He Will Retire Early To Live In The Philippines. Can He Do It?
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Күн бұрынThis is what to expect if you only have $800 monthly budget in the Philippines. • How to Thrive As An Ex... Do you think you can live like a local here? Do you think $800 is enough for one month? Retire on Social Security in the Philippine. Living on $800 a Month in Dumaguete Philippines. Can you survive on $800
@mikesphilippineretirement @Philippinelifewithjanet @DumagueteRentals
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00:00 Introduction
02:40 $800 Budget
13:16 Eric's Plan He Can Do It
@mikesphilippineretirement 26 күн бұрын
Looking for a Great Budget Check out this Video kzfaq.info/get/bejne/atyddMVpurq0nGw.html
@Usefullinformationphilippines 26 күн бұрын
In the United States people move into a rental and then stop paying rent and it can easily take a year to get them out. By the time you get them out the place is completely trashed. He should make a test run and see if it is for him. If he loves the Philippines go back and sell the property and move to the Philippines. Property in the United States is an asset if you sell it and it’s a liability if you keep it. When I first came to the Philippines, I kept my house and stuff and was losing $1000 a month but I wasn’t crazy enough to rent the house to anyone because I knew what could happen. After four months in the Philippines, I went back and sold everything and then return to the Philippines. If he has a girlfriend and especially if she has a child he will need $2,000 a month. $6,000 will disappear so fast that he will not know what happened. It sounds like a recipe for disaster, but I don’t blame him for wanting to get out of the United States and maybe he can make it work.
@mikesphilippineretirement 26 күн бұрын
it is a 2 year test? and if it works great. You should not worry about what you can not control
@franciscoaguilar123 25 күн бұрын
Some people have made a lot of $$ in the rental market. More millionaires have been made in the real estate market than any other industry in the USA but will agree it can be tricky depending on the state and tenants. One bad tenant can wreck your life for a while.
@alaylaanajacks5647 24 күн бұрын
Not every place in America.
@seans7228 23 күн бұрын
I can attest to that.
@damienbates 15 күн бұрын
Yep! What happens when the HVAC system goes out? Or there’s a major water leak and he has to get his renters sorted out? Lots of risk involved with renters. Vetting them will be very important. He should probably make a two year work plan and save like crazy and then roll over with at least 30k in a HYSA.
@dr.richmann4477 26 күн бұрын
I hope his rental properties don't need a new roof of some other major thing.
@mikesphilippineretirement 26 күн бұрын
10k House it has been rented and a happy couple lives in that house
@benjaminpadilla4857 26 күн бұрын
@@dr.richmann4477 that's funny. But we have a lot Nipa hut roofs . Very cheap
@Billy_B_Goat 26 күн бұрын
Lot of plates in the air. He's gambling on nothing going wrong on many fronts.... most particularly needed repairs on his rental. He's planning on his house to providing a significant % of his retirement, but I don't hear any mention regarding repairs/maintenance. His brother managing it is completely different from maintaining and repairing the property. I've owned rental property and dealing with contractors and handymen types remotely is a real challenge. I hope the winds are favorable for him. Peace and Love, B Goat
@mikesphilippineretirement 26 күн бұрын
he will be find he has money in the bank for home repair and other things. You did hear he has a 401k also
@garrylafferty100 26 күн бұрын
A heating cooling system a big one in maintenance cost replacement
@johng5950 26 күн бұрын
@@mikesphilippineretirement Yeah Mike, I heard you say 401k, but I also heard he can't touch it until 59.5 and he is currently 55
@franciscoaguilar123 25 күн бұрын
@@johng5950 Its possible to withdraw 401K money at any time but there's a big catch. You get a 10% penalty for early withdraw and then they will keep another 20% or 25% for taxes. So if you withdraw $10,000 you will only get around $7,000. So you get penalized heavily versus waiting until 59 1/2 and when you're not working.
@kenbeck6779 26 күн бұрын
To each there own. But I would advise him to work a couple more years save up more money to subsidize his monthly income and add to his 401k. If, I am going to Las Vegas to place a bet on this I am betting the under 6 months. Unless he lives in the Gulf of Mexico in the summer with no air conditioning the heat will beat this budget out of him. I wish him the best
@mikesphilippineretirement 26 күн бұрын
remember his income is higher than his budget
@kenbeck6779 26 күн бұрын
@@mikesphilippineretirement Understand. But his budget isn't realistic and his income is based on 100% occupancy and no renter damage that deposit won't cover. I hope he does well but he will blow past this budget and any emergency and it's game over. He needs good luck until he turn 59 1/2. I wish him and all doing this the best and they live their dream.
