$$$ "The Top Mistakes Expats make that leave them Broke in the Philippines"
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- เผยแพร่เมื่อ 26 ธ.ค. 2024
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You hit the nail on the head. A lot come to the Philippines planning on living on a fixed budget. What happens is they move away from that plan and end up living in tourist mode which requires a budget for a tourist. Obviously a budget for a tourist is going to be vastly different from a budget for just day to day living.
That is true, I heard one expat say his day to day living expense is around $1,500 a month, but if he's in travel mode with a GF double that to $3,000 and UP. Hotels, transportation, eating out every meal, shopping etc... can add up quickly. Some expats have been saying lately with inflation their budgets have gone from $1,500 on average to $2,000 the past year to maintain the same life style.
@@danielhackney7806what kind of life style we are speaking here for 2000$ ?
@@danielhackney7806 The 98% expats in Philippines living in provinces or hours away from city. They living basic simple life.They don't even own car.If you want to live western lifestyle will cost you. Depends what lifestyle you want to live.Probably in range 3.5k-5k and above per month for western lifestyle.
Love simple 1k a month
Easy Peasy
Self discipline is the key to salvation.A man without self control is like a city without walls
Going broke always has a woman behind it somewhere.
True 😂
What a jerk comment. “ALWAYS has a woman behind it”?
Yes that is true , but we all have a choice it's up to you if your going to give it all away . Or build a house . I know some get ripped off
Go for the men they will treat you right
indeed,it's not the country but the women
Gio. I have been around thousands of Filipinos for the last 30 years in the USA and was married to a filapina nurse out of cebu for 24 years, so I know the culture but had never been to the Philippines. I did the right thing and watched all of your videos and well as Reekay, Paul, Steve, Mike and many others and made a few friends out of some of them and we chatted in private one on one. I flew into cebu July 27th, so I have been here about 6 weeks. Yes I have made a few mistakes but its all good.I did spend $10,000 USD the first month buying a nice car and setting up house and now muST return home in October just to grab some more money and I will come back. The nice thing is now that I have set up everything, its just maintenance now (rent, food, gas). I LOVE IT HERE and will be moving every 6 months to see where I want to be. Im in Butuan at this time with an awesome home for a cheap price and making lots of expat friends.
planing on doing that myself since im only 53
Mr. Ron was a super guy and I'm sorry for your loss. The elephant in the room that we all need to be aware of is inflation. Plan on your costs doubling every 10 to 20 years and living to 100. Plus as we get older, plan on increased medical expenses.
Your personal experience adds to the truth, absolutely correct advice!
If you can't live off Social Security in the Philippines, you definitely can't live off it back in the States.
Though, if you are that poor, you can get Medicaid which in most states is the best insurance coverage you can get. And you would get the EBT card for food.
Exactly.. I refuse to work until I die. My current Filipina wife in USA destroyed my credit, spent all my savings.. I could easily live on SS in the Philippines if I can be brave enough to leave her
That’s why I moved to Thailand
Where are all these guys families back in the states , children , friend's , brothers and sisters , parents even ? are there just men with no one and nothing after a life time of working and raising a family in the US ?
Hey Geo I came over the first time for about 4 months and I got married after knowing my wife for about 4 months we got married and went back home and sold everything, came back to the Philippines for good but with a lot less money than I thought so because of watching all you TH-camrs and just by luck I found a job online teaching and I didn’t have that certification you were talking about found a nice place to live for $300 a month and now I’m getting a large sum of money on a work related job and a great wife!!!!
Another money problem. Is visiting the wife or girlfriends. Family. Most think we are all rich. And can buy all the food for 20 or more people during your stay. Been there done that before. I told them they pitch in or no party. The number of relatives coming over went down real fast.
Yh they wll drain u dry,,and drop u whn u are
You did the wise move.
Expat loser@@jacquesjtheripper5922
More good information Gio! I am one with good savings, ssi and pension, but I know you still have to watch it. It’s all about taking it’s slow and enjoying the moment. Thanks buddy!👍
I was recently involved in a serious motorbike accident at night while it was raining. I had ridden bikes all my life and had a couple of falls over the years but nothing major. Well, that night I crashed at a poorly warned road construction site and broke a collar bone and sustained multiple rib contusions to the point to where I could hardly breath. Total cost of surgery, hospitalization, meds, etc... just slightly under $2,500 USD. $2,486 USD to be exact. My Blue Cross/Blue Shield was not accepted that the hospital, so I had to pay out of pocket. After dropping a 40k peso downpayment things got moving really quickly. I am still in pain but am so thankful that I had savings otherwise I would probably still be sitting in the waiting area.
