My Thai Wife

Financial Advisor Scott Jordan is Making Money Moves in Pattaya

• My Thai Wife • Season 2 • Episode 28

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A five-minute airport chat solved a problem months of Googling couldn’t—and that’s the spark for this episode. We dig into the real value of financial advice for expats: not market predictions or magic returns, but structure, tax efficiency, and a plan you can actually live with when headlines and volatility hit. We talk through emergency funds, compounding, and why “being in the right wrapper” matters more than chasing last year’s winners. If you’ve ever wondered what you’re paying for—and whether it’s worth it—this conversation lays it out plainly.

We also get specific about life abroad. Scott shares how joining local clubs and expat meetups isn’t networking theater; it’s where honest stories surface and better decisions follow. We compare scalping trades every three minutes with managed portfolios that quietly outperform while giving you evenings back. Behavior sits at the core: some of us save everything and never spend; others live like every night is Saturday. Cash flow modeling helps you find the balance—what it costs to fund your present and still reach the future you want.

For UK expats in Thailand, we flag rumblings around national insurance on rental income, capital gains tweaks, and inheritance tax changes—including the 2027 shift pulling unused pensions into estates. Pair that with Thailand’s evolving visa rules and AI-driven scrutiny of bank transfers, and the message is clear: stay informed, stay compliant, and be ready to pivot. No panic, just preparation.

If you’re managing everything on your own, consider how much time you want to spend refreshing charts and reading tax PDFs. If you’re already invested, check that your structures still serve your goals as policies change. Listen, share your biggest money blind spot, and if this helped, subscribe and leave a review so more expats can find their footing.

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Thank you for listening and enjoying with us!!!

SPEAKER_05:

Hello guys and welcome back to my tie wife podcast. I'm Mike.

SPEAKER_02:

Emily.

SPEAKER_05:

And Scott is back again. We got endorsement from Red Bull. I think so.

SPEAKER_03:

Passer by.

SPEAKER_05:

Yeah, we're joking. No way. They don't even know we exist. How are you doing, buddy?

SPEAKER_01:

Yeah, good man. How are you?

SPEAKER_05:

I'm doing okay. Had better weeks.

SPEAKER_01:

Yes.

SPEAKER_05:

But it sounds like I'm always complaining, so I'm doing great. You know what?

SPEAKER_01:

Yeah, no, that's good.

SPEAKER_05:

It's the first time you guys met.

SPEAKER_01:

Yes. Yeah. So I've watched. Have you watched episodes with me in it? Exclusively. Okay. No, I was gonna say I've watched episodes that you've done with Ellie. But we've never met before.

SPEAKER_05:

So we didn't have the opportunity. Although she always wants to go out with us, but it's always the days that we are not going out for some reason.

SPEAKER_01:

You don't want to go out of us anyway.

SPEAKER_03:

Yeah, normally like if you call me last minute, mostly I'm not show up.

SPEAKER_05:

Nah, come on. So we are doing a bit of a business episode again, as we said, because there are some updates from Scott that I think are worth your time. And I know the last one was actually the last one we did with Guillaume was very popular. I know many people liked it, and I think we are giving them like a real information about what's going on here. So that's cool. And Ellie don't know what you're doing.

SPEAKER_03:

Yeah, we have a couple of it.

SPEAKER_05:

Okay, so you know in general.

SPEAKER_03:

Yes. Okay. Kind of different thing, but uh would you similar. Okay, wait, wait, wait.

SPEAKER_05:

So his title, right? Is let's say, how would you call that?

SPEAKER_01:

Financial advisor.

SPEAKER_05:

Okay, thank you. I forgot for a second. Would you use one if you said let's say you had like millions and millions?

SPEAKER_03:

Of course.

SPEAKER_05:

Yeah?

SPEAKER_03:

Yeah.

SPEAKER_05:

Why? Why do you think you need it more than like deciding yourself?

SPEAKER_03:

Uh so I can't I don't have to think by myself. Okay, so like let's work, you know.

SPEAKER_05:

Okay, so you're outsourcing your brain to someone else.

SPEAKER_03:

Yeah, it's like throw my problem to someone out, come back.

SPEAKER_05:

Okay, but he is probably more like this is his expertise, right? This is what you're expert on.

SPEAKER_01:

No, that's like that's good to hear because a lot of people try and do it themselves. And I'm not sure if I said in the last episode, but um, you know, if something breaks in your room, in your bathroom, yeah, yeah. You ring the plumber to come and do it. I can have a go, but I might fuck it up and then end up in a worse situation. So with most stuff, I just pay someone to do yeah, but she just said to your help because she's lazy. That's different. But that's but that's the other side of it as well. Some people don't want to, they can't be bothered. Okay, it's the same as if something breaks and you need a plumber. Like, can I be asked to do it? You know, is it is it worth my time? You know, everyone's time's valuable. So you've got to weigh up. Do you want to spend all this time doing it? Or do you just want to pay someone else to do it?

SPEAKER_05:

No, but I think there is like a component of excitement a bit when you're doing it yourself. I'm not saying I'm against what you do, I'm just saying like it's a bit more exciting.

SPEAKER_03:

I actually agree, agree on with him though. Example, like uh, okay, like what you say, like the prom the problem with break. Sometimes you can go on YouTube, try to do it yourself, but how long you're gonna need to learn to do it yourself, right? But then if you can need the right tools. Yeah, if you if you already know the professional that can do it right away, then why not, right?

SPEAKER_05:

Yeah, I agree with that.

SPEAKER_03:

Yeah, I answered for my listening, it's just a joke, to be honest. I'm happy.

SPEAKER_01:

No, you have great brain. So like I had um one one of my friends um who's coming out here in a few days, actually. Um last time we came out here, he's been racking his brains, trying to do so. He he manages everything himself. Um his own pension, his investments. How old is he? He's uh sort of late 50s. Okay. Um but he he does everything himself, manages everything himself. Um but he he's got stuck because of how much he's earning.

SPEAKER_05:

When you're saying got stuck, what do you mean? Like he's not making money?

SPEAKER_01:

No, no, just he's he's got an issue um to do with tax and how much he's earning and and stuff like that. Um and then we we were coming out here and we met in the airport and sat down, had a drink, five minutes of talking, I'd come up with a potential solution for him. Okay, and he was like, he was like, fuck me, I've You would never sing about that. He was like, I've looked on Google, you like YouTube, like I've I've looked everywhere as to what I can do. And he said I've sat with you for five minutes and you've you've told me what to do. So even people that you know there's there's always stuff that you don't know that the thing is, like with Google and stuff, if you search for something, it will tell you what you want to hear. So if you search something specific, it will come up with that thing, but it won't give you broader advice as to well, have you thought about this? So that's generally what a lot of people do is they'll Google something, and uh the biggest one I always used to get was about trusts and people saying, I'll just stick it in a trust, and you'll see people on YouTube or TikTok talking about trusts, and it's not as it's not as simple as that. So if if you Google, can I put this in a trust? Google will most likely say yes, but it won't give you all of the finer details as to you know what the implications are of doing it or what the drawbacks are of doing it, it's not just uh okay, we we just wrap it up now and it's fine.

