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I came here over 13 years ago, set up a full bank account, built a home with 5 bathrooms & 4 bedrooms. Paid in full. All it takes is discipline, saving and common sense. Live within your means & you can still save 💞
Good information…always amazes me the expats who seem not to have the financial resources and a back up plan to make this journey. You are correct, rent in USA is getting ridiculous. These type of videos are very important..thank you.
I have retirements, VA disability, gold, silver, cash and have a good sum of gold/silver stashed at a vault in Singapore (in case I can’t make it back to the US for awhile). A few more years I’m be here full time 🍻
10k over 6 months while also earning money, isn't THAT bad. But yes make people aware that they should have a budget and stick to it. A safety net will fail if you fail to maintain it. Good video guys!
Hey guys, good job, this is a no-brainer in terms of having a backup plan and finances another thought related to your daily and reducing costs is to be somewhat health conscious. Nothing over the top just modify some things without being too rigid so you'll stick to it.
Yea.. When I came to the Philippines I wanted to drive it like I stole it here in Angeles City.. All the finest women, cars, alcohol, housing, food, and fun.. Then I realized most women didn't care if I was driving a new Mercedes or a rented scooter.. Just as long as you have a nice attitude and are friendly most women and people in the Philippines prefer that over a super rich guy. Just be nice and you will get nice back in most cases weather you bring a big bank roll or just living on Social Security.
You’re correct. The old saying when America sneezes, Canada catches a cold is still somewhat true. China has a major impact economically with the Philippines as well.
We are too greedy to fail (at least during our lifetime) and we will always have a constant supply of immogrants from south america to keep the capitalist machine going so this train aint stopping any time soon. No amount of politics can, either everyone needs to do a 180 or a bunch of nukes need to hit the U.S to really change things, otherwise is more of the same with drama every 4 years.
Actually the research I have done say the banks in Malaysia 🇲🇾 and Singapore 🇸🇬 are probably the safest place to park your money in the event of a world bank collapse.
You have to decide what the long game is, with at least one backup plan in place, before you even decide to make the move anywhere outside your home country. The first 6 months is the honeymoon stage. This is usually when a guy will know if he will stay or return home. Unfortunately this is also when a newbie makes most of his costly mistakes. The number one mistake always comes back to a woman. If a guy can avoid a relationship, take a month or two to get his feet set, his odds improve drastically that he will make it.
Interesting and valuable conversation Gio, lots of useful points discussed. I’ve been travelling around for five months, the last three in the Philippines. I realise more now what I would need to do to start living like a resident instead of like a tourist. Thanks for sharing.
In Florida, I 've seen people renting out their old RV for $1k a month. Yes, average rent now is about 2k. Anyway, whenever I go back home to the Philippines. Everything seems so expensive to me. I always compare the price to the 80s when I was still in Manila. LOL.
If I rented my condo right now, I can get $4K+ but luckily I don't have a mortgage anymore. Even without a mortgage, my HOA fees and property tax is around $1400 per month. It's almost impossible for people in their 20's-early 30's to be able to afford to buy a house.
It's all part of the WEF plan, " you will own nothing and be happy". Blackrock now own 33% of first starter homes in the US. They buy up whole neighborhoods and then drive up the rental prices.
Agreed. I gave up and I"m renting out of my parents "mother-in-law" unit and putting the $1000-1400 plus that I'm saving a month on rent and what not into the stock market. The thought of having a 30 year mortgage with crazy high interest, plus super high florida insurance and property taxes breaks any motivation of "owning" a home. Makes zero finnancial sense to me.
Retired at 60, 5400 monthly income, pushing 2 million assets I’ll be good. Here in the USA it’s so expensive and stressful because of expenses. Now traveling in Philippines for 2 months looking for a good place to land. Going back in June and start liquidating stuff and properties
It all depends on your requirements…I’m in similar financial position and lived in BGC for 3 years ..one of the few places that has a real quality feel is subic bay freeport …internet fantastic, water potable, no brownouts and you can lease land ….albeit the same bureaucracy.
I am in Manila for now, cause that is where i set it up. MY GIRL AND HER 4 Daughters and our 2 year old daughter. I am at $1,200 a month expenses Rent 16,000 p elect 10,000 p Pldt 2,000 p trans 4,000 p Food 10,000 p water 4,000 p Those are basics in Las Piñas 2 story 3 brm 2ba gated community
I commented a similar thing on an earlier video that $15-$20k is way too little to re-establish yourself in your home country, whether the USA, Canada, Australia, etc. Sure you can do it, but imagine not owning a home and having to rent when you return, not being able to buy a nice reliable car unless you take a loan, not being able to buy new furniture, etc... and then having to live like a pauper.... it sounds miserable to me. I'd encourage people to set themselves up a lot better than that if they're intending to move overseas. You never know what is around the corner and having such a small safety net is a recipe for disaster if things go bad and you have to return home.
The mistake that some people make is continuing to spend like an American (or wherever you’re from) instead of spending like a Filipino. Yes, you can live a bit higher on the hog than the average Filipino, but you have to stick to some sort of budget. You can’t continue to spend like you’re on vacation if you plan to live somewhere. Next, don’t count on your income unless it’s your retirement. Businesses can go away, a remote job can go away, etc…. Have a good savings. Emergencies always pop up.
