Many do not have the money beyond month to month bills. Many here are the ones that couldn’t make it anywhere else. They are broke the day they arrived in the Philippines. They don’t go broke, they are broke.
One problem is social security was never meant to be a livable way it was to supplement any income you had. Sorry spend all their money in america buying all the fancy stuff and end up here with nothing.
Mo Money, Mo Money, Mo Money. These Broke guys would be better off broke in the USA where there are safety nets, and social programs to ease the pain. In the Philippines 🇵🇭, nothing.
Good points and insight Mike. We must remember that some of those same stupid mistakes will leave you homes less and broke anywhere. Thanks for sharing 👌🏾👍🏾👏🏾!
Exactly! I would gander that the majority of American expats are estranged from their children in one way or another and can expect little help from them. I mean, when you're divorced from their mother and now you're galavanting around the Philippines with a girl that's younger than your own children, they have a tendency write you off as a lost cause. I don't blame them.
For anyone wondering what the obscure reference to '401(K)' means, it's a paragraph number in the Internal Revenue Code, an omnibus American federal law governing taxation, passed in 1986. 2 different tax exemption systems are offered upon savings for retirement, Traditional and Roth, when installations are provided by deductions from wages/salary. Essentially, this is an employer sponsored retirement plan.
Great advice, Mike. I'm in Manila. My biggest concern is making "friends" with other expats. I've traveled extensively. Expats have proven to be as sketchy as the locals. I've been screwed big time by these guys.
I read once that many American retire poor. And I would say that alot of it is the person not managing their money. People move to the U.S. with very little and end up doing very well. The big difference is entitlement. If you live with in your means and put in the work. Most American's are lazier, overweight, entitled attitude. If you are 50-60 years old you have been through up's and downs in the U.S. economy, if you are broke now it is very much your fault.
Well. The North American pension system is ridiculous. Most pensions are on stocks. 2009 a lot of older workers in Canada lost their whole retirement funds. I know. Because they told months every day that they go finally in retirement. Of a sudden that bubble bursted. To blame the workers is too easy for you, if you don’t know the system.
@@holgermessner851 Anyone who lost their entire retirement fund in 2009 was NOT invested in a diversified portfolio. Everyone should be investing retirement funds in the stock market for the long haul, in diversified mutual funds over a 40+ year working life with a little coming out of each paycheck. You'll be buying some stock at bargain prices and others at high prices, but overall you'll end up buying at market averages and receiving average market rate returns. Markets are volatile and corrections are inevitable. The U.S. stock market crash of 2008 lost about 50% of it's value in a month's time. However, it had recovered all of it's lost value 2 years later. And now it's up to an all time high again! If you start withdrawing 4% from your retirement accounts annually starting age 60 - 65, and adjust that distribution each year to match the rate of inflation, there is less than a 10% chance of you depleting your retirement accounts before 30 years.
Good point with the Girlfriend and her Family...I'm very lucky that my gf realised, WE are a team. NOT the people who take advantage of her and me...Taking AND giving ist not common in the Philippines. Was waiting 43 years now (i was never married) but for the first time, i feel like she is the one i want. So wish me luck on 28 December 😁
Hey Mike. Question: Why not direct people to go to Malaysia or Thailand where the health care is superior to the US AND the cost is 10x less and you can get in to see a specialist in days vs months? Me personally I'm getting any cardiac / cancer taken care of in Malaysia. Pay for it in reduced air fare. It seems it makes no sense to go back to the US for a health issue because 1. You won't be able to see anyone in real time. 2. The cost is prohibitive. 3. Air fare Would you go back to the US or to Malaysia or Thailand? Best Regards and Best Wishes!
@@mikesphilippineretirement I wasn't telling people what to do. Just a suggestion. Not trying to gainsay you or thread crap. No worries for you mate. Best Regards and Best Wishes!
Hi Mike, another good episode mate, well done. I will be in Iloilo city on 18th November for few days, do you know of any good places to visit? Tnxs gerry .
My fear is that the people that need to follow your good advice will not take it. The people that are not prepared, are like that because they make bad decisions, and I don't think advice by anyone is going to change them.
Mike: you mentioned it in passing. I have seen it many times. Old guys sho hate their job so when they reach age 62, they quit that job and apply for social security. They are in excellent health. So they could continue to work for several more years. Their SS checks are 30% less than what they would get at age 70. They have no savings, they have no pension. Their income is not enough to support them. Poor planning.
Hey Mike. Good video. Made me wonder about something. Here in the USA, I have a bunch of “end-of-life” documents. Will, Power of Attorney, Medical Power of Attorney, and Advanced Medical Directive. These documents ensure what I want done when I can’t take care of my self or pass, is ensured by law. Do these documents hold any water in the Philippines? Are there legal documents that would hold up available in the Philippines such as these key 4 in the USA? Made me curious….
Way too often these men are lonely and desperate who have mismanaged their lives. They look at the Philippines as a place that offers a second chance while underestimating what it takes to live a comfortable life. In too many cases, they do it to themselves.
