My 5 Biggest MISTAKES Living in THAILAND for 9 YEARS

Summary

In this video, the speaker shares the five biggest mistakes they made after moving to Bangkok, Thailand, which are common among expats. They discuss how getting stuck in holiday mode and neglecting work goals led to financial struggles, the importance of budgeting in a country with both low and high living costs, and the necessity of long-term visa planning. Additionally, they highlight the dangers of living without health insurance, sharing a personal injury story, and the pitfalls of failing to set up a strategy for accessing money. The speaker encourages viewers to learn from these mistakes to avoid similar pitfalls when living abroad.

Takeaways

• 😀 Life in Thailand is different from vacation; it's easy to fall into a holiday mode that can derail long-term plans.
• 💸 Setting a clear budget is crucial; while Thailand is affordable, it can also become expensive due to lifestyle temptations.
• 🛂 Over-relying on tourist visas and not planning for a long-term visa can lead to trouble with immigration and disrupt your stay.
• 🏥 Health insurance is essential—skipping it can lead to serious financial and health risks in case of emergencies.
• 💳 Having a solid strategy for accessing money from home is key to avoiding high ATM fees and unnecessary financial headaches.
• 🎯 If you don't establish a career or business plan before moving to Thailand, you risk returning home with fewer job prospects and savings.
• 🌍 Thailand is a great destination for digital nomads, but without a long-term plan, the distractions can hinder your goals and stability.
• ⚠️ Not saving for retirement or building a pension in Thailand can result in financial struggles as you age, without a safety net.
• 🏖️ Avoid getting caught in the tourist lifestyle; focusing on work, establishing routines, and setting goals will help you succeed long-term.
• 📑 It's important to have proper documentation and long-term planning for living and working in Thailand, including visa and work permits.

Q & A

What are the biggest mistakes the speaker made when moving to Thailand?

The speaker identifies five main mistakes: getting caught in holiday mode, not budgeting properly, failing to establish a long-term visa plan, not having health insurance, and not organizing a strategy for accessing money from Canada.

How does living in Thailand differ from being on holiday?

Living in Thailand long-term is different from being on holiday because, while the country offers many distractions and a relaxed lifestyle, it requires strong discipline and clear long-term planning to avoid falling into negative habits like overspending and neglecting work.

What impact did the speaker's lack of a clear career plan have on their life?

The speaker left a good career to move to Thailand but failed to set up a sustainable career or income sources. This lack of planning resulted in financial struggles when returning to Canada, where they could not find a job and ended up working at a grocery store.

Why is budgeting essential for expats in Thailand?

Budgeting is essential because, although Thailand has a low cost of living, it’s easy to overspend. A clear budget helps expats avoid financial instability and ensures they can live within their means while enjoying their stay.

What mistake did the speaker make regarding their visa status?

The speaker used visa exemptions and repeated border runs without a clear long-term visa plan, which led to an encounter with immigration authorities. This could have caused serious problems if they hadn't started a job and had the necessary paperwork in place.

What would have happened if the speaker didn't have health insurance in Thailand?

Without health insurance, the speaker’s head injury could have become life-threatening. They ended up receiving emergency care and treatment at a public hospital, but the lack of insurance added unnecessary stress, highlighting the importance of having proper health coverage.

What steps can expats take to avoid paying high ATM fees in Thailand?

Expats can open a Thai bank account and use services like TransferWise to access money more efficiently and avoid high ATM fees, which can add up significantly over time.

What is the importance of a long-term visa plan when living in Thailand?

A long-term visa plan is critical to avoid legal issues with immigration authorities. Without one, expats face the risk of being stopped at the border, as the speaker experienced, which could disrupt their stay and cause complications.

How did the speaker's experience with health insurance shape their advice to future expats?

The speaker’s experience with a serious head injury made them realize the vital importance of health insurance. They advise future expats to ensure they are covered to avoid potentially life-threatening situations and to focus on finding reliable, affordable health providers.

What are the consequences of staying in 'holiday mode' too long in Thailand?

Staying in holiday mode too long can derail an expat’s long-term plans. It can lead to overspending, lack of professional development, and a failure to establish a stable financial and career foundation, making it difficult to reintegrate into home-country life if the expat has to return.