Millions of Gen Z have been devising ways to live as frugally as possible, creating a worldwide trend. According to Trading Economics, Thailand ranks 6th globally for the highest household debt-to-GDP ratio at 92.3 percent. Each household carries over on average 600,000 baht in debt, mostly non-performing debts. This has proven your parents’ words that ‘living within your means’ is still the golden rule to be financially stable, as shown in this story.
During the early Rattanakosin period, the royal treasurywas so depleted it went into the red due to expenses onnation-building and wars. Many nobles had to earn theirown income, including King Rama III, who was then PrinceJessadabodindra. He sent representatives to trade in China,generating massive wealth equivalent to today’s tycoons. Hedivided the money into red bags, 10 chang (approximately 80baht or US$2.47) each, sealed them with royal stamps, andstored them in chests beside his bedroom. Most was keptto “redeem the country”, which actually happened in KingRama V’s reign when French warships blockaded Bangkokfor 12 days over territorial disputes and demanded enormouscompensation that completely emptied the royal treasury.
—
View full content by subscribing or buy on Shopee.