Im fortunate that my Filipina wife has book and street smarts. She has a job with the Philippine government. She does not depend on my income. Of course she's younger than me. However, she provides a reality check for me whenever I want to make a big purchase such as property in the Philippines. Even though I can afford for her not to work anymore, she still wants to work to keep her busy. In reference to Mike's comment of medical expenses, anything major medical issues, I go back to the states to have it checked. Again, I'm fortunate enough that my pension allows me to rent for now and still go back to the US once in a while.
Mike, this is the best video I’ve seen on moving abroad. I’m doing my homework on my body, inflammation heart, kidney pancreas, and everything before I leave for Asia. Knowing your meds, knowing your inflammation level, all of this is important both at home and abroad. I don’t have the problem with needing to start a business, I don’t have a problem with needing that hot chick, I feel I’ll be able to just maintain a great life on $1,600 Social Security and $100k in the bank from inheritance. I’m ready to rock but not for two years while my mom is still needing help at 99 years old. Out of 50 “move to Asia” videos, this is the best I’ve seen. Henry, San Diego
If you are serious about maintaining your health, I seriously doubt that the Philippines is for you. Even in the Philippines, $1600 is a modest retirement income. Philippine health insurance is a sham and you won't likely find any that would cover your preexisting conditions anyways. Outside of BCG you'll have trouble finding a truly qualified cardiologist or nephrologists. The doctors in Manila charge American prices and it will be all out of pocket. At a bare minimum, maintain Medicare Part B and a high deductible supplement (like the high deductible G Plan) and hang on to you $100K at all costs. Then plan on returning to the U.S. for any serious medical problems that arise.
I wouldn’t even want to live in the Philippines permanently now I’ve been a few times 😂 it’s definitely overrated. I think perhaps living in my home country in the summer and there in the winter would be ok though 👌
Question: Is buying a small electric vehicle a viable option there? Is it easy enough to charge them? I'm not talking about a car, more like a 3 wheel vehicle.
@@mikesphilippineretirement The ones I've seen are all cheap Chinese junk with very limited range and take forever to charge off the Philippines poor electrical grid.
From me that would be a guaranteed hell no. Very expensive electricity per kilowatt. If you just have to have a three wheeler get one that runs on gas.
Hey, Mike, how are you? It's been a while since I reached out. That was a great video, good pointers. for anyone who's making that choice in life. I'm sure it's not gonna be easy. Planning is the key.
I don't have any family that could help if I go broke, but I am fortunate that I have been lucky with my investments. And we already own a home in Angeles City so rent isn't a consideration. But my health is a concern I may not ever make it back to the Philippines. But I know my wife has a place to go if she decides to return after I pass away. Or she can use it for a vacation home and travel between the US and Philippines a few times a year. Maybe in 3 years after our daughter goes to college my wife and I will visit again.
@Mikeyyyy_L I'm retired if she going to breed them she's got all the responsibility. I want on the beach with with wind blowing on my balding hair and a bottle of water since I no longer drink over 15 years
Mike the number one reason these guys go broke is by being stupid. Why would you trust a woman who has no budgeting skills handled your money. You made it you handle it. You as a man control the money. Secondly where is it written that you have to help support her family? What was the family doing before you arrived? Mike you’re a hundred percent correct in making friends here or anywhere else. It takes years to develop real friendships. I’m in BGC right now. I’m not looking for a wife and I definitely didn’t come here to develop friendships from expats. I’m only here because I’ve always wanted to visit the Philippines and Thailand nothing else. If I meet a woman that’s fine if I don’t that’s fine too. I’m under no illusion that this a land of milk and honey. There’s good and bad everywhere. It’s about choices plain and simple. That’s where the majority of expats fail and less be clear they were failing at home as well and that’s why they came here looking for something that doesn’t exist. Another thing is why would you come all the way over here to help raise another man family? That puts you at an enormous risk from the start add on a bunch of freeloading family to a you see why you go broke. I didn’t do that at home and I damn well ain’t doing it here. Do your research before you come here. Mike I listened to you Calvin of sunshine shoulders Richie Rich just to name a few. Everything that they say is the truth. That way when you get here you should be under no illusion. I read a lot of horror stories about these expats and if I don’t feel anything for their misfortune so be it. If you want to help them that’s fine just don’t look for me to help. Keep telling the truth hopefully so will take heed to your advice. Take care
Awesome video Mike... You offer great advice... Thanks... Question for you, If I wanted to bring my GF back to the USA would be quicker to get married over there or do the Finance' visa thing and get married over here? I really would like her to experience living here in NE Ohio over a winter.
Hey Mike I have a ? Regarding you and Janet's relationship? Since taking Janet away from her job and supporting her on a full time bases. What will happen after your gone. At some point Janet will probably have to work to help raise and support her family. Taking her independence away for your needs won't help Janet in the future. Finding a job can be challenging, not to mention her age with little to no experiences. Looking after a utuber giving her money monthly doesn't bring along experiences. What's the plan long term after your gone?
I've seen homeless, broke and sometimes shirtless, hanging around on street sidewalks, benches in Manila, Angeles, Cebu Cities, even in Dumaguete. I wonder why the PNP doesn't see this and take action to refer them to the BI- Bureau of Immigration. I suspect it's because the PNP officers know that there's probably no money which can be extorted from the homeless foreigner, so why bother with it.