@eddydavis9548 26 күн бұрын
No room to live there. Another guy to ball out of the Philippines.
@mikesphilippineretirement 26 күн бұрын
no room in Dumaguete??
@revelationmd 25 күн бұрын
@@mikesphilippineretirementI think he means “no financial room to LIVE.”
@danvain 26 күн бұрын
First major repair bill on one of those units will do him in UNLESS he has a healthy savings for emergencies. After his first bump in pay, he should get insurance to cover his ass in case something happens.
@mikesphilippineretirement 26 күн бұрын
insurance. What type of insurance should he get?
@Traveling-boomer 22 күн бұрын
My wife and I do it for around $800 a month but we own our own home free and clear that we built eight years ago for 2 million pesos so when you don’t have mortgage or rent, it’s easy to live on $800 because all you have, is you utilities food Health insurance and entertainment that’s not a problem on $800 but if you don’t have your own place owned free and clear then $800 would be tough
@mdoc140 26 күн бұрын
His plan sucks and your "advice" also. Has he ever been there before? Does he have experience NO. That budget is basic survival. His girlfriend will kill the budget when he gets one. So many assumptions in this budget its like swiss cheese. Sometimes you "know it all" old men need to look in the mirror and reflect upon the crap "advice" you "give" 😅😅😅😅
@mikesphilippineretirement 26 күн бұрын
and what did you think of the video
@johng5950 26 күн бұрын
@mdoc140 Could not have said this any better. Mike saying that this was a "great" plan told me that I need to watch a different channel.
@prospergee1 24 күн бұрын
He never said the guy will live in the lap of luxury. He said a few times the guy will have to make sacrifices that will make him uncomfortable: distance, no AC, etc. And not sure why everyone thinks women are pieces of property, liabilities that men have to maintain. Good women are helpmates. The right ones are resourceful and help increase your income.
@mdoc140 24 күн бұрын
@@prospergee1 hahahahahahahhaha
@makiavelli6101 26 күн бұрын
Yep, the first couple or few months are going to be more expensive than after one gets settled in. If you're a drinker and social, you're more to, more likely than not, going to find yourself making friends and staying out later and spending more in the beginning being social. If you're not a drinker or social, that won't be an issue I guess. I find it hard to believe that most single western men will find themselves living in the Barangay/province. It can be done but not many do it....likely a very small percentage..say 1 or 2. I could make it on 800 if I didn't drink, lived close to the city and took trikes/jeepneys everywhere. But I'd be living a crappy/old place for that budget in order to get by. I agree that it would be surviving and not living a nice, retired life. I wouldn't recommend anything less than fifteen hundred to two K a month to be comfortable. Eric had a good plan on paper, in that he has thought some things through but he better have a plan B using that rest of that nineteen hundred; he's going to need it!
@mikesphilippineretirement 26 күн бұрын
Thank you for your insight. Eric has 1400 a month and will try to stay with in the $800 I think it can not be done in Dumaguete but he has extra money to use as needed
@franciscoaguilar123 25 күн бұрын
It reinforces why I will wait until I'm 60+ years old so can draw on my 401K with no penalties. What I would suggest for this person, get a management company that will handle everything from finding tenants to rental contracts and repairs. They manage the property for a cut $$ of everything but would only consider if he's in a state where property owners have rights. Then it doesn't matter if you live in the same town or 10,000 miles away. That also means he has a home in the USA to return if ever needed. While I question the $800 amount he's allocated the plan itself it good just he should plan to work a couple more years versus slumming it.
@mikesphilippineretirement 14 күн бұрын
@franciscoaguilar123 thanks for sharing
@kennethedwards1677 26 күн бұрын
He MAY be able to manage if he stays single and has an inexpensive place to rent. If you are generally frugal, you can make it fine. However, it doesn't leave a lot of wiggle room for supporting extra people, especially those demanding undeserved benefits.
@mikesphilippineretirement 26 күн бұрын
I agree with that but most men want a g/f
@user-bh1se9hn9j 26 күн бұрын
Boarding house sounds fine to start
@mikesphilippineretirement 26 күн бұрын
very good place to start
@MaullerTwin 26 күн бұрын
Do those have AC? Lol if not then that wouldnt work for me. I need AC in the bedroom or I can't sleep.
