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lkn

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About lkn

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  1. I recently contacted KTB to close an account from abroad, here is what they replied: We would like to inform you that. you need to contact at branch directly. This procedure compled with Bank of Thailand regulatory. Normally, if account balance is 0 and no movement over 1 year. We will auto close the said account.
  2. Normally fees are per sq. meter and for the decent buildings that is 35-50 baht per sq. meter. Unit sizes tend to be low, 100 m² rooms are rare, the average is probably closer to 40 m² making the monthly management fee for such unit 2,000 baht or less. But you need to look at the entire building’s budget to assess whether or not they can afford to pay you for your services. What may surprise you is just how much staff some buildings employ, multiple full time cleaners, security guards 24/7, front desk staff, technician, juristic person manager, gardener, etc.
  3. Last earnings report showed a loss per share of 1.18p, and since then, the stock has reached a high of 37.75p, so stock seems decoupled from the fundamentals (normally not a good sign). That said, this seems like a pretty small operation, so they only need to make a couple of millions in profit to make the share jump, but I wouldn’t touch it without knowing why we should expect them to do that.
  4. The minimum wage in Chiang Mai is 320 baht/day or 9,600 baht/month (for people on fixed salary), which is for 8 hours per day with one weekly rest day, vacation on 13 public holidays, and additional 6 paid days of leave per year. If the worker works beyond that, they are entitled to overtime payment. Additionally 10% of their salary is paid into a social security fund where it is customary for the employer to pay half, so gross salary would be something like 10,080 baht with roughly 24 days of active work, so a commision based scheme with no employer paid healthcare should yield an average daily profit of at least 415 baht to be competitive, so I don’t see how you can say your wife’s employees get twice the minimum wage. But having read your last comment, I’m sure the pay is good and your (wife’s) workers are leaving because you show such disdain for them.
  5. And maybe not good money: He gave the price for a “good day”, so what is an average day? Thais generally work 25 days/month, so we are close to minimum wage, and if the employees are on a commision based scheme with no base salary, there is probably no social security fund payments being done by the employer, which means no medical insurance and other benefits. It’s a bit disingenuous to come here and tell how the Thais that you are paying peanuts do not return for more and therefore conclude that they are all lazy, but what annoys me more is the statement that this should be “pretty good money for a non-educated thai”. Just because many Thais are forced to work for peanuts does not make it a pretty good deal for them, it’s exploitation, pure and simple!
  6. Are you saying that the Thais your wife employs are on a commission and on a good day they can make 580-600 baht if they stand at the traffic lights (outside)? They probably don’t return because it’s simply not worth it. When you factor in rest days, vacation, health care, etc. then they are at best on minimum wage, so a job at 7-Eleven would probably be more attractive, as at least then they have A/C and don’t have to hustle strangers to make a commission.
  7. It’s not like the smarter you are, the more you can make on the stock market. You can do proper analysis of the equities you’re buying, use various financial instruments to minimize your risk, etc., but with such boring trading, you’re not turning pocket money into millions in a few years. You would have to do leveraged day trading for that. Is that what she did? And now you’re also telling us that she gets bonuses in addition to her high *daily* salary? If all these money really exist, I sincerely doubt it is the product of honest labour. Basically every claim you have made on its own already sounds suspect; it sounds like it is cover stories made up by a person who doesn’t really understand the stock market, tertiary education, and how salaries work in big companies with HR departments.
  8. Having a real hard time letting this one go, I can see a few possibilities: Someone in the chain from your friend’s step-daughter to you is exaggerating the amounts by a huge factor. She is taking part in criminal activities and this is her cut, could be money laundering. She is the beneficiary of some rich sponsor. She has dirt on someone which she has used to blackmail them into giving her this sham job. She is uniquely talented in a way where her weekend meetings adds millions of baht to Thai Airways’ bottom line, and therefor worth every baht. I ordered the possibilities from most to least likely. And sorry @HHTel for going on about this, I know I should just drop it, but the numbers just doesn’t make sense: You could tell me that she was selling cosmetics on Facebook and making 45,000 baht/day, and I would give you the benefit of the doubt, but that she basically has a salaried position with Thai Airways puts an upper limit on what is believable, because where selling cosmetics on Facebook means you could have thousands of customers each day paying you pennies, with Thai Airways you have an HR department that needs to have a pretty good explanation as to why they are paying a 22 year old student at least 10 times the market rate for her services.