Hello! Thanks for great youtube videos from your channel, I subscribe! I plan to be in the Philippines several months of the year. I would like to know if there are exclusive apartments/apartments with full service options (cleaning, access to doctor and nurse, food, +++) a short distance from good hospitals. Short distance to activities (golf, bars, restaurants +++). It would be nice if you could make a good video about this on your TH-cam channel. With concrete information about places, what can be offered in terms of content, possibly prices and the like? Maybe you can make a video about this, there are probably more people who might be interested in this!
Life there can be cheap. However it will cost if you become ill. A stroke for instance with post care can cost you every penny you have. In short one takes a gamble. You must stay healthy or else. The country will get your money if not now maybe later
So how much does a stroke and post care cost where you are from. A full time live in helper possibly with a nursing degree is less than $500.00 USD per month. How much is a caretaker per hour in your country? I just would like to compare the cost ???? 😂🤔😮😂
You left out the biggest risk of all; dating a single mom. Scuba Chef and the Armstrong family learned the hard way. Once the Filipina slaps the "Subway Jared" label on you, you'll lose your reputation and money real fast.
Overall, I don't think single mom's are any riskier than childless women are. Obviously, a unmarried young beautiful Filipina with no children has the most relationship options available to her. She can kick your ass to the curb on Tuesday and find herself another simp expat on Wednesday. But no matter how hot she is, single mom's are still stigmatized in the Philippines and are far less likely to attract decent partners. Therefore, most single mothers will be extremely dependent on their expat boyfriend and won't risk destroying their meal ticket. However, don't marry them and NEVER tell them much money you have. Don't buy them houses unless you've been together for 10+ years or you're near death and just don't care. Always be worth far more alive than dead. They should understand that when you're gone the money is gone too! And NEVER EVER invest more than you can afford to lose in the Philippines!
@jasonjames4254 Since you're so valuable, it makes it almost impossible for you to break up with a single mom. She has the Cho-mo card that she can use any time to destroy you. That is too risky for me to entertain.
@@ExtraGuac007 Definitely a risk. And the easiest way out is of course $$$ on the barrelhead. Still way cheaper than marrying a single Filipina who can also accuse you of domestic violence, etc. And funny you use the ChoMo term. More of a prison term than a common street term.
@jasonjames4254 An SA charge is tough to shake, but it's a walk in the park compared to defending yourself from the stigma of harming children or animals.
If you're from the West and hospitalization in the Philippines would bankrupt you then you're in horrible financial shape in your home country to begin with.
True Mike get home get better then u can sort things 👊 yes there is lots of Gold diggers 👊 & the biggest fools is ourselves if we give .so as it goes don't give 👊😊 ie lots of these Expaths are scammers too 👊
NO DEBT! If you don't have the cash don't use credit cards or loans. Fixed income with debt (monthly payments) equals financial failure. Mike, I hope these folks need your words.
@@saulgoodman7221 Depends; cash only? Credit cards? Income? Savings? I will try, to come to the Philippines you need healthcare that covers you 100% to include medications. No medical you need a minimum of 2 million pesos per person to self insure. Savings? Six months living expenses in the Philippines. Income will vary, I say $2,000 first person and $1,000 for each additional person. A return fund equal to six months living expenses back to where you came from. Again medical insurance back to your beginnings. You can do the six month expenses calculation. Over and above list is, are going to buy a house/condo, car, scooter, motorcycle? Do you need to buy tv, microwave, refrigerator, toaster, blender, rice cooker, pots, pans, bed, bedding, clothes, will you be eating steak or dry fish? Shampoo, soap, toothpaste, toothbrush, razors, deodorant, toilet paper, a water dispenser, a water kettle, are you going to install a good air conditioner, ceiling fans, TV, stereo, furniture, holiday decorations, outside table and chairs to enjoy a cup of coffee. Taxi fees, trike fees, jeepney fees, if you own a car fuel cost, upkeep, insurance, registration fees, tolls, LTO and PNP on the spot fees. Hair cuts, and other services. ETC ETC Add if girlfriend/wife, add girlfriends/wife’s family. This is just a short list of cost in the Philippines. And let us not forget drinking water, because you can’t drink the water. And last but not least be aware that most coastal waters are contaminated, it you like to relax in the water it’s best to have your own pool. A good meal out is between 1500 to 14,000 peso per person. It’s common for a good buffet to run 2500 to 7,000 peso per person. Took my girlfriend out for her birthday (her choice) I spent 22,000 pesos.
It seems that anyone that didn't manage their money in their "entire life" and only end up with living on social security or a pension is destined to continue the stupid behavior in another country. Old people have health issues, and that's a simple fact. If one didn't plan ahead before then, they would obviously fail no matter what country they are in. People in life run from their problems to different states here in the U.S. but don't change their behaviors. They are doomed. Anyone who throws money 💰 to doomed behavior is throwing money 💰 away. Don't be a fool with a fool. Giving money 💰 to one who doesn't manage money well is never a good idea. I'm not putting anyone down, just not encouraging anyone to waste money on a bad idea. If one has health issues, then don't go to another country and be a drain their resources.
