prior to visa renewal. My Thai wife and I live in Hua Hin on $2000 a month and we're very comfortable.
lol I’m 25 been living in since I was 22, I live in a nice condo over looking the ocean I play video games all day and go to bars on the weekend my monthly income is only 1600 🤷♂️ i live like a god I don’t know where his money going them thai wife’s can do that to you 😅
Where does your 1600 a month come from?
That's cool, enjoy it, but don't forget to start building some nestegg for later,
Doesn't need to be now, but you don't want to wake up with 55 with no penny to your name.
What’s your occupation
it depends on your lifestyle. I am 42 and live in Cambodia on 1400 a month My apartment costs 400.oo a month and unless i go on a shopping spree i spend at the most 200 on groceries, and trips. In normal times I will either work in China or at a local school if i have a local girlfriend. I do not go clubbing, drinking or hire sreycouches. I spend most of time at home playing pc games such as minecraft or total war. i prefer homecooked food and eat local or Chinese food when i go out. I try to shop at Chinese business at much as possible as i know they operate at very low profit margins so will likely be cheaper. i picked up alot of habits from the Chinese when I was working in China. Such as drinking pasta water , drinking hot water, and making everything so it can be eaten with chopsticks. I also like to shop at the local market so i can practice the local language.
In Thailand I spend £200 per month on rent and £800 on everything else and I live well.
That's excellent Ryan!
You should do a video on how you were able to save almost $600,000 by the age of 48.
Thats simple, I have been self employed most of my life, one of my businesses still pays residuals every month
Yes 600,000 would be hard to save it would take more than a lifetime for me
@@rossinrayong632 You're not relatable to most of the population, Ross.
I have saved even more than that....I moved to a developing country with a flat 10% tax rate and very low cost of living.....however, I am well qualified specialist, so I was still paid a western salary. This meant I was able to save 85% of my salary and live on just 15%....it is not so difficult to do this - the Middle East has hundreds of thousands of working ex-pats in all kinds of industries making great money and paying 0% tax.
Can easily get it if you just max your 401k as soon as you can out of college
This guy living a good life in a $2,600 in Thailand. He doesn't what talking about. The average Thai people make 15k Thai and they do just fine. With 2,600 i can do just fine in 🇺🇸. With $2,600 you live a good life in Thailand.
exactly
Your point?lmfao that’s what the dude is say my guy
I live on a island in the Philippines. Rent a very nice three bedroom house two minutes walk to the beach. I support four of us on 1200 dollars a month. This man is crazy!!
Very nice!
He's just another out of touch rich asshole. I live in Thailand on 15,000 Baht a month very comfortably ($500).
@@kingrobert1st Seriously man? Where exactly you live and how is the life there? I am ok with $1000 also. What I have saved should last me at least a decade. Who cares what happens after that...
I hear what you are saying about lifestyle. Currently I'm living a minimalist lifestyle and keep 12 month spread sheets with detailed expenses
As do i besides it is a great way to save money and to see where you might be over spending on something you do not really need if you are on a limited budget.
Well now I'm stuck on Hawaii, US. I've bought my house in Bangkok, Thailand paid full in cash when I was 25. As a dual citizen I was planning to work for a US state job until I'm retired at 62 so probably around 2055. I went back to college for trade school to get some training but right after I finished the course, COVID-19 happened and ruined everything now I couldn't even get the job!
Sorry to hear that.
How do you get money to buy cash at 25.
I'm glad I'm a minimalist with no family and cheap taste. My costs are like 1/3 of the example amounts he listed. Still, good presentation and helpful video for the right people.
Yeah probably 600-700$ is doable im a minimalist as well
$2400/mo sounds about right for a family with kids, but a single expat can easily get by on half that. Aside from setup costs, you may want to budget for a trip home once a year (as many do) plus an emergency fund of 6-12 months of expenses, this is all the more critical if living in a developing nation.
As far as how much you need to have invested, just take the annual spend and divide by 4%, so $24k per year needs $600k invested using a 4% safe withdrawal rate (95% chance of not running of money even after 30 years - made famous by William Bengen)
$2400 a month isn't so much anymore. Mostly anything imported into Thailand costs more than imported things into USA or Canada I noticed especially foods and alcohol. You can live on less than 2000 a month but you need to eat Thai food far more often. Need to keep visa costs and medical insurance in mind too. It adds up so fast.
Agree, 2,400 is too much for 1 person.
@@youngandfree93 Thai food is fairly good and lots of decent meals don't cost much. You don't need to spend 250Bt at the Pizza Company 6 times a week.
Im with celtosaxon on this one. Good numbers and the 4% rule is classic economics
mjonler88 why would I move to Thailand to eat Western food?
2500 a month is more than it costs me to live in england a month
same I live on half that in Dallas Texas
Man you dont listen at all. So, if you live on 2200 a month in england, then to have the same standard of living in thailand you would need about 1300
@@robschaller9061
Very true. I continually see fantasy figures stated about how little it will cost to retire in Thailand. My estimate for living a worthwhile existence there is at least £1300 ($17,000) (53,000 Baht) per month, preferably £1,500 ($1,900) (61,000 Baht). I've seen the living standards of Cheap Charlies who live on less and it's a paltry existence.
$2500 or £2500? Which town? Can’t be that cheap as U.K. is expensive. If I retire in the U.K. it will be in A village in Cornwall.
