This visit gives me confidence. I’m 66 and I’ll be coming over at the beginning of the year. I’m not interested in living the minimalistic lifestyle but it’s good to know what the bare bones are. Thanks. 🙏🏽
Most real budget I’ve seen on TH-cam. I honestly did not know Pattaya was that inexpensive for rent. I was looking at Hua Hin because it seemed cheaper than everywhere else. Thank you for the realistic view point!
Great video, but I wish you'd mention health care prices for 60, 65, 70+ year olds, assuming similar coverage and no big existing conditions...because these costs can skyrocket as one gets older
I think the point is, if someone only has $1500 to $2000 USD a month to live off they will have a higher quality of life than in the west. You are spot on about an emergency fund. $50k is not a bad number as a minimum. You are certainly correct that a younger person should be putting money away/investing for when they become older.
In Bangkok, Thailand, an upper-middle-class salary typically ranges from about 96,000 THB to 155,000 THB per month depending on the profession. In U.S. dollars, this equates to approximately $2,850 to $4,600 per month. Executive roles and managerial positions usually fall into this range, offering higher earnings compared to other fields 🤑🌍
You can live on 2k a month, many people do even in the US. The biggest thing is learning budget. I live overseas and it cost me 5k a month, but that's me. I play golf 4 days a week and travel often.
I was in Ghana, and I was spending $3,000 a month, but I was living the life! 2 bedrooms a maid, a girl, Western Food, a driver, traveling ETC. $4,000 in Thailand will put you in a spot where you THINK you living a better life. I can't see meself living under $2,000 in Thailand! I think $2,000 is the sweet spot
You respectively covered it 👍 The sweet spot to budget going there seems around 75,000 baht for those living good with their head screwed on correctly and of course picking place and lifestyle to match.
Mr Ramze - new subscriber here and recently retired. Plan to come you way in the next 10 - 12 months. Your insight and analysis is excellent and I appreciate the details. May I suggest you do a budget for $4K and $6K US a month so the viewers with different economic means can see what that may be like. Many thanks...... V/R JD
not everybody moves to thailand to live a cheap lifestyle on a pension, we decided to move here to have an extraordinary life. I'm in my 50s,dont qualify for pension, but have income streams from investments. Ok without trying to sound like a wanker our budget is around 250 000bht a month..but we have 2 kids going to international school a 3 bedroom house walking distance to the beach in jomtien, we have 3 cats and a small dog, eat well and live well, better than our life in Australia, here our money goes twice as far. thanks for the videos Ramze, good to find a you tuber who isnt about living on a $1000 bht a month and living in a shoe box
Thank you for your videos. In my humble opinion it simply all depends on what your expectations are in life, how simple a life you are wanting and happy to live and what sort of lifestyle you've been used to previously. Just personally, I can live really well on less then half of the video's topic amount. Regards and thanks again ☕️
I can easily live on a base amount of $1500/month. But, that won't cover major medical expenses or technical updates like new cellphone or computer. There are also a large amount of initial expenses. Extra linens, really good mattress topper, maybe a new television. Those are bulk expenses that will happen early in your life in Thailand. My plan is to reduce my base living expenses and use the money left over for adventures like Scuba diving, kite surfing, paragliding, etc.
Completely agree with your assessment in this video. $150 USD for healthcare? That seems extremely cheap, are these Thai healthcare providers or international? I'm 42 and it costs me 500 USD a month in China for international (excluding USA) healthcare.
Your healthcare cost appear to be extremely high IMO. I have a Cigna Global worldwide plan (excluding USA) and it's costing me $3,300 a year. I'm 47, and have had some health issues.
Well done! As a single dude, I’m staring down $2.5k a month. Yes, I’ll have the Retirement Visa. As a consideration, retirees would want to implement a “Go-Go, Slow-Go and No-Go” strategy within their portfolio draw down. My 2 cents. Again, honest and well done! Thanks, JM
I’m still trying to find what works best. We are currently on Pacific Cross I believe and am thinking of switching to Cigna Global at the end of the year.
Great Video but I always ask the same question, What makes people choose a place ? Why Thailand ? Why not the Philippines or Portugal, or Greece , or Panama, or Mexico , etc... All those places meet this budget.
I have said many a time, choose a place because you love it first and because it’s inexpensive second. If you just choose cause it’s cheap, you won’t make it or be miserable.
I know Mexico well. An Airbnb that would cost you $600 a month in Thailand would cost you $1800 or more in a broadly equivalent location in Mexico (and assuming an apartment of equal size and quality, e.g. in a modern condo building, with gym, pool, washing machines, walking distance from the beach, etc). You could live OK in Mexico on $2000 a month as a single person, but only if you had a long-term rental contract, which are not as easy to arrange as they are in Thailand.
@@ba8898 Nonsense. You must be talking about Mexico City or some popular resort area. None of my friends pay that. Get away from the tourist stuff, Bro.
Living expenses are very personal. It all depends on one's lifestyle. For me, having good health and being happy stress free is important. I never smoke or drink or use drugs. Also, I am very uncomfortable going to clubs or bars. I prefer traveling and exploring or going out with close friends rather than spending time with bar girls. So $2,000 is good enough for me.
This debate never seems to end, and some of the comments are not helpful either. $2000 is a safe place to be no doubt but people need to realize what some folks are willing to live with or live without to meet their goals. I am working under $2000 at the moment and can make it work as I can lower or knock some things off that list. It comes down to being realistic about your needs and budget but most of all find out for yourself! Get your feet on the ground and make it happen give it some time and don't be in vacation mode and if you cant make it work at least you tried.