Thankfully I have a nice military pension and a much higher than average social security. The 20+ years I had as a Fortune 500 Executive really bumped up my Social Security. My company’s 10% annual contribution to my 401k was kick ass. I maxed out my 401k for 20 years and I maxed out my Roth Catch-up for 12 years. I was the ultimate ANT planning for tomorrow. No GRASSHOPPER here.
Good on you…. How ever if you do have a large budget or disposable income in a place like the Philippines, I would recommend being very discrete about you good financial situation… not just with locals (including with partner and their family) but also with other foreigners.
I lived in India for a year. Had 2 girlfriends. I can't handle the trash though. It's like San Francisco here. I was bouncing down an old dirt road, dust cloud trailing us. There was a guy with his pants down, looked like Aladdin with a terbin, but he was craping on the road. He didn't even flinch as we went rattling buy. Balls blowing in the wind
Thank again Gio. Keep talking real conversations. I’m retired here in America 58 years old. Have good pension from the government and other savings accounts. I coming there in June. Looking to live there. But I don’t want to act like a tourist. But it going to be hard.
Here in Redding, CA; a ROOM in someone else's house, will rent for $650 in the very low end, up to $1000 just for a bedroom and a shared bath. My $2100 Soc Sec; just aint gonna cut it. Selling my house, will net me around 150k, with just under 100k in the 401k. I figure a $400 rental, $300 utilitites (including internet and TV), $300 for food; $250 for entertainment, $200 for a livein housekeeeper...and instead of pulling money from savings every month, I can deposit $400 every month. Which leaves me the ability to take a 2 week vacation every year ($3k), strictly out of my soc sec money. Am I "wrong" in my figures?
You will be fine. I'm a pretty frugal guy and was able to live in Cebu for $1200 per month and I could have gone lower with less trips to beaches and waterfalls. Dont forget about visa fees, they average about $50 per month with ACR card and fees. You probably wont spend $300 on utilities, water and internet and phone is cheap.
Hey Gio,, I keep hearing people talk about getting travel insurance when they come there but is travel insurance only good for example 30 or 45 days or is it something you can keep long-term months in and months out?
How is the same way when I came here in 2010? I spent my money went through it so fast my ex-girlfriend. At the time my son's mom what always buy things? Are they wanted food for the family all? The relatives? For holidays. Expect to gifts. I just went through money like a $1000 in 1 week. It was crazy that's why people living in condos are paying 60000 a month or 70. 1000 a month. That's just crazy to me. I've rather live in a province area. Have? My own house are paid cheaper rent. But most of my expenses are going to medical now
I don't know, but young guys always seem to consider minimum requirements. I think you should stay home and work if you're short of $3k/mo and half a million in the bank. Be conservative and be happy!
Why would you have $500,000 in a bank ? Why wouldn't you invest the bulk of the money ? Furthermore, the required amount of savings/investments varies by age; a 55 year old needs more than an 85 year old.
Hi everything you are talking about and answering all makes very good sense But my major worry would be at the moment in the Philippines the US military are massively increase in Boots on the ground because of the threat of China And if war did break out between the US and china The Philippines and Taiwan would be the first ones to feel the full force of china
That is exactly what I am thinking about China will eventually strike and Taiwan Philippines will be affected. To me it’s not a matter of if just when and then you’re stuck in a third world country with no safety net. Considering this is escalating. I’ll stay in the U.S for now
Good topic. I'm keeping everything in america. At least for a couple of years to make sure I'm happy then I might sell some stuff off. Will always have At least one house and car either way to come and go as I want.
Is anyone planned to buy property in Tangnan Bohol or in Boracay Island .? In Tangnan Bohol is our inheritance property that is only 1.5 hectares. While in Boracay Heights that is fully developed it consist of 6 hectares with villas . Actually it was posted publicly. I do hope I could find possible buyer
well i am in Florida and i cannot even get travel insurance here, any help please in getting travel insurance ? slready tried to get it thru your link Gio ok, it will not let me get it thru that link ok hehe
You guys are hitting the head on everything when I had attempted robbery and stabbed 3 times. I didn't have the money after one week was like 300000 pesos. I did not have it that kept me in the hospital for 3 and a 1/2 months and finally let me make a promissory note and I paid to. Get out they kept me like prisoner. So when I broke my hand a couple of years? Ago. Yes? Did? Not go? Back to. The hospital? Yes. Should have I still had pain to this day? I chose to get maxi care health insurance but it's like 25000 every 3 months. It's expensive like 7000 a month. But I'm covered up to 200000 a year. That's the only downside. If you need medical or have an emergency or have medication to convey expensive here like the guy said. If you don't pay they will keep you. It's really illegal to tension should be against the law.
This is exactly why I always tell guys when they come over here don’t have any less than $1500 a month coming in and just to be on the safe side a minimum of 50,000 in a savings Nestec because even $10,000 you could burn through that With one major thing going wrong and also have a few credit cards with high credit limits on with zero balances sitting to the side just in case you need them
It doesn't matter how much u make or how much u have. My experience with myself and watching hundreds of others is that they spend it all. And ya, some have way more fun, but. If ur broke from spending it all then the ages of ur girls go up that hangs out with ya. Bahahahaha
Hey gio, got some bad news today. After visiting the Philippines a year ago, I loved it . I decided I would like to live there. So preparing everything, and trying to get things ready, I discovered and forgot about insurance.I’m 72, good health, draw ss and have a 401k, which is not alot, but can last a few years. Well I got on line to get quotes, and one was Cigna wanted 1,065.00 a month, and another was over 2,000 a month.! I would have never thought it would never have been that much, so now I’ve had to cancel my dream. Your thoughts. Thanks
GIO what I love about your vedios you us speak the truth can twi thousand dollars with you a a flipino live comfortably in Philippines and yes you should always have back up money for emergency
You can easily move to Philippines with $50K in savings and make a TH-cam channel with your beautiful Filipina and become rich, right? Just joking but in all seriousness “health is wealth” You can have a net worth of $10 million. A monthly income of $2k from disability and pensions and an additional $3k in social security. But have a stroke or start having kidney failure and “game over” Your money with not restore your health. Be realistic, don’t act like a college student on spring break and don’t eat,drink and smoke as if your old man body can recover. You will end up in a body bag with all your wealth in the bank.