@mikesphilippineretirement 26 күн бұрын
yes
@UberToeknee 26 күн бұрын
Eric's plan seems sound enough if he is disciplined and sticks to his plans. If I realized the potential of overseas life when I was young, I would already be slow traveling the world.
@mikesphilippineretirement 26 күн бұрын
you and me both brother
@paulk8444 26 күн бұрын
So many other questionable factors as Monty who was a contractor came and based his on the guys who were buying his business to send him money and fund his retirement but when they Stopped paying he got in a world of hurt. Finally his social security of a little more then $1080 saved him but he has No rent as he luckily built a house Before coming permanently so his biggest expense was covered. But now the variable of Health came into play when he needs stents so either take the chance and go back to USA where it might be covered but otherwise he doesn't have insurance or savings to cover.. So variables like that can destroy your peace like poor Juells who passed and had to fund his health problems.
@mikehedberg1 26 күн бұрын
Great video! Sounds a bit risky but doable as long as Eric's luck holds and nothing goes wrong. Better than sitting on the sidelines, doing nothing and having regrets in ten or twenty years. I wish him luck!
@kennethedwards1677 26 күн бұрын
The first time I came my rental was $850 back in 2018. My partner and I did okay for 2 years until my tenant wrecked the house. The initial trial and error was brutal, but what a way to learn lessons! The second time around with SS was a charm. The 3 or us can actually live well on a BASIC OPERATING BUDGET of about $900, which covers the essentials. We have expanded our budget to $1100/month, which covers all necessities, plus some. Of course I have savings, which I add to every month and, contrary to popular belief we don't do without AC, hot water, food or anything else. When you make a budget, work out the math on paper, and you'll get a pretty good feel for how much money you'll need. Beyond that allow for a 'fudge factor.'
@mikesphilippineretirement 26 күн бұрын
Fingers crossed! Mike
@silverfox2957 26 күн бұрын
Is he planning on living on his own ? Most men move to the Philippines for a woman. We all have to look after our health especially as we get older living without air conditioning isn't living comfortable also things such as vitamins etc. $800 would be difficult for 2 people without taking into account the girls family will expect help from time to time. He may be healthy today and doesn't need medication but what about let's say 6 months later ? I wouldn't recommend he moves without health insurance.
@mikesphilippineretirement 26 күн бұрын
how many expats have health insurance in the Philippines
@highclassbum2538 13 күн бұрын
@@mikesphilippineretirement I've heard Sone expats say they bought into Online with but don't know if that's true.
@lazylarrylee2421 22 күн бұрын
Mike, I agree that you have to have good start-up funds and a backup plan.
@vgshwk 26 күн бұрын
If you are doing a video chat you probably won’t make it. It would mean probably giving up all the things western you are used to. From electronics to food and accommodation to social life . So could live but could you survive? There is more to life than physically living.
@mikesphilippineretirement 26 күн бұрын
Doing a video chat means WHAT???? come on
@vgshwk 26 күн бұрын
@@mikesphilippineretirement all I am saying you are going to give up a lot of western things you are used to . I would call it surviving but not living what you are used to. So yes it may mean giving up a phone and internet and other things you are used to.
@mikesphilippineretirement 26 күн бұрын
Giving up items and things is part of the reason we move away from the west
@testerone5390 26 күн бұрын
Too any variables . Who is going to manage rental property? What happens if rent stops being paid? Sounds like older property What about major repairs tax and insurance increases? 800 dollars so about 46000 pesos a month . 10000 rent 5000 utilities 2000 visa 1000 cell phone 10000 food 2000 personal hygiene 3000 transportation 1000 medication. Entertainment? Companionship? No air con ? Tv? Furniture? Tax liability on 401k ? Biggest variable is girlfriend. That will add easy 10000 to budget. Possible yes , probability no .
@RonnieCulberson-cu8rx 26 күн бұрын
Good video Mike 🎉🎉🎉🎉🎉
@mikesphilippineretirement 26 күн бұрын
thanks Ronnie
@bhinbayoucity5691 26 күн бұрын
I think hes making a mistake taking SS at 62...unless hes gonna get $2000 a month at 62.. otherwise hes better waitjng til at least 67 to start SS..then move n try living in PH.