It may be useful to keep in mind that many Western Europeans don't retire as young as 50. Many of us retire in our late fifties or early sixties. We come from a culture where energy bills are nothing less than extortionate and half of the year the weather is awful. So many will be making great savings on the food costs, utility expenses etc.. also the urge(s) to get drunk and laid might not be as pressing as once was. Living in a small modern condo, self insuring, having a safety net equivalent to 6 months living expenses, and avoiding the sexpat scene means that a 60 year old Brit should have a better quality of life in Thailand than in their own home country. £1000 to1300 quid say 45 to 60k baht per month and you're laughing. Ofcourse we can always 'cut our cloth' to suit our needs when required by taking a sideways move if needed. Great advice as always Ramze.
Very well written! I used the age 50 as the minimum to keep the visa cost down but I agree that most of the world does not retire that young. This could apply for remote workers but I would hope they are making more than this so they can save for their future. That’s just by father in me talking though. 🙏
Today you can't retire in the U.S. or UK before 65 if you want to have comforts in your latter years and not just exist, as broke. I have friends who are 72 and still working full-time. The real key is no debts and living debt-free, aka the Ramsey plan.
My hope is to live somewhere nice that i can live on my SS to pay all of my daily living expenses (about $2k per month) then all of my money i can use to travel, buy nice stuff, or any 'extras' that i want. Thailand sounds like the kind of place where i can do that.
I think you'd get less pushback if you titled the video, "what you can get for $2,000 a month in Thailand" I don't think I spent $1500 a month when I was there on vacation, not counting bar costs.
If enough people come here and are spending 2-5x more than the locals you're going to bid up prices and create parallel economies. This is already happening in many areas but will certainly accelerate. If you can't afford these prices and are struggling to retire you can live in the normal Thailand and pay much less. I would still rather live like a middle class Thai for $1000/month than work until I'm 65 and live like an American in Thailand with $3000/month.
There are many many Thais here who live on $100K a year and more. All those Mercedes and exotic cars that pass me are rarely driven by foreigners. I promise you spending an extra $1000 a month will never change anything. Now overpaying, over tipping and contributing too much to tourist activities, that might.
@@RamzeTravels indeed but that's BKK and a very few select cities. It's dramatically different outside of those areas. I'm already seeing condos in some places in CM which are forming parallel economies because so many foreigners (and Chinese) are concentrating there.
Good video! And thoose numbers is whats needed today. Lets say you retire at 50 and plan to live to 80...30 years of inflation should make it more expansive. And then you have to think about the currency, for exemple the swedish krona gave almost 6 bath for 1 krona 10 years ago...but today you only ger 3.3 bath. Thats HUGE, the swedish krona are really weak and probly wont happen to euro or USD but could probly go up and down 10-15% atleast with time so you have to factor this in the budget aswell. With that said my father make it with 1k USD in chaiyaphum but he have a GF and never go out. And he really dont leave the house much, for him thats still a better life then have to work till you die home in sweden. And just to be clear he could spend more but he can live the life he want for 1k USD. But yeah that wont be for everyone so i think your numbers are more what most want even if i know i could probly make it for like 1500 usd myself.
What percentage of your monthly income would you budget for strictly Housing Overhead Operating Expenses (rent/utilities, groceries, clothing, household necessities, necessary transportation, insurance) and how much for "living large?"
The numbers in the video are a fair estimate to have a middle class life here. Double it to have the life they try and sell you on instagram 😂 Basically the sky is the limit here just like any western country. You can rent a nice home or apartment for $1000. Triple your food budget to $30 and you can eat what you want (not fine dining). Shopping is up to you. Everything from $2 shirts to Versace is here. Women…god help you 😛
As an Australian, why would I pay more to live in Thailand than Australia. The people making these videos are either over estimating cost or haven't got a clue?
All numbers are extremely accurate in that video and I left out many other things one would need. Clothing? Occasionally upgrading or fixing personal electronics? Smoking? Etc While you may survive on less, the budget wasn’t called “how do I scrape by on the bare minimum in Thailand and wait for the day an unexpected expense wrecked me”.
There are a LOT of the expats in Thailand who are broke westerners who sacrifice on a lot of things on your list to try and live on $1k or less a month. Their lives are pretty sad. I know a very highly educated guy from the UK whose diet consist of 7/11 food and skipping on medical upkeep because he doesn't have the money and unwilling to go home and make some extra money even though he is still working age. He doesn't realize he's living at basically poor Thai level (middle class Thais live better than him). I've met others like him. I feel a little embarrassed about my own free spending because I think it may make them jealous. Why would they move half way around the world to live in poverty is something I cannot understand. I wouldn't mind if Thailand figured out a way to get rid of these bums.
Once you've been basically unemployed for a long period like this, it can be very difficult to find a job commensurate with your education level. So he would likely be stuck with a lower paying job, barely able to save any money in the west. So he could be really trapped, esp. If he is over 50.
If you are 50 and live till 80 and not include inflation you would nead $750k. Inflation over the years has been missed out. A flat maybe $300 now but maybe $4-500 in 10 years time.
Very commonly missed and the reason you have old guys here that are on hard times or have had to leave because they didn't calculate what happens in 20-30 years.
@@RamzeTravelsAnother one is what is the retirement amount needed in two years time B1 million also In 10years or twenty years time. Also the price of a new property in Pattaya 10 years ago was 3-3.5 million now it is 5-6 for a small apartment. What do you think the prices will be in 10-20 years time and what you think the rent will be? That's why it might be better buying one at 2-3 million and not renting as you will save in the longrun
You need to consider both inflation and the fluctuations in exchange rates. Inflation is a problem everywhere though. You are still better off in Thailand. Fortunately for Americans, their Social Security is adjusted each year for increases in the cost of living.
