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EDIT: New Info How Much To Retire at 30?
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J Rock



Joined: 17 Jan 2009
Location: The center of the Earth, Suji

PostPosted: Thu Jan 12, 2012 4:58 am    Post subject: EDIT: New Info How Much To Retire at 30? Reply with quote

Just a curious type of a question. I wouldn't be able to retire any time soon even if I wanted to becuase I have a wife and a young child, but if I didn't......

In the back of my mind I've always dreamed of savin up as much money as I can and somehow trying to retire early. Lets say i'm 30 right now and I could scrape together $50,000 US currency, what would that get me in a nice relaxing part of Thailand? How long would it last? Could I live a simple life off that money and maybe if I had to teach part time just to have a little extra income? Could I live the rest of my off that money or is that the dumbest idea you've ever heard of?

This really all boils down to me being the laziest person alive and not really wanting to work. I just dont see the point in me working my whole life looking forward to retirement and when the day comes I die of a heart attack or something. That would be my luck.

Has anyone ever tried this or planned this out.

P.S. My grandpa died of a heart attach when he was 56, so bad hearts do run in my family, so this a valid concern I have.

_____________________________________________________________
I cant believe its been 4 years since I originally made this post. Most things have not changed about me, I'm still the laziest man in the world, still married, still wank using the laptop after my wife has gone to sleep.

What has changed and why I'm bringing this thread back up is my father passed away about 2 months ago. I went home for the funeral, stayed with my brother and his wife for a week. He mentioned there would be an inheritance but he still had to sell our dads house and see how much money he had in his bank account before we would know how much we would be receiving.

Well he emailed 2 nights ago, he sold my dads house, car, some silver and gold coins in a safety deposit box (which neither of us knew about), and some cash in his checking and savings account, and what he had in his 401K.

It surprised both of us that we will both will be receiving a little over $200K. To some that's peanuts, but to me that's a hell of a lot of money. I understand that my previous number of $50K wouldn't last long enough for me to retire on the beach but could $200K plus whatever I could scrape together be enough?

What would you do with the money? My mind is spinning right now...


Last edited by J Rock on Wed Jun 01, 2016 6:16 am; edited 1 time in total
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Paddycakes



Joined: 05 May 2003
Location: Seoul

PostPosted: Thu Jan 12, 2012 5:13 am    Post subject: p Reply with quote

If you're a Cheap Charlie and live like a poor local, $50,000 could last you quite a while.

Maybe 5 years.

A more realistic figure to retire on if living very frugally would be like $500,000 assuming a 7 percent return.

Not a great life, but do-able.
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eamo



Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.

PostPosted: Thu Jan 12, 2012 5:39 am    Post subject: Reply with quote

It's not worth throwing away the best years of your life for.
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weso1



Joined: 26 Aug 2010

PostPosted: Thu Jan 12, 2012 8:04 am    Post subject: Reply with quote

I'm with you on this, looked into it a bit myself.

The key is not saving a large lump sum and just living off it a while. You'll blow through in a few years and have to start all over. Instead, you need two large lump sums. One to invest and create a residual income on and the other to live on and float you while the first gets started or has it's down times.

A few ways I've considered:

- Buying a bar/restaurant/hotel in Thailand. Realty is actually pretty cheap compared to other places and you could get a nice little backpacker hotel for a few hundred thousand. You can staff it full time with Thais and just pop in a few times a week to check the books and keep an eye on things. Downside comes with doing any kind of business in Thailand. There's lots of shady goings on and under the table deals. It may end up being more stressful and more trouble than you want. I love Thailand too, it's basically my 3rd home. But when Thais see a farang with lots of money, it's like blood in the water. Unless your married to a Thai and knee deep in it with them, they will come after you, anyway they can.

- Financial investments. Stocks, bonds, venture capital firms, treasury bills, corporate deposits, forex. The list goes on and on and on. However, these fluctuate, sometimes dramatically. If you were living off t-bills 5 years ago, then life was grand. However recently, they don't pay diddly. Things could be good for a while, but one market crash could bring an end to paradise and you have to jump back in the real world after being off the map for a few years. If you're a mid or late 30 something when that happens, finding work may be very difficult.

