Savings.

Looking out my window in Hua Hun on the eve of 2003 I got to thinking how much has changed and how much has stayed the same since George S. Clason in the 1870's wrote "The Richest Man in Babylon"
The central theme was "a part of all you earn is yours to keep"
The message from the book was that those who regularly saved a percentage of their income would in the future have abundant financial resources. While those who squandered everything they earned would always be in debt and either be financially dependent on someone or live a very meager existence in their old age.
The advise was "Take whatever portion seems wise. Let it be not less than one- tenth.
And lay it by. Arrange your other expenditures to do this if necessary. But lay that portion first. Soon you will realize what a rich feeling it is to own a treasure which you alone have claim. As it grows it will stimulate you. A new joy of life will thrill you. Greater efforts will come to you to earn more"
That 1870's truism is the same today. It is especially important at New Year to give some thought to this as many people make a vague New Year resolution
"To save for their future", but have no definite plan in mind and really need guidance to find a way to help them hide the money from themselves.
For expatriates there is a multitude of savings plans based offshore to choose from but this can open you up to some pitfalls like high charge plans and unethicial advisors..You will definitely need guidance through these myriad tax free schemes and a few simple precautions will help achieve your financial objectives without being ripped off. It's like living in Thailand. Most people in your home country would break your arm to have your lifestyle. They would break your other arm to get access to what's readily available to you. Unfortunately for them they have a government which tells them how much they can save tax free-unlike you.
On the other hand some of us will never develop a savings culture.
Many of us have joined the instant generation. If we see and covet a beautiful car then we go out and buy it and use the money for our own future to finance a depreciating asset.
Financial attitudes have changed so much. In the 1870's they called it debt and put you in prison. Now they call it credit. How much do you want?
Major Banks will give you a credit card and charge you extortionate rates for this credit if you're daft enough to use it and not pay all your outstanding balance.
But at the end of one year and the beginning of another let's not get too depressed with our unmanageable lives. Let's look at the advice from the book again.
"Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy"
Good advice. But remember the choice (yes there is always a choice). In this case when you reach 55 or 60 you can either be paying intrest or collecting it. Its up to you.