When to move with details inside.

[Marvin Boggs]

I think the premise of your question may be flawed, here is why:  You amassed a large chunk already, and you are only 38.  I suspect you won't be content just sitting around...rather, you will find something here to put your energy into, and you'll find that it will be profitable.  Real estate, farming, merchandising, you name it.  I propose that your 'retirement' cash-out won't just be a dwindling resource.  Now would be the perfect opportunity to change things up and pursue a dream.

[sonjack2847]

15 minutes ago, Gary D said:

You could live on $2000 a month now, how about 15-20 years time or even 40. Inflation is a lot higher in the Philippines than most western countries.

I agree with you but as he is from the US he might have enough contributions to qualify for a US pension and does he have money in the 401 scheme. This will give him extra cash in about 22 years time. I personally think he can do it as long as he sticks to his budget which as we all know is very hard to do.

[Tommy T.]

50 minutes ago, usa32 said:

The amount one needs over there, appears to be all over the map, you see the guys, that say they live on 500 a month, but to me thats not really living.

And others that say they need 5k a month, well i can live much better in the usa on 5k a month than there.

I looked in cebu and manilla and found decent condos with pool/gym etc, for 300 or so a month. add in 50 for visa fees, say 150 for utilities. That's 600 bucks, that gives you 1400 a month for transportation,food, dates and beer, or whatever else you want. Sure if you got a girlfriend, that adds to the expenses, and of course if you are going out to TGI fridays or some western restaurant every night, thats going to get pricey.

But knowing your rent,utilities and visa fees are paid in 600. I don't see how you could not live comfortably on another 1400 usd a month. What am i missing?  Thanks for the reply

Living costs here are very personal - like pizza and underwear.

There are many on this forum who live happily on $500/month or more or less. Maybe you might find, as you age a bit, that you don't need "things" like you did when younger? Somewhere north of $1,500/month and I think you can live fairly well, even with your perhaps greater needs? Rent or housing is the biggest hit, of course. Food and transportation can get up there depending on your tastes. Of course electricity is pricey, depending on your dependence on aircon? Water is practically free at the current time. As previously mentioned, however, I agree that living in metro Manila or other big cities and the cost of living can go sky high.

As you suggest - going out to eat in western-style or even high-brow Filipino restaurants adds up quickly. And you can drop upwards of $30,000 for a nice new car if you please? Or you cook some for yourself (or your girlfriend can cook if you like her fare) and drive a 5 year old used car that maybe cost you $8,000? Also, the older car is not so pretentious if you, like many of us, are trying to live below the radar and not attract attention to ourselves.

Visas are not too expensive unless you go for a retirement or other longer term visa. But travel can add up if you like to take trips - Taiwan is expensive, Singapore more so, Hong Kong (well who's going to HK these days?), Vietnam can be cheap or expensive - depends again on your habits. Australia is expensive too...

I think that if you are accustomed to living on maybe $3,000/month in USA, it might very well cost you similar here, if your habits are the same. Perhaps you might consider enhancing your initial budget calculations to get a more accurate estimate? Or, don't burn all your USA bridges, and come over and stay a while on a few occasions and test the water - see how it goes. We're back to that "boots on ground" again here, I think?

However you go, best of luck to you and just be careful - especially when it comes to dating...

Edited October 17, 2019 by Tommy T.

[Tommy T.]

3 minutes ago, sonjack2847 said:

I agree with you but as he is from the US he might have enough contributions to qualify for a US pension and does he have money in the 401 scheme. This will give him extra cash in about 22 years time. I personally think he can do it as long as he sticks to his budget which as we all know is very hard to do.

Sonjack makes a very good point. Perhaps be sure to have enough credits to at least qualify for Social Security at "retirement" age? Even though it may not even exist then... Be sure to at least dump some extra cash into a Roth IRA if your tax situation permits that? Otherwise into a traditional IRA or other retirement investment. And keep a sharp eye on managing your investments.

[Explorer]

42 minutes ago, usa32 said:

But knowing your rent,utilities and visa fees are paid in 600. I don't see how you could not live comfortably on another 1400 usd a month. What am i missing?  Thanks for the reply

It depends how you define "live comfortably"?

For me to "live comfortably" is -

1) Living in major city, in centralize location with easy access to supermarkets, dining, etc, with stable internet, water and electricity, no noisy neighbors, roosters, etc. It costs me $500 per month (Studio by Ayala in Cebu)

2) Dining out in nice restaurants 3-4 times a week - 400$ per month

3) Groceries - 400$ per month

4) Travel - international and domestic - 600$ per month.

It is almost $2000 just for the above expenses, now add utilities, medical, visa, girlfriend/family, etc and it can add up to almost $3000 per month.

[Explorer]

54 minutes ago, Marvin Boggs said:

I think the premise of your question may be flawed, here is why:  You amassed a large chunk already, and you are only 38.  I suspect you won't be content just sitting around...rather, you will find something here to put your energy into, and you'll find that it will be profitable.  Real estate, farming, merchandising, you name it.  I propose that your 'retirement' cash-out won't just be a dwindling resource.  Now would be the perfect opportunity to change things up and pursue a dream.

 "Real estate, farming, merchandising, you name it"... this, depending on the op having talent or not for business, can be a recipe for disaster... My advice to the op, whatever you do, don't bring your nest egg to the Philippines, keep it in the US, working for you...

And by the way, a million dollar conservative portfolio producing 4% per year is not a "dwindling resource".

[sonjack2847]

49 minutes ago, jaybee said:

(Studio by Ayala in Cebu)

And breath in all the fumes caused by traffic.

[fillipino_wannabe]

4 hours ago, usa32 said:

May I ask how you afford to retire at 27?  Do you see yourself rejoining the workforce ever back on the usa, or are you totally done?    Of course it gets boring there, but hey it gets boring in the usa, as well. You have to deal with that no matter where you are.

 

Sold a business in the UK, didn't have as much saved as you do but I have another business there that runs on auto pilot that more than covers the bills.

I think you'll have plenty of money but the budget crept up pretty quickly for me, the first 6 months or so I lived in about $1k a month but then the novelty wears off. Aircoin on at night only becomes aircon on most of the day. $400 a month condo starts to feel small and turns into a $700 per month house. Sitting in a cramped and dangerous bus every time you want to leave the city gets annoying and you get a car. $3 per kilo chicken turns into $8 per kilo beef etc etc.

Edited October 18, 2019 by fillipino_wannabe

[jimeve]

2 hours ago, sonjack2847 said:

And breath in all the fumes caused by traffic.

Exactly, that's not living comfortably or healthy. Hate large cities. I live comfortably on $1000 but I have my own roof over my head.   

Edited October 18, 2019 by jimeve

[Gary D]

We were in Makati Manila the last two days sorting out my HSBC  account. Whilst there we had a look around the Greenbelt mall, there were some very nice ladies also walking around, man I bet they are high maintenance.