@@robschaller9061 if it's like this Thailand is not very cheap at all, here in Spain you could retire in the south for 800€ a month whitout any problem, the health system is free and also you can get some help for the govern
Family of 4 living a great life in Isaan , with 3 bikes and an old car for $1500 per month
it's possible to rent a room less then 100$/month, restaurants are between 1$ and 10$, his prise are in foreigners' quarter
While you can live in a small room and eat for less than $5 a day, is that how you want to spend the rest of your life. What about travel? Other things like cleaning supplies for both the house and personal. Power, water, cell phone, internet and other things you use everyday other than housing and food. Add it all up and a single guy with no vices for alcohol, tobacco or dating and you can live under 40,000 b a month, but is that the kind of life you want when you retire. Bag food and a lonely room? No thank you.
It really depends on where you are in the states.
4k/mo in south florida, new York, or Cali, doesn't need "60%" in Thailand, more like 35%
Likewise, if you live in a cheap state, your gonna need to keep a greater% of your income moving over.
i am a local living in Surat Thani as a student in college here are my required costs per month
1. Housing, i am living in an apartment 1300 Baht a month, there are wider price ranges depends on your interest but a house is around 5000 baht a month with 2 bedrooms and 1 toilet on regular.
2. Food, i spent around 100 $ buying the entire month if you cook your own you can make it around 50$ which is very cheap for foreginer
3. Transportation, typical scooter to buy is around 50K baht ( 1600 ish $ ) but it's only once.
if you are on a budget 150-200 $ per month is enough exc. visa
living cost here is very low 1000$+ is premium and luxurious, maybe try living in suburbans
When I was in college I also had a much smaller budget, but once I grew up and wanted more than the housing I had, I realized I needed to earn more money
Would have been beneficial if you would have broken down monthly cost.
Rent
Utilities
Food
Transportation
Medical
Etc
Most of us don’t have 20 yrs left .
I receive $4350.00 a month in retirement pay and I'm putting $1500.00 a month away in my account back home in the states!
I'm one happy dude!
I just happened to watch your video (I know it's from 2019), and have to admit that your budget surprised me - a lot.
How it is possible to inform that it demands 2400 $ (estimated 75.000 THB). to live in Thailand - monthly?? I live there with my wife, and we manage to spend about 28.000 THB (900 $). We don't miss food or TV or Internet etc. - and we feel comfortable - but not luxurious of course.
Your numbers are simply out of proportion.
Just my comment.
I would much prefer to hear from you as i live a non lavish life with my thai wife in ireland. We will move to Thailand with the same thinking. His figures are crazy. I know medical can be an issue when a certain age, but no expensive car or restaurants. Its retirement not the lottery.
I’m with you. I think 75,000 baht/mo is way over the top to live in TH. Maybe he’s talking about living in some nice condos in BKK. And, if that’s the case then maybe so. But, average working class Thais can live off of about 20~25K baht/mo comfortably. So I would think if you don’t live a lavish life style you can totally put some money away each month living under 30K baht/mo.
I’ll just stay in the USA....I ran the numbers and I can live the same here as there really. I shop at Aldi’s for food, eat great....3 years house will be paid for. House insurance car insurance property taxes power bill water cell phone internet is all about $800 month, add about $400 for groceries. Had Medical and spending jacks it up another $800 and $2000 give me a very good lifestyle in the USA. Over that is just more spending. So, unless I just wanted to go there for someone, I don’t see the point in going.
I’ll retire here. But many blessings to those who venture out for whatever reasons they have.
There are parts of America that will be way less expensive than Thailand. They are usually not near oceans, waterfalls, jungles or other scenic things to see and do. I know the mountains of Kentucky and West Virginia are very low cost. But places like Los Angeles, New York, Chicago, San Francisco, Washington DC, Miami will be 4 to 5 times higher than Kentucky or West Virginia. Part of the appeal of Thailand is the warm weather, culture and different life style. Congrats on getting your home paid for. Not having a mortgage is very liberating.
Ross in Rayong we’ll said and I agree with your statement.
I live on a magical paradise island in Thailand 1000 usd a month
You are awesome!
where?
It's magical.
@@lifeizzzgood mythical
If it cost that much might as well stay in USA.
I'm with you Monte or you may be better of moving to Mexico. TCB.
Yeah, but then you would be stuck in the USA, unable to experience the better quality of life that Thailand offers.
It’s nothing like that much I lived here 18 years it bad at the moment but Thai money is strong right now. $1000 per month is still easily doable for rent bills food transportation only problem is med bills if needed so keep insurance. Loads of places for free food or really cheap street food
Monte that’s what I was thinking. Also, there is so much to do in the US also. I think we take that for granted.
Same thing here, you can live simple or extravagant. We take many day trips and weekend trips for not much at all. Groceries at Aldi’s are dirt cheap. I’m not buying into this move to another country thing. I mean it’s cool, but I’m not getting the point. When my hoodie is paid off, $2000 a month here is going to be way way plenty and will be living high quality life. I have broke the numbers down here and there’s not much difference. In fact if you get your house paid off, it’s a piece of cake.
America is the most safest in the world.