I live in the province and make 100.000 paso a month thru social security and small retirement I get it every month like clockwork. And I live like a king
Learn the hard way - many are destined it seems ? -- Some are restricted out of shear necessity and unable to arrive in "vacation mode" ! -- Frugal minimalism is mandatory and not an option for some. Seems doable if restraint has been a way of life. > Know the difference between a want and a need and a reasonably comfortable life can be had !!!
I've got a plan for the next 5 years banking what I can, that's getting progressively harder, I'll be 56. I also don't need too much to be happy. I'm just a simple country boy from small town Texas. I'll actually be looking at some possible retirement spots when I head that way in a month or two. I'll be drawing roughly $2600 a month from my retirement. Here that's not going to cut it. Yes I could hold out for a few year to get more, but honestly I'm tired and want to start living while I'm still able. I have a fair amount banked as a back up. But with the way things are here in the states it's just not feasible to stay here. Love learning about what it really takes to live there, I will never understand how or why people would not plan ahead for such a big move, you need to be financially responsible no matter where you go. Winging it is never a good long term plan.
@@GiointhePhilippines yeah i got a decent amount in the bank, I won't say exactly how much but it would be enough to survive here for a couple of years without anything coming in.
Time will come when the USA dollar will be de dollarized. 1 USA will be equaled to 25 peso. How will you Americans be able to live in Philippines. The world currency will be dominated by India/China/Russia
life in the US is not what it used to be... is getting worse every month... the raw truth no one wants to talk about in the "greatest country in the world" that's not so great anymore... why is Philipines trending..??.. because more and more Americans are emigrating out of the states, leaving the van/camper life for a better life over there... do not return to the states, you're not missing anything by not living in the states...
And a generation ago before you said the same thing. You old people always complain yet have it better than most of everyone else. Trying growing up in the Philippines and see for yourself.
It is hard after being trained in the US to try to impress women with money. Call it "a good time" if it sounds better, but same thing. No doubt Filipinas are still women and money does impress them, but ya don't have to spend it. They're impressed they get to live in a nice place and never worry about food.
Good discussion to have. That's the one item I am working on before I make the move. I will be standing up a small homestead in the US, then let my younger brother live there and take care of the place. If something happens and I need to 'retrograde' back to the US, I'll have a place to go back to. As for medical, that was a major concern in making preparations. Having an emergency fund readily handy is a great idea, but I also made sure my insurance is portable (BSBS) and have already confirmed there are several hospitals that do direct billing with them, in the areas I'm looking at.
The Philippines has some really good health care insurance that runs from $1500-$2000 per year. It covers a lot, including catastrophic injuries, surgeries, care, etc….
@@lmcc0072 Really good healthcare? No way. What procedures have you had done in Philippines and how long was your hospital stay? What hospital did you use?
@@mikejones5364 Me? None. My father-in-law had a quadruple bypass and valve replacement at the Philippine Heart Center in Manila. My brother-in-law was hospitalized in Cebu for a lung issue for a couple of weeks. I don’t remember the name of that hospital. It was Saint something. Both are fine. There are very good (world quality) hospitals in Manila, Cebu, and Davao. 24 hour outpatient care is relatively inexpensive as well. Siliman University, Ateneo, etc… and others have great MD and nursing programs.
@@filipinonurseretireshome4864 My wife’s friend that just moved to BGC (Manila) has it. I’ll have her ask her friend what it is. It’s Philippines only. You’ll have to get separate insurance for the USA. If you are 65+ you can use Medicare for the USA. I hear that there are a couple of hospitals (one in Manila and one in Davao) that may take Medicare. I don’t know for sure though.
A piece of advice, rental houses in the Philippines will eventually rise up when the expats are keep coming, so if you guys have a plan to live in the Philippines indefinitely, why not rent a land and build your house to live instead of wasting money for rent. The maximum years to rent a land is 50 years and I think you can extended when the time comes. I would like to suggest to do it now before everything will go up, because the country changed a lot since I let 4 decades ago. Stay safe and God bless.
I just got back to the States after a six-month stay in ormoc Leyte and I burn through over $14000 and it's easy to do just like you guys said you get in Taurus mode taking the grill shop and all the time buying clothes getting hair done buying trinkets eating out at least once a day most days we ate out twice a day with usually only ate breakfast at home and constant road trips I put over 8000 km on a brand new Honda scooter heading back October 8th but this time I'm going to try to do a little better on the money
Good vid Traveling/Living - Too many just are not thinking or possibly don't even have the budget for the cost of insurance alone. Age dependent as most know, usually a monthly type of fee - you still need to have access to funds for the deductible and potential other funds not covered. It's not a simple process of just having insurance and showing your card - there is a lot more to it. There you need someone with you to assist - go and get the actual what ever is needed and bring back to be administered. My 2cents worth is to ensure you have lots and lots of back-up funds available just incase, accessible otherwise you are just rolling the dice sorta speaking - what if and when??? Just like riding - its not if you get into a accident - it's when! There are many things not covered and until you are in that actual situation you just won't know or even if where you are taken for help will what you have be excepted. Travelling out of your own country has both risk and rewards - being in the Philippines FYI I know. Lets face it - cost everywhere are and have gone up - the Philippines is a prime example. Unfortunately the foreigners are the ones whom are driving up those cost there.
