belfastish Posted July 14, 2009 Author Report Share Posted July 14, 2009 thanks guys i think a good idea is too have a nest egg but also have my 1-2 holidays a year,im fit and at the prime of my earning age so i should save and have fun i think. yes spending and having fun sounds good but i think i will regret it later in life if i meet a girl,want to get married etc and i have no money. cheers:) Link to comment Share on other sites More sharing options...
Mekong Posted July 14, 2009 Report Share Posted July 14, 2009 Bit late replying, been in transit. Investing in property at your age is a good idea but where is all down to what your future plans are. As an invstment in bricks and mortar that you could sub-let then your home country is the best bet, as tiger pointed out rules and regulations are more in your favour, the income from sub-letting could currently cover most of your mortgagae repayments and in the future also cover cost of renting somewhere overseas for yourself. Personaly I bought in Thailand, having first visited here in 88 and started working here in 91 by 98 I knew that this was the country for me, I NEEDED a home base for my own mental stability. 11 years down the line I would have paid more than 1.5 times in rent than I paid for the actual purchase and I am in the process of selling the place for more than 3 times I paid for it. Even though you are Irish, the saying "An Englishmans Home is His Castle" still applies, as for nest eggs well perceptions of "Rainy Day" funds change all the time. I have gone thru the phases of looking in the bank and seeing 20K and thinking "Sod it" take a break, then it was 30K then 50K, I ended up blowing most of it every time. Eventualy the realisation set in that no matter how much fun this lifestyle is/was it still meant getting on a plane and off to work, I am 45 now and do not want to be hauling my ass by the time I am 55 so I am knuckling down for the next 10 years and then enjoying life at my own agenda. Bottom Line, I reccomend that you get on the property ladder but the location and how you utilise the property is up to you. Link to comment Share on other sites More sharing options...
Faustian Posted July 14, 2009 Report Share Posted July 14, 2009 Mekong, you're selling up? Due to not living/working here much?? Is your better half off to the hot place too? Major changes afoot! I tend to agree with the Mekong school of thought here, although I can also see SD's point of view....mainly due to Thailand being unfriendly to us farangs and our investments...all you need is an ultra nationalistic government to come in (and that could happen at any time) and we could lose everything. However, it is equally right that this may never happen. Life here is unpredictable. Stickman wrote a piece on the perils of ownership (condo's) a while back....worth a read. It put me off for a while...now I'm more inclined to buy someplace small (say 1 to 2 million, out in the burbs) which wont kill me long term, if it all goes tits up here. Looking for a place now in fact....at the moment i've enough money to do this and to buy someplace in the UK. Plus I will invest in several things long term. Spreading your money around seems to be the key these days...sure, you might lose something in returns, but your risk is less. In your position Belfastish, I'd get into long term investments....you've a few years on me...and I wish I had done it at your age, when I was earning big bucks. Those were the days.... Link to comment Share on other sites More sharing options...
Mekong Posted July 14, 2009 Report Share Posted July 14, 2009 Mekong, you're selling up? Due to not living/working here much?? Is your better half off to the hot place too? Major changes afoot! None of the above Once a Condo building reaches 12-15 years the Jurastic Management tend to loose focus and allow the place to deteriorate. Time to cash in now and move to a new place before the value starts to drop, even though we have land on the outskirts of the city but prefer to stay downtown at present so less of a commute for our lass. We will consider building the home in about 10 years time so in the interim its time to move to a new Condo block in order to protect current investments. Nothing major, just long term strategic planning. Link to comment Share on other sites More sharing options...
HeartThais Posted July 14, 2009 Report Share Posted July 14, 2009 I don't want to state the obvious here but... At an 8% return on your investment, by starting your savings at age 28 vs. 38, you'd have over 2.5X as much money at age 55 retirement. At 10%, it would be over 3X. If you look at it another way, if you starting saving $10k/year at age 28, you'd have to start saving close to $30k/year at age 38 to end up in the same place by age 55. The biggest problem with delaying your savings though is that you get used to a standard of living that becomes extremely difficult to turn off. At least in your 20's the girls don't expect all that much in terms of lifestyle. In your late 30s, those same girls become suddenly much more demanding. It is very ill-advised to think you can live the way you want through your mid-30s and then suddenly shut it off to start saving for retirement. Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted July 14, 2009 Report Share Posted July 14, 2009 I'm sure this will draw criticism and probably rightly so but saving for retirement is a gamble in itself. I mean, one saves and foregoes having fun in his/her early years to save for retirement. Then when it comes, if one makes it that far, you're too old or already dead to enjoy what you have. I understand that a person must save for when you're old but to not as they say, smell the roses along the way, is a waste of life. To the OP, do what makes you happy but don't put all your eggs in one basket. Don't overspend now but don't lose your youth either. Link to comment Share on other sites More sharing options...
Sakai Posted July 14, 2009 Report Share Posted July 14, 2009 Agree with TIE Link to comment Share on other sites More sharing options...
WorldFun Posted July 14, 2009 Report Share Posted July 14, 2009 Mekong, a great plan well done TiE, very valid points which more or less is taking the middle path or 'sufficiency economy' style as per His Royal Majesty isn't it? Faust, which burbs are you most keen on? I say the thunder showers are most frequent up here in the northwest or even all the way out northeast & plenty of lovely buildings on offer although you may want to spend a bit more to get the nicest Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted July 14, 2009 Report Share Posted July 14, 2009 Yes it is......my push though it towards having fun early in life but not to spend so much that you screw yourself if you make it to retirement. I've seen many many of my co-workers and family save for when they're old only to die before or just after they retire. Enjoy early but don't overdo it, if that's possible. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted July 14, 2009 Report Share Posted July 14, 2009 Invest in Johnson & Johnson stock. They own KY. Life has its ups and downs. Might as well enjoy it while you can. Blow the money on a vacation. Don't be like some and end up with some assets that some skirt gets her eye on. Link to comment Share on other sites More sharing options...
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