The Monthly Budget

[nkped 1,208]

Hi,

 

Yeah, Capitalism is dead. Bubbles in property and shares because the people have to put their money somewhere.

But where is the historical dialectic taking us if capitalism is dead?

[midlifecrisis 4,048]

But where is the historical dialectic taking us if capitalism is dead?

 

There has never been pure capitalism in the USA. Congress has always picked winners and losers. The railroads were given access to cheap tracts of land and right of way. The Oklahoma land rush was government involvement into what would have been inevitable. The Sherman Antitrust Act, the Tennessee Valley Authority, forcing corporations to contribute to Social Security and Medicare and of late Obamacare which forces small businesses to comply with offering healthcare. Obamacare also gives subsidies which go to insurance companies. Bailouts all the way back to Chrysler if not farther.

 

There is no such thing as pure capitalism. There never was. China has figured this out.

[js007 795]

Even if there's no such thing as pure capitalism, the "markets" have usually been allowed to work, for the most part. But we now have government manipulation in all sorts of markets. Bonds, stocks, housing, gold, silver. It will all end badly, I'm afraid.

[jacko 8,822]

My only big expense is my 18 year old son........School fees....Flights over to him and flights for him to come here.

Now he's on a gap-year and working as a barman in London.........(It's his half-Australian blood). Saving me a fortune.

 

On a budget connected matter.

 

I opened an account for myself last year to put money aside each month into my own health insurance. For the last 10 years I've been paying and never claiming on the Ex-Pats group health insurance. About 35,000 a year. Had I instead put that small amount away each year I'd have 350,000 in the bank.

As I'm 65 this year I can no longer apply for the group insurance and as you all know individual premiums sky rocket at my age.

 

I shall instead put about 10,000 each month into this account and once a year the premium that I would have paid. It's a gamble........I'm hoping it pays off.

 

Does anyone else do this?

Further to this Atlas, I was at the club Sunday and picked up a couple of flyers. The guy there is offering 2 group plans now. The original one is through AXA. You can enrol up to and including 70 years of age, and renew up to and including 75. An example of the cover is a total of 1,000,000 baht, excluding Out Patient cover, at a premium of 35,800 baht p.a. for 66-68 year old. Last year's price... they usually go up. (3 plans)

 

The newer one is through Pacific Cross. You can enrol up to and including 80 years old and renew up to 90 years old. If between 65 and 80 a Physical Examination Report is required, which I guess is some form of check up. The coverage is more comprehensive and expensive at (for example) :- Cover up to 2,000,000 baht excluding OPD, the premium would be 61,640 baht for a 66-70 year old. (Again 3 plans to chose from)

Cover in both cases is subject to a Waiting Period.

You should pop in and get some flyers one Sunday, or any easy quick question for me, post here.

Edited March 27, 2017 by jacko

[atlas2 4,329]

Thank you.

 

Where do they meet now? Both those sound interesting.

 

I have a mate over but I'll get away on Sunday......and grab the info and run.

[wacmedia 277]

Even if there's no such thing as pure capitalism, the "markets" have usually been allowed to work, for the most part. But we now have government manipulation in all sorts of markets. Bonds, stocks, housing, gold, silver. It will all end badly, I'm afraid.

 

Hi,

 

Communism has come to America. Ironic that.

[jacko 8,822]

Thank you.

 

Where do they meet now? Both those sound interesting.

 

I have a mate over but I'll get away on Sunday......and grab the info and run.

Same same, place, The Mercure Hotel behind The Avenue on Buakhao 15.

Edited March 27, 2017 by jacko

[Butch 3,456]

Same same, place, The Mercure Hotel behind The Avenue on Buakhao 15.

sounds like you're meeting for a pre arranged punch up like we used to at school !

 

Jacko, do you know if they operate a scheme in the Philippines mate?.

[jacko 8,822]

sounds like you're meeting for a pre arranged punch up like we used to at school !

 

Jacko, do you know if they operate a scheme in the Philippines mate?.

No knowledge wrt the Philippines sorry.