The dollar figures seems a little inflated, but I assume that the percentage of the budget (60%) is accurate. So as an American, if you are used to $4000/mo., then plan on needing $2400/mo. In Thailand. If you are used to $2000/mo. in America, then you would need only $1200/mo. ($2000 x 60%) in Thailand to live the same lifestyle.
Thank you for understanding Ernest. I appreciate the logical comment.
Exactly what I was thinking.
I've not been but as Jeremy is always saying the cost on Thailand is no longer the cheap option it once was, Take heed of those figures or become a beggar on the streets of Thailand being deported.
This is actually not going to be true! (I have a finance degree) The reason it's not true is because you have different kinds of expenses. Some are discretionary (optional like eating at cheap or expensive restaurants) and some are not (health insurance will be the same each month). Some will be fixed (same rent each month) and some will be variable (more air conditioning in the hotter months).
If you rent a small studio in Iowa now or you rent a 5 bedroom home in San Francisco, the rentals for those equivalents in Thailand is not always going to be 60% (or whatever %) of the USA rentals.
You simply can't just use some given % to determine the equivalend cost between two countries at both a high level of living and a low level of living. It should only be used to get a rough idea of the equivalent cost.
Bob Quinn
Also rent and insurance are not fixed costs annually.
I’m in Las Vegas for work and my Uber driver casually mentions that he want to retire to Thailand. I told him to watch this video and to subscribe to the channel. Small world guys!
Thanks Scott!
I live in America in a two hundred thousand dollar home paid for. Myself wife and two kids can life on 2500 per month. No way would I pay that much living in a place like Thailand.
Ever been to Thailand? What’s your nest egg. Any investments? Did you spend your life living to work, or working to live?
Not sure how someone spends 2400 in thailand but I suppose collecting things and having the best house/condo is way behind me. I live well in the U.S. for 1400, rural US sure but always go out to local event hang out with friends etc... my vacation in Thailand for 6 months 'budget' was 1600 cant even imagine spending more I did not even think about money was doing everything I wanted and only managed to spend 1600... /shrug
But i do agree with the 500k mark but not because you need that much now its for future inflation a real concern when retiring almost 30 years early like I will soon.
@@xomox5316 he gave you a rather simple formula. Essentially take 60% of what you live on in the US to get your Thai number so I would imagine everyone would have a different number. Really depends on what kind of lifestyle you want.
I live nicely in a gated compound in Guatemala for $600 a month... food $200...Rent $250. Misc $150. I have friends that have traveled the world for 20 years, they report that amount is typical for Thailand as well. It sure is not anything close to $2,500/mo...
I am Thai, but have studied in the US for my Bachelors Degree in Lexington Kentucky. My 1 bedroom studio alone, on the outskirts of that small city, with a bit scary neighbors costed me USD275/month in 1992. My electricity bill was USD85 and water a fraction of that. I had a heat pump service in my room for cooling and heating. Food was mostly supermarket purchased at around USD60-70/week. Gas for my car was around USD50/week for a Chevrolet Cavalier. That would leave USD1,660 left from an income of USD2,500/month. With this amount of money I do not believe I would be able to live in a major city in the US today (2019). The main reason is the cost of rental today would be a lot higher and I suppose gas would be more than the USD1.95/gallon I was paying back in 1992. But I do believe in a fairly rural area (possibly more than in Lexington Kentucky), it would be possible to live in the US today, but not terribly comfortably. However, to live in the largest city in Thailand, namely Bangkok, today would require no more than USD1,000/month for one person to live relatively comfortably (eating out in restaurants, beers in bar, water parks, shopping included) if you do not finance car or real estate. This is to me a very realistic picture in 2019.
I’ll just go visit for a period of time. Besides Texas has Whataburger and Chick-fil-a.
Lol
It’s a good idea to live in Thailand 🇹🇭 6 months per year then get a 3 months visa you can get cheap accommodation on the east side of Pattaya or chaing Mia for 4500 thai baht per month you can get a 6 month visa from the states uk 🇬🇧 Canada 🇨🇦 Australia 🇦🇺 then you can get a 90 day one before it finishes
I think another option is live in luxury hotels or apartments with free travel visa for $300 USD per month, make a trip to Cambodia for free 1 month visa there every 28 days have 2 places to call home no visa issues very very cheap monthly
I wish I could do that. But I've found good hotels to be around $50 USD per night.
I’m hoping I can retire at 55. I’m saving a bunch. I hate the heat and humid tho lol I my plan now is to get a travel trailer and just move around the U.S. to hike, ride my motorcycle. By the time I’m 55. I’ll have my house paid off, 100k in a Roth, 300k in my pension. I think I can live on the paid off house’s rental income alone.
More power to you! I wish I had that :)
With all due respect, I think bigger windows just let in more hot air. If it's hot outside which is mostly the case, you're talking hot inside your house unless aircon is running. Plus I'd recommend screens on those windows unless you like flies and mosies.
Big windows, make for big air movement. Large roof overhangs and a north south house prevent direct sunlight and heat from staying in. Of course there are screens on the windows. Would be silly not to.
There's plenty of hot air in this video 🙂
Ross seems to live a nice life for that budget, I honestly thought it would be a bit higher. I like watching the videos where it’s not how cheap you can get by on but more this is my lifestyle and this is what it cost me, I watched a livestream last night of someone who’s budget was closer to 6k usd, but that was with 2 children in a good school a nanny and living in a very nice place. As you know from personal experience you can live cheaper than Ross but that is not for everyone, no more than Ross’s budget is for everyone. Thanks to you both for sharing.
