How Much (Current Funds) Needed For The Long Term?

[anefarious1]

I'm wondering what Udon Thani expats think is needed to retire or live here long term. I am 40 years old, have a wife and two small children. If I plan to live to 80 years old and didn't have any income whatsoever.... what amount right now would be needed to live here comfortably for the next 40 years? My belief is right around 1 million USD and very conservatively invested so as to generate 2-3% interest to offset inflation. The wildcard, of course, is the exchange rate assuming the funds are in USD. Thoughts?

[parrot]

A million dollars at 2% gets you $20,000. With no other income, you don't have enough. Housing, school, medical, transportation, insurance/medical, US taxes, food, immigration, along with a ?worst? case scenario of 25 Baht to the dollar ......You could do it as a backpacker without a family, but with a family, I don't see it.
You could gamble on other investments that would potentially give you more income, but with a higher risk.
If you've got a million dollars, save/work for another ten years.
In the likelihood that you buy/build/furnish a place, you can lop off a minimum of $100k. Long stay visa is going to require you to put 400-800k Baht into a low interest savings account. New insurance requirements just for you could cost you several thousand dollars more for insurance that won't cover major medical needs. You'll need a vehicle (2 kids), so add in another 500k-1million+.
You/your wife could try your hand at a business......but in the likely event it fails, your security here will rapidly disappear.
Just my 2 Baht worth

[semperfiguy]

Each person's position is different and unique. I suppose you are currently working. Will you have SS available at age 62? You have to compute that into the equation. Hard to plan 40 years down the road. I'd say start off by trying to buy a house, car and other toys and pay cash, then just plan on living off less than $1000 per month for all other expenses, such as utilities, food, entertainment/eating out and schooling. I do it and I live very comfortably. I have my stash set aside drawing interest for unexpected future expenses, healthcare and a nice inheritance for my wife. I live out of SS and manage to save 40% of that each month. First things first...watch this video!!!! What the guy says is very very important. First, get yourself where you're dealing from a position of strength and there will be little or no stress on you as you age. Financial stress is the silent killer and the reason most marriages fail. Downsize your life and get debt free as soon as you can. There's nothing better than laying ones head on the pillow at night and sleeping worry free!

Ecclesiastes 5:12 says:

The sleep of a laborer is sweet,
whether they eat little or much,
but as for the rich, their abundance
permits them no sleep.

Don't fail to watch this short video. It should revolutionize your life!

https://www.youtube.com/watch?v=xdfeXqHFmPI

[RLTrader]

I'm wondering what Udon Thani expats think is needed to retire or live here long term. I am 40 years old, have a wife and two small children. If I plan to live to 80 years old and didn't have any income whatsoever.... what amount right now would be needed to live here comfortably for the next 40 years? My belief is right around 1 million USD and very conservatively invested so as to generate 2-3% interest to offset inflation. The wildcard, of course, is the exchange rate assuming the funds are in USD. Thoughts?

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. Just saying.

[anefarious1]

@parrot and semperfiguy

I appreciate your thoughts.

I ran the numbers using this retirement calculator:

https://www.bankrate.com/calculators/re ... lator.aspx

If you put in a desired 40 year budget of 750,000 baht a year to start (or 62,500 monthly) with no income and a 3% return / 3% inflation the result is 30 million baht. With the current exchange rate that is pretty darn close to 1 million USD. Of course, one can't actually spend 62,500 monthly because you have to plan for things like a new car and other infrequent events, etc. I think, though, if one could live here on 50,000 baht a month then 1 million USD may actually last 40 years.

[RLTrader]

Long stay visa is going to require you to put 400-800k Baht into a low interest savings account. New insurance requirements just for you could cost you several thousand dollars more for insurance that won't cover major medical needs.

40 years old with "non thai wife" and 2 "non thai kids".

• What do they call that "long term" visa?
• What will his wife do & the kids?
• What about the kids schooling?
If this isn't a troll, then he is one DF

[maaka]

Now now now RLT, there happens to be coming on line, a new age vegan gutton free type of bloke, who make their millions from behind a PC screen, or in the back of their car, or from home..flush with moola they are, and new ideas about how and where to live..Yes he could be what you think, but then again a cool mill is not much these days..wouldnt buy a good race horse downunder methinks..

As to his question welllllllllll how long is a piece of string nei.. general rule of my thumb, is double it, and add 10%..so 2.2m squared away before one even sets foot on Siam soil. I have spent alot of dosh in my time. Its funny how fast it goes when you have it, no matter how hard you try to protect it..

my advice, give it a test run before you take the plunge. test the missus and kids to see if they like it...come for a year or two, rent, lease, whatever, only spend what you are willing to walk away from..its like many places. looks like paradise, is cheap as chips, but it has this man size trap waiting to snap shut on you the moment you turn your back or drop your guard.

whatever makes you happy

[anefarious1]

I believe you are the troll, but more accurately it is very clear that you are fairly miserable, certainly very cynical and probably jealous as well.

Your comprehension skills are also seriously lacking. Where did I state that I have a "non thai wife" and 2 "non thai kids"? You have hilariously quoted me as using these terms so I genuinely ask you! So what really should be asked is what about your schooling sir?

Speaking more generally, I also never stated that I have 1 million USD sitting in my bank account. It would be foolish to say, but I am sincerely curious as to what it would take to live here for the next 40 years - bearing in mind all the different lifestyles (mine being approx 2,000 USD monthly). I thank those who offer their thoughtful insight. The sad saps on the other hand (as we all know Udon and Thailand as a whole has an abundance of them) are simply a waste of bandwidth.

Long stay visa is going to require you to put 400-800k Baht into a low interest savings account. New insurance requirements just for you could cost you several thousand dollars more for insurance that won't cover major medical needs.

40 years old with "non thai wife" and 2 "non thai kids".

• What do they call that "long term" visa?
• What will his wife do & the kids?
• What about the kids schooling?
If this isn't a troll, then he is one DF

[anefarious1]

This video is what peaked my interested into this topic:

https://youtu.be/UzQc9oxoBGo

But he's probably just trolling too!

[glalt]

The fact is that you are too young. Wait until you are at least 50. Even then, you have no idea what the future will bring.