When I lived in Laguna I rented a house so I should have stayed 2 bedroom 2 Bath with a garage and garden 7000 a month. Maybe. 70? Square meters. I was perfect then I moved towards Manila and of course. The rent gets higher now unfortunately paying like 25000 a month. 420 m² townhouse and I gated village. I would idently like to spend around 12000 a month when we perfect for my budget. I've learned to do without the things in the USA the strava gun things. But it's hard to budget. So many people have their hands out thinking you're rich.
I had that same story. I helped buy a house from my ex number stayed there always had to rent till now. And we love to live in a nice condo in a high-rise building and b Gc are Rockwell. But it's not practical. I've been robbed pick pocketed several times since being here was stabbed 3 times. Just last month so on snatch my bag my wallet and got it back. That's weather's benefits to living in a gated community or condo with their security. But it's more expensive.
yea Gio in Florida 2024 a friend of mine, told me his daughter is paying 3k for just a studio apartment or one bedroom apartment right now ok, Cheers :)
it's ok to live it up a little for a little while. it's normal. just don't go crazy. go tourist mode for 6 months and get it out of your system. as long as you have some substantial financial capacity to keep it going then just be responsible. at least you don't have the risk of getting shot while driving on i95 out there in the Philippines
Very Good video Gio. Less than 3 months till me and my family will be living in Bacolod City. Every thing you mentioned in your video is all true and logical, however some people don't think ahead like they should. And I'm sure it's easy to get thrown off track and have unforeseen circumstances happen to hurt the planned budget. Probably best advice you gave is to not be in tourist mode when you arrive if making the move permanent. Thanks again.
The reason I need to move to the PI is because I only have 50% of retirement saving needed for a 64 year old. I'm not going back to work so I need to find a way to live cheaper or I will be broke in 10 years living in California, This place is just way to expensive!
Assuming no job is waiting for you as you return, $10K is not going to be enough. A more realistic amount should anticipate 6 months of not working, or working part time and still leave enough savings for emergencies. My rule of thumb is to have at least 20K in the bank all the time.
For expats that don’t have a pension, how realistic is it to get a job in the Philippines 🇵🇭 to support yourself there after spending your initial $10K travel funds?
One of my first friends I n et here he was murdered with a rock on the boarder. He got in a fight, dude smashed him with a rock n the head. Philippines looking 👍 good buddy
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I came here over 13 years ago, set up a full bank account, built a home with 5 bathrooms & 4 bedrooms. Paid in full. All it takes is discipline, saving and common sense. Live within your means & you can still save 💞
Don’t live like a tourist, live like a local and you will be living well.
Very true
Live like a local? Sounds boring and dull. Life is too short for that, I rather visit for a month a couple times per year. So cheap there.
Good information…always amazes me the expats who seem not to have the financial resources and a back up plan to make this journey. You are correct, rent in USA is getting ridiculous. These type of videos are very important..thank you.
You and me both!
I have retirements, VA disability, gold, silver, cash and have a good sum of gold/silver stashed at a vault in Singapore (in case I can’t make it back to the US for awhile). A few more years I’m be here full time 🍻
10k over 6 months while also earning money, isn't THAT bad. But yes make people aware that they should have a budget and stick to it. A safety net will fail if you fail to maintain it.
Good video guys!
Hey guys, good job, this is a no-brainer in terms of having a backup plan and finances another thought related to your daily and reducing costs is to be somewhat health conscious. Nothing over the top just modify some things without being too rigid so you'll stick to it.
Yea.. When I came to the Philippines I wanted to drive it like I stole it here in Angeles City.. All the finest women, cars, alcohol, housing, food, and fun.. Then I realized most women didn't care if I was driving a new Mercedes or a rented scooter.. Just as long as you have a nice attitude and are friendly most women and people in the Philippines prefer that over a super rich guy. Just be nice and you will get nice back in most cases weather you bring a big bank roll or just living on Social Security.
Exactly right, they just want someone stable and takes care of them.
Love this comment
Thank you, literally NEEDED THIS ESPECIALLY SAFETY NET(HOSPILAZATION...DOCTORS, EMERGENCY EVERYTHING THANK YOU
When America breaks the whole world’s gonna break, don’t kid yourselves
You’re correct. The old saying when America sneezes, Canada catches a cold is still somewhat true. China has a major impact economically with the Philippines as well.
We are too greedy to fail (at least during our lifetime) and we will always have a constant supply of immogrants from south america to keep the capitalist machine going so this train aint stopping any time soon. No amount of politics can, either everyone needs to do a 180 or a bunch of nukes need to hit the U.S to really change things, otherwise is more of the same with drama every 4 years.
The liberals are destroying the country. DeSantis 2024 will win.
💯💯💯
Actually the research I have done say the banks in Malaysia 🇲🇾 and Singapore 🇸🇬 are probably the safest place to park your money in the event of a world bank collapse.