@mikesphilippineretirement 26 күн бұрын
we agree to disagree I thing coming here younger is better
@allanstoll-pw4lj 26 күн бұрын
I wish Eric the best , he has nothing to lose by trying it out ,, like you said he has plan a b c and d ,, if something doesn’t work out there he can come back …..nothing wrong with living simple, way better then all the stress these days ..good advice Mike
@mikesphilippineretirement 26 күн бұрын
thank you. That is way he does not sell his house. In case he needs to return home
@stevenschaus6751 26 күн бұрын
Seems that most come to eventually meet someone. That doesn't include a health issue. Seems like a recipe for disaster. It's so risky and always hidden costs
@mikesphilippineretirement 26 күн бұрын
health issues can happen any place any time
@JimboandGhen 25 күн бұрын
Great info Mike, blunt and straightforward honesty here. Rooting for Eric.
@peterpoulter1420 26 күн бұрын
Mike interesting video but I think you should have told Eric he’s dreaming. Come on $800 a month and coming from the west that is survival money only. I would give him six months and he will be craving to go home
@mikesphilippineretirement 26 күн бұрын
his budget will grow a lot as the years go by.. He has a great plan
@rustynail3630 26 күн бұрын
@@mikesphilippineretirement As Mike Tyson said, they all have a plan until they get punched in the face.
@Mikeyyyy_L 26 күн бұрын
Peter, Did you watch the whole video??
@oceanbreeze369 26 күн бұрын
I think he has it thought out. Of course it won't go exactly as he has planned out but with a plan he should be able to make it work. I would probably advicse him to just sell his duplex because renters are an issue when you are not there. When you live overseas you don't want headaches back home to deal with all the time. Cheers!
@sndnfry 26 күн бұрын
I'm kind of with others on this thread in that a rental property 10k miles away makes me awful nervous. I'm unsure of where his property is located, but it sounds like it could have a pretty good value if sold. 400k invested properly in dividend-producing reits, etfs and the like will generate a moderate passive income while keeping his principal without the worry of the pitfalls others have mentioned. If he subsidized that with a consistent small income doing something online, that might be a better way to go. As is, it's a lot of worry and rusty hinges.
@user-er9rb8rg2i 26 күн бұрын
no but hell no,
@mikesphilippineretirement 26 күн бұрын
many - comments
@Gary-lj7pi 26 күн бұрын
True .. Thanks Mike .
@Gurkha9 26 күн бұрын
The wildcard is health or health insurance. Anything can happen, one needs reserves of cash for emergencies. It's a risk but it sounds like it's one he's willing to take.
@kennethedwards1677 26 күн бұрын
If guys are so frightened about their health or potential risks, just stay home and use medicare. The Philippines is not known for its superior healthcare with or without insurance. Even in Thailand you'll fare better. Life is all about risk, not foolish risk, but sometimes ya gotta roll the dice and just life your best life.
@mikesphilippineretirement 26 күн бұрын
I agree Kenneth
@RealGaryGibson 26 күн бұрын
@@kennethedwards1677 Medicare only covers 80%.
@Gurkha9 26 күн бұрын
@@kennethedwards1677 Yes roll the dice, I'm all for that but not without the ability to pay for an emergency
@kennethedwards1677 26 күн бұрын
@@Gurkha9 You're probably better with a health savings account or credit card for that. Health insurance policies are rather pricey from what I've heard, and still not cover everything. What the odds of you needed extended ICU care in the Philippines? For other kinds of care you could perhaps travel to Guam (if you have medicare). You probably shouldn't come to the Philippines if you have a serious condition, or at least live close to major hospital. Emergency services are very poor here--IF they can get you to the hospital in time.
@bhinbayoucity5691 26 күн бұрын
Im waiting til 70 to start my SS, then move to PH. I'll be getting $3,610 a month, plus $800 a month from my retirement accts. Id rather wait til 70 or 71 to move to PH & retire/live comfirtably.
@mikesphilippineretirement 26 күн бұрын
I wish I had come earlier and was able to enjoy traveling as a younger man. But everyone is different and have the plan that will work for them
@Joepoe20041 24 күн бұрын
70 is when u get aches and pains in your body and your health will be declining. Enjoy life and take your retirement as early as you can so u can travel and do a little adventure. Remember as you get older you have years behind you but limited years ahead of you.
@KMJ1936 24 күн бұрын
SSA is ok, but only 800 a month at 70? 🤔. Sounds like you didn't plan too well. You might want to throw another 7k-10k a year into your retirement plan.