That's why I never ride a bike in the rain.
I have a credit card for eventualities.
A lot of insurances don’t cover motorcycle injuries.
Bet you get a trike now hahaha
Hey Gio, the one thing that stands out to me and I actually made changes before coming to the Phils was to walk, exercise, review my eating habits just do what I can to address the many simple things we can correct before making the move. You'll be glad you did once you're here as you naturally become more active and healthier with less effort. Just a thought, take care. Sorry to hear about Ron I remember he was consistently in the room during the many live chats projecting a happy-go-lucky attitude he was a humble guy. May he RIP.
What you described is having a buffer. This isn't only something unique to the Philippines. No matter where you are in the world you got to have a buffer.
Absolutely
Also known as an emergency fund.
I concur it's just a higher price. But I wouldn't miss it for the world!
As it's been said, one must be young and foolish before becoming old and wise...
Good advice wherever you live ! God Bless !!!
Not easy living with $1,500 a month in USA either. Its tuff everywhere you go now adays. Thanks for sharing GIO, God bless you always. Peace.
My apartment was that much with utilities, that’s why I retired to Thailand
I get Less than that ( at time of posting this ) and I live Vary well on only $550 a Month, Bills and Food (including eating out on a regular basis)... Everything I own was/IS Paid For when I started out at only $900 a Month just over 13 years ago.. Half Acre Land, Almost a Brand New Truck, House... Trick is, No Girlfriend here in the States! It all depends on Where you Live and How Well You want to Live...
I'm a Filipino American, married to a Filipina almost 10 years now. We're currently living in the states however will plan to go back once we retire. I lived in the Philippines prior for almost a decade while going to school there so I'm very aware of the culture and costs of living there, most tend to underestimate what it actually costs there to live comfortably. I totally agree with all your points especially in regards to Filipinas. A legit and worthwhile girl will not ask for one cent from you. In the beginning, my wife, girlfriend at the time, actually spent money on me lol. The actual culture is you have to "court" a girl before even being able to call her your girlfriend. Getting to know her, talking to her and her family etc. I courted my wife for an entire year before we were official. At that time I already had met all her family and friends and was super integrated into her family. Any ask for financial assistance should already be a redflag, watch out for that and you should be good most of the time, think with the head on your shoulders, not below and use common sense lol. Anyway usually the purpose of being in a relationship, at least for the legit girls, is marriage and starting a family. So westernized hook up culture isn't that prevalent with the more traditional filipinas. Also don't look for love in the bars and clubs, man that is just asking for trouble. You can meet wholesome beautiful girls by just living there. They are everywhere lol. Rent a place, meet the people, don't be a jerk and trust me love will find their way to you. Again my advice for expats looking to migrate is rent a place first and stay there for a few months, DO NOT sell off everything and move to Pinas cold turkey. Get to know the way of life first and find out how much you'll actually be spending and plan from there. You can live comfortably for $1k per month, but IMHO that's the bare minimum to survive, not accounting for entertainment and emergencies. Take at least a year to slowly transition before taking the plunge. The Philippines is a great place to live, but you need to curb your expectations and adapt to life there. Living there with westernized expectations will set you up for failure, but adapting to their way of life and you can find your piece of heaven.
Good advice, thank you.
This is 100% correct,getting a filipina is not just like picking a bubble gum somewhere a putting it in your mouth
Once the sweetness all dissolved,hell will start.wherever you go,you must plan,adapt and execute and you will live in the Philippines like a local Afam😅
I have $400 a month. Can I live more comfortable in the streets of any city Philippines as opposed to my tent in San Fran, Ca? or my brother's park bench in Portland, OR?
There are cheap apartments. Living in the street in te Phlippines is asing for trouble. You can rent a room ang live like locals.@@userbelieveinGod
I finally listened to someone who is real. Wow. What a breath of fresh air. Bobby and Marilo Vancouver, Canada 🇨🇦
Thank you
I remember Mr Ron always being one of the firsts on every live stream.
I plan on doing a test run later this year to the Philippines. The info on your experiences on how to navigate a smoother transition and your links are an excellent resource.
