Connect with us


Phuket Business: Save yourself



PHUKET: I am personally a very big fan of Napoleon Hill, and I have just finished re-reading his original work The Law of Success in Sixteen Lessons.

Each lesson is based on a quality or aspect which was a common denominator amongst all of the various successful men he had studied over a thirty year period, such as Henry Ford and Andrew Carnegie. One of these sixteen lessons is centered on the habit of saving money. It states that developing this habit was one of the essential tasks all who would be successful must do.

Most important is not so much the amount that is saved in the beginning when you are trying to instill this into your character, but simply that you begin somewhere and repeat the process until a habit is formed. The habit, once formed, can be maintained and increased much easier than it would be to begin with too large of a commitment and cause a reversion to the “spend it all” kind of lifestyle. In fact many people on the planet have become more and more Americanized in the sense that they spend not only what they earn, but in excess of it.

Debt can be one of the most crippling situations to find yourself in and the best defense against this happening is to develop the habit of always saving something from every paycheck. It doesn’t matter if you are suddenly faced with a major decrease in earning potential, because you can alter your lifestyle and simply save less, but as long as you are always spending less than you are earning you will eventually get to a point where you achieve financial freedom. It is impossible to achieve it any other way, because even if you greatly increase your earnings, your habit of spending more will just force you into an even more expensive way of living which eats away at any extra income. This is why often people who win the lottery find themselves poor again in a very short period of time.

Many of those who become very wealthy do so simply by using the savings habit, and as their unused money begins to compound, earned money earns even more money. This can eventually create an exponential increase in the size of the overall “pot”. This is a very big part of why the rich get richer and the poor get poorer; many of the rich have learned and understand how to practically use this fundamental “law” as Hill would call it. Others do not and therefore continue the cycle of spending all or even more than what they earn, and they never experience the freedom which wealth can provide.

The best way to ensure a happy retirement in Phuket is to ensure there is more than enough capital put away to continue to live off of, less than what a very conservative investment can earn you. This way it matters not how long you live and you will never have to experience a declining standard of living as your means begin to deteriorate as your capital is eaten into. The best way to reach this point at the earliest stage in life is to start saving earlier rather than later. Money has less work to do when it has a much longer time frame to achieve your goals.

David Mayes MBA lives in Phuket and provides wealth management services to expatriates around the world, specializing in UK pension transfers. He can be reached at or 085-335 8573.

— David Mayes


Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

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

Follow Thaiger by email:

Video4 hours ago

Timeline of the mass shooting in Thailand

Crime5 hours ago

Finnish CEO detained for alleged mistreatment of 1,100 Thai berry pickers

Thailand5 hours ago

Thailand News Today | No drugs detected in system of daycare center killer

Sponsored13 hours ago

5 reasons why Thailand educators shouldn’t miss Bett Asia in Bangkok this year

Myanmar6 hours ago

Burmese junta sentences Japanese journalist for sedition and other charges

Thailand6 hours ago

Thai woman & foreign men charged for child sex trafficking in Pattaya

Guides6 hours ago

10 strange laws to be aware of in Thailand

Join the conversation on the Thaiger Talk forums today!
Thailand6 hours ago

Love rat Thai soldier threaten’s Israeli husband of adulterous wife

Best of6 hours ago

Outstanding halal restaurants in Bangkok

Pattaya6 hours ago

Pattaya dwellers want public restrooms built faster at pier

Thailand7 hours ago

No Buddhist temples willing to cremate body of daycare centre killer

Phuket7 hours ago

AI upgrade planned for pier in Phuket

Medical8 hours ago

When snakes strike, why not call for the chicken-ass squad?

Crime8 hours ago

Massacre in Thailand: No drugs detected in system of daycare centre killer

Thailand8 hours ago

Woman’s body in suitcase identified as Lao millionaire

Crime8 hours ago

Massacre in Thailand raises questions on gun control

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11