Mike your and Idiot. Disagree what you're saying. You won't go broke here. I live with mt Filipino wife in Canada go back and forth to the Philippines sense 2005 I never went broke. I have a budget. I stay at my wife family part of the time they don't ask for money even I offer to buy things they don't like. My apartment in Davao is P8000 eltric and cable, water comes to about P12,000 a month. In all my time here went to the hospital 1 time had some bad water from my brother-in-law. Bill at hospital was I think P3,000. Manitoba health in Canada reimbursed me back. Don't listen to Mike If you have family here friends don't go crazy you're spending you won't go broke. Mike just on TH-cam to make money.
Great video. Retired expat from the US living here 7 years Have a great Thai partner. She's frugal. We help family, own our (her), house car, have savings. Health insurance. Plenty of travel and things to do. We budget every month. Visit family in the US several times a year. Great visits but love Thailand.
Great advice Mike👍🏻 but to avoid health problems in Phillipines tell them Mike to go to the gym or excercise🏊♂️🏋♀️🚴♀️. Go walking or maybe yoga would help there body feel better to avoid health problems.🧑🦽🧑🦽 They need a supplement vitamin 💊 to take after a meal. **You are right Mike hanging out to party🕺🏾💃🏾🎶 with friends when you don't have the money. ***Can't afford don't spend your money.🤣🤣🤣 You should have a Budget. Good advice Mike. You are correct! ***Dating females... Don't have 3 girlfriends 👙 👙 👙 or more. Your money will be gone💰💰 spending to impress. Mike you are correct! Sorry I am Laughing🤣🤣🤣 Don't have your main girlfriend take advantage of you and keep spending buying things and Mike dont forget, she is asking for money for her family! 🤣🤣🤣 OMG! YOU DEFINETLY NEED A BUDGET. Mike that was a great video you were on point that was very good I am laughing. Ok Mike your next video is "stay in shape" don't be a "couch potatoe" Mike if you are a military Veteran "Happy Veterans Day" 🇺🇲 Here in Las Vegas restaurants have discount prices or a free meals to Veterans. A parade in some areas or shopping discount prices for Veterans. To all Veterans Thank you for serving 🇺🇲
Many do not have the money beyond month to month bills. Many here are the ones that couldn’t make it anywhere else. They are broke the day they arrived in the Philippines. They don’t go broke, they are broke.
good point and I'm sure many come with lack of income
One problem is social security was never meant to be a livable way it was to supplement any income you had. Sorry spend all their money in america buying all the fancy stuff and end up here with nothing.
Another nice video mike. I wish you well on your future endeavor. Good luck😂
Yes that is the main reason. Guys go to Philippines with "rose colored glasses on", in other words everything will go right in every aspect.
@inteland2734 Nailed It!
Mo Money, Mo Money, Mo Money. These Broke guys would be better off broke in the USA where there are safety nets, and social programs to ease the pain. In the Philippines 🇵🇭, nothing.
thanks for sharing
What safety net in U.S lol? Where? Will get lot worse for any programs with orange Bozo back in the White House.
Yes sir listen to Mike he telling you the truth about living here. Plus stay out of the bars partying 😂
Thanks Gio
Only Filipinas partying in bars with foreigners are “high mileage single moms”
In recovery 5 years. I am thankful I won't be spending my time/money in bars :) Best Regards and Best Wishes!
Feels great don't it no more sittin in them dark bars @hanovergreen4091
@hanovergreen4091 great feeling it is and once here it's easier to
Good points and insight Mike. We must remember that some of those same stupid mistakes will leave you homes less and broke anywhere. Thanks for sharing 👌🏾👍🏾👏🏾!
Very true!
Health issues can drain your finances quickly!
very much so
If they are going broke, 9 out of 10 times, a woman is involved.
thanks for sharing
Honestly, going broke is because you didnt come here with enough in the first place.
Going broke is one thing.......but being homeless with no way home means you burnt all your bridges before leaving the US
very true
Exactly! I would gander that the majority of American expats are estranged from their children in one way or another and can expect little help from them. I mean, when you're divorced from their mother and now you're galavanting around the Philippines with a girl that's younger than your own children, they have a tendency write you off as a lost cause. I don't blame them.
For anyone wondering what the obscure reference to '401(K)' means, it's a paragraph number in the Internal Revenue Code, an omnibus American federal law governing taxation, passed in 1986. 2 different tax exemption systems are offered upon savings for retirement, Traditional and Roth, when installations are provided by deductions from wages/salary. Essentially, this is an employer sponsored retirement plan.
the like your comment got was from me...does anyone really care about thing like that Hemi
@mikesphilippineretirement I thought that non-Americans would require an explanation because '401(K)' likely doesn't mean anything to them.
ok thanks for explaining sorry for the misunderstanding
Mike, you're a great mentor. Thanks
welcome
Great advice, Mike. I'm in Manila. My biggest concern is making "friends" with other expats. I've traveled extensively. Expats have proven to be as sketchy as the locals. I've been screwed big time by these guys.
thanks for sharing careful of expats
I hope you learn your lesson
@@JohnniePermint Took awhile but, yes I think I have. Thing is, I was raised to respect people. But not everyone is.