Keep Doing More Life 😎
problem is all ppl in Thailand think every american is rich .
Really good video mate, I'm heading back over for 6 weeks in the summer and can't wait 🍻🇮🇪
Work online as an English teacher, would help a budget if you are going to live or travel in Thailand.
teaching companies are seriously clamping down on bullshit teacher who've just printed out the certificate or completed a 2 day online course
Even financial experts will say to take it at 62, nobody is promised tomorrow and if you die it all goes back into the s.s. pool. They also say it would take about 14 years or so just to make up the difference from 62 to 67 so unless you know for a fact that you will be living into your 80's or 90's by all means take it at 67.
If you have a partner they must think it’s Christmas every day 😎🙏🌟
😂😂😂
you didn't calculate the most important part......"medical expenses" to include hospital stays, prescription drugs, doctor visits, and etc relative to "medical expenses"
Very informative video, many farangs underestimate the cost of retirement, it is way cheaper than retiring in the U.S. but it is still a big amount of money to be available to sustain a decent life style.
Good point Eric!
Generic advice, applies to just about any retirement. Having traveled to Thailand (a few times) you will see a good number of expats and it’s simply because the quality of life can be better than that of home country... the cost of living is more affordable. When I’m 65 would I consider Thailand? Family can change your plans quick. Do you want to be around grandchildren? Are family holidays/get together’s a big deal to you? Those are the questions that need to be answered. Thailand is cheaper.. no question , but....
I live in Northern California on less than that...
Some of these people have a point - I'd appreciate you explaining why if you dont mind? Why is it so expensive to live there? You could literally just retire in USA for that amount of money comfortably. I thought part of the allure of living in Thailand is the great price reduction on cost of living? Thanks.
If you want to live Thai style, a small house, little to no furniture, sleeping mat, fan, cold water shower or bucket shower, you can live for much less. Using JC as example, he clears maybe a bit over 40k baht a month. He travels very little, does not drink or smoke and is able to save just a very small amount each month. We can do that in the USA. The allure of Living in Thailand, for about $3000 a month you can live a upper middle class lifestyle as a single guy, Travel once a month, enjoy some nightlife and possible dating. Its the freedom you feel here. Once you get out of the city, life is very relaxed. The weather is about the same year round. Food and housing cost much less than than your home country. But once you start adding power, Cell phone, internet, and not living in a hotel you will then understand all the other costs you don't think about. things like laundry if you don't own a machine, toiletries, and travel can all add up.
Hi Ross Wish you did more videos. So where are you getting your monthly budget at $2,400 a month? Are you eating steak and lobster three times a day.
Thanks so much for your sharing and i wish you have an amazing and fruitful retirement in Thailand!!
Thanks Ross for the overview. Very pertinent to have a plan and savings plan. So easy to get lost along the way. Thanks for vlog n JC. Bushyboy Oz.
That’s bs !!! You don’t need that amount. To live in Thailand.
Depends on your life style & what unknowns appear: Medical, dental, transportation needs, repairs, etc.
static gaming: $4000 a month=“I get topped off by 4-8 whores a week and go out to fancy restaurants every night.
You missed the entire point of the vid... he is saying if your retirement lifestyle is 4,000 a month, to have the same lifestyle in Thailand you are going to need about 60%
My grandpa is retired and he earns 8000€ monthly.
He just use 2500€ monthly for every expenses in Thailand and the rest will be deposited in the bank while he gives me 700€ monthly...
Touya XYZ why does he pay you 700/month?
Wow, the views keep going and going. Over 62000! More power to you 💪. I have a strong craving to eat peanut butter now for some reason🤔
Thumbnail of Jessica in a miniskirt breaks for 2.4 million. Ross in a tanktop goes for 100 thousand. 🤪 ha ha
Many in America working until sixty five are lucky if they get $1,500 a month from Social Security. They can barely afford to even pay their rent. Does the average Joe in America have $4,000 a month to live on? I am not saying your figures are wrong perhaps for your lifestyle but does the average person really spend that much? I totally agree with you about a budget. i have been keeping one for over forty years. I write down every penny or baht and where it goes everyday. I have a daily column for food , miscellaneous items and total. Then there is rent, power, wi-fi, water and fuel. It is not the money coming in that matters its what you spend. In Thailand for two i live on a budget of between $400 to $650 a month. And this includes travel, hotels, eating , visas and everything. And no i do not live in a broken down wooden shack with no running water and power eating dried noodles three times a day. I have been living on this budget in Thailand going on twenty years. I do not think happiness or living well has anything much to do with the amount you spend. Your thoughts.
You’re missing his point James. I know that you want everyone to know that you can live here very inexpensive. Some of like to go out and have a life. This is a baseline for that.
@@JeremyClodfelter That is what i am asking ? Just would like to see a breakdown on the different expenses for spending that much. I think that would be helpful so others on various budgets can understand. Maybe i misunderstood Ross but he made it sound like everyone needed that much a month to live comfortably .
