Part 2 - Can I Live On $2,000 A Month In The Philippines?

[Dave Hounddriver]

Simply because I'm living quite nicely on $1000 and allowing for extras expenses

 

Just one question.  Did you ever see the post by MikeB where he was in a road accident and ended up in Chong Hua with a bill over 2 million pesos?  How do you allow for that on a budget of $1,000 a month?  Its meant to be a serious question and the answer might be (as some others that have had it happen) that you just die.

[i am bob]

Simply because I'm living quite nicely on $1000 and allowing for extras expenses

Just one question. Did you ever see the post by MikeB where he was in a road accident and ended up in Chong Hua with a bill over 2 million pesos? How do you allow for that on a budget of $1,000 a month? Its meant to be a serious question and the answer might be (as some others that have had it happen) that you just die.

That's easy, Dave! Some of us have medical insurance. Some of us have credit cards or line of credit to meet emergencies. Some of us have savings. These are things that we are not spending every month so it doesn't get put into the expenditures column... I agree that some people will have none of these but hopefully they are saving every month. Still, that is not a monthly expenditure...

I think where we don't meet on this one is where we put our savings for the proverbial "Rainy Day"... Some of us work with only the budgeted amount. The remainder is left in the bank and becomes savings. Your method begins with the total available , removes the budgeted amount and is then moved back to the savings side. Neither way is wrong but does cause confusion if we don't recognize the method of accounting when we discuss what is required.

Edited March 12, 2015 by i am bob

[Jack Peterson]

but does cause confusion if we don't recognize the method of accounting when we discuss what is required.

 

 

 Here my Friends we are talking Accountants Language, Direct and  Indirect Cost, these are two totally different things, direct is what you Know will be spent each Month, Indirect are as and when needed cost and This I think is where cross purposes can be seen. Insurance premiums should really be in Direct Costs as they are normally met Monthly, car and Bulk Purchases if are One offs are Indirect and should be part of a Greater Budgeting Plan, but if we are to Play that game, we come into the next {Phase} (of $3.000 per month) to Cover all the Indirect costs, There are many others, Building Repairs for example,  based on that, we will have to have yet another Topic on the total overall outlay taking absolutely every thing on both sides of the fence because clearly we are all not singing from the same Hymn sheet here or at least some are on different verses. :thumbsup:

 

IIIIIII Thank You for reading. :rolleyes:  

 

JP :tiphat:

 

 

Adjust some spelling  :hystery:

Edited March 12, 2015 by Jack Peterson

[cebuseminole]

 

Simply because I'm living quite nicely on $1000 and allowing for extras expenses

 

Just one question.  Did you ever see the post by MikeB where he was in a road accident and ended up in Chong Hua with a bill over 2 million pesos?  How do you allow for that on a budget of $1,000 a month?  Its meant to be a serious question and the answer might be (as some others that have had it happen) that you just die.

 

 

"a bill of over 2million pesos".

One of the driving reasons we are leaving-would not want my wife/kid to be totally broke if I had a bill like that and died. Saw that happen to afriend who died couple years ago.

Hope I didn't take this off topic.

[Jack Peterson]

Hope I didn't take this off topic.

 

No way this is exactly what we are saying, the Unexpected has to be thought about and whilst it is not there in Our Monthly Budget we surely must pay some sort of attention to the fact It COULD happen.

[cebuseminole]

 

Hope I didn't take this off topic.

 

No way this is exactly what we are saying, the Unexpected has to be thought about and whilst it is not there in Our Monthly Budget we surely must pay some sort of attention to the fact It COULD happen.

 

 

 

Thanks. Yeah we are blessed in that we have nice paid for home and great monthly income, but we could not survive a 2mill hospital bill, and my wife would end up losing our home to pay that. Not a thought i can live with.

[MikeB]

I don't know what the total bill was because the insurance paid but it was way over p1 million and probably over 1.5 and a good part of it had to be paid out of pocket and reimbursed eg, the 6 doctors wouldn't accept insurance for their professional fees and that was just under p500k alone. If I couldn't come up with that on the last day I couldn't have left the hospital. If I hadn't had a credit card in my pocket in the ER the day it happened I have little doubt that I would have died since they couldn’t (or wouldn’t) confirm my insurance and demanded a p30k deposit to admit. The insurance company could also deny the claim because of a preexisting condition. Many factors to consider but if I was single and no dependents I might consider dropping the insurance. Not in my situation, however.

[chico2663]

 

JJReyes, on 15 Dec 2014 - 10:04 AM, said: According to 2010 U.S. Census data, retirement-age Americans had a median annual income of $25,757. Are you sure it's the median and not the average?

