| Many people visit Thailand on holiday or on a | | | | a wife, getting married and starting a family. You |
| business trip and fall in love with the wonderful | | | | may want to learn Thai or another language. |
| "Land of Smiles". Thailand has so much to offer: | | | | Perhaps you always wanted to write a book or |
| beautiful women, delicious food, great climate, | | | | learn a new skill or study for a new qualification. |
| fantastic beaches, tropical islands, outdoor sports | | | | Don't waste your time in Thailand - make it really |
| activities, a dynamic social life and amazing travel | | | | count for something. Always have a clear idea of |
| opportunities. It's a wonder anyone returns home! | | | | what you'd like to achieve during your stay in |
| Some don't. In this article I look briefly at six of | | | | Thailand - otherwise after a couple of years you |
| the more common mistakes people make when | | | | will be moving back home and wondering why |
| they finally make the move to Thailand. | | | | you ever went to Thailand in the first place. |
| Deadly Mistake #1: Incorrect visa | | | | Deadly Mistake #4: Mismanage money |
| Having the incorrect visa can be an expensive | | | | A big problem here is that people tend to convert |
| mistake. It's particularly important to make sure | | | | Baht back into their Western currency in their |
| you have the correct visa if you are intending to | | | | heads. This gives them the impression that they |
| work or start up a business in Thailand. Seek | | | | are spending less money than they really are. |
| proper visa advice before leaving home. If you | | | | When you do the conversion everything sounds |
| are in the UK I recommend checking | | | | so cheap - it is - if you are earning a Western |
| Thaiconsul-uk. | | | | salary. |
| They provide excellent support. Of course the | | | | It's also easy to fall prey to other Westerners |
| same visa rules apply to most other Western | | | | living in Thailand. If you are freshly arrived with |
| countries. | | | | money in your pocket be prepared to have |
| Deadly Mistake #2: Insufficient income | | | | others try to relieve you of it. All kinds of "can't |
| Job options in Thailand are somewhat limited in | | | | lose" business ventures will come your way, as |
| supply. The vast majority of jobs available to | | | | well as requests to "borrow" money. Loans |
| Westerners are low paid English teaching jobs. | | | | somehow never get repaid. Keep a very tight |
| These can range in salary from 25,000-35,000 | | | | hold of your money. I always recommend keeping |
| baht per month. The better paying IT jobs, which | | | | the bulk of your money out of Thailand. Simply |
| are quite rare, may pay 40,000-60,000 per | | | | draw what you need to live via an ATM and pay |
| month. At more prestigious private schools | | | | your main bills with your credit card. |
| teaching jobs may attract around 50,000 Baht | | | | If someone asks me if I'm interested in investing |
| per month, but these are very hard to come by. | | | | money in some project of theirs I always just tell |
| If you are a qualified teacher recruited from UK | | | | them I don't have any, or it's tied up in property |
| for one of the International Schools in Thailand, | | | | in the UK (which is something I recommend you |
| you will get UK type rates of around | | | | do anyway). They soon lose interest. |
| £25,000 - £35,000 per year, | | | | Deadly Mistake #5: No appreciating assets |
| depending on experience. This amounts to about | | | | One of the problems with selling your house to |
| 200,000 Baht per month - that is a LOT of | | | | fund your move to Thailand is that you are losing |
| money in Thailand. Often the school concerned | | | | an appreciating asset. Owning a freehold property |
| also provides accommodation and food, much like | | | | in Thailand can be done but it is not without its |
| private schools in UK, which means it's an even | | | | complications. Even if you do manage to end up |
| better deal, allowing you to save reasonable | | | | owning a property in Thailand it is unlikely to |
| amounts of money for the future. | | | | increase in value as much as, say, a property in |
| So typically, if you go into a reasonable local | | | | the UK - especially over the long term. |
| English teaching job you might expect around | | | | By purchasing a property in Thailand you are also |
| 35,000 Baht per month. To put that into | | | | exposing yourself to a number of other potential |
| perspective the average monthly salary in the UK | | | | problems: what happens if the laws on property |
| at time of writing is equivalent to over 136,000 | | | | ownership change (again), what happens if the |
| Baht per month. So expect to take a bit of a pay | | | | visa rules change (again), what happens if your |
| cut! | | | | visa is not renewed, what happens if there are |
