FINANCIAL PLANNING FORMS FOR THE GOOD QUALITY OF LIFE OF BUSINESS ENTREPRENEURS IN THAILAND

Abstract

The objective of this research is to study financial planning and the financial planning forms for the good quality of life of business entrepreneurs in Thailand. This is a qualitative research conducted through in-depth interviews with business entrepreneurs in Thailand. The key informants for the research are business entrepreneurs in Bangkok, including small, medium, and large-sized businesses with a business operation period of 5-35 years and an age range of 26-65 years. The sample size is 20 individuals, selected through purposive sampling. The data is collected through interviews and the content analysis is employed. The research findings reveal that the key informants, who are business entrepreneurs in Thailand, engage in financial planning through savings, life insurance, and other investments aside from their business activities. These investments include stock purchasing, mutual funds, and government bonds. The financial planning of business entrepreneurs in Thailand aims to prepare for various aspects of their future lives, such as preparing for the education expenses of their children, preparing for the post-retirement expenses, creating an inheritance fund for the family’s future livelihood, preparing for personal and family healthcare expenses, and achieving financial freedom. Therefore, the financial planning forms of business entrepreneurs consist of asset accumulation with reputable financial institutions, life insurance, mutual funds, and government bonds, as well as stock purchasing. Financial planning allows business entrepreneurs to mitigate risks that may negatively impact their lives and their families, leading to a comfortable and high-quality life. It also alleviates concerns related to physical and mental health, enabling them to live happily with their family members and close associates as well as the wider society.