You have to decide what the long game is, with at least one backup plan in place, before you even decide to make the move anywhere outside your home country. The first 6 months is the honeymoon stage. This is usually when a guy will know if he will stay or return home. Unfortunately this is also when a newbie makes most of his costly mistakes. The number one mistake always comes back to a woman. If a guy can avoid a relationship, take a month or two to get his feet set, his odds improve drastically that he will make it.
3k a month bare minimum, with at least 200 to 300 k in the back.
Interesting and valuable conversation Gio, lots of useful points discussed. I’ve been travelling around for five months, the last three in the Philippines. I realise more now what I would need to do to start living like a resident instead of like a tourist. Thanks for sharing.
In Florida, I 've seen people renting out their old RV for $1k a month. Yes, average rent now is about 2k. Anyway, whenever I go back home to the Philippines. Everything seems so expensive to me. I always compare the price to the 80s when I was still in Manila. LOL.
If I rented my condo right now, I can get $4K+ but luckily I don't have a mortgage anymore. Even without a mortgage, my HOA fees and property tax is around $1400 per month. It's almost impossible for people in their 20's-early 30's to be able to afford to buy a house.
Buy a house in the Phil? Go to Phil as tourist and check it first - you will eventually figure it out
It's all part of the WEF plan, " you will own nothing and be happy". Blackrock now own 33% of first starter homes in the US. They buy up whole neighborhoods and then drive up the rental prices.
Agreed. I gave up and I"m renting out of my parents "mother-in-law" unit and putting the $1000-1400 plus that I'm saving a month on rent and what not into the stock market. The thought of having a 30 year mortgage with crazy high interest, plus super high florida insurance and property taxes breaks any motivation of "owning" a home. Makes zero finnancial sense to me.
Retired at 60, 5400 monthly income, pushing 2 million assets I’ll be good. Here in the USA it’s so expensive and stressful because of expenses. Now traveling in Philippines for 2 months looking for a good place to land. Going back in June and start liquidating stuff and properties
Dumagute
It all depends on your requirements…I’m in similar financial position and lived in BGC for 3 years ..one of the few places that has a real quality feel is subic bay freeport …internet fantastic, water potable, no brownouts and you can lease land ….albeit the same bureaucracy.
Why do people feel the need to come on channels and brag about how much money they have? It's so uncouth
I'm in about the same boat as you....moving in June....good luck. 👍
Tagaytay or Baguio. Cool weather.
No safety nets in the Philippines especially for foreigners, you must be financially prepared at all times.
Facts
I am in Manila for now, cause that is where i set it up. MY GIRL AND HER 4 Daughters and our 2 year old daughter. I am at $1,200 a month expenses
Rent 16,000 p elect 10,000 p
Pldt 2,000 p trans 4,000 p
Food 10,000 p water 4,000 p
Those are basics in Las Piñas
2 story 3 brm 2ba gated community
Try to leave alone additional mav cost money plus you're paying for services to the Women who help you around
We are in your 2nd channel Gio .. good idea to have that one ❤
I commented a similar thing on an earlier video that $15-$20k is way too little to re-establish yourself in your home country, whether the USA, Canada, Australia, etc.
Sure you can do it, but imagine not owning a home and having to rent when you return, not being able to buy a nice reliable car unless you take a loan, not being able to buy new furniture, etc... and then having to live like a pauper.... it sounds miserable to me.
I'd encourage people to set themselves up a lot better than that if they're intending to move overseas. You never know what is around the corner and having such a small safety net is a recipe for disaster if things go bad and you have to return home.
I'd agree with that
Thanks guys......information like this is SO valuable for someone like myself who plans to relocate there. Keep it up and take care. 👍
good to know thank you for the insight Gio
The mistake that some people make is continuing to spend like an American (or wherever you’re from) instead of spending like a Filipino. Yes, you can live a bit higher on the hog than the average Filipino, but you have to stick to some sort of budget. You can’t continue to spend like you’re on vacation if you plan to live somewhere. Next, don’t count on your income unless it’s your retirement. Businesses can go away, a remote job can go away, etc…. Have a good savings. Emergencies always pop up.
Thankfully I have a nice military pension and a much higher than average social security. The 20+ years I had as a Fortune 500 Executive really bumped up my Social Security. My company’s 10% annual contribution to my 401k was kick ass. I maxed out my 401k for 20 years and I maxed out my Roth Catch-up for 12 years. I was the ultimate ANT planning for tomorrow. No GRASSHOPPER here.
Definitely special.
Good on you…. How ever if you do have a large budget or disposable income in a place like the Philippines, I would recommend being very discrete about you good financial situation… not just with locals (including with partner and their family) but also with other foreigners.
I think $10k is low. With furnishing a place, rent, deposit, car, insurance, food, utilities and deposits. I think $15k minimum. Great video
Great advice Gio. Thanks.
I lived in India for a year. Had 2 girlfriends. I can't handle the trash though. It's like San Francisco here. I was bouncing down an old dirt road, dust cloud trailing us. There was a guy with his pants down, looked like Aladdin with a terbin, but he was craping on the road. He didn't even flinch as we went rattling buy. Balls blowing in the wind
Great info G
Housing jn the US is grotesque.
Thank again Gio. Keep talking real conversations. I’m retired here in America 58 years old. Have good pension from the government and other savings accounts. I coming there in June. Looking to live there. But I don’t want to act like a tourist. But it going to be hard.
You should stuff a pound of ground beef full of Benadryl and throw it over the fence to the dogs about an hour before you do a video....😁....
