We are talking about moving to the Philippines

[JJReyes]

When my wife and I retired three years ago, we decided to give up nearly all our possessions. Our home was sold and all contents given away to friends or charitable organizations. The remainder is in a 5' x 5' locker The contents are memorabilia like family albums and our two sons' high school trophies. (They did not want them, but asked that we don't throw them away.) Clothes, etc. can fit into two medium size suitcase. Most retirees won't do this, but for us, the unburdening felt really good. Now, we just buy when needed on condition the equivalent is discarded or given to a charity.

Do keep your woodworking tools for later shipping to the Philippines in Balikbayan boxes. Consider starting a furniture workshop training young apprentices. The Philippines use to have a reputation for quality woodwork which disappeared during the past 50 years. The new wealthy desire good furniture and they have to source from overseas at a tremendous cost. It could start small like jewelry boxes using Philippine mahogany. In Honolulu, they sell Hawaiian Koa jewelry boxes to tourist starting around $1,000. I suspect some are sourced from the Philippines like the Hawaiian quilts selling at $1,500 and higher coming from Marikina Valley near Manila.

 

 

[Gerald Glatt]

I would think of leasing your US residents while you built and got settled in PH. either offsetting the mortgage or providing income or a bit of both.  Don't through away those snow shoes,  you may return to  New England for Thanksgiving, or Xmas, or Easter or some other cold holiday there...like 4th of July.   

[mogo51]

Welcome also fototek to the forum.  My first thoughts were that you were looking at moving to Phils a little early but with your subsequent post, I see that there is a basis for a plan there.

They are called 'Love Hotels' here in Thailand and are very prevalent, especially Pattaya where I am currently.  But soon to move to Luzon mid year..

I have been in the Hotel/Motel business in Australia some years back and have travelled to Philippines 7 times in 8 years.  In the  main hotels there offer very poor standards, high prices and little else.

It seems though that your 'family in law' have a good handle on this particular type of operation and it seems logical to 'join in' so to speak.  it is about making a living and being happy.

I have done quite a deal of research and sought advice, read a heap of good stuff on this forum.  It depends if you are able to lower your expectations from your US life (which will be different if you do not find employment).  With a Filipino wife (they in the main are great women) and a self sufficient in law family, you have little concerns IMO.  I will be living in Luzon on $2000AU and we will live very comfortably, as we do here in Thailand - cost of living is very similar between the 2 countries.  Good luck with your procrastinations, but if you choose Phils I am sure you will enjoy it.

[Dave Hounddriver]

9 hours ago, fototek1 said:

my job was in telcom

As Mogo mentioned, it sounds like you have the basis of a good plan.  I would add few well known sayings such as "The way to make a small fortune in Philippines is to start with a large fortune" and "never get into business with filipino relatives"  and "don't put any money into the Philippines that you cannot afford to walk away from if it hits the fan.   ALL of those sayings are built on many true events and yet so many of us ignore the warnings thinking it cannot happen to us.  It does.  These things have all happened to me and to many others on the forum who I shall not name as you will figure it out as you get to know us.

So now you have all the warnings and you know many of us have gone and done it anyway, good luck to you.  My most concrete suggestion is to take what you know from the telcom industry and put it to use in the call center industry, either working for some company here or starting your own.  You can make enough to support yourself in Philippines in that industry.  It won't be American paychecks but it will be livable.

[fototek1]

Thank you all again for your advice. I really want to settle in Cebu as that is where most of my (filipino) friends are. If we are lucky and my father in-law is correct in his advice to my wife, we will be all set and can travel alot . I am cautiously optimistic.

We are currently planning to make a decision in October. From now until then, I will look to replace the income I have lost and go back to my 6 year plan. At the same time we will investigate business plans and making the big move.  

If we do make the move we will have my mother move into our house and rent hers out. When we arrive in the Philippines we will stay in the family compound as long as I can take living by someone else rules. They really treat me better then family when I am there on vacation.

What we will invest in the hotel can afford to be lost although it would hurt psychologically. Tatay said that he would get everything up and operational and if we wanted out he would give us back all of the money we invested. He just wants his daughter back home. She is one of 7 kids and he has all of them (except her)running their on business and living independently.   

[snowridr]

Depending on where you are going to in Cebu, you could always look for a western expat job based there.  If you can find a job there, you will probably get western style wages and benefits, in a lower cost environment. It is a big city but prepare to be flexible on a position and compensation vs what you had in the US. Also, consider getting a teaching certificate from your home state and teaching at an international school there. If you get a job on your own, you can be more financially and professionally independent of your wife's family.

https://www.google.com/search?&q=expat+jobs+in+cebu

[davewe]

On 2/11/2017 at 8:12 PM, Dave Hounddriver said:

With a wife who is used to western standards, as are you, don't even think about it unless you have enough money to support yourselves to the tune of US$2,500 a month plus.  Just MHO.  You will find you want more than that.

I'm curious as to how many expats in the Philippines actually have over $2500/month coming in. I suspect it's a minority (and no I'm not asking anybody to reveal what they have coming in).

OTOH, my concern for the OP is that, unlike a retiree who has possibly spent several years downsizing and/or getting used to a more modest lifestyle, he was sort of forced into this decision and may not be ready to live a more modest life. Only he knows if this is true or not. I would look pretty hard at what I spend currently and break it down into essentials, irrelevants or nice to haves, and then try to decide what it will cost in the Philippines, vs. what you actually have coming in vs. what you hope you can earn.

I have several friends who talk about retiring to Ph but are unwilling or unable to give up their higher end habits. 

As for me - I like rice and don't drink Johnny Walker Black.

[JJReyes]

The average Social Security benefit in 2016 was $1,341. Assuming most of us have savings; dividends from stocks; an IRA or 401K plan; proceeds from the sale of a home; etc., having a retirement income of $2,500 is not uncommon. 

My research indicates $2,000 is the minimum for a foreign retiree in the Philippines. Less than this amount, a retiree should consider places like Panama. If you can show a minimum $1,000 in retirement income, Panama will grant you a visa. 

You can stay in the United States during your retirement years, but chances are $2,500 won't be enough except for a bare minimum existence.

[mogo51]

You can live quite well on that amount in Phils, I could live on less and still enjoy a good life style.  I have done lots of research and price comparing to Thailand where I am currently until July.  I believe the two countries are closely aligned cost wise on living and here I do very well with $1600AU not US per month and am more than confident I can do the same there.

I have some small additional income but this is used for travel costs back to Australia once a year.

[mogo51]

You can live quite well on that amount in Phils, I could live on less and still enjoy a good life style.  I have done lots of research and price comparing to Thailand where I am currently until July.  I believe the two countries are closely aligned cost wise on living and here I do very well with $1600AU not US per month and am more than confident I can do the same there.

I have some small additional income but this is used for travel costs back to Australia once a year.