| On the other hand the cost of living in Thailand is | | | | legal complications, what happens if you want to |
| considerably cheaper than the UK. You can live on | | | | sell up and move back home? Rental property is |
| 35,000 Baht per month in Bangkok. Of course | | | | very widely available and good value in Thailand, |
| what is considered by some to be living may be | | | | so I suggest most people go that route. |
| considered by others to be a frugal existence. If | | | | If you currently own a house in the UK (or West) |
| you want to be out gallivanting in clubs or | | | | I strongly urge you to keep it. Crunch the |
| travelling over Thailand, or live in a better | | | | numbers and see if it's possible to let the |
| apartment you will need more money according | | | | property out, taking into account rental income, |
| to your tastes and requirements. I personally | | | | tax, management fee and periodic repairs. If the |
| budget 70,000 Baht per month whenever I stay | | | | numbers work that's fine. If not you might be |
| in Thailand, but then I spend quite a bit of time | | | | better off delaying your move to Thailand until |
| playing golf, diving and travelling. | | | | you've paid off a bit more of your mortgage - |
| The other option that people go for is setting up | | | | enough to bring the numbers in favour of letting |
| a local business in Thailand. Some people make a | | | | the property out. There are many options on |
| moderate success of this. A minority can make a | | | | variations possible here - but ideally you should |
| lot of money with glitzy nightclubs, hotels and | | | | have an appreciating asset of some kind outside |
| bars. Of course this requires a lot of knowledge | | | | of Thailand. |
| and capital. | | | | Deadly Mistake #6: No escape plan |
| I don't particularly recommend starting a business | | | | You need some kind of escape plan. The very |
| locally in Thailand unless you have a track record | | | | least this should be is backup money for a ticket |
| of business success outside of Thailand. I think | | | | home. Ideally keep this money in a different |
| there are better and safer ways to make money | | | | account and don't touch it. Better still, give your |
| in Thailand, such as running your own online | | | | escape funds to a parent or sibling and tell them |
| business. An online business that generates | | | | not to give you the money unless it's for a ticket |
| passive income has the added advantage that | | | | home - preferably they should actually buy the |
| you have a lot of free time to enjoy Thailand - | | | | ticket for you. Westerners can get themselves |
| rather than being chained to an office or business | | | | into all kinds of hot water in Thailand - for a wide |
| all day long. | | | | range of reasons. They might fall foul of the law, |
| If you are a retiree you need to make sure your | | | | lose their money in a failed business, have their |
| income meets the legal requirements for the | | | | heart broken or be robbed blind by a scheming |
| retiree visa. This needs to be checked by the | | | | gold-digger. It's at this point many people can get |
| authorities on an annual basis and they will expect | | | | desperate and get themselves involved in drugs |
| to see satisfactory evidence of your overseas | | | | and other crimes. Don't get into that position - |
| income. | | | | always make sure you have a clear and |
| Deadly Mistake #3: No objectives | | | | bullet-proof exit strategy before moving to |
| If you make the move to Thailand it's important | | | | Thailand. |
| to have specific goals in mind of what you'd like | | | | Summary |
| to achieve during your stay. There are many | | | | In this article I've looked at some of the most |
| people who, after relocating, waste a lot of time | | | | common things than westerners get wrong when |
| and never really achieve anything in Thailand. Too | | | | moving to Thailand. No one can live a perfect life - |
| late they realise they've squandered their life | | | | but you need to make sure your foundation |
| savings. It's very important to have some idea of | | | | (mentally, physically and financially) is solid before |
| the things you'd like to achieve. These could be | | | | attempting to relocate overseas to Thailand. The |
| specific travel objectives - diving in a certain reef, | | | | same advice goes for other countries in Asia or |
| visiting an interesting area such as Chiang Mai. | | | | even to other countries in the West. |
| Hopping to places like Malaysia and Singapore. | | | | Living in Thailand can be a fantastic experience, |
| There could be business or financial objectives | | | | with a bit of planning ahead you can avoid all the |
| you want to achieve. | | | | most common errors. |
| You may have personal objectives such as finding | | | | |