The best advice I've heard from anyone in the expat community. As someone thinking of doing this it as certainly given me food for thought. I won't stop me but now l know l need safeguards in place. Thank you.
Very good video. I have watched many videos about expats and these situations are what makes me cautious (even paranoid) about not having enough money. I plan to retire as an expat and have 1. Social Security 2. company pension 3. 401k savings 4. at least $25,000 cash in the bank. In addition, I will have a decent medical insurance policy for expats. It may sound like I am over-planning, but these folks who under-plan can end up homeless and begging or even dead.
Excellent video Gio and sorry to hear about Mr. Ron. We knew he loved his Filipina wife and daughters very much! Have a great day ahead!
I spent 3.5 years daily texting and couple video chats a month getting to know each other. I also watched videos like this one to learn about culture. I came over for 8 months renting a house living with her. Then came back to downsize and settle accounts before returning for good. Right now she is 51 with 2 adult kids and I'm 70 with good retirement.
Well, thought out and planned.
@GiointhePhilippines We bought a lot in planned subdivision building a 2 a story house designed by her talented son. Roof being installed this month. I know for a fact she is a keeper.
You like drinking another man's beer. Not for everyone, thanks.
what??@@damncars2618
@@johnkeogh42in Thailand I can not buy land , I would be putting a house on her land , not a good idea
Gio, always good points. That was a very important talk to give.
I remember what you said before. Don't come here and live like a tourist!
Most places in Asia, an expat needs 1 to 2 thousand a month. Depends on the area and your life style. Women in Asia is a package deal. Her family's problems are her problems and will be your problem. Make sure you can afford to help and don't be afraid to disappoint when you can not. Have a budget and stick to it. Btw, don't stay with a woman that does not show you repect and shares your values. Asians are very traditional; so it a red flag if they don't so repect. Good luck everyone.
I call B.S. Scummy people get very "traditional" when they smell U.S. dollars. Her family problems become yours only if you are a loser chump. Grow a pair fellas.
Mostly found in Phillipines..in others SEA country like,Singapore or Malaysia is different story.probably these 2 country are more developed and educated than phillipines.
I lived in the Philippines for over 10yrs , I didn't spend money like many western men do . My wife I married didn't spend money either . A pedicure , manicure and haircut she paid less then $10 for it . Too many foreigners over pay for things and find themselves paying the secret foreigner TAX 😅😂. There is so many reasons foreigners spend too much money 💰 and don't leave that western mentality behind is a part of it . If you can't live like the locals then don't expect to live cheap in the Philippines. My wife and I built a home 🏡 for not much money and is very nice . But we cook most of our meals and if we travel or do things we do it like a local , use public transportation, etc . Don't expect to come to Philippines to live like a king or rich person and it be cheap to do so . Also try not to live in the areas heavily populated by foreigners like the big cities it will cost alot more . The list of don't Do's is what most will do and will end up spending more .
good advice.
I live off of ABOUT $550 a Month (Food/Bills) in the States... There are MANY Videos showing you can live Vary Well off of that over there... That makes me think... Think, would Not actually Do... that I could just pay for everything over there in US currency and still come out ahead each month and that would mean I would be Helping them also... If a Meal over there cost $5 Their Price, I just give them a US $5 bill and tell them to keep the change... Rent is $35-$100 Their Price, I give them that in US Money... and would still only be spending $550 a Month...
Your one of the FEW sensible foreigners
Would love to hear more of your advice.
@@ravenloransit doesn’t work like that, you have to change $$ in to their money, the locals there live on that budget $500 a month, you’ll live in a shack with no AC and cook at home, eat good healthy food bought at a local open market, you can do it , it’s just going to life like locals live
I like that you draw the distinction about scamming vs. not scamming. Filipinas will definitely pressure you for money, but it is totally transparent in most cases. Usually they are so poor that you appropriately feel sorry for them and help them out.
Been here in PH and have avoided the bear traps. Been here 15 yrs married for 10.got my pension and enough savings for 800mtr seaside plot and built a modest house. So far so good, feeling blessed
I always wondered what happened to Mr. Ron because I didn’t see him on most of the channels as you say seem like a nice guy. I didn’t realize he was living in the Philippines and worse yet only on 650 hours thanks for the good advice Gio…
I'm nearing 70 and my wife and I (Filipina from Iloilo and elsewhere) have been here for 8 years, living on our social security which is MORE than adequate. We came over, built our retirement home, so no mortgage. Most of my friends are similarly disposed as it turns out. We have enough money and enough credit card to travel once or twice a year. Life is good.