SPEAKER_05:

Okay, there's so um, so yeah, like with that example with him, it he was like Yeah, but you have years of experience, so yeah, yeah. This is basically what people pay for, they pay for your experience. There is a really nice saying that I like that's some people are so like proficient at what they do, so it takes them five minutes to do something, and then they ask to be paid like let's say$1,000. People say, Why do I need to pay you$1,000 for five minutes? He said, You're not paying for the five minutes, you're paying for the years of experience I had before that allowed me to do that in five minutes.

SPEAKER_01:

Yeah, I've I mean I've seen these things on Facebook and stuff in the past where people have um complained about tradesmen, so like a builder or something like that, and they've broke it all down, uh, like you said, and said, Okay, well, look, right, if you want to do it yourself, then all right, you need a van. Have you got a van? No, I haven't got a van. All right, well, we need to go buy a van first. That's 30,000 pounds or whatever. And then, all right, have you got any tools? All right, we'll go down and get some tools, right? Then we'll buy the materials and then and then have you ever built a brick wall before? No, I haven't. Oh, well, we're gonna have to teach you, so you have to pay for me to teach you. And it it's it's exactly the same in any any job, yeah, really. Like, I've got the tools to be able to do it, I've got the experience, I've got the knowledge to do it. So that's exactly like you say, why why you go to professional.

SPEAKER_05:

But I think uh I'm not sure. Uh I might say something wrong now, but when you get paid off uh when you're doing your job, yeah, you're getting percentage on successes, right? Only.

SPEAKER_01:

No, so there'll be um it depends on what you're doing in particular, but we'll get paid up a percentage up front commission to do the work. Okay.

SPEAKER_05:

Um and this this percentage comes out of like how much money entirely this guy wants to invest.

SPEAKER_01:

Yeah.

SPEAKER_05:

Okay.

SPEAKER_01:

Yeah, so it's generally a percentage of the investment. Um and then but it comes out of the investment as well. Okay. So um yeah, that's how that works.

SPEAKER_05:

And then that's interesting for me because uh I always wondered like how those things work, right? I know like a salesman or whatever, they get percentage after the sale, right? Not before.

SPEAKER_01:

So um, yeah, I mean it's the thing is we're given advice on where stuff should be. Um obviously we want stuff to perform well in the markets, but that's not guaranteed. So we're given advice on where you should be, what's the best thing for you.

SPEAKER_05:

But in one year, if the markets go down, you can't crucify me for that because that's yeah, of course, but then it's a very general thing because the whole market went down, right? Yeah, yeah. It's not only you, yeah. But I I do think you are being evalued by your successes. Yeah, yeah. Like what percentage?

SPEAKER_01:

Yeah, I mean that's that's part of it. Um I just have conversations in the UK about with people about this. It's not just performance, it's about choosing the right product, okay, the the right thing for your money to be in. Um for tax efficiency, for you know, if it's gonna be passed down to your children, all that sort of stuff. So it's no it's not um there's no point in you making really great returns, great performance, if when you come to sell that investment down, you're gonna pay a fuckload of tax. Okay. Like you've been put in the wrong vehicle in the first place. So it's it's more about that and choosing the right um the right solution, not just performance-based. Obviously, everyone wants to make as much money as they possibly can.

SPEAKER_05:

Yes, but as you said, if at the end one guy made one million dollars, but he paid half of it in taxes, and the other guy just made 700,000, but he pays only a small percentage, of course.

SPEAKER_01:

Yeah, exactly. So um, so yeah, it's it's more about that as opposed to just being like performance led. Um, but I forgot what to say now. I don't know. I had it, I was like, I was ready to go. Sorry, sorry, I cut you off. No, no, no. That was my fault. Um so yeah. Okay, that's it.

SPEAKER_05:

I'm done. I know since you last time you've been here, you had like on this podcast, you had few clients. I know now we have a bit more, and I know now things are start to move in the right direction. And first of all, I want to say that part of it was because of some advice that you got of like joining clubs here, yeah, yeah. Right? So, this is a good recommendation in general for people that want to come here and meet other people and maybe get some connection through it. Like, I know you joined a pool league, yeah. I know you're doing a lot of golf right now, and what more?

SPEAKER_01:

Um that's about it. I'm still trying to do other things.

SPEAKER_05:

Oh, there was the expat uh yeah, there's expat meetings as well.

SPEAKER_01:

Um horse riding, possibly sailing. Just you've just gotta put yourself out there. If you're doing a similar sort of job to me out here, or if you just want to meet people. Yeah, yeah. Um you've just gotta get you've just gotta go and get out there. There's loads of things to do. We we did a podcast about this before, didn't we? There's loads of things that you can do here, and pretty much everyone's in the same boat that they've come here on their own. I've not I've not met any expats out here, I don't know about you, that's that have come out here with a family with a group.

SPEAKER_05:

With a group of friends, or you mean a family?

SPEAKER_01:

Oh, yeah, yeah, yeah. Like um, so yeah, like group of friends or family. Like I've I've not met anyone where it's like, oh yeah, four of us from back home all decided to move to Thailand. It's it's always it's always one person. So every everyone at some point has been the new person, and you've had to go to a club and it's like first day of school.

SPEAKER_05:

Yeah, but most of the people meeting me and meeting here in the bars, yeah, and those connections are not like yeah, me and you met in a bar, and that's was very successful, right? And Michelle and also Ellie, but most of the people that you meet in the bar. No, no, really.

SPEAKER_03:

I didn't say anything. Come on.

SPEAKER_05:

Actually, in the same bar, we all met in the same bar. I met her there also. Oh, right, okay in delirious.

SPEAKER_03:

In my career, it's like, why the hack women go there?

SPEAKER_01:

We've all met each other in delirious. Yeah, you get yourself down there.

SPEAKER_05:

No, but I I mean most of the people that you meet in the baths, most of them like our bow friends. It's not like friend friends, you know.

SPEAKER_01:

Yeah, that's the thing. And we've got the saying there's people that you'll see on a night out that you'll say hello to and how are you and have a quick little chat. Yeah, but you won't do anything else, whereas we see each other pretty much every day.

SPEAKER_05:

We just do now, less and less for some reason. I'm sorry, but no, it's my fault also. Come on, the last week, it's my fault also. Yeah.

SPEAKER_01:

But um they do tell you. I've got a girlfriend now, so I've like gone completely off grid and no one sees me.

SPEAKER_05:

I told you before he had a girlfriend, I didn't tell you he got off grid.

SPEAKER_03:

Oh yeah, he didn't tell me the full story.

SPEAKER_01:

I'm not completely off-grid. I'm not, I'm not one of those guys.

SPEAKER_00:

I still I still remember my friend. Oh, thank you.

SPEAKER_05:

That's very romantic. Yeah, but he's a bit but uh, you know what? That's also a good thing in general. I uh we will get back to the first conversation, but I want just to say that sometimes when we stay, we spoke about it many times when we do the same things over and over and over again, it's getting really tiring, it's getting really you're getting overwhelmed by the drinking or whatever the same faces you see every day or the same places you go. And I think it's a good thing that now you took like a break from it because I know eventually I'm not saying you're going to get tired of the relationship, that's not what I mean. I mean that eventually you will say, Okay, I feel I'm ready to go out more again.

SPEAKER_04:

Yeah, yeah.

SPEAKER_05:

Yeah, I think not necessarily with hell together as a group. Yeah, yeah, you probably will separate just because this is how normally a relationship works.

SPEAKER_01:

I it's not always go I don't want to separate, brother. What do you mean? No, not separate with her. I knew what you meant. Oh, fuck you.

