Can I Really Live On $1000 A Month In The Philippines

[pokermike]

Most fools dont end up with that much money from what i have noticed in life and more likely will know how to protect it and make it grow. I am 67 now, my Social Security payments are $2,378 US per month. I have $530,000 invested currently. I figure to retire by June figuring a current return of 3% for this year. Then historically a return of 7% after that, at age 88 i will have $711,000 and i will be living off of $6,000 a month. Plus it will not be impacting my investments. If i can live on $3,500 a month there then at 88 i will have have $1,900,000. That is my goal, from the planning i have done i should be able to travel and still enjoy my life there like a fool. I know it wont be easy because i do like to travel, but i will adjust making sure not to impact my nest egg. If a medical issue comes up and i have to spent time getting care i want my wife to still live well. i dont want to be spending my budget and not have enough left over to care for her. its like having kids as i have seen others post if you cant take care of them dont have them, if you marry here make sure you have money put away for you wife at least, not be living month to month a stashing away $200. Sounds like old folks home time. I want to thank everyone for the math help , i am weak there.   RIGHT!

 

My new nickname Poker Mike the Fool , i kind of like that. My friends will get laugh out of that.

[jpbago]

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

[tomaw]

From this thread as well as others, I can see that it is impossible to say an exact amount that will apply to everyone. Instead I would suggest for each person to write down what they spend their money on now in their own country. Then find out what those things will cost in The Philippines. Some things may cost more, some less, some more but won't need nearly as much. For me that would be gas for my van. Auto fuel is about the same in Cebu as it is in California but in California I make my living driving. In Cebu I'll be retired and won't be driving nearly as much or as far. Here my biggest expense is rent. There I'll buy a lot with my Filipina wife and build a house that can be paid off in about 5 years if not sooner. In California a comparable house would have a 30 year mmortgage that would out live me.

Edited October 27, 2014 by tomaw

[BrettGC]

Well most pundit's (financial planners etc) recommend 55-65% of your working income to retire on to maintain your lifestyle after you finish working.  This assumes you own your place of residence outright, the kids have all gone and are financially independent and your medical will eventually rise. This figure also assumes you're going to be retiring in a developed country so retirement could be adjusted down for a developing country by anything up to 70% to maintain said lifestyle.  

 

I think you're going to be fine PM.  

 

This site is becoming more accurate as more people jump on board - it's not hard and fast but is a pretty good indication of relative costs between two cities:

 

http://www.numbeo.com/cost-of-living/comparison.jsp

[tomaw]

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

Well, if a guy is going to be like that he'll be like that anywhere. Not just The Philippines.

[jpbago]

 

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

Well, if a guy is going to be like that he'll be like that anywhere. Not just The Philippines.

 

 

This is a Philippine expat forum.

[tomaw]

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

In The Philippines maybe we can live on $1,000 a month. In California it's a definite can't. In The Philippines I can leave my wife a house that's paid off in her name. In California IF we can even qualify to get a house it will come with a mortgage that will outlast me and my wife will be left with years of payments due. My plans are to have properties in both The Philippines and The US but definitely not in California. Two homes, one in The Philippines, one in The US and income properties that won't be paid off but will produce cash flow each month. That and a life insurance policy should take care of my wife just fine. We don't have kids yet but when and if we do, they'll get their early childhood in The Philippines and their elementary through college education in The US. That's all I can say on that without getting way off into another topic. Edited October 27, 2014 by tomaw

[stevewool]

What ever cash you or i may have in the future will have to last, but none of us knows the time we have left,

Its getting the balance right, 

Enjoy and live the life you are wanting and if its in your plan then do make sure your partner is well cared for if you do depart first,

I am still convinced my everyday needs will be no more then magic $1000, in fact if i had that amount i would save $350 of that each month, but hey each to there own i say, whats good for me maybe is not good for you

[BrettGC]

 

 

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

Well, if a guy is going to be like that he'll be like that anywhere. Not just The Philippines.

 

 

This is a Philippine expat forum.

 

 

Tomaw's statement is still valid though mate. 

[jpbago]

 

 

 

So you are living here on $1,000 per month. You are 60+ and she is 20-. She had one kid from before and then one or two with you. Ten years later, you die. There she is at age 30 with three kids, no job, no house, no car, nothing but a bit of furniture. Not easy to start over again.

Well, if a guy is going to be like that he'll be like that anywhere. Not just The Philippines.

 

 

This is a Philippine expat forum.

 

 

Tomaw's statement is still valid though mate. 

 

 

Not true. In Canada and some other countries, in this case, the government will give support  (rent, food, school, and medical) to the single mother with kids and  they will pay her training to get a job.

My post 352 was referring to if that happened in the Philippines.