Reader Question: How do I generate additional income in Thailand?
Dear readers,
I have a question about my dream: to live in Thailand within 3 to 5 years.
I'm sure I'm not the only one who likes to live in Thailand. I don't need to list the many benefits. I realize that there are also disadvantages, and that homesickness can also appear.
I have my own home and have saved quite a bit. You can't live on savings alone. I want to keep my savings and only use them in case of emergency.
I would prefer to rent something in Thailand. This limits the risks, and leaves you the option to try elsewhere. I would keep my house in Belgium and offer it for rent. This leaves the possibility of returning one day, and also generates income. With 750 € per month of rental income you can go a long way in Thailand.
I don't need luxury in Thailand. The warm weather and the delicious and cheap food are a luxury to me. By far the only thing I want to buy in Thailand is a scooter. Convenient to move around locally. For longer distances, take the bus. For long distances the plane.
Rental income of € 750 is not enough, I think? I guess I need 1150€ a month for the two of us.
And here comes my question: how to generate some income in Thailand? How would you handle this? Do you have tips for me?
Sincerely,
Stephen Gauquie
Hello
Rent furnished house, isaan just outside the city, 7000 bath per month.
gas water electricity, 600 bath per month. (if air conditioning 1000 per month)
Internet 650 bath per month.
gasoline for my car 2000 bath per month.
groceries 5000 baht per month.
(you can make going out as expensive as you want).
Normal koten so about 17,000 bath is about 400 euros..h
in thai, opening a savings account gives you some interest
We have been living in Vienna, Austria for 9 years now and also want to go to Thailand. Now a question: where can you live so cheaply with 400 euros? May also be a little more quiet.
The Isan is in the northeast of Thailand, this is the poorer region of Thailand. You can live there simply and cheaply. [Capitals and periods posted by editors. Will you do it yourself next time?]
thank you louis do you possibly have some more information because when we come and we take money!!! enough with us, we want to inform ourselves throughout Thailand about what is the best place for us to live and enjoy. Greetings from Vienna Henk Jr.
What else would you like to know? For me, the region around Udon Thani is ideal. There is a very good connection with Bangkok. Bus, plane very good in price. Is close to Laos for visa run. And life is cheaper there
If you are not sent out as an expat, I think it is quite impossible to enjoy a Western salary. So automatically means a lot of hours of work for that 20.000-30.000 baht.
English teacher is what many try.
You could also set up your own business. Don't know if your partner is Thai or Belgian but seems easier with the former.
You could also try something like stock trading. Options trading, for example, if you have enough savings. You only need a computer with internet. The advantage is that you do not need a building for a business, no Thai staff and you do not have to make agreements with Thai suppliers, etc. The disadvantage is that if things go wrong, your savings account will take a big dent. You will also have to invest some time in theoretical matters, how do you keep your price risk within limits, and where are the other risks.
Generating income with options trading is one of the riskiest out there and will certainly evaporate your savings in no time, especially if you have to learn it too.. How could you think of it..
Indeed Erik, that was also my reaction when I read this 'advice'…………. Certainly for an inexperienced investor, this corresponds reasonably well to gambling with your savings!
You can't learn it, it's casino-to-house. You are familiar with the story of the chimpanzee who fared better than the so-called stock market gurus?
If you really approach it with common sense, there would be no advice available on the internet because those advisors would all have been extremely wealthy by now. . . . . .
Professional trading in options, for example, has almost nothing to do with investing. It is purely abstract math. If you do that well, you will have little trouble with exchange rate risks.
Nobody knows where those share prices go every day and it is indeed purely a casino and 1 large charade. Of the professional traders I know, there is really not one with private money in shares.
And you have to learn it yes, that takes some time in the beginning. But with every other form of business you will also have to invest something. And that is certainly not without risks in Thailand.
It is an old cliché that options trading involves great risks. If you buy or write an option, you know perfectly in advance what risk (loss) or obligation you are taking on. Then how can it be so dangerous? It is true that many private individuals are looking for quick money without knowledge of the facts. Of course it's not that simple.
A very interesting/safe course is given by: http://www.ondernemendbeleggen.nl
The course is not cheap, but you will be taught how to deal with this in a safe, well-thought-out way (as institutional investors do).
