Can I Live On This Amount

[davewe]

I get a kick out of the nest egg everybody insists that we have...  All different sizes and different amounts invested in different markets,if at all, and making not enough money for the person who suggested the investment in the first place!

 

I myself think a nest egg is suppose to be the fall back safety amount you keep for when things fall apart for a couple months (you can read this as being a couple thousand - as in 3 or 4!  And an amount for a very special vacation wouldn't hurt.  But to have nest egg of hundreds of thousands of dollars is, to me, a waste of money that isn't doing a thing for you except filling that hole in your mattress.

 

:attention:  :rolleyes:  :mocking:

At least in the U.S. this is what retirement has become. No one assumes you can retire on Social Security payments, although we know that if you decide to live in the Philippines you can. Most modern American companies no longer provide traditional pensions. However they do encourage you to save in the form of a 401k and/or IRA. Maybe that's not a nest egg in the older sense of the word. I just call it my retirement fund. So yes, I would encourage someone to carefully invest, rather than just keep the money in the bank. But again that depends on the comfort level of the "investor."

 

Once I retire, having the money in a IRA is nearly as flexible as having it in the bank - in some ways it's better. I will set it up so that I get a cash disbursement monthly and will treat that like my paycheck. Anyway that's my strategy - I am sure there are an infinite number of ways to do it.

[MacBubba]

Quite a few have mentioned this now about getting a good return on your investment, anything from 5-10% and yes nothing is guaranteed i know, but i dare not risk my life savings I do have a set amount in stocks and shares and this was invested around 5 years ago just before the big crash, its above what was invested now but i do not count that in my everyday living, I am the old school if its not in my bank or in my hand its not there sort of thing,

Steve, you sound like a very financially conservative man.  I have high hopes in your ability to weather most storms, especially if you make provisions for medical emergencies (even if it means returning home).  I have to say though - if you are considering living with your in-laws, unless they start coming around to seeing that you will not be disproportionately relied upon for financial support, it might not be an ideal arrangement.

[BrettGC]

The problem I see is, you might get bored if you retire at 46!

 

Unlikely Alby, I took 18 months off after I left the navy to travel then just relax.  I discovered I have ample low-cost hobbies that will keep me interested well into my dotage.  I went back to uni and work mainly to save for my early retirement and set up more than just my navy pension as an income stream so I have options and/or for emergencies.  

 

I could leave Australia now but I still have a child-support commitment to my youngest daughter (17yo), that commitment would reduce significantly on my pension alone but I'm happy to pay at my current income level if it means she has to want for less up until she graduates from her ballet scholarship next year.  That, and I don't want to be seen as "that guy" that did a runner overseas to avoid payments.  The perception would be enough for the Child Support Agency to stop me leaving the country if I was to return for any reason. Dead-beat dads I believe they're known as in the US.

[stevewool]

I get a kick out of the nest egg everybody insists that we have...  All different sizes and different amounts invested in different markets,if at all, and making not enough money for the person who suggested the investment in the first place!

 

I myself think a nest egg is suppose to be the fall back safety amount you keep for when things fall apart for a couple months (you can read this as being a couple thousand - as in 3 or 4!  And an amount for a very special vacation wouldn't hurt.  But to have nest egg of hundreds of thousands of dollars is, to me, a waste of money that isn't doing a thing for you except filling that hole in your mattress.

 

:attention:  :rolleyes:  :mocking:

Bob, the amount i have in the nest egg is there for all the just in case that comes along, plus if anything happens to me then there will be a nice amount for my wife to be able to live life the way i would like her to live ,

[stevewool]

 

Quite a few have mentioned this now about getting a good return on your investment, anything from 5-10% and yes nothing is guaranteed i know, but i dare not risk my life savings I do have a set amount in stocks and shares and this was invested around 5 years ago just before the big crash, its above what was invested now but i do not count that in my everyday living, I am the old school if its not in my bank or in my hand its not there sort of thing,

Steve, you sound like a very financially conservative man.  I have high hopes in your ability to weather most storms, especially if you make provisions for medical emergencies (even if it means returning home).  I have to say though - if you are considering living with your in-laws, unless they start coming around to seeing that you will not be disproportionately relied upon for financial support, it might not be an ideal arrangement.

 

Thanks for the nice words ,

I understand where you are coming from  about the in laws,

Its called trying to get the best from both worlds, keeping the missis happy and keeping myself happy too,

The family home as Ems calls it needs repair, and this will not cost anywhere near the rental or the cost of a new house for us both, but it could become a base for us to stay when we are there, then we could just please ourself where to go and for how long and then just come back,

One day it will be Ems home and she wants to live there too, so short term and long term it may work, but who knows, all i know is i want to see as much of the phils as possible and the world too, so having someone to look after the house while we are not there could work in our favor, again who knows

[stevewool]

Its great to hear from so many people what there are wanting and how they think they can get there too, just remember what is good for you maybe even better for others,

We are all different and some can live on a bowl of rice a day and sleep on a washing line too, others need thats steak and the best bed in the world,

I am in between i think, give me a little veg with my rice, and a mosquito net to cover my body and i am a happy bunny, plus £70,000 in the bank may help

[i am bob]

 

I get a kick out of the nest egg everybody insists that we have...  All different sizes and different amounts invested in different markets,if at all, and making not enough money for the person who suggested the investment in the first place!

 

I myself think a nest egg is suppose to be the fall back safety amount you keep for when things fall apart for a couple months (you can read this as being a couple thousand - as in 3 or 4!  And an amount for a very special vacation wouldn't hurt.  But to have nest egg of hundreds of thousands of dollars is, to me, a waste of money that isn't doing a thing for you except filling that hole in your mattress.

 

:attention:  :rolleyes:  :mocking:

Bob, the amount i have in the nest egg is there for all the just in case that comes along, plus if anything happens to me then there will be a nice amount for my wife to be able to live life the way i would like her to live ,

 

 

Wouldn't it be much cheaper to put that into Insurance?  Now that old nest-egg is cash in hand...

[i am bob]

Its great to hear from so many people what there are wanting and how they think they can get there too, just remember what is good for you maybe even better for others,

We are all different and some can live on a bowl of rice a day and sleep on a washing line too, others need thats steak and the best bed in the world,

I am in between i think, give me a little veg with my rice, and a mosquito net to cover my body and i am a happy bunny, plus £70,000 in the bank may help

 

I gotta agree with you...  Steak is nice but I don't need it often, just once in a while to keep my diet a bit varied.  The veggies in the rice are just as nice.  I tried the mosquito net but i end up pulling it down to use as a blanket so a nice fan works well for me - and replaces the air conditioner...  if you know what I mean?  

 

:tiphat:  :mocking:

[John Mogusar]

How are the vegetables in the Luzon area? I don't expect them to be like U.S. vegetables by any means, but I was disappointed in the vegetables available in Cebu. Of course, I didn't search out a good source. I bought either market or SM vegetables. The market vegetables were usually very tough and small and the SM vegetables were a bit expensive, if I remember correctly. If I find a great source of cheap vegetables, my food budget can shrink a little.

[scott h]

If I find a great source of cheap vegetables, my food budget can shrink a little.

 

Big John, You have really put your finger on the entire "can I live on my budget?" topic. Yes you can, but at the level that you are used to? Yes you can find "beef steak" tomatoes here, but boy your gonna pay for them. Most of the things we are used to are available but at a price.