Connect with us


Phuket Business: Save yourself

Legacy Phuket Gazette



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

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram


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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

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

Follow Thaiger by email:

Indonesia5 hours ago

Man with Covid-19 disguised as his wife to board flight

Hua Hin7 hours ago

Kitchen raiding elephant breaks same wall in house for more food

Thailand8 hours ago

1st Taekwondo Olympic gold as Panipak wins for Thailand

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Coronavirus (Covid-19)9 hours ago

AstraZeneca Thailand writes open letter to people of Thailand

Koh Samui13 hours ago

Surat Thani announces new Covid-19 measures for Samui Plus

Thailand16 hours ago

His Majesty the King donates 2.8 billion baht in Covid-19 aid

Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)17 hours ago

Covid UPDATE Provinces: 14,260 new infections, 119 deaths

Coronavirus (Covid-19)17 hours ago

Vaccination registration open for foreign residents over 60 in Bangkok

Coronavirus (Covid-19)19 hours ago

Autopsy results for woman who died after mixing vaccines

Coronavirus (Covid-19)23 hours ago

Covid UPDATE Saturday: 14,260 new infections, news briefs

Thailand1 day ago

Department head predicts Covid-19 could last up to another year

World1 day ago

Swedish prison hostage situation resolved with pizza

Thailand1 day ago

Minister: Foreigners, migrant workers are cared for amid Covid-19

Coronavirus (Covid-19)1 day ago

“Withhold Intubation” for certain older Thammasat Hospital patients

Coronavirus (Covid-19)2 days ago

Bang Sue vaccination centre open for expats 60+, under must wait

Thailand5 months ago

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

Tourism5 months ago

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

Phuket5 months ago

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

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

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

Tourism5 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand6 months ago

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

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8