SPEAKER_05:

You just started by saying, I mean, you will separate because that's how relationships go, and you'll definitely no, I'm not like some other guy that sent a message to your girlfriend or whatever. Which I will not name again.

SPEAKER_03:

Okay.

SPEAKER_01:

But yeah, anyway, so but no, we were talking about the other day, wasn't like groundhog day. I got that to one stage here, and it was just sleep all day, wake up at the same time, it was dark. I'd get have a shower, get dressed, go down, get on a motorbike taxi, and I'd be sitting on the motorbike taxi like it feels like five minutes ago since I was doing this, yeah, doing this yesterday. It's just disappeared, and it's just and in the same bars I was like, it's just it's yeah. So but no, the the bars are good to meet people. But if you want more of a meaningful relationship, yeah, probably look somewhere else. Friendship. There's lots of things to do over there, isn't there?

SPEAKER_05:

So yeah, um back to the first conversation, the one we gather here for, right? So now you have more clients. Do you feel like how how realistically, how many clients can you have without one, yes, yeah.

SPEAKER_01:

Probably um a hundred households.

SPEAKER_05:

Okay. That's still a lot.

SPEAKER_01:

Yeah. So that's that's what I sort of had in the UK. Um looking at that.

SPEAKER_05:

That means all day you're on the phone and doing stuff.

SPEAKER_01:

Yeah, yeah, you're really busy, so you're constantly doing meetings. Um because like you were saying earlier about how do I get paid and stuff, there's like an upfront cost for the initial advice, but then we charge like an ongoing advice fee, which gets paid throughout the year.

SPEAKER_05:

This is how it's called advice fee. Yeah.

SPEAKER_01:

Really? Okay. Yeah, so like an yeah, ongoing advice fee. Um and that's so I come see you every year, minimum once a year, to talk about how it's performing and if anything's changed.

SPEAKER_04:

Okay.

SPEAKER_01:

I don't know if I said it in the last one. I'd say to people, look, it's minimum once a year, but if you need two, then we'll do two. Um if something comes up, you know, changes circumstances, good or bad, then you know, we're sort of there to to help you. Sorry. If you're concerned about something, I'm on the end of the phone, email, text, whatever. Okay. So it's an ongoing service that's provided, and that's and that's what you're paying for. That's generally quite a low percentage. Okay. Um, but yeah, it's it's a it's an ongoing thing because I mean, my old boss used to have this saying like, not much changes in financial services, but we can guarantee that people's circumstances will change, someone will die in your family, and you might inherit, or you might have an illness or something that changes your circumstances, you know. You might get a good promotion, or you know, anything. Like we know your circumstances are going to change throughout life, and so we are always there to be able to step in as soon as it happens. Whereas some people, you know, someone might pass away, they inherit some money, and they leave it five years before getting in touch with someone to do something about it, it's just sitting in the bank doing nothing. So if you've already got financial advisor, as soon as these things happen in your day, it's okay, call him. Uh this has happened, I need to speak to you about it. Okay, great, let's see what we can do. Um, so yeah. And you're always kept up to date with stuff. Say again, you're always kept up to date with stuff as well. So, because that's our job. So, um, yeah, I used to get people ringing me up because they'd seen something on the news. There was a particular guy on the telly in England that would say something. He had like a like a kind of money programme. Okay. Um and then everyone and people would people would uh watch it, generally older people, um, and again, like Google would would see the good bit and go, oh great, oh well, we've watched we've watched this guy on the tele, and he said we can do this. You know, yeah, no, no, you can't. You know, you didn't listen to all the other little bits that he said, or possibly missed out, or you know, he's probably said some people are eligible for this, and people just watch it and go, Oh yeah, that's me. So um, so yeah, I'd have people ring you me or pull something saying, Oh, I've seen this on the news or on this TV programme. Okay, yeah. And just put it to bed like straight away. Um and for some people that just people just need that reassurance.

SPEAKER_05:

Okay.

SPEAKER_01:

That I've seen this, seen this in the news and panicking is everything I would like, is all my stuff.

SPEAKER_05:

I I think if I would have financial advisor at some point, I would bother him a lot.

SPEAKER_01:

Bother him a lot?

SPEAKER_05:

Yeah.

SPEAKER_03:

No, I think it's the same like no, I'm not saying.

SPEAKER_05:

But maybe once a month, like, hey, everything okay? What are we doing? Like you will hate me as a client, I'm telling you right away.

SPEAKER_01:

Call me for two, it's like it's you get different clients, and it also works its way out in the end. So you might have some that uh um need a bit more attention, need a bit more looking after, encouragement and stuff, and then some people that are quite happy and you know it all again, like the the job I do is about relationships, basically, and you've got to have a good relationship with your financial advisors, you've got to trust them that you know they're doing they've got your best interests. Um and so again, some some people a bit nervous at the start, um and they might be like that, like you just said, ring in, oh, is this okay? Oh, I've just had this bit of paperwork, is it okay? Yeah, yeah, don't worry, yeah. Well, I've seen this, oh that's okay, don't worry, right. Um and then as that relationship grows over the years, you know, they they trust you, they're happy with how everything's going, and then that that comes off. So, you know, then uh they don't need that much attention.

SPEAKER_05:

I I have a question, but it sounds weird that I'm asking it, but I think no one ever is going to ask this question.

SPEAKER_03:

Okay, I'm scared for you now.

SPEAKER_05:

Well, so am I like no one has 100% successes, right? You have like a awful story that happened to you with some client that really like traumatized you in that way that you think, oh well, I not I fucked up, but I marketed fucked up or I came in the wrong time. Um like a whole story for that because I uh no one can have hundred percent success.

SPEAKER_01:

Yeah, I mean, even at the start of this year, um when Trump got in, and all the markets got plummeted, um and there was clients that I'd just set stuff up for last year, um and up until that point their performance and stuff looked good. Um and then after that had happened, all the gains that they'd made had had lost, and that's okay, that's nothing to do with with you. I'm not saying it's you again, it's the market. Yeah, so but it was there were awkward conversations, I'll say that. Okay. Um because you've given advice to people to to do this, um, and then it doesn't look great.

SPEAKER_05:

Would you say you read the market wrong or just Trump is? No, no, no. No, no, wait. Or jump it Trump is just too mental and crazy that things are unstable all the time.

SPEAKER_01:

Yeah, it just wasn't just wasn't foreseen that that's what would happen. Okay. So, but you know, the markets go up and down every day, and then they have good years and they have bad years. Generally, it's like we've read this before as a rule of thumb, out of a 10-year period, you'll have three bad years and seven good years.

SPEAKER_04:

Okay.

SPEAKER_01:

So it always ends up up over a longer period of time. I agree with that. Again, we're talking about a short period of time where I've set something up for them last year, 12 months ago, and then we've come back. It's nothing in investment, it's nothing one year. And this has happened, and the markets are doing really well at the minute. So, you know, everything's sort of gone back up after the Trump tariffs and everything that happened. So, you know, they would have remained invested, and then they would have um benefited because they'll be in a fund where fund managers are constantly looking at all this stuff every day and they're buying and selling different stocks and shares. So fund managers love volatility because stuff goes down, there's stuff that they want to buy that's that's cheaper. So there might be companies that they won they were interested in buying, but they think that the price is too high, they think it's overvalued. So with this volatility becomes opportunity as well. So um so then they will have gained off the back of that as well. Okay, it's um the same as like 2021 was a really good year. Yeah. So, you know, COVID markets dropped for a few months. Yeah, it was weird, and then it shot back up. And you have, if you look at graphs, you have like this sort of V uh shapes recovery. Yeah, because as soon as the vaccine came out, they went, go, vaccine, everyone starts buying stuff again.