But yes, it should not cost anything for Jan with the cap. On the contrary, the money should roll in immediately…
An option is like a car. You can drive it safely, but also use it as a murder weapon.
Stefaan, as BA says, generating income in Thailand is, due to the very strict legislation, Thailand is not very difficult. you own about 50 euros.
With 1150 euros per month you are a king in the north, in the south it gets a little more difficult.
I've lived here for eight years now and read the Belgian internet newspapers every day. I don't feel homesick, on the contrary.
For more information, I will be happy to give you my email address via the editors
Gust
If you live in a tourist resort like Pattaya and understand computers, you can go a long way. Most (older) foreigners use a computer, but have little interest or awareness of how such a device works. You can recommend your services for 500 Baht per hour. Doesn't sound much, is very expensive for Thai standards (but you speak Dutch, can read the computer and if you can still speak English and German, you are almost assured of a relatively good income)…
You just have to watch out, because officially you are not allowed to work in Thailand. However, you do those things either at your home or at your customers' home….
you MAY not even work - in most cases. As soon as you pick up something that a Thai perceives as competition, you can expect the police.
“Teaching the English” is a bit of an exception - many do that on tourist visas - but you know yourself best whether you are lying and whether it is that powerful. expect to have to captivate the children especially as a clown.
Your own business will then be in your wife's name - there are many cases that as soon as money is smelled, the thoughts change.
A question like: can I live on xy is pointless: you can live on 500 eur/month - IF you are able to cut down on your consumption and therefore eat less butter. rather the question is whether you want it. Consider the inescapable expectations of the spouse's family.
Thailand is a changing country and if you want to live with your heels over the ditch like you do, I would continue to live and work in Belgium.
If you think you can live there in a dingy studio for 5000 Baht a month and eat a pack of mama noodles 3 times a day, good for you.
If I understand correctly, you do not meet any legal requirements to live there, let alone work there, and I think it is a shame that people advise you to work illegally in Thailand.
Keep in mind that Thailand is becoming more expensive and it is quite possible that visa rules will become stricter in the future just to keep people like you out and yes there are loopholes but they are also starting to act more strictly against this.
And then also think of something like health insurance, which is very expensive in Thailand and is definitely a must.
Just keep working and saving for another 5 years, now you will certainly be short.
Earning money is easy, but keeping it or not spending it will disappoint you.
Here you need a work permit, as a teacher this is easy through an employer, but starting your own business is expensive and difficult.
I would say try half a year first, then you can always go back to save the rest; make money here; 10% who succeed so think before you start!!!
I am 62 and retired. I just want to live there. I can reach someone there. build a log cabin and/or spacious garden house on the property. My question is, does anyone know. an address, and/or name and telephone, where log cabins and/or garden houses are made. I'm going to the north of Thailand (Lampang)
I think this is about how to generate additional income – or do you want to rent out that log cabin?
No, I don't want to work here, nor for rent. I want to live there myself, for 9 months and then return to the Netherlands for 3 months.
going pretty well,
I have a good recommendation for you
buy shares in top companies in Thailand,
Including PTT oil no. 1 company in Thai, - Siam cement company - with over 100 other factories in construction products giant!
Makro - Big C - CPF - Slaughtering chickens and many more products including animal feed, a giant.
all have a good dividend and are in very good health .
Solid shares and ever increasing value of these shares!
Now in my portfolio for about 18 months. For example, bought Big C for 98 bath and now?
Simple if people have more to digest, the companies will grow, right?
Here in Korat construction is so active everywhere one can see it.
And after that enormous flooding with so much damage, a lot had to be repaired.
Siam cement is doing well.
SET stock exchange Bkk.
success .
greetings Jo.
Stephen,
For your annual visa you must have:
1. or TBH 800.000 or
2. one year income from outside (!!!) Thailand ad TBH 800.000 p/y. (NB. You cannot use income from Thailand for this purpose. Moreover: you are not formally allowed to work here).
So you are hugely short. And whatever you could / want to do in Thailand with your Thai (?) girlfriend as a cover / owner, it will be difficult to find a gap in the market.
Please note that if you take out health insurance here, the small print states that if you have to be admitted due to an accident with a scooter, only 25% of the insured amount will be paid out. So think carefully.