Strangely enough, this is the recommendation from the Thai govt, they actually nailed something for a change. Still, do you want to use all the crappy stuff the landlord supplied like tiny tv's and fridges and old mattresses and couches? Not me.
2000 is very easy to do ....but I have been a minimalist my whole life and don't need much to be happy.....you need to be honest with yourself on what kind of lifestyle you want because this is not a party and hooker buget
If my 31 year old son came to me and said I’m retiring to Thailand and I have 2k a month budget, I would literally do everything I could to tell him not to do it. I think it’s a mistake for most people to retire before 50. Of course if you’re a damn millionaire enjoy it. For Americans you must get your 40 credits for social security and you need to have your 35 years of income that’s taxed to take full advantage of the social security system. I don’t have a crystal ball so who knows how that system changes in future. I’m dealing with current reality. Now if your from another western country I’m sure you have some milestones that you must hit to get your retirement money. Now if you are only wanting to live off your social security good luck because you will be in that 2k are less budget. Work your backside off to 50 invest all you can then enjoy living in a much cheaper country and have a budget bigger than 2k.
For Americans today, it's a mistake to retire before 65. Social Security monthly payments go up at least 8% PER YEAR (plus the Cost of Living increase) for EACH YEAR that you wait to take it. This means that, if you wait from 62.5 to 66, for example, you will be getting at least 32% more in your monthly payment. That is significant. I have friends who are 72 and still working full-time! (You also don't lose Social Security from working after your full-retirement age like you DO if you take it early. There is a phase-out ratio of the amount they take away from you in the early years.)
So many points that you make are based on your preferences. Some are great points, but some of us want to retire, period, and it's barely possible in the US on $4000 a month. So to be able to come here and retire at all on a budget takes.... budgeting. Your point about having a good chunk of change is valid, but you can't include that in the monthly budget. Lots of people that retire, just want to live comfortably and would not be able to travel in the US on their budget there. So what you think retirement is, isn't what it is for a lot of other people. Personally, I don't want to have to work for the rest if my life and even with 1/2 a million in the bank, I'd still have to work forever in the US. But then, I'm 60 not 50. And you're right, if I was 50, trying to retire would be foolish when I still have a good 10 years to save for a retirement of sorts. Many, Like myself, just want to be able to afford to live a decent life and don't need or want all the extras you talk about like needing a car, smoking or drinking. I'm married and we can live the life we want here in Jomtien on $2500 a month, for both of us and we have all we need and most of what we want. But your scale of being able to spend without thinking about it is just not a reality for , nor is it wise if you're on any kind of "budget". So much of your list is projection of what you think retirement is. But again, you're talking about being 50. But, you have things on your budget list that are part of what an emergency fund is for. Anyway, a lot of the information is accurate, but the projection makes it just your opinion and not the reality for people like me who could never retire in the US, but can here if we are careful with our funds. In.patient insurance for a couple here 63/52 is $208 per month. And we live in a 2 bdrm with sea view. Your information about visas, phone/internet, transportation and a few other things is high. Also, living in Pattaya, especially on the baht bus route changes transportation costs. I understand that your reality is different than mine, but to make a video like this, I guess would only be limited to the lifestyle that a 50 year old might want. So I guess it has a niche somewhere, but you come across very bougie. I'm happy for you that you have it so good, but you should understand that not all do and if they can make it here and have $2000 a month as a single person, they could eadily do that and be able to live better than back home, I feel there's too much projection of what you think retirement should be for others. On $2000 in the states, you're choosing between eating and paying bills anywhere people would want to live. Thailand is desirable and it CAN easily be done on $2000 mo. budget for a single person. Especially if a person knows how to get side hustles. I'll refrain from pointing out some of your other assumptions since I've only been here about 2 months. And I'll follow up and tell you you were right if I find that to be true. As always, I appreciate your videos, but this one has too much projection of what you think retirement is/should be, and that's not what it is for everyone. But if I stick with your original point that it's for 50 year Olds only, you might be 75% right. Maybe I'll come to your get together since it's around the corner and compare notes, but that probably wouldn't be the best use of that time. Take care.
Remember I’m not a financial advisor but a TH-cam opinion channel. What you are watching is just that, opinion. That said, we all have our own opinion of what is necessary and what is not. As long as you’re happy, that’s all that matters.
I personally know retired veterans in the U.S. who live on $900 per month from social security as their only income (no military retirement). Yes, the healthcare part is somewhat covered by the VA hospitals (not all; no dental or optometry), but otherwise they have all normal bills, but just scale down their lifestyle, OUTSIDE urban areas, to survive within their means [the Ramsey plan]. They don't buy an iphone or new car or vacation or plane tickets, ever. Things like that. They use coupons at the grocery store and eat a lot of beans and rice; also growing some of their own organic food in the backyard and in buckets. Their clothes are all four years old or older, but clean. They cut their own hair. They never paid for cable tv or satellite. They don't go to restaurants. For entertainment, they read free books and get dvd's from the local library. Simple things like that. Nothing wrong with it, for survival. What most people should really do is work longer, before retirement. I have friends who are 72 and work full-time (and are very happy to do so, serving people).
Agree, I'm 58 now and retirement is different for different people. I'm not well off even though I can work a few more years at the end of the day wont matter much for my overall retirement, its just too late. Sure i can save a little bit more money but at the cost of my stress and metal health. Going abroad not just Thailand I see as the only way to live decently on a budget and in my case some things will improve. I have a budget in mind that I have to live on its realistic and doable abroad but if I stay put where I am its impossible, with those options you make what you have work.