I to was raised to respect people but respect is earned not given.
I read once that many American retire poor. And I would say that alot of it is the person not managing their money. People move to the U.S. with very little and end up doing very well. The big difference is entitlement. If you live with in your means and put in the work. Most American's are lazier, overweight, entitled attitude. If you are 50-60 years old you have been through up's and downs in the U.S. economy, if you are broke now it is very much your fault.
thanks for sharing
Well. The North American pension system is ridiculous. Most pensions are on stocks. 2009 a lot of older workers in Canada lost their whole retirement funds. I know. Because they told months every day that they go finally in retirement. Of a sudden that bubble bursted. To blame the workers is too easy for you, if you don’t know the system.
@@holgermessner851 Anyone who lost their entire retirement fund in 2009 was NOT invested in a diversified portfolio. Everyone should be investing retirement funds in the stock market for the long haul, in diversified mutual funds over a 40+ year working life with a little coming out of each paycheck. You'll be buying some stock at bargain prices and others at high prices, but overall you'll end up buying at market averages and receiving average market rate returns. Markets are volatile and corrections are inevitable. The U.S. stock market crash of 2008 lost about 50% of it's value in a month's time. However, it had recovered all of it's lost value 2 years later. And now it's up to an all time high again! If you start withdrawing 4% from your retirement accounts annually starting age 60 - 65, and adjust that distribution each year to match the rate of inflation, there is less than a 10% chance of you depleting your retirement accounts before 30 years.
@@holgermessner851 I stayed away from pensions and social security.I have Passive income. I have seen people watch their 401K drop.
@@holgermessner851 don’t put all your eggs into one basket.
Good point with the Girlfriend and her Family...I'm very lucky that my gf realised, WE are a team. NOT the people who take advantage of her and me...Taking AND giving ist not common in the Philippines.
Was waiting 43 years now (i was never married) but for the first time, i feel like she is the one i want. So wish me luck on 28 December 😁
thanks for sharing and best of luck
Good luck
Take her to Hong Kong or Malaysia and marry her there. Don't marry in a country that doesn't have divorce.
@jasonjames4254 Thank you, we already have appointment in Hong Kong 😁
Good luck with your marriage
Hey Mike, Not related, but I just saw several photos of Ms. Philippines 2024, Chelsea Manalo. WOW! What a stunner!
yes she is
What's the adage, "Fail to plan, plan to fail."
true
Hey Mike. Question: Why not direct people to go to Malaysia or Thailand where the health care is superior to the US AND the cost is 10x less and you can get in to see a specialist in days vs months? Me personally I'm getting any cardiac / cancer taken care of in Malaysia. Pay for it in reduced air fare.
It seems it makes no sense to go back to the US for a health issue because 1. You won't be able to see anyone in real time. 2. The cost is prohibitive. 3. Air fare
Would you go back to the US or to Malaysia or Thailand?
Best Regards and Best Wishes!
good for you. But I do not tell people how to treat the health issues that is for them to decide
@@mikesphilippineretirement I wasn't telling people what to do. Just a suggestion. Not trying to gainsay you or thread crap. No worries for you mate. Best Regards and Best Wishes!
poor planning on your part does not constitute an emergency on my part
thanks for sharing
Very good reminders. Thanks for the video, Mike...Jim
thanks Jim
Hi Mike, another good episode mate, well done. I will be in Iloilo city on 18th November for few days, do you know of any good places to visit? Tnxs gerry .
No just enjoy the city
My fear is that the people that need to follow your good advice will not take it. The people that are not prepared, are like that because they make bad decisions, and I don't think advice by anyone is going to change them.
thanks for sharing Bruce
Always good life advice. Keep up the good work.
thank you
Mike: you mentioned it in passing. I have seen it many times. Old guys sho hate their job so when they reach age 62, they quit that job and apply for social security. They are in excellent health. So they could continue to work for several more years. Their SS checks are 30% less than what they would get at age 70. They have no savings, they have no pension. Their income is not enough to support them. Poor planning.
Very true! Indeed health wise👍
Hey Mike. Good video. Made me wonder about something. Here in the USA, I have a bunch of “end-of-life” documents. Will, Power of Attorney, Medical Power of Attorney, and Advanced Medical Directive. These documents ensure what I want done when I can’t take care of my self or pass, is ensured by law. Do these documents hold any water in the Philippines? Are there legal documents that would hold up available in the Philippines such as these key 4 in the USA? Made me curious….
Way too often these men are lonely and desperate who have mismanaged their lives. They look at the Philippines as a place that offers a second chance while underestimating what it takes to live a comfortable life. In too many cases, they do it to themselves.
Second chance to go broke
And you like that idea
Im fortunate that my Filipina wife has book and street smarts. She has a job with the Philippine government. She does not depend on my income. Of course she's younger than me. However, she provides a reality check for me whenever I want to make a big purchase such as property in the Philippines. Even though I can afford for her not to work anymore, she still wants to work to keep her busy. In reference to Mike's comment of medical expenses, anything major medical issues, I go back to the states to have it checked. Again, I'm fortunate enough that my pension allows me to rent for now and still go back to the US once in a while.
thanks for sharing
Doe she have a sister?