You can also take what Tjamuk and Bebe say about the exchange rate of the Euro in the coming years with a grain of salt. It would be the first time that someone could predict the exchange rate of a currency. And if they knew the secret, I don't understand why they don't already have a god power together with their precognitive abilities.
Personally, I think it's even better to save for a few years, etc. Because you want to keep all options open. Rent out a house in Belgium…. But if you suddenly have to go back, you can't get the tenants out at that time.
It's a poorly thought out idea. How long have you known your girlfriend?
From the way you describe the situation to us, it seems to me that you are approaching it all rather risky.
You assume a rental income, but what guarantee do you have that you can actually rent out. Your main income that you build on is therefore not guaranteed.
Many people are quick to assume that the rental income is pure profit.
It is quickly forgotten that there may also be costs when renting out, for which you as owner are legally responsible.
I am thinking of heating that can break down and its maintenance, leaking roofs, etc. You also pay the annual land costs.
Rental income is also subject to property income tax.
In the end, that all depends on that 750 Euro, if you already get rented out at that price.
So let me help you out of that dream already.
You ask us for tips on employment, but we don't know what your skills are, or those of your wife.
For example, if you are a chef, I would look around at the international hotels. They are sometimes open to that.
If you are a teacher, that might also open up possibilities.
In any case, make sure you are in order with your work permit and then make sure you have the correct visa.
Don't venture into the black circuit because sooner or later it will end badly.
In the situation you describe to us, I wouldn't recommend it.
Staying here permanently is different from coming to relax for a few weeks after a year of work. Make sure you are ready for this not only mentally, but also financially, medically and administratively
Please don't jump into the deep end if you can't swim, and the sun does shine here but it can get you damn quick.
So if I read it correctly, only rich people can and are allowed to settle in Thailand .. everything less than 2 x modal must stay in the west ...
Maybe I should read it again - I don't think it is stated that one has to be rich, but if you cannot count on a somewhat stable income (from whatever source of income) it becomes difficult. Also in Thailand only the sun rises for free.
With such a modest income, I wouldn't even think about leaving.
Not only living costs money, but also insurance, doctors and ordinary utilities are not free.
Eating at the stalls every day also becomes a routine.
Do not. You will have to return out of necessity.
Thanks for the many responses!
I am somewhat surprised that many of you regard my “dream” as risky. I think I keep the risks low by keeping my home and using my savings as little as possible.
When I see the risks being taken in “I'm leaving”, I think I'm doing the right thing. In this program, large amounts are often invested in a case. Which still requires borrowing. Often by people who hardly know the language.
No, I am not married to a Thai. Married to a woman of Asian descent for 23 years. Our 19 year old daughter will graduate within 3 years. My wife absolutely loves living in Thailand. She even finds Pattaya very pleasant to live in. For me it could be a bit quieter. We have never been to the North. We find it pleasant not to be far from the sea: this always gives us that extra holiday feeling.
This is also a way to get some income :
Three years ago we booked a hotel in Jomtien, run by a German. The hotel was very nice, well organized and tidy, with mostly German guests. Every morning at breakfast there was a different German who introduced his boat trip in a friendly manner. Every Wednesday he organized a boat trip. Participation fee: 45 Euro. Downright cheap by European standards, expensive by Thai standards.
We were picked up by a minibus and taken to the port in Pattaya. The boat is ready. On the deck was a table with all kinds of Thai fruit, some of which were unknown to me. Along the way we stopped to take a dip at an island stand. Then everyone got a fishing line for fishing. The fish collected was nicely cooked for lunch. On an island full of monkeys you could land to lure the monkeys with the fruit (waste). All this in a very friendly atmosphere. With free soft drinks available in an ice box.
When I made the bill afterwards, I came to the conclusion that the German had a profit of 250 to 350 euros. I thought this was a good result for having breakfast every morning and spending a day on a boat on Wednesday.
Well Stefaan it was effectively the German's boat, he steered it himself, he had a work permit because if I read this correctly he was in fact a travel guide which is also on the list of forbidden professions for foreigners.
That German only had one leg. The boat with three crew members had been rented. No idea whether that German was in compliance with Thai law. I actually suspect not. If checked, the German might have said that he was on a day trip with friends. Given his disability, he might still be able to count on pity and credibility.
Hello Stefaan, if the Thais earned 1150 euros a month for 2 they would be rich... sometimes you just have to do your thing in life and follow your dream, otherwise you never know.