If there is a group plan available there one would have to discover the particular 'group'....

[Butch 3,456]

No knowledge wrt the Philippines sorry.

If there is a group plan available there one would have to discover the particular 'group'....

OK cheers anyway, it's not for me as I'm still (relatively) young and kind of fit (touch wood) but a friend is moving out there permanently in August and was asking abut healthcare etc.

[Fireman Sam 336]

Ye, even living up in Issan is not cheap anymore. As Gary alluded to in another thread, the place is awash with money, Centra Shopping malls and Robinson lifestyle centres full of brand name outlets nearly in every town these days. Where the money comes from I don't know, it's definetly not from some tourist paying 1000 ST or tipping a motorcyc driver an extra 30 baht. A lot of my Thai friends in the cycling club seem to have a never ending supply of cash for top end bikes, accessories, houses, holidays and parties whilst holding pretty normal jobs/ businesses.

 

I have three separate income sources and just about manage. Once the daughter is finished her Law degree at a private University in Bangkok and maybe manages to get a job then "hopefully" my budget will receive a very welcome monthly boost, still another 2-3 years left of her course. Still what price can you put on an education these days in Thailand.

 

Regards

[jacko 8,822]

Ye, even living up in Issan is not cheap anymore. As Gary alluded to in another thread, the place is awash with money, Centra Shopping malls and Robinson lifestyle centres full of brand name outlets nearly in every town these days. Where the money comes from I don't know, it's definetly not from some tourist paying 1000 ST or tipping a motorcyc driver an extra 30 baht. A lot of my Thai friends in the cycling club seem to have a never ending supply of cash for top end bikes, accessories, houses, holidays and parties whilst holding pretty normal jobs/ businesses.

 

I have three separate income sources and just about manage. Once the daughter is finished her Law degree at a private University in Bangkok and maybe manages to get a job then "hopefully" my budget will receive a very welcome monthly boost, still another 2-3 years left of her course. Still what price can you put on an education these days in Thailand.

 

Regards

Apparently quite a high one I hear.

[Gary 4,119]

I got another surprise from selling out my retirement fund. I thought I had good information regarding income taxes. At age 71 I thought that money would be tax free. This just shows that the fund manager did NOT do his job. He had told me that there would be no tax penalty. I paid over $1,500 dollars income tax on the funds. When I asked the fund manager, he said there was no penalty but that I had to pay regular income tax. Had he told me that, I could have taken it out over several years and not paid any tax. Then again, there would have been fees for each withdrawal. At least I'm done with the greedy bastard.

[wacmedia 277]

Ye, even living up in Issan is not cheap anymore. As Gary alluded to in another thread, the place is awash with money, Centra Shopping malls and Robinson lifestyle centres full of brand name outlets nearly in every town these days. Where the money comes from I don't know, .A lot of my Thai friends in the cycling club seem to have a never ending supply of cash for top end bikes, accessories, houses, holidays and parties whilst holding pretty normal jobs/ businesses.

 

 

 

Hi,

 

Credit must be easy.

[js007 795]

Even borrowed money has to be repaid. Lots of money is trying to get out of China these days. Maybe that's the source.

[Fireman Sam 336]

 

Hi,

 

Credit must be easy.

 

Some of my closer Thai friends have substantial credit or so they tell me, but they still manage to service that no problem. The rest of them, I'm not sure where they get the cash from.

 

Quite a few of them seem to be a lot better of than myself, but then I have no credit to speak of.

 

 

 

Regards

[ozboy 31]

Hi,

 

Well, I believe if a person has spent all their life working/saving they deserve an income when they are no longer able to generate an income through work. Retail banking was about lending money to business from the savings of such people. Bazle seems to disagree.

well IF you have spent all your life working AND SAVING why wouldnt you start spending your savings? they will do you no good when you are dead, and the preposition was someone had received an inheritance of $15000, i see even less reason to hanging on to that if i am struggling or even cannot do what i want to do when I want to do it.

