Why does Pattaya breed scammers?
Why does Pattaya breed scammers?
Many people tell me that Pattaya attracts scammers, every city in the world attracts scammers, but my opinion is Pattaya is a breeding ground for scammers, I have seen, witnessed many things over the years. Pattaya has all the key ingredients for it. (my post is based on business scammers)
- Guys come here without the necessary income, resources or planning. Then they don’t want to go back.
- Overindulgence in ladies, alcohol and more often drugs – someone has to pay for that and this forces them to start scamming or makes them highly motivated, because they feel its the least path of resistance.
- Lots of people start businesses here with good intentions, but they don’t have an edge, or experience or the extreme work ethic required to win, they also see other businesses seemingly do well, but there is alot of smoke and mirrors here, some businesses look busy, but check and they are marketing by price, they have to be busy to just break even.
- Thieves/scammers can repeat their behaviours because “fanboys” defend the scammers, “hes a great guy, I met him once”, “there is two sides to a story”, “well he was nice to me” the problem here is people who scam are always nice to people, they can’t afford to damage their reputation because its all they have in there toolkit. Once others are considering that they want to be scam people, see people get away with shit because of the poor court system, and people don’t really get any revenge, they start to get ideas and plan ahead.
- Most scammers are not aware that when they steal or rob off people with dodgy investments, the long term business guys will consume that info and steer clear, this shuts doors for ones future here, this means they can keep robbing small amounts but they will never make it big time.
- Pattaya is unique because so many guys want to move here, alot of them are working class with no investment experience, the desperation to move here means they do not do due diligence and are often too fast to agree to send the money to someone, on the back of hope or promises they can live there dream from a business they have invested into. These guys start approaching business owners offering to invest and can get in bidding wars. This is when they lose there negotiation skills and are forced to act faster with less checks because they get fear of missing out.
- Once someone does buy a business with investors money, they often quickly realise that the economy is fucked here, especially if you are targeting a small pocket of foreigners, you need to work your ass off properly and focus, but with the poor economy, alcohol, pussy, most of them cannot get the edge that they need, then they blame everyone else but themselves, then another investor walks in and offers money just as they are about to close up, then it becomes a pyramid scheme without even planning.
- Actually working is a challenge here, friends are partying, girls are calling, alcohol is tempting, being in a holiday town surrounded by retirees and guys on holiday is often very tough for those trying to work. When you are meant to be the average of your 5 friends and they are all in bars all day or not working, then it can affect your mindset.
You can avoid all this by doing due diligence, research, starting your own businesses after getting the mindset from the books like “lean startup” if the person you invest in has poor spending habits, doesn’t have good work ethics, over indulges, unrealistic ideas, no research, poor planning, then just stick to investing in yourself. One thing I have learned, is no one gives a shit about your income apart from those relying on it, so its better to invest in yourself or use some index funds. I often write articles about starting business in Pattaya, I am all for it, providing you do it right and become obsessed, but most guys want to throw some money at someone on the back of them living her years or some lofty promises.
If you do want to invest in someone, asks them who their favourite mentors are, what books they have read, what experience they have (and check it), do a police check, check the business plan, see if they know the market they are entering, what is their work ethics like?, do they over spend, over indulge, are they starting up on a shoe string and another important factor, is this their sole income? if its there only income it can be good to make them work, but also it can mean they swallow up all the money, the next piece of advice is to drip feed the investment in and pay things as and when needed, so you aren’t funding a few months of partying.
I haven’t wrote this to try and attract investors, I am contacted once every few weeks for guys wanting to invest in our business, I don’t need or want that at this stage. I wrote this because I don’t like seeing these guys making money this way and staying here. I have seen a few investments end up someone’s nose or in a meth pipe, I wish that we checked for any drug use, it only takes a few calls around town to find out. Alot of people do not realise how many times I am asked about someone for a reference or any info I can give them about someone they are just about to employ or invest in, so if they try to leave our business on bad terms or have been very bad to us, I can add this balanced info to any of the potential investors/employers that ask me.
I like the challenge of making my own money and investors money, the money is a byproduct of the growth that I am required to do to achieve my happiness, also I want to do big things, but to do big things, you need a very happy team surrounding you, from the bottom to the top, everyone needs to get paid more than they would elsewhere. I written advice for investors before here