SPEAKER_05:

I like how everyone blamed the the world inflation on the COVID, which is kind of bullshit. Yeah, but right now it's easy for people to say, oh, we have inflation because of COVID and then the wars, and then no, you have inflation because you have inflation, you're printing too much money or whatever.

SPEAKER_01:

Yeah, yeah. I mean, that's the thing. So 2021 was a good year. 2020 was a good year for most people. Most people, my previous clients were up in 2020.

SPEAKER_05:

Really?

SPEAKER_01:

Yeah. Okay. Not by huge amounts, but uh most likely three, four percent up for the year.

SPEAKER_05:

So why people remember it almost as bad as 2008?

SPEAKER_01:

Yeah, but it it wasn't.

SPEAKER_05:

That's that's the the the collective memory is like, oh, it was a bad year.

SPEAKER_01:

I mean, there was more sort of fallout at the back of it, but then 2021 was a good year, off the back of again that volatility. 2022 was a shit year. It's really bad.

SPEAKER_05:

I think since it was shit.

SPEAKER_01:

Yeah, so 2022 was a really bad year, 2023 was a good year, and again, a lot of people had the recovery from the markets of 2022, and again, that rolled into 2024 as well, um, and then into the start of this year as well. So it's the day is almost finished, to remind you. Yeah, see, I'm just I'm talking pre-Thailand now, so I came here in April, so yeah, that's well that February, but okay. Yeah, yeah, yeah.

SPEAKER_05:

Came on holiday in February and then take that immediately, but um he had a girlfriend back then, he was in love, he's still in love. No, no, I'm joking.

SPEAKER_01:

Someone needs to advise me on finance on relationships.

SPEAKER_05:

You should be a relationship advisor, it can be fun, like they can send you a question. How do you fuck up relationships? What's the easiest way to do it?

SPEAKER_00:

Yeah, yeah. I'm fed up on my girlfriend, how can I get rid of it in a nice way?

SPEAKER_05:

You know, I I it's old news, so I can talk about it, but one of the funniest things that one someone you've been with, and I have to say that I can cut it after if you don't want. But he with he was with someone and he told her, Yeah, yeah, I don't know if I'm going out today, and like they are together. And then he went to some bar. It was like random bar, random hours. He walked out with this bar uh from this bar with other girl, and she just kept behind him by chance. Oh, I know, I know, man. He's so unlucky. He's so unlucky.

SPEAKER_01:

Well, we were we weren't actually together at that point, though.

SPEAKER_05:

Like she just and we achieve something something, I don't know, happened.

SPEAKER_01:

There was like a pause.

SPEAKER_05:

I don't know if there was an argument or something or other, but yeah, and then and then there was like it was a random bug, random time, not it doesn't make sense that she was there, and she wasn't following him, she's just a random girl herself, she can show up everywhere.

SPEAKER_01:

Yeah, no, I forgot about that. That was uh yeah, and then we got the picture, and then we got the picture.

SPEAKER_05:

She took a picture of him walking with the other girls and sent everyone.

SPEAKER_03:

I hope I remember that.

SPEAKER_05:

It is, but it was funny. So, guys, if you need advice on how to fuck up your relationship, he's here. Or if you need good advice for other financial reasons, he's also here.

SPEAKER_03:

He's also here.

SPEAKER_05:

What can you advise people on?

SPEAKER_03:

Me?

SPEAKER_05:

Yeah.

SPEAKER_03:

Oh, how to avoiding people.

SPEAKER_05:

How to avoid people? You're not very good at that.

SPEAKER_03:

How to avoid people.

SPEAKER_05:

You're trying to avoid me?

SPEAKER_02:

No, I can't, I cannot avoid you.

SPEAKER_05:

Oh, come on. Even if you're not answer, you're not really avoiding. I know. Oh, she just don't want to talk now. She will call later.

SPEAKER_03:

No, uh, except you. The other people seem like my friend who got about to go to the police station because I just she thought I disappeared.

SPEAKER_05:

I told you.

SPEAKER_03:

Yeah, I don't answer her for a week or two.

SPEAKER_05:

A week.

SPEAKER_03:

Or two. But we are roommate.

SPEAKER_01:

Oh, right.

SPEAKER_03:

And she cannot contact me. She couldn't.

SPEAKER_05:

I think I told you that her friend sent me messages asking about her. I told you about that, no?

SPEAKER_01:

It sort of rings a bell, but yeah.

SPEAKER_05:

Through the My Thai Wife podcast.

SPEAKER_01:

You weren't you weren't both still in the same room though?

SPEAKER_03:

No, because she's just in the closet.

unknown:

No.

SPEAKER_03:

She's been sleeping. She's not like behind a curtain or something. No.

SPEAKER_05:

No, you are in the closet. I think you're sleeping.

SPEAKER_01:

How long till she brings the please? We've got two weeks. Bitch hasn't called anybody. She just eating shirts or whatever they have. She has.

SPEAKER_03:

Oh my god. I'm just in the room. I just not uh in the mood to look at the phone.

SPEAKER_01:

So you're in the room.

SPEAKER_03:

Yeah, but she's not.

SPEAKER_01:

Okay.

SPEAKER_03:

She's not in the room since the first day I move in.

SPEAKER_01:

So she was missing, really.

SPEAKER_05:

She's not late, but I think you can give advice to people about how to create awkward situations.

SPEAKER_03:

That's oh yeah, that's a very good thing.

SPEAKER_05:

You're good at that. When you told me stories before, I will not elaborate on that.

SPEAKER_03:

Fuck, I I'm sorry.

SPEAKER_05:

It's okay, it's okay.

SPEAKER_03:

My brain's not working properly.

SPEAKER_05:

And I cannot give advice to anyone. So the only one that can give advices here is Scott. Obviously.

SPEAKER_03:

Like normally the minimum wage. Minimum wage, they have they start.

SPEAKER_05:

Minimum wage. You mean the minimum investment?

SPEAKER_03:

Yes.

SPEAKER_05:

Okay.

SPEAKER_03:

Yeah, so uh do you think it's like a good good minimum? Like a good minimum, like comfortable.

SPEAKER_01:

I mean it it just depends on your circumstances.

SPEAKER_05:

No, but what would you say? What would you say like for a person that right now have nothing and he say now I start to accumul accumulate money, when should I talk with you?

SPEAKER_01:

What I used to what I used to tell people, or still tell people, is you need an emergency fund. So we'd always say start save some money. If you've got nothing now, start saving some money, and then have we used to say like three to six months of your monthly expenditure as an emergency fund. So in case you lose your job or your car or motorbike breaks, then you need some so you need quick access to cash to be able to fix the problem. So that would be the first step. And then if you're still after that and you're comfortable, then you can start to look to invest.

SPEAKER_05:

And again, it just depends on on how much you earn or how much you've if Ellie came with you with five thousand dollar that she already have the trust the trust, the safety fund and everything. She say now I have five thousand dollar. Can we do something?