Thank you for the idea 😂😂😂
God bless 🙏
Here in Redding, CA; a ROOM in someone else's house, will rent for $650 in the very low end, up to $1000 just for a bedroom and a shared bath. My $2100 Soc Sec; just aint gonna cut it. Selling my house, will net me around 150k, with just under 100k in the 401k. I figure a $400 rental, $300 utilitites (including internet and TV), $300 for food; $250 for entertainment, $200 for a livein housekeeeper...and instead of pulling money from savings every month, I can deposit $400 every month. Which leaves me the ability to take a 2 week vacation every year ($3k), strictly out of my soc sec money. Am I "wrong" in my figures?
You will be fine. I'm a pretty frugal guy and was able to live in Cebu for $1200 per month and I could have gone lower with less trips to beaches and waterfalls. Dont forget about visa fees, they average about $50 per month with ACR card and fees. You probably wont spend $300 on utilities, water and internet and phone is cheap.
Why the live in maid ?
Health insurance
Transportation
Visa fees
Great video guys.
I _am_ a financial disaster.
Thanks, y'all!
I'll be ballin without touching my savings. It's a nice pension.😜
Gotta go see what Scuba chef is cookin.😉
It's very risky to invest in real estate condo property or do business with high corruption and unstable govt in this poor country guys !!!! 😭
Are the grocery prices leveling off? I've heard that inflation was going crazy there too.
Things are getting higher
Hey Gio,, I keep hearing people talk about getting travel insurance when they come there but is travel insurance only good for example 30 or 45 days or is it something you can keep long-term months in and months out?
You can keep it active and use it as personal medical insurance.
How is the same way when I came here in 2010? I spent my money went through it so fast my ex-girlfriend. At the time my son's mom what always buy things? Are they wanted food for the family all? The relatives? For holidays. Expect to gifts. I just went through money like a $1000 in 1 week. It was crazy that's why people living in condos are paying 60000 a month or 70. 1000 a month. That's just crazy to me. I've rather live in a province area. Have? My own house are paid cheaper rent.
But most of my expenses are going to medical now
I don't know, but young guys always seem to consider minimum requirements. I think you should stay home and work if you're short of $3k/mo and half a million in the bank. Be conservative and be happy!
Think of a business as other source of incomes for you.
Agree with that
Now how many expats in the Philippines have $500,000 in the bank.
Why would you have $500,000 in a bank ? Why wouldn't you invest the bulk of the money ? Furthermore, the required amount of savings/investments varies by age; a 55 year old needs more than an 85 year old.
Hi everything you are talking about and answering all makes very good sense
But my major worry would be at the moment in the Philippines the US military are massively increase in Boots on the ground
because of the threat of China
And if war did break out between the US and china
The Philippines and Taiwan would be the first ones to feel the full force of china
That is exactly what I am thinking about China will eventually strike and Taiwan Philippines will be affected. To me it’s not a matter of if just when and then you’re stuck in a third world country with no safety net. Considering this is escalating. I’ll stay in the U.S for now
Gio, where do get the Traveling Medical and cost roughly please...
Thank you Sir!
You can get a quote here.
Travel Medical Insurance. Protect yourself from a travel emergency.
bit.ly/36pHlVf
Good topic. I'm keeping everything in america. At least for a couple of years to make sure I'm happy then I might sell some stuff off. Will always have At least one house and car either way to come and go as I want.
Well said!
My opinion is budget 60% of your monthly income
Don't forget about the cost of auto insurance..when you have not had insurance for awhile...big $$$
Is anyone planned to buy property in Tangnan Bohol or in Boracay Island .? In Tangnan Bohol is our inheritance property that is only 1.5 hectares. While in Boracay Heights that is fully developed it consist of 6 hectares with villas . Actually it was posted publicly. I do hope I could find possible buyer
When I go to your health insurance link I get a pop-up saying it’s not safe. May take password info ect…what’s up with that?
Strange your the first I've ever heard of getting that message.
well i am in Florida and i cannot even get travel insurance here, any help please in getting travel insurance ? slready tried to get it thru your link Gio ok, it will not let me get it thru that link ok hehe
Allianz is great!
can't happen i have enough
Zaster
Gio in the Philippines pls let me know if ever you have friends who need property.
Stay single forever ❤ the romances are expensive
You guys are hitting the head on everything when I had attempted robbery and stabbed 3 times. I didn't have the money after one week was like 300000 pesos. I did not have it that kept me in the hospital for 3 and a 1/2 months and finally let me make a promissory note and I paid to. Get out they kept me like prisoner. So when I broke my hand a couple of years? Ago. Yes? Did? Not go? Back to. The hospital? Yes. Should have I still had pain to this day? I chose to get maxi care health insurance but it's like 25000 every 3 months. It's expensive like 7000 a month. But I'm covered up to 200000 a year. That's the only downside. If you need medical or have an emergency or have medication to convey expensive here like the guy said. If you don't pay they will keep you. It's really illegal to tension should be against the law.
