mogo51 Posted August 4, 2016 Posted August 4, 2016 It is further complicated in Philippines Queenie, if your SO is still married. We all know the maze of divorce/annulment that is the Philippines. The problem may well not be the SO but rather the 'ex' in the background and how we are likely to fare if that raises its head. 2 Link to comment Share on other sites More sharing options...
chris49 Posted August 4, 2016 Posted August 4, 2016 If I had 2 M Dollars and I'm elderly. My wife is younger. Firstly I would give over to her our entirely monthly budget**. And have her managing it over a period of time. I would split off the 2M between all my kids and her. So 5 kids plus Gina=2 M divided by 6. My oldest son, 46 is quite well off and his wife works. By the time I check out he might be retired. I might give him less, but I might also appoint him as trustee of the 2M and pro rate the amounts. Gins to get the biggest share but not before I die. That would be hard for me if she has a few million pesos and I'm already disabled. I might question her spending, yet at that point I can do nothing about it. **When I had my broken arm Gina had the entire budget for 7 weeks. She did great until the 7th week, when she got a bit impulsive and messed up right at the end. Good learning, but we really can't afford to let that happen. So now she gets her weekly allowance again and I rescue her as needed. 1 Link to comment Share on other sites More sharing options...
Sander Martin Posted August 19, 2016 Posted August 19, 2016 We both know the ballpark figure of how much money each person has, but we have separate accounts. I pay for some things and she pays for other things. When we need money, then we will ask each other. Has worked perfectly so far. Shes a private person and keeps her financial information private. She doesn't need to up her status with bragging - thats something that poor people do. Now that we have a son together and if we get her Estonian visa sorted out, then we will have a joint account for shopping etc. We will both still have our own accounts for pocket money. I want to help my mom out and she wants to help her mom out, so its important that we have our personal and joint funds (if needed of course the personal fund turns into a joint fund). 2 Link to comment Share on other sites More sharing options...
MacBubba Posted August 19, 2016 Posted August 19, 2016 2 minutes ago, Sander Martin said: We both know the ballpark figure of how much money each person has, but we have separate accounts. I pay for some things and she pays for other things. When we need money, then we will ask each other. Has worked perfectly so far. Shes a private person and keeps her financial information private. She doesn't need to up her status with bragging - thats something that poor people do. Separate accounts work very well for some couples. That's how we've always done it. And, about keeping things private - even our financial adviser knows only what he needs to know. Certainly no one else's business. 1 Link to comment Share on other sites More sharing options...
Methersgate Posted August 21, 2016 Posted August 21, 2016 We have three accounts between us. My salary goes into my account, K's salary goes into her account, and we both pay into the joint account that the household bills and food purchases are paid from. We both have cards on that account. 4 Link to comment Share on other sites More sharing options...
Gratefuled Posted August 21, 2016 Posted August 21, 2016 To add a little more to this subject. When dad died, my oldest brother took over and managed the family. He did well and mother never had to worry. That's the way it is within our family. When I die, my eldest son will take over my assets and manage them. My wife will be well taken care of. It seems to be tradition for the eldest son to take over the family if and when the father passes on. I suppose if for instance the eldest son is still a minor then the Godfather will take over until the eldest is an adult. It's based on trust and tradition. Seems to work in the past and hopefully in the future. Families are smaller now. My father had 10 brothers and 1 sister. She, my aunt became my Godmother and uncle became my Godfather. 5 Link to comment Share on other sites More sharing options...
Ynot Posted October 13, 2016 Posted October 13, 2016 On 8/3/2016 at 6:06 AM, bows00 said: I respectfully disagree. If I had $20 mil, and a simple conservative investment strategy (earning 4%), I could live off the interest and not be able to spend it all ($800,000 per year). Thus the $20 mil will continue to compound and grow... Even at $2 mil, would be hard to spend $80,000 per year in the Philippines. Where can you get 4% today, I would love to earn 4%. I remember 5 years ago I was trying to work my budget on 10% earnings when I retired. Now, I'm thinking its 2% or 3% if I'm lucky 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted October 13, 2016 Posted October 13, 2016 2 hours ago, Ynot said: Where can you get 4% today, I would love to earn 4%. Medium risk stock/bond portfolio managed by CIBC Canada. 2 Link to comment Share on other sites More sharing options...
bows00 Posted October 13, 2016 Posted October 13, 2016 2 hours ago, Ynot said: Where can you get 4% today, I would love to earn 4%. I remember 5 years ago I was trying to work my budget on 10% earnings when I retired. Now, I'm thinking its 2% or 3% if I'm lucky The S&P 500 has averaged 10% from it's inception, but can be too volatile for a retired expat withdrawing assets. I am planning to stay widely diversified and use a bucket strategy for drawing down investments. In general, during a bull market (decreasing stocks), you would leave your stock bucket alone and allow it to come back up while drawing down on other assets, like cash, bonds... 2 Link to comment Share on other sites More sharing options...
bows00 Posted October 14, 2016 Posted October 14, 2016 Correction - a "bear" market is stocks go down, not "bull" market... Link to comment Share on other sites More sharing options...
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