[BigusDicus 9,881]

 

When I was in Manila, I went touring with a cabbie who had formerly lived a while in the USA. He took me to a Chinese cemetery, among other places.

 

The richest Chinese had air conditioned crypts. He explained it was so the relatives could come to spend time with their dead relatives in comfort.

 

Status, even in death.

 

I cannot help but wonder how often the relatives visit?

 

And I cannot help but admire the sales and marketing team at the cemetery!

Edited April 16, 2017 by BigusDicus

[midlifecrisis 4,048]

 

I cannot help but wonder how often the relatives visit?

 

And I cannot help but admire the sales and marketing team at the cemetery!

 

Certainly holidays I believe. Quite impressive.

 

Attached is not my image but gives one an idea.

[JONPAT 222]

well IF you have spent all your life working AND SAVING why wouldnt you start spending your savings? they will do you no good when you are dead, and the preposition was someone had received an inheritance of $15000, i see even less reason to hanging on to that if i am struggling or even cannot do what i want to do when I want to do it.

After a lifetime of saving for my older years it is very hard to spend. Saving is a habit, it is difficult to break after forty years of being somewhat frugal. Sure, some guys can blow it all out in just a few years, I just don't have the emotional attitude to splurg. That is why I wouldn't start spending so as to feel I'm squandering my golden years away.

[JONPAT 222]

I got another surprise from selling out my retirement fund. I thought I had good information regarding income taxes. At age 71 I thought that money would be tax free. This just shows that the fund manager did NOT do his job. He had told me that there would be no tax penalty. I paid over $1,500 dollars income tax on the funds. When I asked the fund manager, he said there was no penalty but that I had to pay regular income tax. Had he told me that, I could have taken it out over several years and not paid any tax. Then again, there would have been fees for each withdrawal. At least I'm done with the greedy bastard.

Me too, placed money into an IRA when I was in the 15% tax bracket, took out last year and I'm in the 25% bracket because it was years of savings in a lump sum. Bastards in Congress.

Edited April 16, 2017 by JONPAT

[ozboy 31]

After a lifetime of saving for my older years it is very hard to spend. Saving is a habit, it is difficult to break after forty years of being somewhat frugal. Sure, some guys can blow it all out in just a few years, I just don't have the emotional attitude to splurg. That is why I wouldn't start spending so as to feel I'm squandering my golden years away.

But if someone is struggling,even a little, what is the point in denying yourself to leave the money in a bank?

Do you have children? i personally am a father but i dont have kids I HAVE ADULT OFFSPRING that are in their forties and to be quite honest if they are not in a position to ,or should have already started, to set themselves up then sorry tough luck for not doing the right thing by sorting themselves out, i have done my job by raising them and also have paid some money off their mortgages and i sure as hell wont do without anything at all that i need or want just to leave more money for them, although i would find it impossible to spend/blow what is available to me in the rest of my lifetime.

[yselmike 397]

See the Euro is still on its downward spiral, 36.4

so I guess that's under 36 on the street down from 40.4 a year ago,might have done my last Thailand trip,don't really see how I can cut my budget anymore already staying in guest houses in Jomtien

and only drinking hard once a week,walking Street is a distant memory.

[Gary 4,119]

But if someone is struggling,even a little, what is the point in denying yourself to leave the money in a bank?

Do you have children? i personally am a father but i dont have kids I HAVE ADULT OFFSPRING that are in their forties and to be quite honest if they are not in a position to ,or should have already started, to set themselves up then sorry tough luck for not doing the right thing by sorting themselves out, i have done my job by raising them and also have paid some money off their mortgages and i sure as hell wont do without anything at all that i need or want just to leave more money for them, although i would find it impossible to spend/blow what is available to me in the rest of my lifetime.

 

I got priced out of my health insurance policy here. That means that I am self insured. I have money in the US in case I should have any major medical problem. There is more there than the limits of the policy that I had. I only have a son in the US. He has done well for himself and certainly needs nothing from me. If I don't have any serious medical problems, he will inherit that money. One never knows what the future will bring so having that nest egg is comforting to me.