The Retirement Formula at ANY AGE!

[@markomalley]

Ross, appreciate the detail and the background info that puts the info in context. As a point of comparison: - Here in the Cha-am area, you can buy a 3BR/3BA single family house with a small pool for 5.4 million baht. Not sure how many wah of land, but it is, admittedly, a small lot. It’s in a gated community with security and common-area maintenance. The condo fees are about 10,000 baht per year. - I rent a 2 BR/2.5 Bath townhouse (sorry, shared walls) that’s about 120 sq m of living space for 7,000 baht per month. - The government electric rate (which I pay) is 3.5 baht per kilowatt hour + some small administrative fees. Up until last month, my province was subsidizing electric at around 50% of the actual cost of the electric (but not the admin fees). So my average monthly bill was around 800 baht per month. Now that they are not subsidizing, it’s gone up to around 1600 a month. I do run the AC, but not constantly. Fans can usually take care of it. - My water bill is always 35 baht per month. Doesn’t seem to matter how much I use or conserve. - My Internet is 3BB fiber. It is supposed to be Gig up/ Gig down (but I’ve measured it to be about 300 MB both directions). 1280 per month. - My cell is AIS. I pay 599 baht for 15 GB of data + Wi-Fi access at a whole bunch of places (Lotus, the malls, PTT stations, etc). I’ll probably cut over to a post-paid contract eventually, but just haven’t gotten around to it. I pay for outgoing calls and texts like you do and that’s just deducted from my balance on account. - My GF and I generally eat out about 50% of the time. Mostly Thai food. Breakfast runs us about 120 THB (if we get noodle soup) to 250 THB (if we get some more substantive food). Dinner might be 400-500 baht, including drinks. If I want western breakfast, I’ll cook it myself. If we were to eat out literally every day, that would be about 21,000 baht a month (we don’t, so call it 13,000 baht a month). Yes, we go to grocery shop at Makro, Lotus, or the Fresh Market. Generally we’ll buy a few days worth of food at a time and it rarely is more than 1000 for a trip (and normally MUCH less). - Can’t speak to health insurance costs (I’m retired military and use the insurance that is part of my retirement compensation). - I validate what you say on car insurance. 10,000 baht for a 2008 Toyota Camry. 0 deductible. - Petrol runs me about 1200-1400 to fill the tank with 91 octane. I normally do so about 2-3 times a month. So that’s about 30,000 a month for recurring expenses. DOES NOT INCLUDE CLOTHES, but does include toiletries. I bring in about 60,000 a month. The difference goes toward things like buying clothes, going on trips, etc. Like you, I wouldn’t recommend somebody plan to come over here with only USD 1,000 a month. No wiggle room. But it can be done if you’re very, very careful. I recommend people have a significant gap between expenses and income, so the extra income can be used for the unpredictable expenses that always come up. And if the expenses don’t come up, then the extra can be used to buy niceties or for travel…depending upon what you like.

[@rossinrayong632]

Your internet is expensive. I could not share walls again. I have lived in single family homes for 20 years. I like not hearing my neighbors or smelling what they are cooking for dinner. If you are single, don't drink or smoke, enjoy the comforts of home, then 30,000 baht a month is doable. But will only cover the minimum of your needs. If you have a car, expect higher costs. There is a reason Thailand is full of bikes and 3 wheels. They cost less to own and operate. I feel safer in my car. Never worry about rain or heat.

[@leonares625]

I will forever appreciate this channel, you've helped my family alot, your videos, advise, lessons are inspirational and helpful to us. My Husband and I have been able to be minimal, conscious in spending, saving and investing wisely, I now earn every week. You're such a blessing to this generation. we all love you😘😘

[@JeremyClodfelter]

I appreciate that!

[@pbjtime9278]

Yes, mathematics do not lie nor do numbers magically change in your favor no matter what people might wish. A common number that I've seen thrown about COL in Pattaya is 2k USD a month for a single person with decent living sans drinking beyond an occasional beer. If people are unable to handle your basic formula, imagine how their heads will explode trying to comprehend ROI returns on your principal while drawing it down...which I must say should be addressed at some point as a valid scenario. It's the unrealistic returns that some people calculate in that sets them up for future trouble. Good follow up video. Might want to put a comment in the description to clarify the Thai health insurance cost being annual, not monthly as you stated.

[@rossinrayong632]

If you don't start planning for retirement at an early age, best hope you earn lots of money later in life. Not sure why I would say monthly and not annually. Thanks for the comments. I think if I did make a video on drawing down investments, the heads would explode on how their bitcoin investment is going to leave them with millions.

[@gregoryegan]

Thanks for the video, I think this is a realistic look at what it will cost if you want to travel and actually enjoy life, of course some people can leave cheaper as their needs are different, but me I want to travel and see different places in Thailand and south east Asia and for that I have to maintain a certain income. So videos like this are very helpful.

[@rossinrayong632]

I tell people, try living as cheap as you can in your home country for 3 months. Then ask yourself if you want to live out the rest of your days that way. I want to have a better life during retirement. Now that I have the time to enjoy it.

[@gregoryegan]

@@rossinrayong632 yep that’s why I am coming over at my age because I want to enjoy my life.

[@mrdoublec5007]

very good video, makes sense

[@lyleulrich4283]

Very nice Ross

[@ianlewis2813]

You can rent in one place for 6 months , then move to another town ...slowly moving around . Most people it is a change in life style , spend less..opt out of the rat race ..a different life .. For me I don't want the cars & that life I had before , I want a change ..as you get older money becomes less important..

[@rossinrayong632]

Even moving place to place can get expensive. Buy something for one place, next place has already.

[@surangkanaho8338]

Wow 54000 baht a month?

[@rossinrayong632]

A year not a month

[@surangkanaho8338]

@@rossinrayong632 just for you or for you and the wife?

[@rossinrayong632]

Just for me. Wife has both government 30 baht insurance and second policy from resort for her and the staff. I don't work at resort so I was unable to be on that policy

[@surangkanaho8338]

@@rossinrayong632 might have to talk to some time about the health care on the resort employees Thanks

[@michaelmmcintyre]

I thought your original video was well thought out, and objectively considerate of long term risks to health and wealth. You won’t be able to convince some people to remove their rose colored glasses. Those people will likely come to a realization when it is too late to reassess and realign to continue their lifestyle of choice. Thank you for your info.

[@garymclure1]

Must be great to be rich I can live well in Cambodia on $1000 a month

[@rossinrayong632]

Cambodia is great. You never have to worry about the exchange rate when everyone uses the USD.

[@lostboi3974]

Dont forget inflation 😉 20, 25, 30 years 🤣

[@rossinrayong632]

I have been living in Thailand for 7 years and been and out for 20. Inflation is much lower than you think over 20 years. Massage still 200 to 300 baht. Gas gas doubled. Rent has stayed around the same. Same goes for hotel rates. What has hurt is the lowered value of the USD. 20 years ago I could get 44 baht to 1 USD.

[@lostboi3974]

@@rossinrayong632 Thank you.