Yes you misunderstood him. No worries. Go back and watch it again, and listen carefully to what he says. The point of the video is not that an expat needs $2,400/month to live on. You have to look at all his variables. All you heard was the monthly income, and your defense system kicked in. Listen to what he is saying....please
Don C ..the condo people saw you coming from far away! You lined up behind the rest of the westerners!
ok, I'm taking the bait here! 555... James $400 to $600 a month?? How much of that goes for housing expenses? Rent, tv, electric, water etc?
GREAT VID! but your numbers are for upscale living in thailand..
Why do you think so?
He must be living next door to the kings palace!!! I was there off and on for 4 years. I didn't spend anywhere near his figures. There Is one point he touched on, I found correct. I do not know how many westerners I met there, that really had nothing and were on the bones of ass. I never seen so many bone poor westerners in life. Some didn't even have 25.000 baht in the bank, they were staggering down the streets aged 80.... with nothing. It struck me as a beggars paradise. I would not like to go broke thier, because as much as it is the land of smiles))) there Is nobody running to your aide if you go bust.
@@stephensav2728 wow... which part of Thailand?
budgeting is the most important thing for whatever u want to do. But there are many things to consider: where are you gonna retire, the lifestyle u want to have and many other things
If you are getting $2000 per month and inflation is 5% per year, in 20 years it will only be worth $833. In 40 years it will be worth about $350. Inflation could be much higher than 5% in the future. If your payments are indexed to inflation, the government lies about the inflation rate so your increase will still be lower than the actual rate. You can hedge against this effect by saving part of your income and investing it to create future income, buying vs. renting, and buying gold/silver to preserve your purchasing power.
How much would you suggest to have as a starting point in savings
I think growth/inflation is maybe 2% overall and banks now payng 1.5% in Thailand for fixed deposit. Looks like there are UK investments paying 7% but it scares me as does the lease back option here in Thailand that pays 10%. It's basically a gamble on Ponzi for the first 10 years. I was also approached by a Hong Kong group but their figures were definitely Ponzi, ie they claimed borrowed money as huge profit. I still have the brochure. I'm content with a financial cushion and reasonable hobbies. If I find a wife I want to publish my book and maybe then get a big gain. Meanwhile I'm having too much fun and am to lazy to do more life than I do, hahahahah.
Thx this helps me so much
You can get a loan in Thailand. I know several that have gotten mortgages at UOB.
it is a question of where and 'how' do you life in Thailand - if you living in the Northeastern part of the country - you can easy life on 1000 USD a month - and you can live pretty good! We are 5 people (mother, father and 3 kids) - living on this 30.000 THB budget and have everything some need (of course house and motorbikes and the car are already paid for) - so there is only the costs for electricity, Internet, water, petrol, and food and even shopping clothes, shoes, even travel,...whatever... - with 2.500 USD you can live like a king! - but as mentioned - it is a question of your location in the country, and if you have to pay a monthly rental fee, etc...
How would you say a job as a teacher factors into the equation? How long can you work there as a teacher?
That's a great question that I am too sleepy to answer at the moment. LOL
You can make about $1,500 US a month as a teacher....to start. Not sure how long you can teach for, but I imagine as long as you are useful.
Costs maybe $300 for housing and food for a month in Chiang Mai., a suburb of Thailand.
$600 flight
$2400 for housing for an entire year
$360 for food
$400 for visas
$3860 cost to get there, housing, food and visas for an entire year. Does not include phone service or unexpected costs.
Compared to the lower end of rent in America
Rent: $500 x 12 = $6000
Bills: $200 x 12 = $2400
Total: $8400
Food: $250 x 12 = $3000
Transportation: $50 x 12 = $600
Total: $12,000
Based off $11 an hour full time one would make: $18,624
One would be able to save less than $6,624 a year.
Living in thailand is 3x more cost efficient than living in America.
This isn't meant to be compared with, for example, buying a $5,000 RV and saving up a big chunk of money for a year. This is meant to compare the costs of living in a similar rental unit in two different countries with the same currency.
The rent presented in America is significantly lower than most places. For example, I live in Florida. The minimum for a 1b 1ba is $1,000 a month, not including bills. But generally you can get lower rent prices if you're willing to commute further distances. And $500 a month is quite literally the cheapest you'll get in America. But taking into account the neighborhood, crime, etc it may not be all that worth it.
So maybe spend your hard earned money in Thailand instead? I mean.. $11 hr is equivalent to $33 an hr in Thailand.
After building our home, I have no rent, or even property tax. So a small 1 time investment will pay off for years to come. Glad you get what I was attempting to explain. For me, the bottom line, if you can not afford the required 800K to sit in a bank, you are never ready to retire. Less than 30k saving will never last you the rest of your life. You need investments, multiple revenue streams, and a lifestyle where material things are the last items you want to spend money on.
Always have a plan B you never know what will happen in the future.
The figures in this video are for the current situation no one knows what will happen next year, even less what happens in 5 or 10 years time.
Plan B is always a great idea!
What's happening next is a worldwide global economic recession much larger than the one which occurred in 2008.
One thing you fail to show is that the "nest egg" should be invested and compounding, which would change your numbers... but great video regardless!
Is this cost for just you or is there a women in the picture. I have lived there quite comfortably for 1200usd a month ( nice apartment ,wi-fi, utility bills, and motorbike rental ) plus going out for the odd drink.
This is just an example, but he explains the answer to your question several times in the video. Thanks for the comment.