  9. If the question is, what does unskilled labour make in Thailand, the question is easy to answer: The minimum wage in Chiang Mai is 320 baht/day so 9,600 baht/month (excl. overtime). It was recently increased from 308 baht/day, and I had 3 contractors all increase their rate, claiming it was because of the higher salaries, which indicates that they only pay their staff minimum wage. I do occasionally hear people say that 7-Eleven, KFC etc. only pay 7-8k baht/month, don’t know if that is just because of another province with a different minimum wage, or if these jobs are somehow exempt from the law (when it comes to overtime, vacation, etc. there are laws, but then also your standard ministerial directives that can basically amend the rule of law and make lists of types of jobs where the law does not apply).
  10. Maybe, but the story you have told is (at best) one in a million. To me, your story is weird on a few points. For example that she apparently got a degree in both law and economics a year ahead of schedule. This makes me skeptical because at least the university I attended, no-one would get their degree a year ahead of schedule: That would mean that you had learned less than those taking the full time and/or rushed through it, only taking the minimal amount of courses necessary to get the degree (which does not make you more attractive at the job market). As for the salary, this is also weird from Thai Airways’ point of view. They are paying top dollar for a 22 year old student who is not available to them during regular workdays? That really makes no sense, as they could hire two full time senior employees at the same rate, so why would they go with this 22 year old student who refuse to come in Mon.-Fri. when you would expect most of the people she is working with to be at the office? If Thai Airways is paying her what you say, then she must have some truly unique skills, because it just doesn’t make any sense for them otherwise, but what could this be? I assume she is not the only one who graduated from her university?
  11. Banks are trustworthy in the sense that they are not going to steal the OP’s 4 million. The insurance is incase the bank defaults on its liabilities. The chance of this happening is probably rather low, but it is not zero, therefore it is not free to insure every single depositor at 15 million baht, and someone has to pay for this. As mentioned earlier, the guaranteed amount was increased after the 1997 financial crisis, but most likely, the fee for the insurance was not increased proportionally, so the banks are probably paying too little for what it should cost to insure their depositors. Therefor either the price should go up, or the insured amount should go back down. Given that one million baht is already quite a lot to have in cash for most Thais, the most sensible would be to lower the amount insured.
  12. The thing is, management fee tends to be fairly low, so most co-owners do not care much about this. I could probably increase the next batch of water supply bills by a factor of 10, and no-one would notice. But things being cheap here also means quality is low, and that is the real challenge of managing a building: Making sure that the staff perform their duties (security guard is not sleeping on the job, cleaning staff also removes spots which are not on their chore list, painters cover the area around where they are going to paint, and if they spill anything, they clean it up themselves, etc.). In addition to that, there is a bit of communication with third parties, authorities, etc. which require a patient person who can follow-up on things and ensure there are no loose ends (you can’t expect third parties will follow up with you even though they should be incentivized by the potential job, and of course authorities or warranty issues, there is absolutely no incentive there for the other party to follow up).
  13. How much was included in that package? Did you have your own building manager to take care of issues, supervise third party contractors, etc.? Because if not, then 30k/month is probably too low. You need a good building manager more or less full time and then a proper accountant, plus profit for the company for finding, training, and managing this staff. It’s doable, but with low margins that would probably make the company opt for cheaper (subpar) staff.
  14. It is not about salary. The law basically requires a work permit for any action you do, be it volunteer work or supervising a handyman. But about two years ago a document surfaced with a somewhat official interpretation of the law requested by some government branch. In this (new) interpretation there was both a list of jobs that was explicitly excluded from requiring a work permit, such as being a committee member or (I think) CEO of your own company (if it only required signing documents and attending board meetings). But it also gave a stricter definition of when something requires a work permit, which is when the job competes with the local labour market. Given that definition, it is obvious that being committee member is allowed because only co-owners and their spouse are eligible (for privately owned condos), so there is no local market for this. Juristic Person Manager is problematic, because this is commonly a paid position, so even if a co-owner offers to do this for free, and is not performing any actual work (as all but signing a few yearly documents can be outsourced to a building manager), the Ministry of Labour claims that you need a work permit to be JPM (though the Land Office does not care about this, which is where JPM gets registered). An edge case is interim JPM, something that is required if the current JPM resigns or is terminated, and as only committee members are candidates for being elected interim JPM, I would claim that whoever takes this position does not compete with the local labour market.
  15. I am sure the numbers hold for you, but on average, historical returns are less than 10% p.a., they are taxable in most jurisdictions, and attractive condos rent for more than 4% of the purchase price. Below is the S&P 500, the value in July 1998 was actually higher than August 2011, so that is negative return after 13 years! People have a tendency to only look at the last 7 years when they talk about investment gains, and then think that it will continue forever. Of course you could also have bought a condo in 1998 and the price may have gone through similar ups and downs, but if you buy there to live, your monthly expenses would be unaffected, so if you pay a premium for owning, that is basically insurance to eliminate risk.
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