This is exactly why I always tell guys when they come over here don’t have any less than $1500 a month coming in and just to be on the safe side a minimum of 50,000 in a savings Nestec because even $10,000 you could burn through that With one major thing going wrong and also have a few credit cards with high credit limits on with zero balances sitting to the side just in case you need them
Absolutely
It doesn't matter how much u make or how much u have. My experience with myself and watching hundreds of others is that they spend it all. And ya, some have way more fun, but. If ur broke from spending it all then the ages of ur girls go up that hangs out with ya. Bahahahaha
Hey gio, got some bad news today. After visiting the Philippines a year ago, I loved it . I decided I would like to live there. So preparing everything, and trying to get things ready, I discovered and forgot about insurance.I’m 72, good health, draw ss and have a 401k, which is not alot, but can last a few years. Well I got on line to get quotes, and one was Cigna wanted 1,065.00 a month, and another was over 2,000 a month.! I would have never thought it would never have been that much, so now I’ve had to cancel my dream. Your thoughts. Thanks
I would recommend getting insurance here
Thanks gio! Glad you informed me. I will check prices
GIO what I love about your vedios you us speak the truth can twi thousand dollars with you a a flipino live comfortably in Philippines and yes you should always have back up money for emergency
Avoid any one with black hair,,
❤
You can easily move to Philippines with $50K in savings and make a TH-cam channel with your beautiful Filipina and become rich, right?
Just joking but in all seriousness “health is wealth”
You can have a net worth of $10 million. A monthly income of $2k from disability and pensions and an additional $3k in social security. But have a stroke or start having kidney failure and “game over”
Your money with not restore your health.
Be realistic, don’t act like a college student on spring break and don’t eat,drink and smoke as if your old man body can recover. You will end up in a body bag with all your wealth in the bank.
Well said
That just about sums everything up
Beware of the Dedolarization going on all over the world... I have lost thousands so far... 😪
Very True. Same here
Sorry guys, the women behind you are stealing the show. Lol
Lol understandable
Back in the 80's I was stationed in Subic. We used to have an expression. You can go broke saving money in the Philippines.
Money does not buy happiness, but it sure does buffer stress.
True statement 💯
It buys a better quality of misery 😅
Retired expat from the US. Living in Thailand five years. Haven't missed the US for a minute.
Thailand definitely good for younger people
I live in the province and make 100.000 paso a month thru social security and small retirement I get it every month like clockwork. And I live like a king
Learn the hard way - many are destined it seems ? -- Some are restricted out of shear necessity and unable to arrive in "vacation mode" ! -- Frugal minimalism is mandatory and not an option for some. Seems doable if restraint has been a way of life. > Know the difference between a want and a need and a reasonably comfortable life can be had !!!
I've got a plan for the next 5 years banking what I can, that's getting progressively harder, I'll be 56. I also don't need too much to be happy. I'm just a simple country boy from small town Texas. I'll actually be looking at some possible retirement spots when I head that way in a month or two. I'll be drawing roughly $2600 a month from my retirement. Here that's not going to cut it. Yes I could hold out for a few year to get more, but honestly I'm tired and want to start living while I'm still able. I have a fair amount banked as a back up. But with the way things are here in the states it's just not feasible to stay here. Love learning about what it really takes to live there, I will never understand how or why people would not plan ahead for such a big move, you need to be financially responsible no matter where you go. Winging it is never a good long term plan.
$2600 is fine here but you do need an emergency fund.
@@GiointhePhilippines yeah i got a decent amount in the bank, I won't say exactly how much but it would be enough to survive here for a couple of years without anything coming in.
You could easily get by comfortably on $1500 per month in the Philippines, $2400 you'll live like a king.
You should go other places, not just Philippines. Move around consistently while you're still young and able.
Good information. If you had it to do over again (now that you’ve been your place for a while) would you have still signed a year lease?
No, 6 months
Time will come when the USA dollar will be de dollarized.
1 USA will be equaled to 25 peso.
How will you Americans be able to live in Philippines.
The world currency will be dominated by India/China/Russia
Exactly right
life in the US is not what it used to be... is getting worse every month... the raw truth no one wants to talk about in the "greatest country in the world" that's not so great anymore... why is Philipines trending..??.. because more and more Americans are emigrating out of the states, leaving the van/camper life for a better life over there... do not return to the states, you're not missing anything by not living in the states...
And a generation ago before you said the same thing. You old people always complain yet have it better than most of everyone else. Trying growing up in the Philippines and see for yourself.
It is hard after being trained in the US to try to impress women with money. Call it "a good time" if it sounds better, but same thing. No doubt Filipinas are still women and money does impress them, but ya don't have to spend it. They're impressed they get to live in a nice place and never worry about food.
Thanks, Gio. This was valuable info, appreciate this.
Glad it was helpful!
Good discussion to have. That's the one item I am working on before I make the move. I will be standing up a small homestead in the US, then let my younger brother live there and take care of the place. If something happens and I need to 'retrograde' back to the US, I'll have a place to go back to. As for medical, that was a major concern in making preparations. Having an emergency fund readily handy is a great idea, but I also made sure my insurance is portable (BSBS) and have already confirmed there are several hospitals that do direct billing with them, in the areas I'm looking at.
The Philippines has some really good health care insurance that runs from $1500-$2000 per year. It covers a lot, including catastrophic injuries, surgeries, care, etc….
Hello! May I know what is your insurance? We really need to find something to cover us in USA and in the Philippines. Thanks
@@lmcc0072 Really good healthcare? No way. What procedures have you had done in Philippines and how long was your hospital stay? What hospital did you use?
@@mikejones5364 Me? None. My father-in-law had a quadruple bypass and valve replacement at the Philippine Heart Center in Manila. My brother-in-law was hospitalized in Cebu for a lung issue for a couple of weeks. I don’t remember the name of that hospital. It was Saint something. Both are fine. There are very good (world quality) hospitals in Manila, Cebu, and Davao. 24 hour outpatient care is relatively inexpensive as well. Siliman University, Ateneo, etc… and others have great MD and nursing programs.