SPEAKER_01:

Yeah. Yeah. So again, you generally just um start investing into a fund. Now that's not gonna make huge amounts of money for you. It depends on again, everyone's goals and stuff are different, so it depends what you Do you want to become a millionaire? What you want to do with it.

SPEAKER_00:

Uh-huh. Okay.

SPEAKER_01:

Um but yeah, if you're gonna add that much every year, then obviously it's gonna start accumulating, and then you get the the compounding effect. Okay. Do you know what compounding is?

SPEAKER_03:

No. But I pretend to be knowing, so we keep like that.

SPEAKER_01:

So compounding is basically So you put 100,000 baht into an investment and you make five percent in the first year.

SPEAKER_03:

Okay.

SPEAKER_01:

So you've made five thousand baht profit. In the second year, you make five percent again. For example. You're making five percent on a hundred and five thousand baht now.

SPEAKER_05:

Because you didn't take out the five thousand.

SPEAKER_01:

Yeah, so if you keep it in there and then each year it keeps going on. So you you're not just making five percent of a hundred thousand, which was your initial investment, you're making five percent on the amount. Yeah, as that keeps going, you know, it's so it's called compounding. And um I think it was one in buffet, which is one of the most successful investors that there's ever been. He's got uh I can't remember the the quote exactly, but he basic says compounding is like the best way to to make money. Um so yeah. So yeah, if you had five thousand pounds, then five thousand dollars or whatever, yeah. Start. Five thousand bucks. Five thousand bucks. No, I haven't five bat. Okay. But yeah, so uh but again, it depends on what you want to do. It depends on how long you want to invest for, um how much risk you want to take with it. Some people are very cautious, some people haven't done it before, they're quite nervous about it. So it's it's weighing up all of those. And again, like having some sort of emergency fund means that if something does shit does hit the fan, then it doesn't matter. So you know, if investment goes down, but it's only down for a short term, um, you know, okay, I've still got money to fix the car or whatever. Um rather than going, oh, my car's broken and my investments are gone down now. So I've got well, what am I gonna do? You know.

SPEAKER_05:

You don't want to pull them out. Yeah, yeah.

SPEAKER_01:

Yeah. So um, so yeah, that's what that's what you could do.

SPEAKER_05:

Okay. You have five thousand good dollars? Give him for you.

SPEAKER_03:

No, let me have five baht first.

SPEAKER_05:

I will give you five baht.

SPEAKER_03:

Okay, okay.

SPEAKER_05:

After the show, I'll give you ten butt even. You need five baht also? You need five baht also for the toilet?

SPEAKER_01:

Yeah, I was just thinking uh you get for five baht.

SPEAKER_05:

Yeah, some places, some places it's ten.

SPEAKER_03:

Yeah, so it's a similar about uh my invis, but it's different, totally different thing. Yeah, but I think it's more like long-term analyzing, which is I don't have a brain for that. I just push the risk daily.

SPEAKER_05:

Yeah, but you are constantly on your phone trading, right?

SPEAKER_03:

Yes.

SPEAKER_05:

So you're doing it actively, although and he's doing it more passively.

SPEAKER_03:

Yeah, yeah. More like a plan.

SPEAKER_05:

Well, sometimes you do it actively, also, I remember.

unknown:

Yeah.

SPEAKER_01:

Um, I mean, I used to have this conversation with people and they'd say they started doing Forex or trading stocks and shares themselves, but again, like you're on your phone constantly looking at it.

SPEAKER_05:

Um and it's very stressful.

SPEAKER_01:

It's very stressful.

SPEAKER_03:

Is it better recently?

SPEAKER_01:

Yeah, I I had a client that um she was doing all this sort of stuff, she'd been on an investing course. So I I've said this in the past, I'm not a fund manager. I I do my own little bit of trading for me, but that's not all of my money. And you know, that's just something that you know I'd I do personally, but I'm not a fund manager, so I'm not gonna tell people investing that I'm not gonna go. I even had this conversation with you the other day, didn't I? That I bought something and it was good, and I was possibly thinking of telling a friend, and I thought, you know what? No, I won't do that because I I don't want to yeah, if it doesn't work, yeah, you're right. So, like I said, I'm not a fund manager. Um so fucking forgot where I was going with this now.

SPEAKER_05:

We talk about she's doing the show the show tournament.

SPEAKER_01:

Always on the phone and stuff like that. So a lot of people uh don't have experience, you haven't got the time, you haven't got the knowledge. Um and yeah, I had a client before and she'd done an investing course or something, and then she was she told me what she was doing and what um stocks and shares she was buying, what she was holding at the current time, and and then what her what her growth had been for the year, um and what she was doing. So buying individual stocks and shares is high risk, it's as risky as it as it kind of gets.

SPEAKER_05:

Um that's probably not exactly true, but no, I think gambling in general is very risky.

SPEAKER_01:

But yeah, it it depends what you do. But it's it would be classed as high risk in the sort of field that I work in. Um so what she was doing was extremely high risk with the money that she had.

SPEAKER_03:

And then when she talked extremely as me. Today I'm risked, and then next minute I'm broke.

SPEAKER_05:

I think we all have part of us that like this kind of gambling.

SPEAKER_01:

Gambling. Oh, yeah, yeah, it's like it's big here, isn't it?

SPEAKER_05:

Okay, so she did extremely high risk.

SPEAKER_01:

So she was doing extremely high risk investments as to what she was doing. Um and then when she told me the growth that she'd had at the end of the year, like it was her investment that she'd had with us, which was medium to low risk, and outperformed what she'd done herself. Yeah, yeah, by quite a bit. And she didn't have to do anything for that. Yeah, yeah, like we were looking after it, you know. It was you know, fund managers making you know, professionals experienced and it were doing all this work, and it had done better than what she was doing. And you know, it's um she could have lost a lot of money doing what she was.

SPEAKER_05:

Like I said, it's high risk, and you know, some people like to so she was lucky for not even losing money, but still you made more money for her.

SPEAKER_01:

So if she took all that money and just invested with someone with someone that was very low low risk, lower risk and and much safer, and she would make didn't have to do anything for it either. Yeah, so it was then I was then having this conversation. Well, well, look, you you're doing this, but look at this. Like, why don't you just do this?

SPEAKER_05:

Because this is better than and it's like giving you a lot of free time back because you're not constantly on your phone and worrying about that and like getting 40 like 40 hours.

SPEAKER_03:

Last night it's not good. I don't wanna miss the chance because last night I can just in out, in out, in out, you know, in uh every uh two or three minutes. So I just don't wanna lose that uh you understand how crazy is that?

SPEAKER_05:

In out, in out, every two, three minutes. She's invest pull out, invest pull out, invest pull out.

SPEAKER_03:

Yeah, because this is how that is how the that is how the the the trade I do. It's uh scalping.

SPEAKER_04:

So yeah. That's crazy. Yeah, yeah.

SPEAKER_03:

Yes, it is. It's it takes so much time actually. But then it's like for the long term, I still not like good enough for do the look for the long term. Okay. If I have uh if I have a money, I'm probably gonna use it. Yeah, I'm probably gonna ask uh his SWS, yeah. I think it's gonna be better.

SPEAKER_01:

It depends what you want as well. Like people think they're gonna become a millionaire next year, whatever, because they start investing, and it's like no, but you don't give them the option for have pocket money.