- Have a million dollars. This has always been my plan if a million dollars ever falls in my lap some day. If you're able to lock in just a 2% interest rate on a savings account with a million dollar balance in it (a fixed rate) that's about $20k a year, more than enough to live a modest lifestyle in a popular place like Phuket or Pattaya, or like a king in a more rural location. As long as you could negotiate interest payments every quarter or so (banks actually do this kind of thing for their high income clients all the time) there's no reason you couldn't live off the interest till you're dead and burred. Only rapid inflation could kill it, which is probably not going to happen. 1% and 2% on a cash deposit is actually doable, even in this terrible economy. So in a few years when interest rates go up, then the deal gets even better. The hard part being of course, coming up with a million dollars. You might even say it needs to be 1.1million, an extra 100k to cover initial fees and start up costs like buying a little place, car, insurance, furnishings, someone to handle your foreign account, a local lawyer for legal issues, boobies for your new Thai gf, and so on.

But still, it could happen. A boy can dream can't he?
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edwardcatflap



Joined: 22 Mar 2009

PostPosted: Thu Jan 12, 2012 8:32 am    Post subject: Reply with quote

You should find a worthwhile career you enjoy doing and forget all this nonsense
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Thu Jan 12, 2012 5:21 pm    Post subject: Re: How Much To Retire at 30? Reply with quote

J Rock wrote:
Just a curious type of a question. I wouldn't be able to retire any time soon even if I wanted to becuase I have a wife and a young child, but if I didn't......

In the back of my mind I've always dreamed of savin up as much money as I can and somehow trying to retire early. Lets say i'm 30 right now and I could scrape together $50,000 US currency, what would that get me in a nice relaxing part of Thailand? How long would it last? Could I live a simple life off that money and maybe if I had to teach part time just to have a little extra income? Could I live the rest of my off that money or is that the dumbest idea you've ever heard of?

This really all boils down to me being the laziest person alive and not really wanting to work. I just dont see the point in me working my whole life looking forward to retirement and when the day comes I die of a heart attack or something. That would be my luck.

Has anyone ever tried this or planned this out.

P.S. My grandpa died of a heart attach when he was 56, so bad hearts do run in my family, so this a valid concern I have.


$50,000 would last about 50 months (4 years) in Thailand if you were spending the capital as you go. Live like an expat and that would go down to about 2 years. IF you were particularly frugal you might stretch it out to 6 years.

$5000 to set yourself up and $50k in the bank ($1500/year (45,000THB) income) wouldn't go far as an expat but is about what your average Thai out in Issan lives on. It wouldn't give you a life on the beaches or tourist spots and the bright lights of BKK wouldn't be within your reach.

$350,000 in the bank and living on the residual income (3% is do-able on fixed term deposits with "0" risk) would give you about the same lifestyle as an entry level ESL teacher (25-30k THB/mo.). Add in some extra work as a teacher and you would be quite comfortable without ever touching your capital.

$500,000 in the bank will give you a residual income of about US$15k. It would be enough to get you a retirement visa almost anywhere outside of the G7 and enough residual income to retire comfortably for the rest of your life.

.
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Malislamusrex



Joined: 01 Feb 2010

PostPosted: Thu Jan 12, 2012 5:27 pm    Post subject: Reply with quote

500k USD is not going to get you anywhere. the return is 1-3k. That is basically enough to cover inflation. In 10 years 500k will only be worth 325k.

If you want to retire at 30 you need $2 million

weso1 wrote:
I'm with you on this, looked into it a bit myself.

The key is not saving a large lump sum and just living off it a while. You'll blow through in a few years and have to start all over. Instead, you need two large lump sums. One to invest and create a residual income on and the other to live on and float you while the first gets started or has it's down times.

A few ways I've considered:

- Buying a bar/restaurant/hotel in Thailand. Realty is actually pretty cheap compared to other places and you could get a nice little backpacker hotel for a few hundred thousand. You can staff it full time with Thais and just pop in a few times a week to check the books and keep an eye on things. Downside comes with doing any kind of business in Thailand. There's lots of shady goings on and under the table deals. It may end up being more stressful and more trouble than you want. I love Thailand too, it's basically my 3rd home. But when Thais see a farang with lots of money, it's like blood in the water. Unless your married to a Thai and knee deep in it with them, they will come after you, anyway they can.

