While Thailand is generally considered an affordable country to live in, there are still many financial concerns that worry expats. Without a guaranteed income, financial concerns can be the greatest source of stress.
Steady Income – Expats that make their money online, may not have a steady or predicable income. This can cause a lot of stress and worry wondering how much money they will make each month?
VISA Issues – When you are worried about not having a steady income, you start to worry about your VISA and how to pay for it.
The Exchange Rate: The Thai baht is a relatively volatile currency, and its value can fluctuate significantly against other currencies. This can make it difficult to budget for expenses, and it can also erode the value of expats’ savings.
No Financial Safety Net: Thailand does not have a comprehensive social security net, so expats need to be prepared to cover their own expenses in the event of unemployment, illness, accidents or other unforeseen events.
Save for Emergencies: It is important to have a rainy day fund to cover unexpected expenses. However, many expats living on the cheap without a guaranteed salary find it impossible to save anything each month. Always keep enough savings as a minimum to get yourself back to Mom & Dad’s house.
Health Insurance: When you are just barely skimping by financially, usually the first cost to get dropped is insurance. Not having insurance is a risky proposition in Thailand. In the event you do not have insurance and have a medical emergency and no money to pay, you can make a lot of legal trouble for yourself.
Government Changing Rules: The Thai Government can change the rules anytime they feel like it concerning expats doing Youtube or working online. If you are counting on those as your only source or income, you better make a sure-fire back up plan.
Thailand, if you plan on staying long term, requires money. The same as any other country in the world. You have to have a source of income. If you think are going to survive the next next 20 to 40 years with no fixed income?
Good luck on that. Very risky at best.