@edgarwangsmo6 26 күн бұрын
Small money =small honey ! -Hes gonna be "Mr Gready"
@mikesphilippineretirement 26 күн бұрын
maybe
@glenn9057 26 күн бұрын
Mike when are you gonna build Janet a nice new house like Paul is doing for baby Mae?😂🏡
@mikesphilippineretirement 26 күн бұрын
maybe someday...but just because you watch my videos does not mean I will share my future plans with you.
@jsully4064 26 күн бұрын
Sounds good. Am considering renting my house out also to retire in the Philippines. Has a new metal roof and new ac system. will finish replacing the plumbing before I go. Will rent to my son and sister in law. That way we have a place to live when we come visit and my son will still have a place to live. Not sure but am considering it. Especially if housing prices fall we will not sell it but don't think that will happen. Good video, Mike...Jim
@PracticalPerson2024 25 күн бұрын
If I understand correctly... he will be moving over with $1,400 per month income ($1,900 income - $500 expenses) and his budget for his Philippines life is $800 per month. In addition he will have $6,000 for a start-up costs fund. AND he will also have an additional $45,600 in savings which is enough money to cover 2 FULL YEARS worth of that $1,900 per month total income. Basically he has an income to easily cover up to $1,250 per month Philippines living AND on top of that income he has ~$52,000 CASH in savings available for startup costs, emergency fund or whatever he needs it for. And he can return to the USA or he can sell the house to pay it off and make a nice lump profit. I think 10k php is too much - for example I just spent 5 minutes looking online and found a very nice newly remodeled 1 bedroom apartment in the Dumaguete area for 8,500 php per month + utilities and it has an air conditioner already. Everyone has a different level of risk tolerance and I would have no problem at all moving over with his setup. For me it would be a great life and I hope everything goes well for him.
@christopherbradley5575 26 күн бұрын
Sounds like Eric has a plan. As a landlord, I think he's cutting it a little close but it's a plan that can work. It sounds like he's a man who just waked out of a job. I hope this isn't just a knee-jerk, emotional reaction. I wish him luck.
@mikesphilippineretirement 26 күн бұрын
he has saving rental income a 401k and SS in 7 years. He will be ok
@vetgs 21 күн бұрын
Anyone asking how they can survive (not live, not retire, not enjoy life) on $800 a month should be told the reality: there is a very small chance that you will be able to do it but most likely you will go broke and beg for money to get back to the US. The best option is to get their money up, closer to the sweet spot which is $1200+ otherwise they will end up losing what little they have. Otherwise, they are just one girlfriend, one hospital visit, one loan, one bar tab, one sick buffalo or one business venture away from being broke.
@benjaminpadilla4857 26 күн бұрын
Too expensive ,you can rent a 2 bedroom for ten thousand.
@mikesphilippineretirement 26 күн бұрын
in Dumaguete?
@RichGPilot 26 күн бұрын
Mike, amazing bright, sharp picture with your new cam. 1080p
@mikesphilippineretirement 26 күн бұрын
Thanks yes 1080p to ugly for 4k indoors
@donwutzlakesideadventures 16 күн бұрын
I hope it'll work out but i think it is a big gamble i would advise him to give a test run!
@user-je1xk3qq7m 26 күн бұрын
Love The video awesome information. I’ll be there September 1 to February 5. Dumaguete
@mikesphilippineretirement 26 күн бұрын
enjoy your trip in September
@ExplorewithJohnandDivina-xc4ef 25 күн бұрын
If he wants to live on $800 a month he won’t be able to afford a wife or girlfriend until that gets Jacked up another $1000 a month
@user-er9rb8rg2i 26 күн бұрын
I say $2000 you can survive,
@mikesphilippineretirement 26 күн бұрын
that is my budget
@yourrighttoknow8654 14 күн бұрын
I don't think Eric's got enough money to make the bounce. That's really thin dollars. Anything can happen, especially medically. He needs to wait, build up his cash, then move
@glenn9057 24 күн бұрын
good vid Mike. i like that boarding house room for a buck70 per month. it would be a perfect little launch pad for me while i tour around Asia. keep up the good work brutha. soon you will be bigger than the Filipina Pea😁 5:30
@paulk8444 26 күн бұрын
It's not how much you make; it's how much you spend. But one must have a Budget and Understand Price and Style dictate what your Lifestyle will be. If you want or can live like most Filipinos then you can get by on allot less but most of us want creature comforts and once you get used to having something then it is hard to give it up. Al Mike said it is how much "Sacrifice" you are willing to deal with. Always remember both Money and Time are Finite so take care of your Health as well as your Bank Acct.