Why not use the normal salary from usa 10 buck a hour gives about 1500 a month to live of go MC Donald @@JeremyClodfelter
You're so lost! LOL! This is a video about retirement, not monthly income. The monthly income is whats left over from an exhausted pension, divided by 20 years.
1200 gets you by maybe but you won't be splurging anytime, that's for sure.
I watched this video again, the figures he shows are for his expenses/lifestyle so everybody's will be totally different. It all boils down to a persons comfort zone/needs in life. There are so many variables to this topic.......do you chase women, do you drink every day, do you eat at expensive restaurants, travel throughout the month, high end condo living? There will be a HUGE difference in cost especially if it's compared to someone who comes over here that doesn't drink, doesn't chase women but happily married but chooses to live a more simple lifestyle. This next part is about the residual income one has coming in, is it a savings account/trust fund, investment, some sort of pension? This is the kicker, for example: If you are 50 do you have enough income coming in to sustain your lifestyle here for at least 30 years or at the least to the age to draw social security? If you can answer yes then congratulations on working hard for your future. If the answer is no, stay were you are and save, save, save.........you do not want to become destitute in a foreign country!
This is an equation to plug your numbers into it.
If those numbers were true than everyone in Thailand would be living in the streets...lol
It's a formula. People can plug there own numbers into it. Thanks for the comment.
i am living with 150 $ a month as a local 1000+ souds not true to me
@@JeremyClodfelter Sir. That is an outstanding answer.
...true....lol.......... ridiculous show.......
In northern thailand as Lampang would be, 200usd for housing, 200usd for eating, 200usd for insurance and extra for fun.
But if you can find a way to own a house the price is just form a million baht, second hand 4doors Pickup is about 500k baht.
Last year, I bought a house with 8000 square meter land 20 miniutes away from the city for a bit less
Than a million baht.
Not a fan of Lampang or Lumpung. Very little to do there. We live living by the ocean.
I had lived at Laos for 25 years. I love USA. I am not going back to live at Laos again.
Answer: "Effed if I know. What am I - the answer man?" No seriously, this was a good video. It was helpful to show us your numbers on paper cause us guys are visual. BTW a thai girl might think it's Christmas every day, but let her know it's not. Ask her what her contribution will be and she will change the subject pronto
I don't know about the Thai women thing, my wife works 7 days a week busting her ass at her business. She does not have to work. She chooses to work and be a contributor to our family. Even my daughter works and pays her own way while still under our roof. There are many fine, wife quality women her. But I doubt you will find many in any P4P area. Look for quality women who are working good jobs. Jobs requiring an education or advanced training. Most will speak English but will be much more selective on who they will date. No one whats to fall in love to someone who will be gone as soon as their tourist visa runs out.
Michael Robert You ought to find a better class of Thai lady. There’s plenty of them, but a Pattaya bar is not the place to find one.
Wisdom learned in my youth whilst being a dishwasher...
”if you count the pennies, the dollars count themselves”.
Outstanding comment Wills! So true!
Start young finish young simple
@@brendankelly8606 the pattaya Motto...
Chap Charlie
My uncle had a different version -"Save the pennies and you'll always have pennies".
I live in NYC. I pay $3000 between the two of us. That includes, car payments, insurance, rent, and food. If you paying that much to live in Thailand, I hope you getting Thai punani all day
He's happily married.
At 37 baht to £1 its more expensive in thailand than it is in the uk,unless you can live like a thai
Interesting.
Andy, yes, i am sure you are correct because that is the case also here in the USA. However, many people want to live in the tropics. Around nice people. Nice weather, white sand beaches, amazing places to SCUBA. travel cheaply. Once in SE Asia flights are cheap. I've bought R/T tickets from Philippines to Malaysia for $40. Agreed you may choose to live in Spain and travel around the Mediterranean rim, and yes, that's also nice. But that will cost more.
first time i went to Thailand it was 71 baht to £1, the last time i went it was 52 baht to a £1. Looks like i wont ever be going back if the exchange rate has gotten that bad.
Here in Germany there are people living on 1000€ and less. I will retire to Thailand in about 2 years. I have already rented a condo in Nonthaburi: new, I am the first tennant, security, gym, pool, small but very comfortable, 23 square meters = 250 square feet, about 5000 THB per month including communal fees. And I although I will have to continue my health insurance in Germany (about 500€ per month) I know that I can easily live in Thailand on 1300€, which includes the above mentioned costs for my insurance and my condo. I have already tried it out, I know what I am talking about.
Good for you I love Europe with this amounts of money 💰
I like Europe too.
$4000.00 per month !!!???? that's crazy too much! I am living in America for less then that. Also it depends on whether you own a home there or not, if you take care of the family and if you go out to bars every night. You can live on SO MUCH less then that even now as real-estate has gone up so much over the last 15 years. I give my girl 20,000 baht every month for our home in Udon and when I am there I need only about 10,000 for myself. we then pay 35,000 baht a year for an extra condo in Koh Samui and some more for emergencies and travel. you and your girl can live for 45,000 baht easily once you own your own home. at 32:1 do the math.
It all depends on what kind of lifestyle you live.
The greatest video ever done on real amount of money needed to retire and live in Thailand for US Expats and Tax Exiles!
No doubt
Thank you.
Disagree
I love your video. I like your style man!! Thanks for the details!
I appreciate that!
Thank you, $2,400 Social Security will cover that.