Life is good, indeed, something to appreciate if you follow the news back home. Kudos to you and your wife.
Hi Thank you for the best information and life lessons advice my friend 🎉Thank you.
Thanks for watching!
The same can be applied to Thailand. Word for word.
Very well explained. Men going to the Philippines should listen to you.
Do your assignment, when you feel not right!! Run
Bad financial plan and act like the savior of your gf family can make things hard for sure 😥
They all do research on " happy youtuber showing how cheap to live in phillipines"...they watch the street food and tght 'ooo so cheap,i can live there'..bad life planning and financial planning..mostly use balls to think instead of brain.
Gio I’m already retired from working for the government at 58. Coming there to start my life over. Doing dry runs 2 months this year. Then see what happens in 2024.
I am pretty new over here been here just over a month I’ll tell you the first few months can be pretty expensive a list of some of the one time expenses I have paid: hotel for the first week 25k, bike rental first week 3k, purchase of new scooter 130k, mattress 11k, furniture 50k, stuff for the apartment cookware bedding tv cleaning supplies…50k
Now I’m at the point where next month I should be able to calculate what my true budget should be as I can’t think of anything other big one time expenses
Very true!
You will have a true budget after about a year. You dont have much detail in your costs after your hotel stay. You are still a virgin.
Should have got an Airbnb for one month for that price.
25k for one week in a hotel, that's a bit steep.
Great video Goi. Good information to consider anywhere and anyway in life. But more for those who step out of their comfort zone and venture towards a new lease or way of life.
Sir, it depends on what kind of Filipina you're looking for IF you get highly educated Filipina who has a stable job that would be different. Because most of the old guys who went there are just looking for a younger girl who are not highly educated and got no job and just rely on foreigner that will happen. But if you really want a descent Filipina who doesn't ask anything from anyone and who are independent person that would make a difference. Please don't judge all Filipina like that, because there are many descent Filipina who doesn't rely on Foreigners.
Thank you. Great video. I will be in cebu on the 20th and feel like that second scenario is what I was heading for. Thanks
Best of luck!
Thanks
I met a guy retired in Varanasi India
He got $150k inheritance. He’s 60
And last I talked to him he’s going
Broke. Drinks alcohol everyday
should of come to the Philippines.Its impossible to run out of money drinking and smoking here.
I enjoyed your commentary. You are interesting and well spoken. I've lived in Davao City for a little over 16 yrs. It is very true that sometimes when we, myself included, have referred to someone being scammed it is in reality someone making "Bad Choices" and not a actual scam. Thank you for pointing that out. One experience I had before I got Permanent Residence Status I used to have to go every 3 months to the Immigration Office in Davao. Once while there I got into a conversation with a American, I think he was from Florida. He was younger than me and I found out from him that he had no income whatsoever and he was living off of his girlfriend's meager income. He said that he had been working on Soc. Security to get a disability pension but SSA wasn't buying it. That was several years ago and I wonder what happened to him?
The things a man will do to live in paradise. He needs to go home and build a nest egg or he's going to end up in immigration jail.
I'm 29, almost 30. Not married and no kids and I don't plan on it. Been saving. I'm super interested in the Philippines and Thailand. I'm going to have to check these places out in the future.
This was very thoughtful and informative.. So many topics touched on about being smart and good financial literacy for “middle-aged males” who are enjoying their twilight years in the Philippines. I hope things are going well for you and that you are continuing to live out your dreams, Gio.
Oh wow. I didnt know Mr. Ron passed away. Use to see him almost everyday on your channel and in the live streams. What a sad situation. Take care out there guys.
Great video Gio and great topic. I think a big mistake is to land in the Philippines for the first time to meet a girl you’ve had a LDR with. Automatically all of your decisions will be ‘emotional’ decisions and not independent financial decisions. I think plan to retire or live in the Philippines because you want to live there and have the financial means to do so. Having a girlfriend there should be a side effect of good planning. Not the result of poor planning. Thanks for sharing. 🙏
I've been with just one girl since retirement, we started as an LDR and it wasn't a mistake. I hear the same story from many others 😅
it completely depends on the individual particular girl .. it's up to the guy to properly vet her along with not being a simp leading with his wallet
Thanks. Loved the topic. I'm planning my move now with backup plans. ..I needed to see this.