@mikesphilippineretirement 26 күн бұрын
how how you can save
@jerrystanley6820 16 күн бұрын
Gonna get a lot of ney sayers Mike but one thing nobody ever says is half the population here don't make 800 month so obviously its possible good video I been surviving on 1k family of 5 for 5 months now 4 bed house fish,chicken,pork and rice every day even make it to the beach and mountains now and then lol 😂
@mikesphilippineretirement 14 күн бұрын
you pay any rent? Do you share any cost with other family members?
@edexter97 26 күн бұрын
I think he is to concentrated in real estate with a recession that may come up. . You could try to shop air BNb and not use startup except for the flight. I think expenses are always a little higher than you expect. I use a map when I am hunting around so I get close to the stores but I am in a different area.. phones work on wifi except when you go somewhere a 3 month plan could be good.
@mikesphilippineretirement 26 күн бұрын
Airbnb not cheap here
@edexter97 26 күн бұрын
maybe in lapu lapu with out the car. some of the hotels are 300 to 450 aprox all bills paid and furnished but still maybe higher than 800..
@revelationmd 25 күн бұрын
Retiring “early” on $800? That’s scary and very risky. He needs to bear in mind that the US targets 2% inflation… the Philippines targets between 2-4%. So that’s an average 1% pay-cut beyond what he might have anticipated every year. That 1% takes his $800 purchasing power down to $724 purchasing power in just 10 years - assuming he’s already giving himself a US inflation 2% pay rise each year. And that’s assuming both central banks hit their target of course. Throw in that the US dollar is currently trading at an all time high vs the peso… and global de-dollarisation is only ramping up. I could easily see that $800 budget feeling more like a $600 budget within 10 years. And he’s retiring early? So run those numbers out to 30 years = absolute disaster. (Talking generally, not so much Eric with his saving plan and two rental properties). When you have a ₽2k budget you can tighten your belt I’d imagine… $800 doesn’t leave much to tighten.
@johnstuart9965 15 күн бұрын
In my research on KZfaq In "BGC" Philippines $800 USA a month Would not last, and most Expats over the age of 55 and older would have a tough time meeting a young woman in BGC. In BGC which is clean, with no roaches modern and good food, and not much trash and beggars, You would need at least $3K USA a month in BGC. Also if you are over 70, it's better to be near a Modern hospital, like BGC, or even CEBU Mike.
@acaciomadeira5147 26 күн бұрын
He s hould stay and work in u.s. for 5 more years delay his retirement, save more money , $800 think your living alife your not used to you want to live a western life in philkpines ,but each to his own
@faronray5765 26 күн бұрын
I live on $3000 a month in Cebu City. It would be very very hard to have the same lifestyle living on only 800 a month. No thanks, wouldn't do it. Plus, one medical emergency would wipe him out. A heart attack here is over $14000 dollars without insurance and that doesn't include follow up treatment. There isn't any Safety nets here in the Philippines. No cash for hospital=you die. Don't come here thinking you can beg and that foreigners will a part of your retirement plans.
@mikesphilippineretirement 26 күн бұрын
enjoy your life in Cebu
@alaylaanajacks5647 24 күн бұрын
2300 usd for 3 people? 80% vet. Working for our 100 for the last 4 claims. But you know how that goes. Not moving to the Philippines yet. But I am visiting in December because I haven't been since 2015 and I need a reality check.but I have friends. Filipina friends I am very close with. I'm a female so no girlfriend lol I'm married. My hubby is the vet. But they can help me find cheaper places. We are gonna put a ton in savings before we move. But we have to bring 4 dogs. Ugh. That's gonna be fun.
@jones4334 24 күн бұрын
First of all, the best thing is to say "no" 800, 1000, 1200. There is enough homeless there for Americans to contribute to the homeless
@ChristKrew-Rev1.8 12 күн бұрын
What is the minimum to live on with a family? I have a decent retirement and can live comfortable as a single guy in SoCal but want to improve my living via relocating to the Philippines to have my finances go further. I do not party... I workout, do martial arts and want to do missionary work.