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
Good video, If the cost of living is $2400 per month, or $28800 per year, you need to have $720k. That gives you a 4% withdrawal rate, assumes inflation of 3% and allows you to increase your budget by that 3% each year without running out of money. Simply dividing the nest egg by months and years will run out out of money as costs rise, especially if the money is only earning a 1% in a bank account.
You are correct, that is why its important to have a sound saving plan, good investments and a well rounded portfolio.
Just curious where did you come up with the $76,000 figure?
Very informative, Thank you!
Glad it was helpful!
Good video. There are still vloggers selling the “live for free” in Southeast Asia script. I would say the cost is 70% of what it costs in america though.
Fair enough, but I can assure you, the "live for free" days are over. LOL
Depends on where and how you live.
My pension is 8k per month after taxes . I will live like a God in Thailand
Humility will get you farther than 8K a month and a GOD complex....I promise. 😊
@@JeremyClodfelter humility vs cash .... good luck with that 😂😂
@@phern2389 We'll laugh when have to back to the US.
You will live a very easy life. I would expect you would spend more each month in first 2 years than any other year you live here.
£409pm. Live a great life on my military pension. Married and now using a retirement visa. Keep my daughter in college, built my house years ago. We all have wheels, I love a beer and I still save 3,000-5000 baht per month. I am no cheap Charlie. I have no reason to line others pockets.
I also rent a wooden Thai style house in a resort. No aircon this is the new life why sit in doors sniffing cool air. There is no true cost to happiness. Pointless videos about buying pizzas and living the life you left behind. Go native, enjoy retirement.
We never had AC in the USA, but find we sleep much better with it now. In the cooler months I run the fans. Most people including myself, still want to live a life style we are accustomed to. We still do family Sunday dinners at a restaurant. 2 adult kids, 1 young child, 2 grand kids and usually one or 2 inlaws join us. Even then its less than $40 for everyone to walk away stuffed
4 grand a month amazing. If you get a monthly pension of£ 600-£1000 per month you can live in Thailand quite comfortably. The biggest outlay is leaving 800k baht in the bank to cover the retirement visa condos to buy in Pattaya start from under a million baht to buy and apartments to rent start at around 6000baht a month. If you can afford it buy a condo or house and retire here even with a poor exchange rate it's miles better than miserable rain soaked smack head infested blighty .
$4000/month. . ? ? ? You live like rich people in thailand. . Thai people make only $400/month. . ! ! !
But you are not a Thai person. Honestly there are many things that cost more in Thailand than back home. If you eat Thai food and drink Thai beer it will be cheap but it will get very boring after awhile and they tend to have very small portions.
With 4.000$ a month you will live like a poor, minimum is 15.000$ a month and thats for a remote village around Chiang Mai, if you want to live in Bangkok, you need at least 50.000$ a month.
I think if you can get up the 800,000 baht and have health insurance if required ( I'm 70 and feel fine so forgoing same) and have 5-600 a month USD I can retire here and "live like a king."
I found a cheap grimy development outside Bangkok and am doing just that although I have $1131 a month and about 1/4 million USD in bank. I had a windfall profit on my house in California. I never labored just to be super rich. It's too stressful.
My overall investments already done here are between 1 and 1.5 million baht with 2 vintage cars, 4 motorcycles and 7 bicycles and 3 cheap-o condos at 30 meters sq each plus a bunch of model supplies. My biggest downside is some legal problems with my first condo and car. Twas a family business and monkey business too. I should have consulted a lawyer. However I am still hoping for a happy ending as I have kept my friends and kept cool.
I have cheap hobbies like plastic models and RC gliders and biking and beach walking. I think I'll travel more in the future as I think Thai people and culture are the most interesting in the whole world. I don't compare myself to others and that makes me pretty content in all circumstances. If I want a mega yacht I'll just build a model of it, ahhahahah. I"ve met a lot of women and some of them really really beautiful. Right now I"m avoiding the bar scene and going to culture things and pool parties. I hope to marry a beautiful woman and have a baby too in spite of my age. The Monk Luang Phor Supah, his Wat is on Phuket Island, lived 118 years and that is my goal too. Long live the King and thank you all my friends. Amen.
Very informative. A wise man once said, "Cash Rules Everything Around Me, CREAM, get the money" :)
They didn't call him method man for nothing. LOL
Dollar dollar bill y'all
👊🏼👍
I hate the word retirement or living somewhere. I like say at this moment of my life I am staying here or there. Never to long in one spot. Stay moving. Change. Be diversified in life. So retirement or living somewhere will never be a part of my vocabulary
Lol.
Fake numbers. You can live at the Hilton for 4K a month...
It's a formula. If you can divide and multiply, it will make sense
How are you able to retire at 48 years old are you retired military?
I saved, invested, and have financial interests that pay me into perpetuity. I have monthly commissions from work done years ago that still comes in every month.
4000 views in 4 days, for a retired man in a tank top. 🙂ha. More power to you.
He’s not Brad for an old man. Lol
I really need help other people's opinion. Basically I am self-studying korean and thai, not gonna lie it's going pretty good for me and planning to be an english teacher BUT the problem is that, I ain't sure if it's better to move in South Korea or Thailand. I love both of the countries equally and I can't decide which one is better to live in. Any opinions? I would appreciate it, thank's 💕
hi! i’m just like you. i am learning korean and thai:))
thanks for actually putting down some real numbers on paper! may i ask your reasoning to wait until 68 to collect ss benefits? so is 576k savings needed basically considering no home rent/mortgage because you had already built and completely paid for your home?