Yes interesting ideas we definitely feel like saviours when even rescuing or helping a pretty lady in need money goes fast in those circumstances. Plus we have two heads to deal with which can be a battle on its own. 😊
So true!
Absolutely a great video, thank you very much. You were right to the point and right on point.
I get a kick out of some TH-camrs that claim to make it on 600 usd in south east Asia. I think the absolute minimum is double that amount. That might have been the case prior to covid but not now. I’m pretty frugal and I’m able to make it on 1200 but I don’t drink or smoke, which is a plus. I also seldom use grabs because I like to walk to stay healthy. Any case good video to those that are thinking about moving here.
You said it you can survive but not enjoy life here. Your able to make it !
Ridiculous amount to try and live oon
That is not true. I have been in the Phills for past 7 months and have written down every expense for the past 6. My highest month was 950.00 and lowest 668.00. I average about 825 per month. That includes 90.00 health ins. My rent is about 305 USD and my elec. is about 55.oo . I do not travel much and am living by myself. Now if I could give up girls, beer and pizza , I could easily keep it under 600 per month. But that is not happening.
Build a raft and fish everyday, fry them up and you can cut your food bill down further.
drinking and smoking is cheap man but everything else is expensive.
Hey Gio, good information. Common sense goes a long way.
Liked your video, especially that you didn't jump on the band wagon like most do about blaming some young Philippina girl for all of the expat's money problems. Most of the expats if they went back home and could find a gorgeous woman that would give them the time of day would find out what it was like to be played for some serious cash.
Yep
Well said.
Your video is right on. An income stream is a “must”. I didn’t know Mr. Ron had passed away. I was wondering what had happened to him. My prayers go out to his family.😔 Take care.
My friends listen to this man he is giving you some good advice. One of my best friend's is Filipino. His mom and dad move back to the Philippines they built a couple of houses one of them is is he goes to the Philippines once a year for about a month. He told me all kinds of crazy things that happened in the Philippines to expats....
One point you forgot is inflation, you plan on a budget for many years but the prices go way up and the budget can't meet the new prices. You need to plan on way more than enough and if times get tough you can still pay the rent and eat well, just maybe cut down on the extra travel and fine dining every night. Better to have too much (if there is such a thing) than not have enough.
Very true
Good thing the value of the US dollar is on the PHP upswing again
Supermarkets are expensive in Philippines compared to the UK so is medication compared to Thailand and Turkey.
Hospitals in the PI require you to have money up front or insurance before they'll admit you.
True
I wish the US had that policy .... the insured end up footing the crazy bills that all those losers dont pay.... IF I go to the emergency room next time im just going to say im an Illegal Alien and give them a fake address so I can get my medical care Free also just like they do ?! Why should I pay and they dont have to
If your a veteran , VA has private hospitals accepting VA payments in Manila . VA will actually pay these hospitals direct, you have to call the US embassy in Manila or search online for the names of the hospitals , I’ve seen the list, it’s 4 or 5 fancy hospitals in Manila
Most Americans suck at financial planning. I'm glad you laid out the truth on what to expect.
I think any emergency can ruin someone's retirement plans. There's been some pretty horrific natural disasters that have taken place, where people lose everything and need to start over. If they don't plan for those 'unexpected emergencies', it can change someone's comfortable expat life into utter destitution in the blink of an eye. One good volcano eruption, earthquake, or even a 'super-phoon' and it's all gone. Having lived in the area during a few heavy typhoon seasons, some pretty wild earthquakes, and the volcano eruption back in the late 90's, there were a significant number of those who were in just such a position afterwards.
Personally, I wouldn't have changed living through those tragic events for anything. I learned a great deal living and working through such natural disasters, and having those redundant options becomes second nature. There are also a number of people who have no concept of planning anything, and 'dream' through their lives. The slightest road bump life hands them and they completely fall apart. The type who would walk off a pier thinking it was going to go on forever, and then surprised when they end up treading water for their lives.
Spending money is like a high almost, and it’s so hard to stop.
When I started making money I spent more than I ever had, it took me a couple months to get it under control
Once you start spending it’s so hard to stop.
