getting money what to do?

[iceice 1]

i will be getting somemoney shortly ,to buy a condo or invest money ????/what to do....i was thinking about buying a condo and renting it out..but if thai laws change..or invest money in different places..i will only be able to spend six week's in los a year ..so a bit diffuclt to look after it from

[jacko 8,698]

I do not think Thailand would change the laws to interrupt a market generating good money, but nobody knows for sure. If you buy a condo, look to be owning one of the 49% in the building that can legally be owned by a foreigner. There are companies out here that will manage the renting out of your condo, View Talay being one.

Six weeks does not justify buying a condo that you will be using.

 

As to having money to invest, well I am sure your announcement has brought the financial advisors out from beneath the lawyers who live beneath the slime under the stones. I would be a richer man today if not for financial advisors

 

Spreading risk is the catch-phrase, so depending how much you will get, can you go to a condo and some investments?

 

These are decisions only you can make, take advice yes, but these guys cannot predict the future either.

[Owen` 2]

When you don't know what to do with money, put it in the bank in CDs or something while you figure out what to do with it.

 

The one common denominator I've seen among guys who get money in a large lump sum, it's that it starts burning a hole in their pocket and they feel like they have to Do Something rather than let it sit in their pocket.

 

If it's in the bank earning interest, it's already Doing Something and guys slow down and evaluate alternatives with less of a sense of urgency.

[bangkapiboy 5]

wise advice owen. don't rush.

[bane718 0]

i will be getting somemoney shortly ,to buy a condo or invest money ????/what to do....i was thinking about buying a condo and renting it out..but if thai laws change..or invest money in different places..i will only be able to spend six week's in los a year ..so a bit diffuclt to look after it from home

Only 6 weeks?? you lucky son of a gun. I can spend 2 weeks there at most.

[EnglishPaul 3]

Hi iceice

Also agree with Owen on this

For short term if any use to you Nationwide e-saver 4.55%(you must also open a flex account with them but that is useful for Thailand as they give a competitive exchange rate and no charges) Yorkshire bank 4.7% e-saver. Mini Cash ISA between 4.5 and 4.9 % tax free if you haven`t already used this tax-years allowance.

Then you can have a good think about what to do longer term.

JIMO buying a condo in LOS for rental a weak option if you`re only there 6 weeks of the year and/or haven`t much experience out there.Up to You.

[wacmedia 277]

Hi,

 

Agree to put money in account and think about it. I am the type of guy who will spend money if it is available so if you are like me if you find a nice condo to suit your needs why not buy it ? No more hotel bills and it is likely tp appreciate in value, and you may get in financial position to move full time at some stage. Otherwise you are likely to fritter the money away over time. That's if you are like me, but you may be like the Sage of Omaha and you will invest the money and have more money than you can spend in 10 lifetimes. Know yourself.

[bart 0]

I would be a richer man today if not for financial advisors

Me too. Me too.

[Owen` 2]

I would be a richer man today if not for financial advisors angry2.gif

 

Me too. Me too.

 

 

Yeah, there ain't nothing worse than paying someone to be wrong.

 

You pay a surgeon for a very difficult procedure and it fails and you die. Your family will be enraged at him and a whole lawsuit industry in the US exists for these situations -- but the truth probably is, in 90+% of cases, the surgeon did his best and he failed and suffers quite a bit knowing he did. The lawyers come along later to make him suffer more (the lawyers don't suffer, pretty much ever).

 

The advisor probably wanted to be right and wasn't wrong purposely, but any advisor that charges money in any way other than compensation for his time is a scam artist. Everyone deserves to be paid for their time, but some of those guys try to get kickbacks from where they tell you to put your money. That's bad.

[pattayachip 0]

i can tell you what not t do,like spend it,or "invest"it in the stock market

when in dought there is only one thing to do,NOTHING,just bank it 5.5% cd"s,5.75-6% after 2:15 EST. june 23rd,good luck

[jacko 8,698]

Well shop around on the bank account issues.

ISAs only allow you to put a small amount of money in.

A lot of accounts advertising high interest rates in the UK are basically con jobs, in that you also need to open a regular low interest account, and the high levels of interest are only applied to limited amounts or for limited periods. I would hazard to say they are sold with dubious honesty. The Nationwide E-saver at 4.5% looks good but after tax it is 3.6%, not much above inflation. Even inflation which the government quotes at around 2% seems a manipulated falsehood.

 

If you have a good internet connection read this chap..Lot of crap but some good info

Edited June 24, 2006 by jacko

[Owen` 2]

Well shop around on the bank account issues.

ISAs only allow you to put a small amount of money in.

A lot of accounts advertising high interest rates in the UK are basically con jobs, in that you also need to open a regular low interest account, and the high levels of interest are only applied to limited amounts or for limited periods. I would hazard to say they are sold with dubious honesty. The Nationwide E-saver at 4.5% looks good but after tax it is 3.6%, not much above inflation. Even inflation which the government quotes at around 2% seems a manipulated falsehood.