SPEAKER_05:

Yeah, yeah. Like a small, let's say another salary that can they can get every year.

SPEAKER_03:

Yeah, or like a set uh a a serving account that it can grow by itself.

SPEAKER_01:

Yeah. Yeah. That's the thing. People would use stuff for I've got this money, I want to keep it safe, but I want to make some money off it as well. And they might take the growth off. So they might do the compounding where they go, I don't want to touch this money for 10 years. In 10 years' time, we're gonna use it for whatever we want to buy a house in a different country or for example, or people might say, I'll put this money away and I just want to take what it makes each year, and they might use that for holidays or something like that. But the original amount's still there, okay. Um, and they just take the take the growth off it. So it's all like like I said in the last one, there's no one size fits all. Everybody's different. You have to sit down and have a conversation with someone to say, you know, what do you want to do?

SPEAKER_03:

Yeah.

SPEAKER_05:

I want to live in bataya, enjoy my life. You know, yeah, yeah. This is what I want to do. I want to live in bataya and enjoy my life.

SPEAKER_03:

Yeah. I do have a friend that uh uh showed me they tie up the stock, right? Like, but uh the thing is like he always tells me like you need to like uh like your sort of income now because back then I still have a but he said like uh just kind of like just 30% save it, don't touch it. It's not when but you put the small amount of course it's gonna go slow. Maybe it's gonna take year, two years, three years. But depends on the amount the amount of money that's saving inside. It's like a saving account.

SPEAKER_01:

Yeah.

SPEAKER_03:

Yeah.

SPEAKER_01:

So what the what the percentage of the I I've seen lots of different things about um what percentages.

SPEAKER_03:

Should put inside, yeah.

SPEAKER_01:

It's again I'm sure we had I'm sure we had this conversation. We might not have some, but um some people are really big savers and they don't go out much, they don't do much. Um they might have a lot of spare cash each month. Um but it's about finding a balance. And I was trying to find a balance for people as to okay, how much uh how much are all your bills and everything, your rent and electric and all that sort of stuff, and then what do you do? Do you go out? Do you go out seven days a week like Mike does?

SPEAKER_05:

It was a one week or do you go once a week like I do that? I had one crazy week. She knows about it.

SPEAKER_02:

But it's caused the waiting two weeks.

SPEAKER_05:

Come on, okay, before that.

SPEAKER_03:

Yeah, curse on me.

SPEAKER_05:

Five days a week, like Mike does. Like you did before. No, he's just blaming me. I am a bad influence, okay? And one of the worst influence you can get. But but I'm not stabbing you in the back. So about that, you can trust me.

SPEAKER_01:

No, no, no, no, I know.

SPEAKER_05:

I stab you from the phone.

SPEAKER_01:

But anyway, so apart from my dig it, might go out all the time.

SPEAKER_04:

It's okay.

SPEAKER_01:

Um so yeah, but it is like, do you go out all the time? Do you go out once a week? Do you out do you go out twice a month? Do you go to restaurants a lot? You know, what do you spend your money on? Do you have hobbies that are expensive that you might so it's it's trying to work out all that? And I don't want to say I never use I'd keep people's money back as well. Um because you know, you've got to enjoy life as well.

SPEAKER_03:

Yeah. So there's uh next it's gonna connect to the my next question. Do you helping them like start from that point? Like uh help them analyze like their sort of income and like they spend it, and then what and then you suggest them which one. Yeah, yeah.

SPEAKER_05:

This is actually exactly what he does.

SPEAKER_01:

Yeah, so yeah, that's a big that's a big part of it. And one of the things that we can do for people is um we do like cash flow modeling. So I use I like plan someone's life now financially. So you might say it's got um I'm earning this much money, this is how much my bills are, it's how much I spend each month on going out or shoes or whatever. Um and then at this point, I want to buy a new house and I want to retire at this, and we'll look at all of that and then go, right, here's the plan. This is this is how you do it.

SPEAKER_05:

And then it might not be But it's according to you, it depends on your goals, as you said before.

SPEAKER_03:

Yeah, yeah, yeah.

SPEAKER_01:

It might not be feasible, you might not earn enough money to get what you want at that time. So that's why we like I said, it's a continuing relationship.

SPEAKER_03:

Yeah, so we have to talk a lot and uh we'll update every day.

SPEAKER_05:

If he be if you be his client, every day you need to follow it. Scott, what are we doing today? Can I go eat in the restaurant or should I not use toilet paper this week? I will wipe with my hand.

SPEAKER_01:

Yeah, yeah, it's more yeah, it's more of a longer term thing, but yeah, it's you monitor it constantly. And if you if you get a big pay rise, you get oh, actually, I can start doing this now.

SPEAKER_05:

So I know a guy, you know him, but I will not name him. He lives in Thailand and he got an income of about 7,000 uh well, eight thousand Canadian dollars a month.

SPEAKER_01:

And I asked him, like he's not living like a lavish lifestyle.

SPEAKER_05:

I asked him, like, what do you do? He said, so his expenses just for the apartment and the car, he owns the car, and uh everything is about one thousand three hundred dollars, right? Canadian dollars. Then he said he dub he used the same amount, so two thousand three uh six hundred in total. This is how much he spent every month. He not allowed himself to spend more than that, yeah. And everything else he's just investing, everything else, except of about$500 that he keeps every month for emergency.

SPEAKER_01:

Yeah, yeah. So again, I would um when I was saying about like an emergency fund and stuff before, I would still put money into that, like trickle some in, and then if it grows way above, you know, then you think yeah, but we've got too much in the emergency fund. Okay, well let's slice a bit off the top and we'll put that. But let's let's keep trickling some in. So, you know, if something does break, you've got the money to take that out and pay for it, but then over the next couple of months it's gonna build back up to where it should be anyway. So so yeah, that's like that's a good thing to do.

SPEAKER_05:

Yeah, so but he I asked him, like, you don't uh want to travel, you don't he say no. I I I I live I like my life here. I have a nice apartment, I have everything I need. Yeah, he's not going out too much, he's going out maybe maybe six times every month. Yeah, something like this. I think you already know who I'm talking about. And that's it, he's just investing the money because he wants in the future, so he he think about the future when he can stop work and he's investing a lot of money. I don't know if he's doing everything himself or he has a guy that doing the same thing that you are doing for him. If not, I might need to connect you guys, but yeah, yeah.

SPEAKER_01:

Yeah, I mean it's like I said, everyone's different. Some people are real savers. They're savers and spenders. Some people spend all their money, some people save all their money, some people are in the middle, you know. It's everyone's I think you are in the middle. But it's yeah, yeah, I'd I'd say I'm I'm in the middle. It's you know, you've and I'd say there's clients, you've gone enjoy yourself as well. I used to have clients that had, you know, loads of money in investments, and then they would moan about doing something. I don't know, it's like go and do it, go and spend your money, like you've saved it all your life. You're now in your you're now in retirement, go on fucking holiday, like go on four holidays. Like, I'd I'm quite honest with people, but I'll you know, I'll I'll try and grow your money, but once it's grown and it's there, use it for what the original goal was.

SPEAKER_03:

Suffering, not just your saving, like come on, go.

SPEAKER_01:

Yeah, but it's it's all about finding the balance, and it's about understanding people's goals and then understanding their behaviours as well, which is quite a big, quite a big thing. Used to have a lot of clients that um came from nothing, so had no money, then they've been successful in life, and then they've earned a lot of money, so they've always saved a lot, and then they're very protective over it. And at the end, you've got to understand different people's behaviours, and some people won't invest.