- Financial investments. Stocks, bonds, venture capital firms, treasury bills, corporate deposits, forex. The list goes on and on and on. However, these fluctuate, sometimes dramatically. If you were living off t-bills 5 years ago, then life was grand. However recently, they don't pay diddly. Things could be good for a while, but one market crash could bring an end to paradise and you have to jump back in the real world after being off the map for a few years. If you're a mid or late 30 something when that happens, finding work may be very difficult.

- Have a million dollars. This has always been my plan if a million dollars ever falls in my lap some day. If you're able to lock in just a 2% interest rate on a savings account with a million dollar balance in it (a fixed rate) that's about $20k a year, more than enough to live a modest lifestyle in a popular place like Phuket or Pattaya, or like a king in a more rural location. As long as you could negotiate interest payments every quarter or so (banks actually do this kind of thing for their high income clients all the time) there's no reason you couldn't live off the interest till you're dead and burred. Only rapid inflation could kill it, which is probably not going to happen. 1% and 2% on a cash deposit is actually doable, even in this terrible economy. So in a few years when interest rates go up, then the deal gets even better. The hard part being of course, coming up with a million dollars. You might even say it needs to be 1.1million, an extra 100k to cover initial fees and start up costs like buying a little place, car, insurance, furnishings, someone to handle your foreign account, a local lawyer for legal issues, boobies for your new Thai gf, and so on.

But still, it could happen. A boy can dream can't he?
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weso1



Joined: 26 Aug 2010

PostPosted: Thu Jan 12, 2012 10:08 pm    Post subject: Reply with quote

Malislamusrex wrote:
500k USD is not going to get you anywhere. the return is 1-3k. That is basically enough to cover inflation. In 10 years 500k will only be worth 325k.

If you want to retire at 30 you need $2 million

weso1 wrote:
I'm with you on this, looked into it a bit myself.

The key is not saving a large lump sum and just living off it a while. You'll blow through in a few years and have to start all over. Instead, you need two large lump sums. One to invest and create a residual income on and the other to live on and float you while the first gets started or has it's down times.

A few ways I've considered:

- Buying a bar/restaurant/hotel in Thailand. Realty is actually pretty cheap compared to other places and you could get a nice little backpacker hotel for a few hundred thousand. You can staff it full time with Thais and just pop in a few times a week to check the books and keep an eye on things. Downside comes with doing any kind of business in Thailand. There's lots of shady goings on and under the table deals. It may end up being more stressful and more trouble than you want. I love Thailand too, it's basically my 3rd home. But when Thais see a farang with lots of money, it's like blood in the water. Unless your married to a Thai and knee deep in it with them, they will come after you, anyway they can.

- Financial investments. Stocks, bonds, venture capital firms, treasury bills, corporate deposits, forex. The list goes on and on and on. However, these fluctuate, sometimes dramatically. If you were living off t-bills 5 years ago, then life was grand. However recently, they don't pay diddly. Things could be good for a while, but one market crash could bring an end to paradise and you have to jump back in the real world after being off the map for a few years. If you're a mid or late 30 something when that happens, finding work may be very difficult.

- Have a million dollars. This has always been my plan if a million dollars ever falls in my lap some day. If you're able to lock in just a 2% interest rate on a savings account with a million dollar balance in it (a fixed rate) that's about $20k a year, more than enough to live a modest lifestyle in a popular place like Phuket or Pattaya, or like a king in a more rural location. As long as you could negotiate interest payments every quarter or so (banks actually do this kind of thing for their high income clients all the time) there's no reason you couldn't live off the interest till you're dead and burred. Only rapid inflation could kill it, which is probably not going to happen. 1% and 2% on a cash deposit is actually doable, even in this terrible economy. So in a few years when interest rates go up, then the deal gets even better. The hard part being of course, coming up with a million dollars. You might even say it needs to be 1.1million, an extra 100k to cover initial fees and start up costs like buying a little place, car, insurance, furnishings, someone to handle your foreign account, a local lawyer for legal issues, boobies for your new Thai gf, and so on.