@@filipinonurseretireshome4864 My wife’s friend that just moved to BGC (Manila) has it. I’ll have her ask her friend what it is. It’s Philippines only. You’ll have to get separate insurance for the USA. If you are 65+ you can use Medicare for the USA. I hear that there are a couple of hospitals (one in Manila and one in Davao) that may take Medicare. I don’t know for sure though.
A piece of advice, rental houses in the Philippines will eventually rise up when the expats are keep coming, so if you guys have a plan to live in the Philippines indefinitely, why not rent a land and build your house to live instead of wasting money for rent. The maximum years to rent a land is 50 years and I think you can extended when the time comes. I would like to suggest to do it now before everything will go up, because the country changed a lot since I let 4 decades ago. Stay safe and God bless.
I just got back to the States after a six-month stay in ormoc Leyte and I burn through over $14000 and it's easy to do just like you guys said you get in Taurus mode taking the grill shop and all the time buying clothes getting hair done buying trinkets eating out at least once a day most days we ate out twice a day with usually only ate breakfast at home and constant road trips I put over 8000 km on a brand new Honda scooter heading back October 8th but this time I'm going to try to do a little better on the money
Good vid Traveling/Living - Too many just are not thinking or possibly don't even have the budget for the cost of insurance alone. Age dependent as most know, usually a monthly type of fee - you still need to have access to funds for the deductible and potential other funds not covered. It's not a simple process of just having insurance and showing your card - there is a lot more to it. There you need someone with you to assist - go and get the actual what ever is needed and bring back to be administered. My 2cents worth is to ensure you have lots and lots of back-up funds available just incase, accessible otherwise you are just rolling the dice sorta speaking - what if and when??? Just like riding - its not if you get into a accident - it's when! There are many things not covered and until you are in that actual situation you just won't know or even if where you are taken for help will what you have be excepted. Travelling out of your own country has both risk and rewards - being in the Philippines FYI I know. Lets face it - cost everywhere are and have gone up - the Philippines is a prime example. Unfortunately the foreigners are the ones whom are driving up those cost there.
When I lived in Laguna I rented a house so I should have stayed 2 bedroom 2 Bath with a garage and garden 7000 a month. Maybe. 70? Square meters. I was perfect then I moved towards Manila and of course. The rent gets higher now unfortunately paying like 25000 a month. 420 m² townhouse and I gated village. I would idently like to spend around 12000 a month when we perfect for my budget. I've learned to do without the things in the USA the strava gun things.
But it's hard to budget. So many people have their hands out thinking you're rich.
I had that same story. I helped buy a house from my ex number stayed there always had to rent till now. And we love to live in a nice condo in a high-rise building and b Gc are Rockwell. But it's not practical. I've been robbed pick pocketed several times since being here was stabbed 3 times. Just last month so on snatch my bag my wallet and got it back. That's weather's benefits to living in a gated community or condo with their security. But it's more expensive.
yea Gio in Florida 2024 a friend of mine, told me his daughter is paying 3k for just a studio apartment or one bedroom apartment right now ok, Cheers :)
it's ok to live it up a little for a little while. it's normal. just don't go crazy. go tourist mode for 6 months and get it out of your system. as long as you have some substantial financial capacity to keep it going then just be responsible.
at least you don't have the risk of getting shot while driving on i95 out there in the Philippines
That was my problem I stayed in tourist mode for too long.
I would like to know how the travel insurance works and how much that would be a month. I'm really not traveling i'm living here so does that matter?
Very Good video Gio. Less than 3 months till me and my family will be living in Bacolod City.
Every thing you mentioned in your video is all true and logical, however some people don't think ahead like they should. And I'm sure it's easy to get thrown off track and have unforeseen circumstances happen to hurt the planned budget. Probably best advice you gave is to not be in tourist mode when you arrive if making the move permanent. Thanks again.
Thanks for providing this valuable info fellas - Looking to come there myself in 1 more year - A cautionary tale - Words to live by - Thanks . . .
The reason I need to move to the PI is because I only have 50% of retirement saving needed for a 64 year old. I'm not going back to work so I need to find a way to live cheaper or I will be broke in 10 years living in California, This place is just way to expensive!
Assuming no job is waiting for you as you return, $10K is not going to be enough. A more realistic amount should anticipate 6 months of not working, or working part time and still leave enough savings for emergencies. My rule of thumb is to have at least 20K in the bank all the time.
It's funny, especially when you're supporting these ladies behind you. Yup! You pay.
For expats that don’t have a pension, how realistic is it to get a job in the Philippines 🇵🇭 to support yourself there after spending your initial $10K travel funds?
2:18 Bathrobe and cigars, huh. Like Hugh Hefner, huh. How’d that work out for you? 😜😜😝
common sense seems to be lacking of the young whipper snappers nowadays...lmao
Doesn't the Philippines have medical insurance you can buy and pay into??
One of my first friends I n et here he was murdered with a rock on the boarder. He got in a fight, dude smashed him with a rock n the head. Philippines looking 👍 good buddy
Not just the budget, but the barking and the crowing!
I live in California one bedroom apartment is 1950 a month
I did find some load gold. 2 Oz per day with the right gear. Not bad u know.
Good informative information why people do this beyond me ty gio
👍✅😜✅👍
55 and older Mobile home living in Florida
Hi guys
Hello Neal