SPEAKER_05:

I think this is what you said before that part of your job is actually creating really connection with those guys because you actually need to know their background, where they're coming from.

SPEAKER_01:

Yeah, some people be um reluctant to invest. And my job's not just going, oh why? Why don't you want to invest what you're stupid or something like that? It's it's understanding why, lots of real reason behind it. And then you do a bit more digging, it might be that they're that their father, that their grandfather lost loads of money at a certain point or you know in the past, and and they experienced that, and it's it's a bad experience. So, you know, and it's about understanding behind people as to what their their behaviours are and why they do different things or why they're reluctant to do something rather than just no, you need to do this. You m I might know it's the right thing for them to do, but I need I need to understand what how they feel about it.

SPEAKER_05:

A salesman can never like the worst salesmen are the salesmen that tell you you have to buy something. Yeah, those are the worst, yeah. And I I don't think that's the right strategy. Like I I I would look at it differently. You know, we we talk about we talked about before. I have my own like salesman experience as a salesman. You have and we agreed on many points that the best salesmen are the guys that like first ask you, well, why do you need it? What what you need and why do you need it. Yeah, yeah. And then they try to find the right product for you. It doesn't matter what you are selling. So like I remember the I think it's one of the best examples I can give. A guy came to me when I I told you I used to own like a tire shop before. And one guy came to me and he had like, I don't remember it was a I think it was a Mercedes, very expensive one. And he needed new tires and he needed like a font adjustment and everything. And we did the front, and I said, Okay, you need the tires. Yeah, but I want the same tires I had before. I say, Okay, they are very expensive. Yeah, yeah, yeah. I want the same tires. Uh then I asked him why you need the same tires. Like, I have them, you're going to pay a lot of money, but how how how often do you drive the car? Like, I wanted to know if he needs those like top tier. Say, oh no, I'm selling them. Say, what are you selling? I'm selling the car. Say, so why do you need the most expensive tires?

SPEAKER_01:

You will not gonna add any value. Yeah, nothing.

SPEAKER_05:

You're just going to lose extra money. Yeah, yeah, yeah. And at the end, he bought like a good but Chinese tires. Yeah, yeah. And he was like, I saved him a lot of money, not because I could sell more, you know, but this is doesn't mean like I gave him the right thing that he needed. He needed the cheapest okay tires he can find.

SPEAKER_01:

Yeah. That's the thing. It's and in my job, it's what people are comfortable with. So if they're a first-time investor, they might have a hundred thousand pounds, for example, that they can invest.

SPEAKER_05:

Which is a lot of money.

SPEAKER_01:

Yeah. And they might have that, but they've never invested before. And I might look at everything and say, well, you should you you know, realistically, you should invest the whole hundred thousand pounds. But I then have a conversation with them. So, well, listen, why don't we do 50 now and in six months' time?

SPEAKER_05:

We'll see how we get on. Yeah.

SPEAKER_01:

And then you can you maybe you do the rest. So it's you know, people ought to be comfortable with it. If people aren't comfortable, there's no point in doing it. Because it's gonna be a bad experience. Um but yeah, I mean, one thing I wanted to talk about um on his, you know, I did uh I wrote a post that's on our company website. Uh I shared it also in the couple of weeks ago, it was on LinkedIn and stuff. Um there's been a couple, but um so this is mainly at UK expats, so I apologize to to the um yeah, but the UK laws are actually like I'm sure everything will go in Europe eventually, because all the world is going in the same direction. So there'll be, you know, the sort of main nationalities of expats out here most likely face similar issues anyway. Um but yeah, in the UK, so twice a year there's a budget from the government, and they come out and say what uh what taxes they're gonna change, you know, um stuff like that. So the next one's in uh next month, November. Um and there's loads of really bad rumours going around at the minute. So I don't know if people have will have seen on Facebook or or whatever, but there's a change of government in the UK, and I don't want to get all political. Don't be able to do it. I won't get political, but um, yeah, there's lots of changes, and they've upset a lot of people already in the in the previous budget. So um there's a lot of rumors going round at the minute. Um so I think we we spoke about in the last sort of podcast that we did about this, um about people owning rental properties. So I know there's a lot of people over here that still have rental properties in the UK, and that provides them their income or you know, their retirement out here. Um there's rumours that that's possibly going to be had a go at. Um they've already made it harder and harder over years, but they're looking at potentially paying national insurance on the rental income do you get in the UK.

SPEAKER_05:

Okay. So how much of a percentage are we talking about?

SPEAKER_01:

Um again, it depends. There's there's different categories.

SPEAKER_05:

Okay.

SPEAKER_01:

Um, but again, this is just a rumour. So there could be a potential whole different category just for that. But um, yeah, and it depends on how much you earn as well, so what the income is, but um it'd be an additional tax that you're gonna pay if you've got rental properties in the UK. Um there's also possibly changes to capital gains tax as well, okay for um which again would affect people if they were then wanted to sell uh properties. So I used to do a lot of analysis for people that had property portfolios and then work out, you know, what is actual your actual yield each year, what's the actual growth on the assets that you hold? Is it worth it? Is it, you know, for the amount that you've got invested in these assets, is it actually worth your while?

SPEAKER_05:

Or is it more than just setting it and invest somewhere?

SPEAKER_01:

Or is there something better? And again, if you have property in the UK, um you know, you you're gonna pay tax on it over there. Um and possibly pay tax here as well. So um and inheritance tax as well. So all UK assets that you own are liable to inheritance tax. And again, that's another thing that's heavily rumoured at the minute in the UK is that they'll alter um possibly the thresholds, possibly um the seven-year gifting rule that there is over there at the minute. So if you gift something to somebody, your children or whoever, um, after seven years it's passed as not being yours anymore, um, and there'd be no inheritance tax to pay. There's rumours that they might get rid of it. Yeah, because it sounds like a loophole. Or change it. Let's be honest. Yeah, I mean, it's not. I wouldn't say it's loopholes. There's there's allowances and there's things that you can do legally. Um it's not something that's really hidden. Um, but again, there's people need to take advice on it as to how they do it and what they can do.

SPEAKER_05:

I think the thing that you say are not obviously they're not only for the experts in Thailand, it's for Brits in general. Like I think even people that still live there and they have some properties, oh yeah, they have to to to understand what is going on. Like at least at least have their finger on the pulse, you know.

SPEAKER_01:

Yeah, yeah, yeah. No, that's the thing. Um and again, that's why I sort of said before, having a financial advisor, you're kept up to date with this stuff. Because some people won't watch, some people don't like to watch the news. I don't like to watch the news. I watch what's relevant to me. Um but some people won't watch the budget, they won't look at all the uh you know the summary of it afterwards. So people don't know what is actually affecting them.

SPEAKER_05:

Okay. Um what would you advise right now, even though it's still humil, let's say I had I don't know, some properties back in the UK. What would you advise me to do now? Sell them, liquidate them, and then see what's going on?