But still, it could happen. A boy can dream can't he?


Laughing Laughing Laughing

Idiot. I said "have a million dollars" not "half a million dollars" hahahahhahahahaha
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12ax7



Joined: 07 Nov 2009

PostPosted: Fri Jan 13, 2012 12:30 am    Post subject: Reply with quote

Well, you could invest in real estate, preferably a residential or commercial building so that revenue comes in every month. Your income will rise with inflation.
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Malislamusrex



Joined: 01 Feb 2010

PostPosted: Fri Jan 13, 2012 12:45 am    Post subject: Reply with quote

Don't get pissy you are going to run out of money.

I commented on 2 random numbers that I thought were going to be enough and were not going to be enough.


weso1 wrote:
Malislamusrex wrote:
500k USD is not going to get you anywhere. the return is 1-3k. That is basically enough to cover inflation. In 10 years 500k will only be worth 325k.

If you want to retire at 30 you need $2 million

weso1 wrote:
I'm with you on this, looked into it a bit myself.

The key is not saving a large lump sum and just living off it a while. You'll blow through in a few years and have to start all over. Instead, you need two large lump sums. One to invest and create a residual income on and the other to live on and float you while the first gets started or has it's down times.

A few ways I've considered:

- Buying a bar/restaurant/hotel in Thailand. Realty is actually pretty cheap compared to other places and you could get a nice little backpacker hotel for a few hundred thousand. You can staff it full time with Thais and just pop in a few times a week to check the books and keep an eye on things. Downside comes with doing any kind of business in Thailand. There's lots of shady goings on and under the table deals. It may end up being more stressful and more trouble than you want. I love Thailand too, it's basically my 3rd home. But when Thais see a farang with lots of money, it's like blood in the water. Unless your married to a Thai and knee deep in it with them, they will come after you, anyway they can.

- Financial investments. Stocks, bonds, venture capital firms, treasury bills, corporate deposits, forex. The list goes on and on and on. However, these fluctuate, sometimes dramatically. If you were living off t-bills 5 years ago, then life was grand. However recently, they don't pay diddly. Things could be good for a while, but one market crash could bring an end to paradise and you have to jump back in the real world after being off the map for a few years. If you're a mid or late 30 something when that happens, finding work may be very difficult.

- Have a million dollars. This has always been my plan if a million dollars ever falls in my lap some day. If you're able to lock in just a 2% interest rate on a savings account with a million dollar balance in it (a fixed rate) that's about $20k a year, more than enough to live a modest lifestyle in a popular place like Phuket or Pattaya, or like a king in a more rural location. As long as you could negotiate interest payments every quarter or so (banks actually do this kind of thing for their high income clients all the time) there's no reason you couldn't live off the interest till you're dead and burred. Only rapid inflation could kill it, which is probably not going to happen. 1% and 2% on a cash deposit is actually doable, even in this terrible economy. So in a few years when interest rates go up, then the deal gets even better. The hard part being of course, coming up with a million dollars. You might even say it needs to be 1.1million, an extra 100k to cover initial fees and start up costs like buying a little place, car, insurance, furnishings, someone to handle your foreign account, a local lawyer for legal issues, boobies for your new Thai gf, and so on.

But still, it could happen. A boy can dream can't he?


Laughing Laughing Laughing

Idiot. I said "have a million dollars" not "half a million dollars" hahahahhahahahaha
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J Rock



Joined: 17 Jan 2009
Location: The center of the Earth, Suji

PostPosted: Fri Jan 13, 2012 3:56 am    Post subject: Re: How Much To Retire at 30? Reply with quote

ttompatz wrote:
J Rock wrote:
Just a curious type of a question. I wouldn't be able to retire any time soon even if I wanted to becuase I have a wife and a young child, but if I didn't......

In the back of my mind I've always dreamed of savin up as much money as I can and somehow trying to retire early. Lets say i'm 30 right now and I could scrape together $50,000 US currency, what would that get me in a nice relaxing part of Thailand? How long would it last? Could I live a simple life off that money and maybe if I had to teach part time just to have a little extra income? Could I live the rest of my off that money or is that the dumbest idea you've ever heard of?