@@kwidid23 unfortunately, her sister is also married.
Mike, this is the best video I’ve seen on moving abroad. I’m doing my homework on my body, inflammation heart, kidney pancreas, and everything before I leave for Asia. Knowing your meds, knowing your inflammation level, all of this is important both at home and abroad. I don’t have the problem with needing to start a business, I don’t have a problem with needing that hot chick, I feel I’ll be able to just maintain a great life on $1,600 Social Security and $100k in the bank from inheritance. I’m ready to rock but not for two years while my mom is still needing help at 99 years old. Out of 50 “move to Asia” videos, this is the best I’ve seen. Henry, San Diego
thanks for sharing
If you are serious about maintaining your health, I seriously doubt that the Philippines is for you. Even in the Philippines, $1600 is a modest retirement income. Philippine health insurance is a sham and you won't likely find any that would cover your preexisting conditions anyways. Outside of BCG you'll have trouble finding a truly qualified cardiologist or nephrologists. The doctors in Manila charge American prices and it will be all out of pocket. At a bare minimum, maintain Medicare Part B and a high deductible supplement (like the high deductible G Plan) and hang on to you $100K at all costs. Then plan on returning to the U.S. for any serious medical problems that arise.
@ thanks, will do. Btw, I’m as healthy as the next guy but also aware what to monitor. Philippines is not my number one target retirement country.
Tell it like it really is. Bring sense to guys who loose their steady ground balance
thanks for sharing
Great advice, Mike
Thanks Charlie
Good information sir
So nice of you
I wouldn’t even want to live in the Philippines permanently now I’ve been a few times 😂 it’s definitely overrated. I think perhaps living in my home country in the summer and there in the winter would be ok though 👌
Thanks for sharing!!
How much should u have in reserve for healthcare? At
70 you cańt get health insurance in the Philippines.
I have 2 million peso but it is up to you to decide
Me too, Healthcare reserve is about 2 million. Plus buy your plots and funeral plan.
Question: Is buying a small electric vehicle a viable option there? Is it easy enough to charge them? I'm not talking about a car, more like a 3 wheel vehicle.
they have I see many in Dumaguete
@@mikesphilippineretirement The ones I've seen are all cheap Chinese junk with very limited range and take forever to charge off the Philippines poor electrical grid.
From me that would be a guaranteed hell no. Very expensive electricity per kilowatt. If you just have to have a three wheeler get one that runs on gas.
Hey, Mike, how are you? It's been a while since I reached out. That was a great video, good pointers. for anyone who's making that choice in life. I'm sure it's not gonna be easy.
Planning is the key.
thanks Henry
Health is wealth. 💜
very much so
Excellent video
thank you
I don't have any family that could help if I go broke, but I am fortunate that I have been lucky with my investments. And we already own a home in Angeles City so rent isn't a consideration. But my health is a concern I may not ever make it back to the Philippines. But I know my wife has a place to go if she decides to return after I pass away. Or she can use it for a vacation home and travel between the US and Philippines a few times a year. Maybe in 3 years after our daughter goes to college my wife and I will visit again.
Good plan.
thanks for sharing
Hey Mike! Nice meeting you today. We decided to go for a condo at Mandani Bay!
-Ricky
best of luck it was nice meeting you.
😂 if you invest with other expats your a fool. But if you do I'm Italian I'll make them a deal they can't refuse 😂😂😂
hahaha
For your puppy farm Gio! 🤣🤣
@Mikeyyyy_L I'm retired if she going to breed them she's got all the responsibility. I want on the beach with with wind blowing on my balding hair and a bottle of water since I no longer drink over 15 years
Mike the number one reason these guys go broke is by being stupid. Why would you trust a woman who has no budgeting skills handled your money. You made it you handle it. You as a man control the money. Secondly where is it written that you have to help support her family? What was the family doing
before you arrived? Mike you’re a hundred percent correct in making friends here or anywhere else. It takes years to develop real friendships. I’m in BGC right now. I’m not looking for a wife and I definitely didn’t come here to develop friendships from expats. I’m only here because I’ve always wanted to visit the Philippines and Thailand nothing else. If I meet a woman that’s fine if I don’t that’s fine too. I’m under no illusion that this a land of milk and honey. There’s good and bad everywhere. It’s about choices plain and simple. That’s where the majority of expats fail and less be clear they were failing at home as well and that’s why they came here looking for something that doesn’t exist. Another thing is why would you come all the way over here to help raise another man family? That puts you at an enormous risk from the start add on a bunch of freeloading family to a you see why you go broke. I didn’t do that at home and I damn well ain’t doing it here. Do your research before you come here. Mike I listened to you Calvin of sunshine shoulders Richie Rich just to name a few. Everything that they say is the truth. That way when you get here you should be under no illusion. I read a lot of horror stories about these expats and if I don’t feel anything for their misfortune so be it. If you want to help them that’s fine just don’t look for me to help. Keep telling the truth hopefully so will take heed to your advice. Take care
Ps I’m a widower who had one of the best wife you could ever have. She has been gone for 45 months and if you had the best why settle for less.