I disagree unless you don’t want to travel at all and even within Thailand. Also a woman will cost you way more than an extra 200. Absolute minimum is 3k USD clear income and even then you have to budget You can live on 1000 if you want to live like a typical local. Why would you do that ?! Trust me that get old very quickly ! If you don’t clear 3k a month you need to stay in the West and work longer and invest in the stock market and build your social security. Maybe at 65-67 you’ll have enough income to retire
I watched this and later videos on the back of your excellent "why expats have zero chance" post. It's probably me but I think you are starting to repeat yourself. Is there any reason to post every day? I feel (and yes I heard the disclaimer at the beginning) that this is always going to be a personal matter, it's obvious to me at least that $2000 is fine for living well in Thailand. Unsure how that can be debatable. I think the criteria you use are based on your own requirements and having seen your home in a previous video these are clearly very high ones. Have you undertaken any analysis on the demographics of your viewership?
I’ve gained many new subscribers in recent months and a majority don’t go back to watch older videos. So some topics will repeat. A majority of my audience is around my age and from western countries. My numbers are based on statistics and life experiences. I also have stated in the past , this channel is not meant for people who just want to get by. It’s meant for people in similar circumstances like myself. If anyone thinks $2000 is excessive or a number that will have them living a wealthy life in Thailand (or anywhere in the world really), they don’t understand economics and secure retirement. For those who want to survive until a problem wipes them out, best of luck to you. 🙏
Not your best vlog. Your catering to the people who wish to live frugally. Retirement is about living, and not on a budget. Pool, minum 2 bedroom with ensuit and at least 2 car parking spaces secured undercover. Formal garden with outhouse for a maid. How much in your opinion Mr Ramerez.
We started in Thailand on $4K a month and are now at $6K. We live well and are not missing anything. That is the "live well" budget for a couple in my personal opinion. Add 20% for Bangkok or Samui.
The Federal Reserve recently came out with a report that the AVERAGE baby boomer( born between 1946 and 1964) has a net worth of $2,000,000. Average USA house is about $500,000, rest in investments of about $1,500,000. Getting 5% return equals $75,000 per year plus Social Security plus IRA and possibly pension. Medicare Advantage plan should take care of basic medical and dental for $0 per month. This will piss of many people but this just an average. $2,000 a month should be easily doable for the average baby boomer retiree. I'm a 30+ year CFP and tax preparer and the Federal Reserve study rings true.
No man, the Federal Reserve didn't say that the "average" net worth of baby boomers is 2M. Also, you should be looking at the median and not the average. The median is MUCH lower.
@@LawrenceStevens01you have no idea what you are talking about. Typical CFP. Wealth distribution is hugely skewed in the US and the median tells you what the typical person actually has. The average is inflated by the 1% and is not a realistic measure of central tendency.
@@leelafond Take a basic course in statistics. Medium is biased towards lower income people since there many people who did not plan properly. It takes a level of sacrifice to spend less than income over a long period of time to achieve wealth. For example, the fasted group of investors at Fidelity are 401(k) millionaires. It takes a plan and sacrifice for middle income individuals to achieve average a higher net worth. There’s a book written several years ago entitled “The Millionaire Next Door.” The average millionaire is not in the top 1%.
@@LawrenceStevens01 No, it's not. Average is massively skewed by very high earners. You can't say that average is a good metric in this case when only 3% of all Americans have more than 1M saved.
As a single male, non drinker I live on about $2,000 a month in Chiang Mai. This is a comfortable life but not big time. I would say this is the minimum you would want to live on. Thailand gets more expensive every day. It is not cheap here like in the past. Costs will just get more and more. The good old days are gone. This is one reason many long time expats are leaving Thailand. Add to this the new proposed income tax and things become worse.
I’ve lived in Pattaya for 4 yrs. This is a totally realistic budget for a comfortable lifestyle here. Well done.
This visit gives me confidence. I’m 66 and I’ll be coming over at the beginning of the year. I’m not interested in living the minimalistic lifestyle but it’s good to know what the bare bones are. Thanks. 🙏🏽
Most real budget I’ve seen on TH-cam. I honestly did not know Pattaya was that inexpensive for rent. I was looking at Hua Hin because it seemed cheaper than everywhere else. Thank you for the realistic view point!
My pleasure
Thanks for the realistic view.
Great video, but I wish you'd mention health care prices for 60, 65, 70+ year olds, assuming similar coverage and no big existing conditions...because these costs can skyrocket as one gets older
I think the point is, if someone only has $1500 to $2000 USD a month to live off they will have a higher quality of life than in the west. You are spot on about an emergency fund. $50k is not a bad number as a minimum.
You are certainly correct that a younger person should be putting money away/investing for when they become older.
In Bangkok, Thailand, an upper-middle-class salary typically ranges from about 96,000 THB to 155,000 THB per month depending on the profession. In U.S. dollars, this equates to approximately $2,850 to $4,600 per month. Executive roles and managerial positions usually fall into this range, offering higher earnings compared to other fields
🤑🌍
Exactly. Everyone's budget will be tied to their income and living within their means!
You can live on 2k a month, many people do even in the US. The biggest thing is learning budget. I live overseas and it cost me 5k a month, but that's me. I play golf 4 days a week and travel often.
I was in Ghana, and I was spending $3,000 a month, but I was living the life! 2 bedrooms a maid, a girl, Western Food, a driver, traveling ETC. $4,000 in Thailand will put you in a spot where you THINK you living a better life. I can't see meself living under $2,000 in Thailand! I think $2,000 is the sweet spot
You respectively covered it 👍
The sweet spot to budget going there seems around 75,000 baht for those living good with their head screwed on correctly and of course picking place and lifestyle to match.