This really all boils down to me being the laziest person alive and not really wanting to work. I just dont see the point in me working my whole life looking forward to retirement and when the day comes I die of a heart attack or something. That would be my luck.

Has anyone ever tried this or planned this out.

P.S. My grandpa died of a heart attach when he was 56, so bad hearts do run in my family, so this a valid concern I have.


$50,000 would last about 50 months (4 years) in Thailand if you were spending the capital as you go. Live like an expat and that would go down to about 2 years. IF you were particularly frugal you might stretch it out to 6 years.

$5000 to set yourself up and $50k in the bank ($1500/year (45,000THB) income) wouldn't go far as an expat but is about what your average Thai out in Issan lives on. It wouldn't give you a life on the beaches or tourist spots and the bright lights of BKK wouldn't be within your reach.

$350,000 in the bank and living on the residual income (3% is do-able on fixed term deposits with "0" risk) would give you about the same lifestyle as an entry level ESL teacher (25-30k THB/mo.). Add in some extra work as a teacher and you would be quite comfortable without ever touching your capital.

$500,000 in the bank will give you a residual income of about US$15k. It would be enough to get you a retirement visa almost anywhere outside of the G7 and enough residual income to retire comfortably for the rest of your life.

.


Ok $350,000 is not completely out of the question, I was kinda thinking I would have to work part time anyway. Now I just have to get my hands on $300,000 more. Let's see, i'm saving about $1,500 a month now times 200 months equals 300 grand. That's 16.6 years!!!!! I'm never going to retire.

OR.... I could dance part time in a Go Go bar in Thailand and make even more money and get to my goal faster. Keep in mind i'm a guy, semi decent looking, and about 30 pounds over weight. I wonder how much I could make in tips?

I need a better plan. Are there any other countries I could retire in that are cheaper?
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northway



Joined: 05 Jul 2010

PostPosted: Fri Jan 13, 2012 6:38 am    Post subject: Reply with quote

Thailand is kind of on the expensive end of things for SEA, but there's also a bit more in the way of rule of law there. Indonesia, Cambodia, Laos, and Vietnam would probably all be cheaper, but are all a bit less accessible than Thailand with even more shady business going on.
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Kuros



Joined: 27 Apr 2004

PostPosted: Fri Jan 13, 2012 9:08 am    Post subject: Reply with quote

Retirement is such a miserable fate, anyway. The key is to get yourself financially secure and to the point where you can work a 21-hour week without having to worry about money.
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AsiaESLbound



Joined: 07 Jan 2010
Location: Truck Stop Missouri

PostPosted: Fri Jan 13, 2012 11:25 am    Post subject: Reply with quote

Ok, this simply isn't possible with a, "job," it's only possible with a hefty inheritance or you are somehow lucky to end up in an executive career. The same pretty much applies to retiring at the ages of 40,50, and 60 since our situation for most of us will not be the same as the majority of baby boomers; our parents or grandparents if you are in your 20's right now. Jobs pay too little; professional careers pay adequately very well, but it doesn't have to be CEO and could be a high level engineering career instead. I would venture to say most highly paid and wealthy stay working even though they may no longer need the pay to live on and retiring early to just lay on beaches is not reality. The most practical way to prosper exceptionally well is to start a company (or enter engineering at a young age) and be a really good business person or just lucky you introduced something new and hot that fills a unique niche in a market. This turkey of a situation surrounding procuring a prosperous career is easier said than done. I see so many at home retiring early by getting on social security for some disability since there's no hope for a career. If you sit around watching TV and getting fat like so many at home, you will get sick and then end up on the early retirement dole, but there's no fun in living in public housing on $800 a month for the rest of your life. I'd rather put on a suit and go get every day...
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Charriere



Joined: 01 May 2008

PostPosted: Fri Jan 13, 2012 11:53 am    Post subject: Reply with quote

I imagine that the reality of retiring young to some place in SE Asia may not be all it's cracked up to be. You have to make use of your mind and energy while you can. Retirement is for people who are winding down.

The big issue when it comes to saving is raising children. Kids are expensive!
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