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boyee

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About boyee

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  • Birthday 05/16/1974

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  1. boyee

    Retiring

    I don't think this is necessarily the case - house prices increase over time without question BUT at what rate and at some point you will want to realise your asset - the market suffers blips and you may wish/need to sell during one of those downturns. I sold my house when I left when the market was hot in my area - looking at prices since then, the increase is only at 3-5% per annum - I could make that by investing the capital elsewhere and not have the hassle/expense of maintaining a property abroad. I used the capital to buy a property in Hong Kong which provided a much higher return. Yes, you can rent out your property but that brings its own challenges and you may then have to offset rental income against the rent you may then have to pay in the new destination. I'm not sure there is a clear yes/no on this decision, all down to individual situation. ya I tend to agree with HK blues. Leaving an empty house back home may provide a sense of security but financially speaking it seems like a wasted source of equity. Why not just sell it and save the money in the bank. You may not get the 3 - 5 % return but at least the money is there if you do decide to return back home. With the money liquid you could downsize or move to a lower cost area if you do go back home.
  2. boyee

    Retiring

    This would be a very good gauge if you remain in the same area that you worked in. 80% makes sense because the cost of living does not change. But I thought moving to the Philippines changes that cost of living i.e. you wouldn't need to save the same amount?
  3. boyee

    Retiring

    That’s the million dollar question ,or in my case the few hundred thousand question. If I only had a peso for every time I've asked this question. It seems that every one has a different answer though. I think I could live like a Filipino or close to it, I'm Chinese so being frugal comes easy. My Filipina wife on the other hand...not a chance! She is way too westernized and would require a lot more money for retirement than I. I think it depends on how much money you have saved up right now. Assuming you will be living off your savings and not a renewable monthly income like a pension. If working another few years allows you to save a lot more money then perhaps that would be wise. However many gents don't have a high savings rate and an extra few years would not add much to the bucket. If that's the case, as it is with most Americans, and you feel you have just enough than pull the trigger. Accept a life of frugality and enjoy the simple things. I use the 4% rule. If you had a million bucks saved and put it in the market you could live off the interest of 4% which is $40,000 per year before taxes. Or another way to calculate it is to figure out how much you need per month. Lets say $,2,000. Multiply that number by 25. That's $50,000. Multiply that number by 12 (12 months per year) and it comes to $600,00. That's you FI number. So if you need $2,000 per month you will have to have saved $600,000. This is conservative and should not draw down your principle and account for inflation. So as you get older and closer to that golden staircase in the sky you can start to spend more and draw down your nest egg.
  4. I AM BOB.... I just want to hear more........
  5. I think most of us who grew up in a Western culture would agree but I wouldn't travel to India and try and convince people that the CASTE system is wrong. Even if, well it just is. Likewise when I'm in the PH I try to put my values aside a little and do as the Romans do. We shall see how that works out for me when I move. lol
  6. I've asked my wife's family who live in Manila about their helpers. I was surprised to learn that they felt the same way about their own helpers whom they've had for decades. They seemed like extended family members to me but we were told if you treat them too well they will walk over you or at least expect more. They have to fine the balance between life long helpers and a hired employee. One cousin was raised by his yaya so you can image how difficult it must be for him to treat her like an employee but they insist it is a must if you want to keep them. I have no personal experience but this is the collective feeling from born and raised Filipinos I trust and love. It will be interesting when we make the move to PH from the U.S. Does anyone have experience with a full time driver? Many of my Wife's Tita's have them and say it is very expensive because its a specialized skill. I'm not sure why it's expensive relative to the maids since they only drive. I.e. if their is no where to go they just chill all day.
  7. That's a good point, I am concerned about getting lazy. Well lazyer. haha. For us it is a necessity during the times we are not at home. Will need someone to watch over the farm and farm animals.
  8. JJReyes, Thank you for this detailed explanation. Since we do not have small children anymore, frown face emoji, we will not need a yaya but rather help cleaning the house and cooking and a "boy" to help with landscape projects. We prefer a live in situation to take care of the property when we are out of town and perhaps help out if we decide to air bnb when away.
  9. As a westerner the concept of a live in employee is difficult for me to wrap my head around. All of my wife's family in Manila have help. Some are absolutely wonderful people and seem to love their life and will never leave their hired family. I've met others who looked like they were afraid of being fired every moment and never seemed to relax. Certainly it depends on how they are treated. How does it work though? How much does it cost per month? My wife and I plan on treating our help very well of course, right. I mean we are decent people. But family in Manila tell us to be careful not to treat them too well or they will ask for too much and we will end up having to let them go. I have no experience with cultures that have a clear class system and having employee's who will live with me will be an adjustment. My Filipino wife has spent her entire adult life in America so I will not be able to rely on her to manage staff. I'll have to figure it out on my own so anyone with experience and good advice will be my new best friend. Thanks.
  10. Perhaps a big mac may not be the best example. My impression is the Philippines cost of living is low if you are bringing in outside money like Pension or savings. For a local making a typical wage in the PI I don't think living expenses would be considered low. In other words its low to us fat and rich westerners but not so much to the typical local. With that said my last trip to Tagaytay last month really opened my eyes to how people of relative low income have such a optimistic outlook in life. The Filipino outgoing sense of enjoy what you have in life makes me humble.
  11. Interesting... So a child born in the Philippines to an American father can get an American citizenship. If I were not married already, retired in the PI and had a kid. I would definitely raise that kid in the Philippines if I could pay for private school. Then when he or she turns 18 they can immigrate to the States and enroll in community collage and transfer to a University etc and so forth.
  12. I agree. Many things are cheeper in PI. I am also not comparing apples to apples with education. My Asawa went to a great Private school in Manila then transferred to a very ghetto public school in America. With that said, Patricia will tell you the Nun's at private school do not tolerate disobedience, a long stick to back of your hand kinda way and you were there to learn or else. My daughter goes to the best public high school in my area and kids smoke pot in the back every day with no repercussions. It's just not the same education. In regards to lower living expenses in PI. Absolutely but I don't think a great education in PI leads to a very high paying job relative to those lower living expenses as compared to America. For example my Filipino mother in law works for a hospital in America cleaning rooms. A good honest living. She has a relative back home who is a doctor at a hospital. Her American standard of living is much higher here in America then the doctor back home. But I've digressed. This topic is about coming back to the west if the Philippines does not work out. I feel fortunate that this is an option for us westerners, Our counterparts in the Philippines many times don't have the option of choosing a different country to live in, more or less go back home.
  13. Wow!! I think this is the best post I've read on this forum to date. As an American who is still working in the States and plan on retiring in the PI soon it is good to know that many members are totally happy staying in the PI and those who feel it didn't work out have the option of returning to their homeland. Perhaps it just comes down to having enough money to come back home if need be. This thread has touched some many issues. Education In PI vs West. My wife has stated the private high school she went to in Pasig was 10 times better than the crappy high school she transfer to in Oakland CA when she came here. But even if the education one gets in PI is 10 times better who cares if the salary is 10 times less than a western country? I wonder if you have a kid in PI if they are raised and educated in the PI if they can obtain US or UK citizenship so he or she could adventurally go overseas for college and a western income? But great thread!
  14. boyee

    Are You Rich?

    Well if the Baranguy captain was happy you can write some of it off as an investment. lol
  15. boyee

    Are You Rich?

    Im sorry mate. I have no idea what the heck you just said.
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