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Finance: Building a larger stream of future income

Legacy Phuket Gazette

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Finance: Building a larger stream of future income | The Thaiger
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PHUKET: I am often contacted by people without massive amounts of cash asking me what they can do to prepare for the future. Early in my career I tended to take the approach most people in the industry do, which is to focus on the rich and let everyone else know that you are sorry about not being able to help them. I have written many times that I believe that insurance-based savings plans are rubbish, so I typically advised people on small incomes to set up a separate account and save cash there, or get a discount brokerage and dollar cost average into index ETFs (exchange traded funds).

The problem with this approach however, is that unless someone can develop a large enough income, saving peanuts year after year will still result in nothing but a bigger bag of peanuts. The real solution to building wealth is to build a large enough income stream. May people are too afraid to step outside of their comfort zone when it comes to building wealth, but if you manage the risks correctly anybody can end up with multiple streams of income. This is the real key to building wealth, and of course if you can build passive income streams, what you can achieve becomes unlimited.

A good book to start thinking about building income streams is “Rich Dad, Poor Dad” by Robert Kiyosaki, the single best selling personal finance book in the world. His other books are great as well. “Cash Flow Quadrant” and “Business of the 21st Century” are two I also recommend that will greatly help improve your mindset about ways to build wealth.

Distressed income property is a good place to start for many people with limited means. When a buyer needs to sell quickly, you can often get a substantial discount in a property’s price, which means you can arrange financing with a bank with less capital tied up. You also may be able to arrange financing directly with the seller. Many developed countries will allow foreigners to buy properties with no money down if the price is right, and then you can get your tenants to pay off the mortgage for you. This is just one of the examples of the many different ways Mr. Kiyosaki built his own wealth, and I would read up on the subject and seek the advice of some people who have actually done it, before taking the plunge yourself.

I love coaching people on starting new small businesses, or helping them develop income streams. It is far more exciting than helping the rich save taxes. I often tell people I am a health and money coach, because to me health is our greatest wealth. If we really want to be wealthy, we need to learn how to systematize the way we make a living so we can spend our time with our loved ones and taking care of our health by maintaining a physically active lifestyle. Income should be passive; lifestyle should be active.

There are many ways to build up passive income streams. Some are relatively quick, others are slower. There is no need to reinvent the wheel though, study what others have done and craft a plan. It isn’t that it is difficult to do, it is just that most people aren’t willing to educate themselves and step outside their comfort zones. If you are, there are endless opportunities to build long lasting wealth that you can pass on to future generations. The key is to start now. It doesn’t matter how small you start, just take some form of action, even if it is simply buying one of the books mentioned above.

David Mayes MBA, resides in Phuket and provides wealth management services to expatriates around the globe, focusing on UK pension transfers. He can be reached at david.m@faramond.com or 085-335-8573. Faramond UK is regulated by the FCA and provides advice on pensions and taxation.

— David Mayes

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

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Governments & old media versus social media – who will win? | VIDEO

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Governments & old media versus social media – who will win? | VIDEO | The Thaiger

We look at the recent changes made by the Australian and Indian governments to except control over the world’s biggest social media platforms. India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social. There is now an open battle between the rise of social media platforms and the governments and ‘old’ media that have been able to maintain a certain level of control over the ‘message’ for the last century. Who will win?

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told. The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

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The social media giants in battle with ‘old’ media and world governments | VIDEO

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The social media giants in battle with ‘old’ media and world governments | VIDEO | The Thaiger

“The rules signal greater willingness by countries around the world to rein in big tech firms such as Google, Facebook and Twitter that the governments fear have become too powerful with little accountability.”

India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take down social media accounts it deemed, well, anti social.

The rules require any social media company to create three roles within India… a “compliance officer” who ensures they follow local laws; a “grievance officer” who addresses complaints from Indian social media users; and a “contact person” who can actually be contacted by lawyers and other aggrieved Indian parties… 24/7.

The companies are also being made to publish a compliance report each month with details about how many complaints they’ve received and the action they took.

They’ll also be required to remove ‘some’ types of content including “full or partial nudity,” any “sexual act” or “impersonations including morphed images”

The democratisation of the news model, with social media as its catalyst, will continue to baffle traditional media and governments who used to enjoy a level of control over what stories get told.

The battles of Google and Facebook, with the governments of India and Australia will be followed in plenty of other countries as well.

At the root of all discussions will be the difference between what governments THINK social media is all about and the reality about how quickly the media landscape has changed. You’ll get to read about it first, on a social media platform… probably on the screen you’re watching this news story right now.

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Never miss out on future posts by following The Thaiger.

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Turbulence ahead for Thailand’s aviation industry | VIDEO

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Turbulence ahead for Thailand’s aviation industry | VIDEO | The Thaiger

When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?

As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.

Domestically, the hotel business saw 6 million room nights in the government’s latest stimulus campaign fully redeemed. But the air ticket quota of 2 million seats still has over 1.3 million seats unused. Local tourists mostly skipped flights and opted for destinations within driving distance of their homes.

As for international tourism… well that still seems months or years away, even now.

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