Mr Ramze - new subscriber here and recently retired. Plan to come you way in the next 10 - 12 months. Your insight and analysis is excellent and I appreciate the details. May I suggest you do a budget for $4K and $6K US a month so the viewers with different economic means can see what that may be like. Many thanks...... V/R JD
Haha! More money just gets you more Apartment, more Wine, more 'Song', more Women and more Troubles!!😂🤣😁
I did one back about 3-4 months ago for a $5K budget.
We just landed in Chiang Mai, retired military, $2000 is a good balance
not everybody moves to thailand to live a cheap lifestyle on a pension, we decided to move here to have an extraordinary life. I'm in my 50s,dont qualify for pension, but have income streams from investments. Ok without trying to sound like a wanker our budget is around 250 000bht a month..but we have 2 kids going to international school a 3 bedroom house walking distance to the beach in jomtien, we have 3 cats and a small dog, eat well and live well, better than our life in Australia, here our money goes twice as far. thanks for the videos Ramze, good to find a you tuber who isnt about living on a $1000 bht a month and living in a shoe box
My pleasure! Glad to know I’m not alone!
Another great video
Thank you for your videos. In my humble opinion it simply all depends on what your expectations are in life, how simple a life you are wanting and happy to live and what sort of lifestyle you've been used to previously. Just personally, I can live really well on less then half of the video's topic amount. Regards and thanks again ☕️
Thanks for sharing!
I can easily live on a base amount of $1500/month. But, that won't cover major medical expenses or technical updates like new cellphone or computer. There are also a large amount of initial expenses. Extra linens, really good mattress topper, maybe a new television. Those are bulk expenses that will happen early in your life in Thailand. My plan is to reduce my base living expenses and use the money left over for adventures like Scuba diving, kite surfing, paragliding, etc.
Completely agree with your assessment in this video.
$150 USD for healthcare? That seems extremely cheap, are these Thai healthcare providers or international? I'm 42 and it costs me 500 USD a month in China for international (excluding USA) healthcare.
Your healthcare cost appear to be extremely high IMO. I have a Cigna Global worldwide plan (excluding USA) and it's costing me $3,300 a year. I'm 47, and have had some health issues.
great video. I lived on Phuket with my girlfriend in my paid for condo for about $2,500 per month
All good points. I'm not sure l'll ever need a "rice baker" though, but who knows, it could catch on.
😂
Well done! As a single dude, I’m staring down $2.5k a month. Yes, I’ll have the Retirement Visa.
As a consideration, retirees would want to implement a “Go-Go, Slow-Go and No-Go” strategy within their portfolio draw down.
My 2 cents. Again, honest and well done! Thanks, JM
Nice vid... I'd also mention that when considering your budget, you have got to get OUT OF HOLIDAY mode... cause nothing blows the budget faster.. lol
Great point!
2000 for a single guy in Hua Hin, Chiangmai, Bangkok, Pattaya very easy
What's a good health insurance provider for Thailand other than Safety Wing?
I’m still trying to find what works best. We are currently on Pacific Cross I believe and am thinking of switching to Cigna Global at the end of the year.
@@RamzeTravels Thanks!
I prefer living in central Bangkok so add $1,000. For my standard of living (in BKK) add another $1,000-$2,000.
Yes, i think the barrier is about 1300 USD, and with 2000 USD you will live comfortably anywhere in Thailand 😎
Great Video but I always ask the same question, What makes people choose a place ? Why Thailand ? Why not the Philippines or Portugal, or Greece , or Panama, or Mexico , etc... All those places meet this budget.
I have said many a time, choose a place because you love it first and because it’s inexpensive second. If you just choose cause it’s cheap, you won’t make it or be miserable.
Cost of living
People
Infrastructure
Weather
Food
Women
Etc.
@@ThuyPham-lr5dc Better in Latin America. Far, far better.
I know Mexico well. An Airbnb that would cost you $600 a month in Thailand would cost you $1800 or more in a broadly equivalent location in Mexico (and assuming an apartment of equal size and quality, e.g. in a modern condo building, with gym, pool, washing machines, walking distance from the beach, etc). You could live OK in Mexico on $2000 a month as a single person, but only if you had a long-term rental contract, which are not as easy to arrange as they are in Thailand.
@@ba8898 Nonsense. You must be talking about Mexico City or some popular resort area. None of my friends pay that. Get away from the tourist stuff, Bro.
Living expenses are very personal. It all depends on one's lifestyle. For me, having good health and being happy stress free is important. I never smoke or drink or use drugs. Also, I am very uncomfortable going to clubs or bars. I prefer traveling and exploring or going out with close friends rather than spending time with bar girls. So $2,000 is good enough for me.
That’s all that matters
No problem, depends on your lifestyle
Thumbs up 👍 Ramze 🌧️🌧️🌧️
This debate never seems to end, and some of the comments are not helpful either. $2000 is a safe place to be no doubt but people need to realize what some folks are willing to live with or live without to meet their goals. I am working under $2000 at the moment and can make it work as I can lower or knock some things off that list. It comes down to being realistic about your needs and budget but most of all find out for yourself! Get your feet on the ground and make it happen give it some time and don't be in vacation mode and if you cant make it work at least you tried.
It may be useful to keep in mind that many Western Europeans don't retire as young as 50. Many of us retire in our late fifties or early sixties. We come from a culture where energy bills are nothing less than extortionate and half of the year the weather is awful. So many will be making great savings on the food costs, utility expenses etc.. also the urge(s) to get drunk and laid might not be as pressing as once was.