After that you shouldn't regret because you didn't do it ... I did that with my family and haven't regretted it for a minute .. people quote everything you have to pay here in Thailand but we don't forget what we have to pay in our home country?
I asked the same question as you before coming here and I got the same response as you lucky I am…. that I didn't listen because otherwise I would be in the freezing cold now.
And yes life has become more expensive here I have also been coming here for about 13 years and have also seen the prices change but that is everywhere and certainly in Europe.
Most people here complain that it is so expensive here, then I wonder why they stay here...many people think it is so expensive here and yet I see most farang driving the big Fortuners and heavy Pick-ups...life make yourself as expensive as you want Stefaan.
Whatever you choose good luck!!
And if you are near Pattaya then you should come by .
When I read the response, I don't notice that bloggers are complaining about how expensive it is here, or that you have to be rich, but I think they give realistic advice based on the data Stefaan provides.
I also know some who came here with a small budget and are doing well. Nothing wrong with it.
However, I know many more who have returned home with their tails between their legs (which is not to say that everyone who returns does so for that reason). Should we just conveniently ignore that group and turn it into a good news show?
He asks for advice, and based on the information he provides, we give him advice.
I do this based on my own experience, and not on the basis of hearsay or articles on social media, but simply use my own eyes and ears in Thailand every day.
With that advice he then does what he wants and makes the decision he thinks is right.
A good news show in the sense of, more than enough money, you can easily get by, you are a king, etc. I don't think he has that much.
He already knows it's good here, and has seen and calculated how easy it is to earn money here (like boat trips), so why not.
Whether that is all reality or a dream we try to place in a slightly more realistic context.
I (and I suspect also the other bloggers) have no advantage whatsoever in Stefaan coming here or not. How he wants to live here and with what budget doesn't matter to me at all.
I wish him every success and a pleasant life in Thailand.
I myself also really enjoy it here and if he is nearby, he is equally welcome.
Nhoj Abonk can be found on facebook and has been living there for 5 years or more. Has stayed there with a little start-up money and is doing very well with wife and children. What I know is that he has a job there of about 4 hours a day. Please consult him
Kind regards, Desmet Guy
PS I plan to do this too.
I worked in Thailand for many years. In plantations with more than 1900 people. Lost mega money because of the Belgian responsible company. and yet I'm going to try again in Thailand. but now better prepared in contracts but worse prepared in business model: preparing touristic business packages - real estate for Europeans, ...
Getting a job in Thailand is difficult for several reasons and I expect it will only get harder. There are more and more requirements (for a university lecturer you now almost have to have a PhD), you need Thai networks to enter (there are jobs but there are hardly any advertisements because everything is filled and arranged through the existing networks) and the Asean Economic Community will soon make it easier for other ASEAN citizens to work in Thailand (e.g. no longer need a work permit and no visa; also means lower costs for a Thai company) while this does not apply to Europeans. To start your own business you need a reliable Thai partner. Where do you find those without any knowledge? Remains an internet-based company (officially based in Europe) or speculate. Stay away from illegal practices and 'smart' constructions because they can go wrong………And this is Thailand. So if something goes wrong the foreigner will always be blamed, unless you have better networks than the Thai you get into a fight with…..This is a beautiful country and if you want to come here at an older age assume that you don't want, don't have to and can't work.....
Chris is right IMHO.
Living in Pattaya for 1150 euros per month, I think that is already very difficult unless you sit behind the geraniums all day at home so to speak. Rent of a small house or apartment is already 10.000 baht and then you have roughly 35.000 left for the rest, with 2 people. And everything has to be done, TV, internet and other fixed costs. Don't hold back.
And that's if everything goes well. As a landlord in Belgium you also have obligations. One major repair to your house or something along those lines and you're done. You will have to appoint an agency for the maintenance of your house, because going up and down is difficult and your belongings will also have to be insured, for example.
An acquaintance of mine has lived in Thailand for a number of years and has come back. He once told me the following:
Or you have to go big with local investors and really set up a business, or give English lessons as a backpacker. But anything in between is a waste of time. Then you better drink up your savings at a local karaoke or gogo bar. Then you also know that it goes wrong, but then you had fun.
I always have to laugh when I think about that statement 🙂