SPEAKER_01:

Um so again, like we can't you can't really give advice on rumors. I know. So it would be to just start looking at it and you know, looking at the figures, doing some calculations and going, you know what, actually, is this is this worth it? Um it might be that some stuff does come in, some stuff doesn't. Um and then you can have another look at it and go, actually, I really need to do something about this. Um because yeah, it's it's not it's not great over there. But like the inheritance tax thing as well, um you know, you can have quite a modest estate. It might be modest, so I don't know who listens to this podcast. It might be modest to some, it might be big to some, it might be small to some. Um but if you're an expat over here and you've got say two hundred and fifty thousand pound house in the UK that you rent out, uh£250,000 um, sorry.

SPEAKER_05:

£2,500.

SPEAKER_01:

Yeah. So say if you had the figures that are going in my head now, I had an example in my head of and then instead of using that example, I've tried to make up the figures in my head and just confuse myself. So anyway, you basically you can have, you know, if you've got£500,000 of assets in the UK, um, but you're living here, um, it means that one of the allowances that you get for inheritance tax, which is owning uh your own home and and living in it, you lose that because it's not your main residence. Your main residence is over here. So then that reduces your allowance that you can pass down. So£500,000, which there'll be a lot of people here that have got that, you know,£200,000 house,£300,000 pension, that's that's not uncommon from the UK. Um you're potentially gonna pay inheritance, well, you're not gonna pay it, your kids are gonna pay it um when you die. So um, and the reason I say pension is pensions used to be free from inheritance stats, but from 2027, um any unused pension is going to be um assessed against inheritance stats as well. Okay. So they're already changing things um like this. These these are already coming into place.

SPEAKER_05:

Why does the excuse like the government meet need more money?

SPEAKER_01:

Yeah. That's it. Yeah, there's a there's a huge deficit in the UK at the moment. Um the exact figure. I think it was something like 60, 70 billion or something or something. Um, I think they're looking at inheritance tax, but actually inheritance tax is very small. The amount that actually gets paid to the government uh across all the tax that gets paid, it's actually quite small. So um I think it was last year about 8 billion pounds was paid to the government inheritance tax, might be slightly higher. So even if they doubled it, they're only gonna they're only they're only getting an extra 8 billion towards their deficit. So a lot of people are talking it, you know, oh you're just gonna fuck off a load of people, like really piss them off, and they're potentially gonna leave because you increase the inheritance tax. Well, actually, you're not really going to gain that much from it. So, but again, everything at the minute is just rumors.

SPEAKER_04:

Okay.

SPEAKER_01:

So we'll know more next month, and then it might be good if I do that. Possibly we do an update on that and then say, look, this these are the changes, and what does that actually mean to people?

SPEAKER_05:

We can actually print out the whole like assessment of the oh, you don't need all of it because it'll be no, but I mean we can take the points that do matter for expats.

SPEAKER_01:

No, I'm just gonna say, like, the whole thing is like, or 2P has been added to beer or something like that.

SPEAKER_05:

I understand.

SPEAKER_01:

I mean yeah, yeah, yeah.

SPEAKER_05:

Everything that do apply for expats in general, or people that thinking of moving here in the future.

SPEAKER_01:

Yeah, yeah, yeah.

SPEAKER_05:

Or moving out basically, not only here.

SPEAKER_01:

Yeah, no, exactly. But I think the reason I sort of wanted to talk about this is I think a lot of people when they come out here, they think I live in Thailand now, I don't need to worry about the UK. Fuck the UK or whatever they might think. Um but actually you still need to pay attention as the as the what's happening out there because it will affect your your lifestyle and your and your livelihood.

SPEAKER_05:

When we spoke with John last time, I don't know if you heard that episode, but he might be moving out of Thailand because Thailand is also creating like a lot of problems now for the people that have the retirement visa. Right. Yeah. They are asking for 80, he said. 80, if I remember correctly. Yeah, eight. Yeah, half a bit more than half a million but to be locked in the bank in the bank account for four months every year.

SPEAKER_01:

In Thailand.

SPEAKER_05:

Yeah. Right in order to get a retirement visa, and that's a lot of money that you cannot touch.

SPEAKER_01:

Yeah, yeah. So and again, that's uh, you know, if that's pension or something, that's if it's just sitting in a bank account, yeah, it's not doing anything. Yeah, even and you might not have to do that.

SPEAKER_05:

It used to be half than that, but now they're increasing it, they're doubling it. So he said, like, fuck it. I love Thailand, but I'm going to Vietnam. Yeah. And he's not the only one.

SPEAKER_04:

Yeah.

SPEAKER_03:

Yeah. My friend that I know, like he's uh he's a uh best friend with my ex. He married with Taiwan.

SPEAKER_05:

Joking, joking, sorry, it was a bad joke.

SPEAKER_03:

He uh they are married, they have kids together, they married for like many years already. Normally they like to live in Thailand, but now he's also like thinking to uh to leave. They're all thinking to live to like to go to stay in like Vietnam or something like that. That's because of the same reason.

SPEAKER_05:

I think many people are going to move in the upcoming years to Vietnam, to Cambodia.

SPEAKER_04:

Yeah.

SPEAKER_05:

And I think like we will see a big shift of the expect community moving from here to other places because of that. And that's said, and I hope that I government will do something about that.

SPEAKER_04:

Yes.

SPEAKER_05:

Because they are giving some solutions other than the retirement visa. They were talking again, it's rumors, but they were talking about get giving. Have you heard about it? The 10 years tourist visa?

SPEAKER_01:

Yeah. I've heard yeah, I've said something about it.

SPEAKER_05:

But uh so that's this is the one, and they're having the DTV, which hopefully will stay, but you can never know what's going on in here. So if they give better solutions for the expats here, they might stay, but I don't think it's going that way.

SPEAKER_03:

I mean, there's another moment, it's also quite a quite a mess here. So I don't know like if they're gonna come up with a different thing soon enough.

unknown:

Yeah.

SPEAKER_01:

Well, I was gonna say the um I was in like a tax webinar yesterday um about Thai tax. I've there's been rumors that they will change the tax rules on uh uh expats bringing money into Thailand, but at the minute, they're just rumours, nothing's been but those are good rumors, what they heard.

SPEAKER_05:

Yeah, yeah.

SPEAKER_01:

First six months or whatever. Yeah, but there's um there's nothing published at the minute. So hope you know, hopefully there is, and hopefully that will you know possibly persuade people to to stay. Um but also the the other good point on there was that um so now Thailand have introduced the digital arrival card. Um they're actually because they've got that now, and they're using AI to look at how what tax people have been paying. So they're looking at what money has come into Thai bank accounts, uh, and then they can tell from the arrival card how long they've been in Thailand, and then they're using AI to basically go through and um so it's just something to be cautious of. So I work with a couple of tax advisors in the UK, so if anybody does want to you know talk to them as well, then they can contact with you.

SPEAKER_05:

Yeah, we leave your LinkedIn again in the description of those episodes of these episodes.

SPEAKER_01:

Yeah.

SPEAKER_05:

Uh I get a very big hint that we need to close this episode.

SPEAKER_04:

Yeah.

SPEAKER_05:

So I want to thank you, and we will do an update, I guess, sometime next month about the whole thing, the whole situation with the taxes in the UK. Uh, thank you very much. Uh was it interesting?

SPEAKER_01:

Yes, was it really?

SPEAKER_02:

It was just okay, it's just my face, it's just Akly. Okay, it's my resting face.

SPEAKER_05:

We will see by the comments. So thank you guys. Like, subscribe, share, Patreon. We love you. Thank you. Bye bye.