Those who are in the poverty level are not counted because they don't file income tax returns. They also do not collect Social Security benefits because you need to contribute into this insurance program a minimum for 40 quarters or ten years to qualify. Certain religious groups can exempt themselves from contributing to Social Security. The examples include the Amish community, Catholic priests and nuns belonging to a religious order. The median retirement income appears to be higher because not everyone is included.

If you are the head of a household with a spouse and two children earning less than $22,000 a year, the federal government considers you to be at or below the poverty level. The threshold is higher for Alaska and Hawaii residents.

the govt give them 729 dollars a month to sit around and smoke pot and get drunk. they get food stamps and reduced rates on housing.our poor are fat and lazy. But if your middle class u keep falling back.

[davewe]

 

 

Simply because I'm living quite nicely on $1000 and allowing for extras expenses

 

Just one question.  Did you ever see the post by MikeB where he was in a road accident and ended up in Chong Hua with a bill over 2 million pesos?  How do you allow for that on a budget of $1,000 a month?  Its meant to be a serious question and the answer might be (as some others that have had it happen) that you just die.

 

 

"a bill of over 2million pesos".

One of the driving reasons we are leaving-would not want my wife/kid to be totally broke if I had a bill like that and died. Saw that happen to afriend who died couple years ago.

Hope I didn't take this off topic.

 

For most people a monthly budget does not factor in any catastrophic event - not just medical. But of course catastrophic events can occur in your Western country. People go bankrupt all the time in the US because they either don't have medical insurance or the insurance they have doesn't adequately cover a catastrophic event. And Medicare? Old people in the US consistently die broke because of end of life medical treatment that Medicare doesn't cover 100%. In fact, because medical treatment in the US is soooo expensive, even a non catastrophic accident or illness can break you financially. But of course in the US you can get treatment, not die, but then end up with the huge bill. In the Philippines without cash or credit cards, you wont get treated in the 1st place. Pick your poison I suppose.

 

The medical topic has been hit a lot; get Phil health, additional insurance, or decide to self-insure.

 

A buddy of mine just posted on FB about a child with leukemia, asking for financial help. The guy makes serious dollars, so that's not an issue. He has insurance that will pay for most of the child's treatment - so that's not an issue. But because in the US it is practically mandatory that both parents work, they will have to decide who gives up work, what bills won't therefore get paid and how they can afford to have the nursing home help they will need. So in the US, even with a good job and medical insurance, a catastrophic illness can break you. 

 

Gee, aren't I a ray of sunshine today :)

[chico2663]

 

 

 

Simply because I'm living quite nicely on $1000 and allowing for extras expenses

 

Just one question.  Did you ever see the post by MikeB where he was in a road accident and ended up in Chong Hua with a bill over 2 million pesos?  How do you allow for that on a budget of $1,000 a month?  Its meant to be a serious question and the answer might be (as some others that have had it happen) that you just die.

 

 

"a bill of over 2million pesos".

One of the driving reasons we are leaving-would not want my wife/kid to be totally broke if I had a bill like that and died. Saw that happen to afriend who died couple years ago.

Hope I didn't take this off topic.

 

For most people a monthly budget does not factor in any catastrophic event - not just medical. But of course catastrophic events can occur in your Western country. People go bankrupt all the time in the US because they either don't have medical insurance or the insurance they have doesn't adequately cover a catastrophic event. And Medicare? Old people in the US consistently die broke because of end of life medical treatment that Medicare doesn't cover 100%. In fact, because medical treatment in the US is soooo expensive, even a non catastrophic accident or illness can break you financially. But of course in the US you can get treatment, not die, but then end up with the huge bill. In the Philippines without cash or credit cards, you wont get treated in the 1st place. Pick your poison I suppose.

 

The medical topic has been hit a lot; get Phil health, additional insurance, or decide to self-insure.

 

A buddy of mine just posted on FB about a child with leukemia, asking for financial help. The guy makes serious dollars, so that's not an issue. He has insurance that will pay for most of the child's treatment - so that's not an issue. But because in the US it is practically mandatory that both parents work, they will have to decide who gives up work, what bills won't therefore get paid and how they can afford to have the nursing home help they will need. So in the US, even with a good job and medical insurance, a catastrophic illness can break you. 

 

Gee, aren't I a ray of sunshine today :)

 

had a stroke in july2014. my medical bill that was covered by insurance is 47,126. my out of pocket was 3500 that i had to pay. left a dent in wallet.What was really bad is somehow i had a gi and podiatrist bill me. Have been arguing with them but finally paid each one the 35 dollar co-pay.Not wanting to mess my credit up.