Awesome video Mike... You offer great advice... Thanks... Question for you, If I wanted to bring my GF back to the USA would be quicker to get married over there or do the Finance' visa thing and get married over here? I really would like her to experience living here in NE Ohio over a winter.
Don't do it!
@@tdgdbs1 You are probably right...but what the hell...
K1 is fastest way for now
Think in "Dollars" not Pesos.
as you should
Hey Mike
I have a ? Regarding you and Janet's relationship?
Since taking Janet away from her job and supporting her on a full time bases. What will happen after your gone. At some point Janet will probably have to work to help raise and support her family. Taking her independence away for your needs won't help Janet in the future. Finding a job can be challenging, not to mention her age with little to no experiences. Looking after a utuber giving her money monthly doesn't bring along experiences. What's the plan long term after your gone?
Great advice Mike. I might add Invest some money that keeps up with inflation.
Is there any information about what it is like for women to retire in the Philippines?
Long live America 🇺🇸
yes sir
I've seen homeless, broke and sometimes shirtless, hanging around on street sidewalks, benches in Manila, Angeles, Cebu Cities, even in Dumaguete. I wonder why the PNP doesn't see this and take action to refer them to the BI- Bureau of Immigration. I suspect it's because the PNP officers know that there's probably no money which can be extorted from the homeless foreigner, so why bother with it.
Sad, but probably true.
Your channel my favorite
thank you so much
So many podcasts talk about men retiring to the Philippines. What is it like for single women to retire there?
watch this video th-cam.com/video/KYOZ1hiQ0Jg/w-d-xo.html
Hello! Thanks for great youtube videos from your channel, I subscribe! I plan to be in the Philippines several months of the year. I would like to know if there are exclusive apartments/apartments with full service options (cleaning, access to doctor and nurse, food, +++) a short distance from good hospitals. Short distance to activities (golf, bars, restaurants +++). It would be nice if you could make a good video about this on your TH-cam channel. With concrete information about places, what can be offered in terms of content, possibly prices and the like? Maybe you can make a video about this, there are probably more people who might be interested in this!
Thanks for subscribing
I save 2000 usd a month here at a minimum thats a hard rule.
good job
Life there can be cheap. However it will cost if you become ill. A stroke for instance with post care can cost you every penny you have. In short one takes a gamble. You must stay healthy or else. The country will get your money if not now maybe later
so true good point
So how much does a stroke and post care cost where you are from. A full time live in helper possibly with a nursing degree is less than $500.00 USD per month. How much is a caretaker per hour in your country? I just would like to compare the cost ???? 😂🤔😮😂
Lifetime of poor choices doesn't change by stepping off a plane in another country.
Mike, I hope you don't have to use your "get out of Dumaguete" card.
what is that?
You left out the biggest risk of all; dating a single mom. Scuba Chef and the Armstrong family learned the hard way. Once the Filipina slaps the "Subway Jared" label on you, you'll lose your reputation and money real fast.
I have been with Janet a single mom and life is great.
Overall, I don't think single mom's are any riskier than childless women are. Obviously, a unmarried young beautiful Filipina with no children has the most relationship options available to her. She can kick your ass to the curb on Tuesday and find herself another simp expat on Wednesday. But no matter how hot she is, single mom's are still stigmatized in the Philippines and are far less likely to attract decent partners. Therefore, most single mothers will be extremely dependent on their expat boyfriend and won't risk destroying their meal ticket. However, don't marry them and NEVER tell them much money you have. Don't buy them houses unless you've been together for 10+ years or you're near death and just don't care. Always be worth far more alive than dead. They should understand that when you're gone the money is gone too! And NEVER EVER invest more than you can afford to lose in the Philippines!
@jasonjames4254 Since you're so valuable, it makes it almost impossible for you to break up with a single mom. She has the Cho-mo card that she can use any time to destroy you. That is too risky for me to entertain.
@@ExtraGuac007 Definitely a risk. And the easiest way out is of course $$$ on the barrelhead. Still way cheaper than marrying a single Filipina who can also accuse you of domestic violence, etc. And funny you use the ChoMo term. More of a prison term than a common street term.
@jasonjames4254 An SA charge is tough to shake, but it's a walk in the park compared to defending yourself from the stigma of harming children or animals.
If you're from the West and hospitalization in the Philippines would bankrupt you then you're in horrible financial shape in your home country to begin with.
maybe
True Mike get home get better then u can sort things 👊 yes there is lots of Gold diggers 👊 & the biggest fools is ourselves if we give .so as it goes don't give 👊😊 ie lots of these Expaths are scammers too 👊
thanks for sharing
Do as Mike suggests, dont go into business in the Philippines, especially with expats.