Living in a small modern condo, self insuring, having a safety net equivalent to 6 months living expenses, and avoiding the sexpat scene means that a 60 year old Brit should have a better quality of life in Thailand than in their own home country. £1000 to1300 quid say 45 to 60k baht per month and you're laughing.
Ofcourse we can always 'cut our cloth' to suit our needs when required by taking a sideways move if needed.
Great advice as always Ramze.
Very well written! I used the age 50 as the minimum to keep the visa cost down but I agree that most of the world does not retire that young. This could apply for remote workers but I would hope they are making more than this so they can save for their future. That’s just by father in me talking though. 🙏
Today you can't retire in the U.S. or UK before 65 if you want to have comforts in your latter years and not just exist, as broke. I have friends who are 72 and still working full-time. The real key is no debts and living debt-free, aka the Ramsey plan.
If you decide to be with and contribute to a thai family have to add a bit for that too. In my case I help her 70 year old dad.
@@smileoften-ft3hq True, the Thai families will always want more from you and expect it, one way or another.
@@davidb2206 yes if family involved I think just set the budget and that's it, no more
My hope is to live somewhere nice that i can live on my SS to pay all of my daily living expenses (about $2k per month) then all of my money i can use to travel, buy nice stuff, or any 'extras' that i want. Thailand sounds like the kind of place where i can do that.
I think you'd get less pushback if you titled the video, "what you can get for $2,000 a month in Thailand"
I don't think I spent $1500 a month when I was there on vacation, not counting bar costs.
My budget is 70-100k baht a month
Well done a lot of truth in thee video i live better but i can isee so many people with little money they are not happy but have no chose
If enough people come here and are spending 2-5x more than the locals you're going to bid up prices and create parallel economies. This is already happening in many areas but will certainly accelerate. If you can't afford these prices and are struggling to retire you can live in the normal Thailand and pay much less. I would still rather live like a middle class Thai for $1000/month than work until I'm 65 and live like an American in Thailand with $3000/month.
There are many many Thais here who live on $100K a year and more. All those Mercedes and exotic cars that pass me are rarely driven by foreigners. I promise you spending an extra $1000 a month will never change anything. Now overpaying, over tipping and contributing too much to tourist activities, that might.
@@RamzeTravels indeed but that's BKK and a very few select cities. It's dramatically different outside of those areas. I'm already seeing condos in some places in CM which are forming parallel economies because so many foreigners (and Chinese) are concentrating there.
Mostly Chinese and Russian money laundering in my opinion.
Good video! And thoose numbers is whats needed today. Lets say you retire at 50 and plan to live to 80...30 years of inflation should make it more expansive. And then you have to think about the currency, for exemple the swedish krona gave almost 6 bath for 1 krona 10 years ago...but today you only ger 3.3 bath. Thats HUGE, the swedish krona are really weak and probly wont happen to euro or USD but could probly go up and down 10-15% atleast with time so you have to factor this in the budget aswell.
With that said my father make it with 1k USD in chaiyaphum but he have a GF and never go out. And he really dont leave the house much, for him thats still a better life then have to work till you die home in sweden. And just to be clear he could spend more but he can live the life he want for 1k USD. But yeah that wont be for everyone so i think your numbers are more what most want even if i know i could probly make it for like 1500 usd myself.
What percentage of your monthly income would you budget for strictly Housing Overhead Operating Expenses (rent/utilities, groceries, clothing, household necessities, necessary transportation, insurance) and how much for "living large?"
The numbers in the video are a fair estimate to have a middle class life here. Double it to have the life they try and sell you on instagram 😂
Basically the sky is the limit here just like any western country. You can rent a nice home or apartment for $1000. Triple your food budget to $30 and you can eat what you want (not fine dining). Shopping is up to you. Everything from $2 shirts to Versace is here. Women…god help you 😛
As an Australian, why would I pay more to live in Thailand than Australia. The people making these videos are either over estimating cost or haven't got a clue?
All numbers are extremely accurate in that video and I left out many other things one would need. Clothing? Occasionally upgrading or fixing personal electronics? Smoking? Etc
While you may survive on less, the budget wasn’t called “how do I scrape by on the bare minimum in Thailand and wait for the day an unexpected expense wrecked me”.
Always great information. Way better than the 1000 budgets. I want to live, not survive.
You and me both!
There are a LOT of the expats in Thailand who are broke westerners who sacrifice on a lot of things on your list to try and live on $1k or less a month. Their lives are pretty sad. I know a very highly educated guy from the UK whose diet consist of 7/11 food and skipping on medical upkeep because he doesn't have the money and unwilling to go home and make some extra money even though he is still working age. He doesn't realize he's living at basically poor Thai level (middle class Thais live better than him). I've met others like him. I feel a little embarrassed about my own free spending because I think it may make them jealous. Why would they move half way around the world to live in poverty is something I cannot understand. I wouldn't mind if Thailand figured out a way to get rid of these bums.
Well said
I'm newly living in Chiang Mai, there's so many people that think being basically destitute is a high life
Once you've been basically unemployed for a long period like this, it can be very difficult to find a job commensurate with your education level. So he would likely be stuck with a lower paying job, barely able to save any money in the west. So he could be really trapped, esp. If he is over 50.
nice!
If you are 50 and live till 80 and not include inflation you would nead $750k. Inflation over the years has been missed out. A flat maybe $300 now but maybe $4-500 in 10 years time.