I see it all the time, Myself Nope, Financially Secure with passive before I got here, Now here still passive, but able to save more due to low costs and own nice home here, rental here in Cebu, and my wife Is frugal, not materialistic thank God, 8 year age gab no twenty’s here, Love my Pinay, She plant freak, Love plants as well, God Bless Belus
Surgery could be done in govt hospitals including consultation and laboratory tests for free. They can also pay into private medical insurance for minimal monthly fees
Great advice! I will not make the move to Philippines until I have a good incoming income stream. I'd like to get my youtube monetized and do a few things on fiver or upwork. Right now, i'm stuck in a soul-sucking crappy job teaching ESL in Korea, where I've been almost my whole adult life.. Just want to escape without going back to the states. But I won't go anywhere without a stable income.
Ideally need savings and a monthly income like a pension. Inflation is starting to bite here in the Philippines especially with food in the markets remarkably.
Ideally savings and a pension , what would you do without them ?
My wife and I have been together for 10 years, I am 51 and she is 38. I guess I am an exception because I am fully retired. We live part time in Maramag in Bukidnon and part time in the states. We have a house in the Phils where her mother lives. We will be coming over full time in about a year. I get my retirement and my VA disability. Plenty. Plus I can look forward to SS in a few years. We will have a modest budget but, enough to save at least $2000 a month or more. Love your videos! Great for the new guys and even great info for us more experienced travelers.
That’s reasonable age difference, you won’t need to worry about her running of, these guys that marry 20 year olds, it’s flash in the pan, asking for problems
Thank you for the informative content. I have a question, I was under the impression that foreigners couldn’t work in the Philippines …
The company that hired me was able to get me a work visa.
Thank you for that bit of information. I’m one of those veterans who are considering moving to the Philippines. I have 49k in savings and I want to retire at 65 with 1.6k a month in SS. I have time to increase those figures to create a greater cushion. It’s still a daunting challenge but I think I’m up to it. With the VA hospital in Manila, my prescriptions will be covered. I want to budget 1.2k per month until I retire. Upon retirement I should be in the 1.5-1.7k per month range. Does this plan seem feasible?
Great advice gio😊😊
Do you have pi health or travel insurance?
I have travel medical insurance, links are below.
So what would would be the medical options. Is insurance available. At what cost? What is the quality of medical treatment. Wait times. Thanks
Friends of ours got ripped off by their contractor and lost their ass. Now they're hiding in Oklahoma, hiding in shame from everyone in California that they blew off a few years ago to go "live the dream "
Hi tasha from England so sad to know people being left destitute in the Philippines. Like ken q adventures. believe you're words of wisdom will help these folks grass isn't always greener .thank you Gio 😊
Aged Pension in Oz is 65 going up to 67 and we get free hospitalization. My Filipina wife works in Oz and looks after her own money.
Very well said sir💖👏👏👏
I totally fell for the knight in shining armor when I first got there 🤣😂🤣 luckily i had enough and moved past it quickly
It happens to the best of us.
Im 32 years old and my fierce lives there. Been there twice. But i dont think i be able to live there full time until i hit my early 50s.
But i love it there, already have my own moter bike and enoy it everytime i go there once a year
I lived in the Philippines for over 5 years. in non tourist mode you need around 60,000 a month to be comfortable. but in tourist mode X3 that
Enjoying life together and do these things is just a bonus in balancing things life but don't forget the quality and deep meaning of life together grow mental emotional and spiritual together grow go wider in deeper more quality how u two mutually and compatible look at things and balance things out in life together .be safe person, people for each other safe for ur soul life time and dreams.
Excellent video mate.
I like your honesty and telling us your own story.
Much appreciated
The part where you defined the difference between being a knight and being scammed was very good. Most men, myself included, want to help our girlfriend if they're poor. If it goes bad then we jump straight to the "I was scammed" mindset when in fact it was just our own stupidity. Having the small amounts, under 100k, which most people do when they go there living like a tourist is a recipe for disaster. Im going there in a few months and already own a home there, sorta, and have more but I'm taking heed to what you said. It's just as easy to spend 10k or a million anywhere if you're dumb enough, lol. Thanks for bringing some reality to the airwaves.
U have never lived here but U r confident? Realise fools never realise they are fools. The level of complexity here will soon overwhelm you. For example everyone is a liar.