 

 

I think the consensus is evolving to suggest to the OP that he just park the money where he can get some interest at 100% safety. Then he can kick back and figure out what's what without the pressure of feeling like he's got some urgent need to do something.

 

Jacko's items above give rise to another thought. It's one I run into now and then.

 

There is a desire not to deal with this boring stuff. Can one just find a great stock and a great bank account and a great this and a great that and just put money into it, forget about it, and come back some day to find that one is rich?

 

This is a real hard question to get past for one really big reason. It very probably once worked for your parents. There once was a period of a couple of decades when interest rates didn't change hardly at all, and General Electric and IBM grew steadily and money was a no brain required thing.

 

That is no longer so and it probably never will be again. We all read the newspapers. We read about the latest bastard who stole millions from some company he works for. We all watch banks put fees on accounts that didn't have any just a year or two prior.

 

So the thought is this: No matter how much you hate this stuff and how boring it is, your life depends on you enduring the bother of keeping a sharp eye on your money. Jacko's comments make it clear that not all options are the same. There are no shortcuts. You have to put in a few hours a month just to keep the thieves away.

[iceice 1]

thank's to ever for the advise,,i decided to put money away ..till i know what to do...

[jacko 8,698]

thank's to ever for the advise,,i decided to put money away ..till i know what to do...  

You sound like a very sensible fellow. At least you never considered investing in a part ownership of a go-go!!

Edited June 25, 2006 by jacko

[ginseng 0]

thank's to ever for the advise,,i decided to put money away ..till i know what to do...

I'm glad to hear that. Try to find some way to preserve your principal and just spend money the principal earns. Also avoid all the sharks out there, money is lost just as quickly as it's made.

[Khun004 0]

.

So far no mention of Swiss Annuities to answer the needs of the OP.

Keeps your money out of Thailand and very, very, safe in times of financial storms.

You can put money in, or draw money out, in any amounts, at any time.

They will wire money to your bank in Thailand.

 

If you select a Swiss Annuity that focuses on investments in gold, you get long-term protection from inflation/weak currencies.

You can also get some degree of "asset protection" from future creditors.

 

Here's just one web page to give you some ideas for further research:

http://www.euraxxess.com/our_services_swiss_annuities.html

 

I'm not an investment advisor, and I have no financial interest here whatsoever.

But I do have some acquaintances in the that industry who have treated me well over the years.

If you want a referral, contact me privately to discuss.

Edited June 30, 2006 by Khun004

[jacko 8,698]

I'm glad to hear that. Try to find some way to preserve your principal and just spend money the principal earns. Also avoid all the sharks out there, money is lost just as quickly as it's made.

money is lost just as quickly as it's made.

I might correct you to say a BLOODY SIGHT FASTER is possible too!

Edited July 1, 2006 by jacko

[BigDUSA 71]

If you buy I will rent your condo for 4 or 5 K per month. I'm looking for one and am willing to rent now.

[neil324 0]

Hi iceice

Also agree with Owen on this

For short term if any use to you Nationwide e-saver 4.55%(you must also open a flex account with them but that is useful for Thailand as they give a competitive exchange rate and no charges) Yorkshire bank 4.7% e-saver. Mini Cash ISA between 4.5 and 4.9 % tax free if you haven`t already used this tax-years allowance.

Then you can have a good think about what to do longer term.

JIMO buying a condo in LOS for rental a weak option if you`re only there 6 weeks of the year and/or haven`t much experience out there.Up to You.

Anybody got any views on this bank

 

http://www.icicibank.co.uk/index.html

 

It offers the best rate in the UK at the mo and it pays monthly, ive opened an account but seem reluctant to put any money in it because its not one of the main high street banks

[Owen` 2]

In the US, there is a gov't funded savings insurance program called Federal Deposit Insurance Corp. It insures any member bank account for . . . I think up to 200K now. If you need to park more than 200K you would go to two such banks.

 

I suspect the UK has something similar. If so, pick a member bank and have peace

of mind. The interest rates of one member bank being higher than another . . . if

they are "members" of the insurance arrangement, then go for the highest interest.

If one is not a member, avoid.

[BongoBill9999 0]

Anybody got any views on this bank

 

http://www.icicibank.co.uk/index.html

 

It offers the best rate in the UK at the mo and it pays monthly, ive opened an account but seem reluctant to put any money in it because its not one of the main high street banks

You will find it on the High Street in Bombay!! It is an Indian Bank. It is covered by the FSA in the UK so your money should be safe enough. Go to reviewcentre.com for some opinions on it (not very flattering).

 

Bill

[EnglishPaul 3]

Hi

neil324 re. icici bank,that is a good rate thanks

BongoBill Thanks for the review link.

Owen Yes you are right there is a similar compensation scheme in the U.K. with the FSCS(Financial Services Compensation Scheme) for banks registered with the FSA.

However not quite as generous amount as U.S.A.

To the best of my knowledge the first £2K is guaranteed 100%then 90% of 33K( or could be 90% of £31K).As you correctly suggest for peace of mind best to only deposit with banks that are members of the scheme and if amounts over compensation limit split between 2 or more banks.

Cheers