I am not waiting for any particular reason for SS. I have a steady residual income on top of my savings. We built the house for under 100k. We wanted a dream home. You will not find this model house anywhere in Thailand. The main point I wanted to get across is don't think you can live a comfortable life for the next 25 years on a small savings. It is not easy to make the incomes we do in western culture in Thailand. I have seen a few people broke and mentally broken at 60 because they did not plan for inflation, taxes, the amount of money wine, women and song can eat into savings. If I were single I don't think I would have made the move. Having a Thai wife made the difference and made it easy.
i totally agree on having a substantial savings. i've run the calculations and was slightly short with budgeting at 3,000 USD but on target for 2,500 USD. however, this was supplementing the forecast with ss benefits. i have a thai wife as well and can appreciate your comment of grounding your existence in thailand.
are you including ss benefits in any of your budgeting calculations?
@@rct0mball Not at all Being self employed for most of my life, My SS benefits will be low. They are also based on number of years paid in. The majority of my income has never been payroll. My residual income and invest income will be enough for both the wife, our kids and hopefully enough to send grand kids to college. As long as I don't have mid life crisis and want some crazy stuff I don't need.
@@rossinrayong632 ... good on you! i appreciate you taking the time to share your story. i can't wait to make it back for good.
Funny thing, I see the 2 jars of peanut butter in your kitchen cabinet. I've heard that American PB is very expensive and hard to find in the Kingdom.
its very easy to find. Jif and Skippy brand. Both creamy and crunchy. Its the small things I will splurge on for a taste of home. Something very comfortable about a PB&J every now and then.
Another comment I would add... You said that you're waiting until 68 to collect social security. That actually may not be the best way to go. There is a common misconception that it is best to wait until "full retirement" or later to collect social security because the check amount will be greater. That thinking is ONLY valid in situations where you plan to continue working until full retirement age AND you are married AND you expect to live a very long life AND you are living in a higher cost-of-living. If any of those are not true and you are living in a low cost-of-living place like Thailand or the Philippines, the exact opposite is true. This is because collecting social security at a minimum age (62, in my case) allows you to keep more of your retirement savings in the bank to continue earning interest.
I have spreadsheeted these scenarios (I have an accounting degree) and reviewed it with financial advisors. They all agree that collecting early in my case is better than waiting.
I will move to the Philippines in a few months. If I wait until 67 to collect social security, for example, I will practically empty my retirement savings within 10 years because I'm living off of that money until then. If I collect at 62, however, my retirement savings will work for me and double within 10 years at just a 2% interest rate! Most advisors feel that a 6% to 8% interest rate is more realistic.
Everyone's situation is going to be different. However, I would strongly recommend anyone to spreadsheet the different scenarios to ensure that you are getting the most financial benefit!
Agree, why to wait for so long? the life is too short, beside at that age most mens have erectile dysfunction and is not good idea to go Pataya better stay in home
Some people have a lot in tax favored accounts like IRA and 401k. For those people it can be better to wait longer and do something called Roth conversions to save money on taxes. Once those people hit 70 they are forced to take specific percentages out (required minimum distributions) which can drive up the tax on their social security payments by a lot. It would be financially unwise for me to start social security before 70 (and I have an accounting degree, a very old one!)
At 2% your money double in 35 years. The magic number is 70, 70 devided by x% = number of years. Example 7% interest rate ; 70 / 7 = 10years.
How can u collect social security at 62 in Aust
And live in Pi
I think ur dreaming
@@Tony-tk8tg well maybe not Australia, but you can collect SSI in the USA at age 62 (at 75%)
You need to redo your math. If you have $1,000,000 you can purchase a retirement annuity that will pay you $7,000 a month of more. Or you can keep it in a mix of stocks and bonds and earn $60,000 a year. Other options. You don't take your expenses and multiply it by 20 years and use that. It's simple wrong., NPV. Secondly, a retirement requires 800,000 OF NEW MONEY in your account EVERY YEAR.
Lol! 🥱🤔🤥 You’re not using the formula. 😂
Hi Ross & thanks for sharing this info.
The issue for many will be that they can easily do some work in their own country so have an extra income, whereas in Thailand (in most cases) they will not be able to.
Also there will be those that have very low outgoings in their own country because they have their largest outgoing paid for, their house.
This can mean that in their own country they're actually saving up good money (low outgoings v large incomings) & moving to their dream Thailand would put them alot out of pocket.
This probably gives them the opinion that it's better for them to take say a 90day trip to Thailand once per year.
Whats your thoughts?
I have a Thai wife, so the idea of traveling back and forth is not worth it. Rent in America, Airplane tickets all that adds up. When I was in my late 30's I was doing contract work. When I was not on a contact, I was living in Thailand on 90 non immagrant type O visas. This allowed me to stay 90 days without checking out of the country every 30 days
Your home looks beautiful. Of course everyone’s lifestyle & retirement is gonna be different. Looks like a great life
If you want to retire in Egypt you will live with $1000 / month like a king
but then you'll have to live in Egypt
We are talking about Thailand not Egypt!