It your smart enough you cannot be fooled by liars,
I can give you some piece of advice about living in the Philippines,dont get drunk in the bar😂otherwise you will end up cursing all the saints😂😂😂
I have been watching TH-cam videos and considering retiring to Thailand, going to do a one month stay to see if I like it. I don't think it is a good idea to move overseas unless your finances are in good shape. You need Health Insurance and an Emergency fund that can get you back to the United States and get reestablished if needed. I am thinking the Emergency fund needs to be at least $50,000-$100,000 with steady income of at least $2,500 per month. The cost of living in the Philippians and Thailand can provide a quality retirement. I think the big mistake is guys with little to no net worth or steady monthly income can go and take advantage of the low cost of living. I just don't think that is the case. You need a bit of a nest egg with a steady monthly income (pension and/or Social Security). A set amount that just covers your expenses, with no emergency fund, is not a good idea at all.
I agree. I haven't become an expat yet, but from all the information I've gathered since 2018, it seems like a "safety net" needs to be in place. I think 50k is a good amount and certainly wouldn't advise having less than 35k cash stashed away. You can live a decent lifestyle on a "typical social security check," but many will be tempted to live above their means. If you plan to live a simple lifestyle in retirement, it can be quite reasonably priced. However, if you plan to be the "forever tourist," the costs can rapidly increase. This is just my opinion, but I recommend living on 75% max of your monthly income and lower if you can live comfortably on less. You don't want to be spending everything you have coming in on your monthly bills. It will completely suck to live "paycheck to paycheck" in your retirement. Living that way, either in the states or abroad, is usually the first step to a catastrophe.
What I notice is if he is wise with his money throughout his life, he will continue to live that way in retirement. The guys who we hear about are in that position because it is a pattern. The instant gratification that is emphasized in Western culture is a suckers bet. He comes here, sees the cost of living and gets caught up a champagne lifestyle on a beer budget. A leopard does not change his spots.
I moved in with my (now wife) after only a few days in the states (both mid-westerners)... that was 40 years ago lol. Relationships are a choice not a feeling. :)
Great video Geo harsh but true a good look at things for anyone wanting to live there
“There’s three ways to go broke
Women alcohol and farming
My dad just happened to pick
The most boring way.”
Pope John
1963
Gio what is the travel insurance you recommend and how much coverage should I get??? I’m planning on traveling to Thailand also
I use this one: safetywing.com/?referenceID=24748534&Ambassador
but this is the other one I highly recommend: visitorscoverage.tp.st/f6dHJDqB
Gio, I totally agree when guys make bad decisions they cry Scram. One's failure to say No! is not a scam. If I recall, expat John came to the Phils with 40K and it lasted just under 2 years.
He had 50k. b4 he let himself get taken advantage of.
Excellent video Gio
If they have the retirement visa, doesn't that give an expat access to PhilHealth, which should provide some coverage?
Some coverage yes
Good video Gio especially the self reflection.
Thanks for the update on Mr Ron. Had been wondering what happened to him 😮
on health incurance you can get a 1 time one thats pretty cheap its just a yearly thing and will cover you trust me atleast that
Great and informative video. Thanks!
Hey I've heard if an expat is with a married Filipina that they could get expelled from the country is that true
expelled from the country not likely but the spouse can have their marriage visa cancelled.
I follow your blog very closely n never fail to give you a thumbs up always. Also all the advice you give , salute to you dude!
I appreciate that!
Hey wise advise por People who"s thinking become an expat, l got sick from prostate 10 months after l become one luckily l had buy a health insurance the first week that arrived into the country, some times you have to become a menber 1year before to be elegible for any type of surgery
One thing I would add is NOT to have children especially if you’re retired or approaching retirement. I’ve seen too many quick marriages and live-ins fail with the kids paying the price.
Real Talk Gio Thanks my man Good to know.
How is US dollars changed to local currency?? Do you keep US banking same in Phillipines??
all so true , most Oinay never ask for money, they are a proud people, its the decision of the person that lets it happen, being generous, and not thinking out the decision first and figuring out what is best with your money how it relates to your budget
My advice to a foreigner living with a Filipina wife with fixed income. Find a way to do business like to have passive income in order to sustain your lifestyle . And live far to other province with out her family😊.
Yes, laughed checking off all the boxes on money mismanagement ..I'm only here in Miami on my porch & still screwed. Plumbing repairs & a rough weekend & I'm pissing into the wind
Another is for wife to be member of philhealth and declare expat husband as dependent. This will reduce medical costs. There will be free consult and laboratory. Philhealth fees as low as 10 dollars per month
This is slightly off topic. What are some of the best ways to get your money (large amounts especially) from the U.S. to the Philippines?
The best way is using Wise
wise.com/invite/ahpc/giovannis229