Very commonly missed and the reason you have old guys here that are on hard times or have had to leave because they didn't calculate what happens in 20-30 years.
@@RamzeTravelsAnother one is what is the retirement amount needed in two years time B1 million also In 10years or twenty years time. Also the price of a new property in Pattaya 10 years ago was 3-3.5 million now it is 5-6 for a small apartment. What do you think the prices will be in 10-20 years time and what you think the rent will be? That's why it might be better buying one at 2-3 million and not renting as you will save in the longrun
You need to consider both inflation and the fluctuations in exchange rates. Inflation is a problem everywhere though. You are still better off in Thailand. Fortunately for Americans, their Social Security is adjusted each year for increases in the cost of living.
Strangely enough, this is the recommendation from the Thai govt, they actually nailed something for a change. Still, do you want to use all the crappy stuff the landlord supplied like tiny tv's and fridges and old mattresses and couches? Not me.
I personally would agree with you but for some this will be the better option.
Thai govt recommends even a little less at 65K baht for retirees. Which ranges from $1,900-$1,950 USD/month.
@@BO-mb8rr Yeah but there is exchange rate fluctuations so being within 10% isn't something that I hold against them.
Nobody can piss off the Euro, Aussie, and Merica poors like, Ramze. 😂
2000 is very easy to do ....but I have been a minimalist my whole life and don't need much to be happy.....you need to be honest with yourself on what kind of lifestyle you want because this is not a party and hooker buget
If my 31 year old son came to me and said I’m retiring to Thailand and I have 2k a month budget, I would literally do everything I could to tell him not to do it. I think it’s a mistake for most people to retire before 50. Of course if you’re a damn millionaire enjoy it. For Americans you must get your 40 credits for social security and you need to have your 35 years of income that’s taxed to take full advantage of the social security system. I don’t have a crystal ball so who knows how that system changes in future. I’m dealing with current reality. Now if your from another western country I’m sure you have some milestones that you must hit to get your retirement money. Now if you are only wanting to live off your social security good luck because you will be in that 2k are less budget. Work your backside off to 50 invest all you can then enjoy living in a much cheaper country and have a budget bigger than 2k.
For Americans today, it's a mistake to retire before 65. Social Security monthly payments go up at least 8% PER YEAR (plus the Cost of Living increase) for EACH YEAR that you wait to take it. This means that, if you wait from 62.5 to 66, for example, you will be getting at least 32% more in your monthly payment. That is significant. I have friends who are 72 and still working full-time! (You also don't lose Social Security from working after your full-retirement age like you DO if you take it early. There is a phase-out ratio of the amount they take away from you in the early years.)
@davidb2206 with a bit of planning, retiring at 55 is very doable.
@@kennethboehnen271 Not enough Social Security credits for an American. And they only count the HIGHEST paid years.
So many points that you make are based on your preferences. Some are great points, but some of us want to retire, period, and it's barely possible in the US on $4000 a month. So to be able to come here and retire at all on a budget takes.... budgeting. Your point about having a good chunk of change is valid, but you can't include that in the monthly budget. Lots of people that retire, just want to live comfortably and would not be able to travel in the US on their budget there. So what you think retirement is, isn't what it is for a lot of other people. Personally, I don't want to have to work for the rest if my life and even with 1/2 a million in the bank, I'd still have to work forever in the US. But then, I'm 60 not 50. And you're right, if I was 50, trying to retire would be foolish when I still have a good 10 years to save for a retirement of sorts. Many, Like myself, just want to be able to afford to live a decent life and don't need or want all the extras you talk about like needing a car, smoking or drinking. I'm married and we can live the life we want here in Jomtien on $2500 a month, for both of us and we have all we need and most of what we want. But your scale of being able to spend without thinking about it is just not a reality for , nor is it wise if you're on any kind of "budget". So much of your list is projection of what you think retirement is. But again, you're talking about being 50. But, you have things on your budget list that are part of what an emergency fund is for. Anyway, a lot of the information is accurate, but the projection makes it just your opinion and not the reality for people like me who could never retire in the US, but can here if we are careful with our funds. In.patient insurance for a couple here 63/52 is $208 per month. And we live in a 2 bdrm with sea view. Your information about visas, phone/internet, transportation and a few other things is high. Also, living in Pattaya, especially on the baht bus route changes transportation costs. I understand that your reality is different than mine, but to make a video like this, I guess would only be limited to the lifestyle that a 50 year old might want. So I guess it has a niche somewhere, but you come across very bougie. I'm happy for you that you have it so good, but you should understand that not all do and if they can make it here and have $2000 a month as a single person, they could eadily do that and be able to live better than back home, I feel there's too much projection of what you think retirement should be for others. On $2000 in the states, you're choosing between eating and paying bills anywhere people would want to live. Thailand is desirable and it CAN easily be done on $2000 mo. budget for a single person. Especially if a person knows how to get side hustles. I'll refrain from pointing out some of your other assumptions since I've only been here about 2 months. And I'll follow up and tell you you were right if I find that to be true. As always, I appreciate your videos, but this one has too much projection of what you think retirement is/should be, and that's not what it is for everyone. But if I stick with your original point that it's for 50 year Olds only, you might be 75% right. Maybe I'll come to your get together since it's around the corner and compare notes, but that probably wouldn't be the best use of that time. Take care.
Remember I’m not a financial advisor but a TH-cam opinion channel. What you are watching is just that, opinion. That said, we all have our own opinion of what is necessary and what is not. As long as you’re happy, that’s all that matters.