NO DEBT! If you don't have the cash don't use credit cards or loans. Fixed income with debt (monthly payments) equals financial failure. Mike, I hope these folks need your words.
thanks for sharing Brian
❤
thanks Edgar
thanks Mike,if you dont have about 10 million pesos,dont go.
you don't need that much
What’s underfunded to you Mike ?
no savings and a small SS check every month $1000 a month. The smaller your saving the bigger your income needs to be
@@saulgoodman7221 Depends; cash only? Credit cards? Income? Savings? I will try, to come to the Philippines you need healthcare that covers you 100% to include medications. No medical you need a minimum of 2 million pesos per person to self insure. Savings? Six months living expenses in the Philippines. Income will vary, I say $2,000 first person and $1,000 for each additional person. A return fund equal to six months living expenses back to where you came from. Again medical insurance back to your beginnings. You can do the six month expenses calculation. Over and above list is, are going to buy a house/condo, car, scooter, motorcycle? Do you need to buy tv, microwave, refrigerator, toaster, blender, rice cooker, pots, pans, bed, bedding, clothes, will you be eating steak or dry fish? Shampoo, soap, toothpaste, toothbrush, razors, deodorant, toilet paper, a water dispenser, a water kettle, are you going to install a good air conditioner, ceiling fans, TV, stereo, furniture, holiday decorations, outside table and chairs to enjoy a cup of coffee. Taxi fees, trike fees, jeepney fees, if you own a car fuel cost, upkeep, insurance, registration fees, tolls, LTO and PNP on the spot fees. Hair cuts, and other services. ETC ETC Add if girlfriend/wife, add girlfriends/wife’s family. This is just a short list of cost in the Philippines. And let us not forget drinking water, because you can’t drink the water. And last but not least be aware that most coastal waters are contaminated, it you like to relax in the water it’s best to have your own pool. A good meal out is between 1500 to 14,000 peso per person. It’s common for a good buffet to run 2500 to 7,000 peso per person. Took my girlfriend out for her birthday (her choice) I spent 22,000 pesos.
I'm in Dominican republic for 16 years now is never lend money they will never pay you back. They all think that we are millionaire 😮
@@dgsun7978lending money here is a no no never lend money to family or anyone just tell them to F..K off
You will go broke if you don't know how to budget.
thanks for sharing
It seems that anyone that didn't manage their money in their "entire life" and only end up with living on social security or a pension is destined to continue the stupid behavior in another country. Old people have health issues, and that's a simple fact. If one didn't plan ahead before then, they would obviously fail no matter what country they are in. People in life run from their problems to different states here in the U.S. but don't change their behaviors. They are doomed. Anyone who throws money 💰 to doomed behavior is throwing money 💰 away. Don't be a fool with a fool. Giving money 💰 to one who doesn't manage money well is never a good idea. I'm not putting anyone down, just not encouraging anyone to waste money on a bad idea. If one has health issues, then don't go to another country and be a drain their resources.
If Filipinos die due to health issues that they cant afford and govt cant help, what more can you expect the govt to help the foreigners
thanks for sharing guys
Mike your and Idiot. Disagree what you're saying. You won't go broke here. I live with mt Filipino wife in Canada go back and forth to the Philippines sense 2005 I never went broke. I have a budget. I stay at my wife family part of the time they don't ask for money even I offer to buy things they don't like. My apartment in Davao is P8000 eltric and cable, water comes to about P12,000 a month. In all my time here went to the hospital 1 time had some bad water from my brother-in-law. Bill at hospital was I think P3,000. Manitoba health in Canada reimbursed me back. Don't listen to Mike If you have family here friends don't go crazy you're spending you won't go broke. Mike just on TH-cam to make money.
Great video.
Retired expat from the US living here 7 years
Have a great Thai partner. She's frugal.
We help family, own our (her), house car, have savings. Health insurance.
Plenty of travel and things to do.
We budget every month.
Visit family in the US several times a year.
Great visits but love Thailand.
thanks for sharing Bruce
Great advice Mike👍🏻 but to avoid health problems in Phillipines tell them Mike to go to the gym or excercise🏊♂️🏋♀️🚴♀️. Go walking or maybe yoga would help there body feel better to avoid health problems.🧑🦽🧑🦽 They need a supplement vitamin 💊 to take after a meal.
**You are right Mike hanging out to party🕺🏾💃🏾🎶 with friends when you don't have the money.
***Can't afford don't spend your money.🤣🤣🤣 You should have a Budget. Good advice Mike. You are correct!
***Dating females... Don't have 3 girlfriends 👙 👙 👙 or more. Your money will be gone💰💰 spending to impress.
Mike you are correct! Sorry I am Laughing🤣🤣🤣 Don't have your main girlfriend take advantage of you and keep spending buying things and Mike dont forget, she is asking for money for her family! 🤣🤣🤣 OMG! YOU DEFINETLY NEED A BUDGET.
Mike that was a great video you were on point that was very good I am laughing. Ok Mike your next video is "stay in shape" don't be a "couch potatoe"
Mike if you are a military Veteran "Happy Veterans Day" 🇺🇲
Here in Las Vegas restaurants have discount prices or a free meals to Veterans. A parade in some areas or shopping discount prices for Veterans.
To all Veterans Thank you for serving 🇺🇲
thanks for sharing
@@mikesphilippineretirement Mike how do you like the cartoons 🤣🤣🤣 I have to keep you laughing ok waiting on next video.