I personally know retired veterans in the U.S. who live on $900 per month from social security as their only income (no military retirement). Yes, the healthcare part is somewhat covered by the VA hospitals (not all; no dental or optometry), but otherwise they have all normal bills, but just scale down their lifestyle, OUTSIDE urban areas, to survive within their means [the Ramsey plan]. They don't buy an iphone or new car or vacation or plane tickets, ever. Things like that. They use coupons at the grocery store and eat a lot of beans and rice; also growing some of their own organic food in the backyard and in buckets. Their clothes are all four years old or older, but clean. They cut their own hair. They never paid for cable tv or satellite. They don't go to restaurants. For entertainment, they read free books and get dvd's from the local library. Simple things like that. Nothing wrong with it, for survival. What most people should really do is work longer, before retirement. I have friends who are 72 and work full-time (and are very happy to do so, serving people).
Agree, I'm 58 now and retirement is different for different people. I'm not well off even though I can work a few more years at the end of the day wont matter much for my overall retirement, its just too late. Sure i can save a little bit more money but at the cost of my stress and metal health. Going abroad not just Thailand I see as the only way to live decently on a budget and in my case some things will improve. I have a budget in mind that I have to live on its realistic and doable abroad but if I stay put where I am its impossible, with those options you make what you have work.
@@osros If you are Broke People (that is, with debts, Ramsey plan), you cannot retire.
@@davidb2206 Not rich and not Broke, don't need Ramsey I can retire and don't tell me what to do. :P But I get it though just not my situation.
I disagree unless you don’t want to travel at all and even within Thailand. Also a woman will cost you way more than an extra 200.
Absolute minimum is 3k USD clear income and even then you have to budget
You can live on 1000 if you want to live like a typical local. Why would you do that ?! Trust me that get old very quickly !
If you don’t clear 3k a month you need to stay in the West and work longer and invest in the stock market and build your social security.
Maybe at 65-67 you’ll have enough income to retire
Don't follow this advice
Unfortunately Terrible video .!!! Misleading
Sorry to crush your Dreams with reality 🤷
I watched this and later videos on the back of your excellent "why expats have zero chance" post. It's probably me but I think you are starting to repeat yourself. Is there any reason to post every day? I feel (and yes I heard the disclaimer at the beginning) that this is always going to be a personal matter, it's obvious to me at least that $2000 is fine for living well in Thailand. Unsure how that can be debatable. I think the criteria you use are based on your own requirements and having seen your home in a previous video these are clearly very high ones. Have you undertaken any analysis on the demographics of your viewership?
I’ve gained many new subscribers in recent months and a majority don’t go back to watch older videos. So some topics will repeat. A majority of my audience is around my age and from western countries. My numbers are based on statistics and life experiences. I also have stated in the past , this channel is not meant for people who just want to get by. It’s meant for people in similar circumstances like myself. If anyone thinks $2000 is excessive or a number that will have them living a wealthy life in Thailand (or anywhere in the world really), they don’t understand economics and secure retirement. For those who want to survive until a problem wipes them out, best of luck to you. 🙏
$2000 does not even cover my rent in Bangkok 😂
You living in the wrong places.
I've seen beautiful places for $400/month
@@PPB_Army you get what you pay for.
Baller
And your point is
2000 baht a year rent Bangkok is cheap
Not your best vlog. Your catering to the people who wish to live frugally. Retirement is about living, and not on a budget.
Pool, minum 2 bedroom with ensuit and at least 2 car parking spaces secured undercover. Formal garden with outhouse for a maid.
How much in your opinion Mr Ramerez.
We started in Thailand on $4K a month and are now at $6K. We live well and are not missing anything. That is the "live well" budget for a couple in my personal opinion. Add 20% for Bangkok or Samui.
The Federal Reserve recently came out with a report that the AVERAGE baby boomer( born between 1946 and 1964) has a net worth of $2,000,000. Average USA house is about $500,000, rest in investments of about $1,500,000. Getting 5% return equals $75,000 per year plus Social Security plus IRA and possibly pension. Medicare Advantage plan should take care of basic medical and dental for $0 per month. This will piss of many people but this just an average. $2,000 a month should be easily doable for the average baby boomer retiree. I'm a 30+ year CFP and tax preparer and the Federal Reserve study rings true.
No man, the Federal Reserve didn't say that the "average" net worth of baby boomers is 2M. Also, you should be looking at the median and not the average. The median is MUCH lower.
@MichaelWoodards Average is a better measure of central tendency than medium.
@@LawrenceStevens01you have no idea what you are talking about. Typical CFP. Wealth distribution is hugely skewed in the US and the median tells you what the typical person actually has. The average is inflated by the 1% and is not a realistic measure of central tendency.
@@leelafond Take a basic course in statistics. Medium is biased towards lower income people since there many people who did not plan properly. It takes a level of sacrifice to spend less than income over a long period of time to achieve wealth. For example, the fasted group of investors at Fidelity are 401(k) millionaires. It takes a plan and sacrifice for middle income individuals to achieve average a higher net worth. There’s a book written several years ago entitled “The Millionaire Next Door.” The average millionaire is not in the top 1%.
@@LawrenceStevens01 No, it's not. Average is massively skewed by very high earners. You can't say that average is a good metric in this case when only 3% of all Americans have more than 1M saved.
As a single male, non drinker I live on about $2,000 a month in Chiang Mai. This is a comfortable life but not big time. I would say this is the minimum you would want to live on. Thailand gets more expensive every day. It is not cheap here like in the past. Costs will just get more and more. The good old days are gone. This is one reason many long time expats are leaving Thailand. Add to this the new proposed income tax and things become worse.
it's not cheap because you're coming here spending 2-4x more than the locals and bidding up prices.