@rons2079 24 күн бұрын
He has a plan but realistically it’s not feasible. One disaster away from becoming a disaster. I wish him luck. Needs a lot more savings for a cushion. Not even close to a lifestyle a person from the west would enjoy. Minimum 50k savings you never touch…… even that is light. Imagine inflation 10 years from today. Better to have 3k a month coming in and try to budget closer to 2k worth of expenses monthly. People daydream and end up begging for a GoFundMe.
@Charles-rd6ku 26 күн бұрын
Why not just sell the house? House prices are high in the states right now and there's a recession coming in housing no doubt about that! 40% housing crash like it was in 2008
@mikesphilippineretirement 26 күн бұрын
does not want to
@Joepoe20041 24 күн бұрын
Boarding house or pension house are cheaper.
@Charles-rd6ku 26 күн бұрын
My regular doctor here in the provinces 600 pesos in the specialist is 800 pesos. I do have a specialist for my eyes and ears it's a little bit more expensive than that i can run like 1200 sometimes. Hospital room here in san carlos with the private room air conditioned 2,000 pesos a day.$36 U.S.
@martyg1717 26 күн бұрын
I lived in the Philippines I found the medical to be one of the worst in the world, and I have been to 40 different countries, but if you don't mind witch doctor's you will do okay. I know I know your doctors are wonderful. You found the best doctors in the Philippines, LOL
@mikesphilippineretirement 26 күн бұрын
real 2k a day private room in San Carlos would love to see the bill for a private hospital Room
@Charles-rd6ku 26 күн бұрын
@@mikesphilippineretirement yeah i was something like $16 for $18 or something for the single room but they're little cubicles on stuff in it 6.7 my feet almost stick out of front it's hard to explain. Ha ha. Let me see if my ladies got receipts on anything or if there's a detailed bill they put everything on lik one or two pages but i've been here twice and that's what it is. You don't want the single room you guys next you'll be coughing talking at 3:00 in the morning whatever. I'll see if i can find it.
@Charles-rd6ku 26 күн бұрын
Mic i'm unable to get that information now! I don't get it i want to Hospital website in my antivirus program is lighting up all over the place in the sites infected haha! I do know the whole bill with two and a half days cat scans blood draws everything was about $500
@gerbourke1952 26 күн бұрын
I'm an advocate of cheap living here. We both live extremely comfortably on 800/month but............ we have everything. Our house and car is paid for. We grow vegetables, raise our own meat animals and our own eggs. It started just to become as self sufficient as possible but it gradually became income. Now it's to the point where we are living at upper middle class level (in the province) and not touching my passive income from my own country. 800 is our ballpark but we have a lot more than that at our disposal. Would I recommend anyone to come here with just 6k startup money and 800/month? Certainly not. He needs to be able to put his hands on at least 20k. When he's been here a while he can start living more and more frugally and possibly reach his 800/month. But for at least the first 6 months he's going to need more. Especially in a city.
@mikesphilippineretirement 26 күн бұрын
if you have a fully paid home (no rent) and own a car. Of course you can live on $800
@gerbourke1952 26 күн бұрын
@@mikesphilippineretirement would I recommend coming here with only 800/month even owning the house and car? Most certainly not. Non of us knows what is laying ahead. I think that guy will struggle. 6k is going to be very tight for start up
@garrylafferty100 26 күн бұрын
Eric only one maybe 2 or 3 not in city
@rgb711 24 күн бұрын
Yes, only if he stays single.
@AlbertBuhisan-c7g 26 күн бұрын
My name is Albert Ramirez BUHISAN I’m from Dumaguete city now I’m in California I’m retired in the u.s going back in Dumaguete for my retirement I fallow your video
@mikesphilippineretirement 26 күн бұрын
Thanks Albert
@amazingsightsandtours4551 4 күн бұрын
How do you contact other expats?
@ohioafguy 26 күн бұрын
I didn’t know about the visa expenses. Is it $50 a month for life or something? I never heard of a monthly visa payment.
@testerone5390 24 күн бұрын
@ohioafguy you have to renew tourist visa about 1400 pesos each month plus yearly acr card 3000 pesos
@Si1verRaven 26 күн бұрын
I rather survive in the east than survive in the west.
@mikesphilippineretirement 26 күн бұрын
many agree with you
@Charles-rd6ku 26 күн бұрын
It is going to be such a squeaker and i don't care where you live another whatever unless you're a nomad out of the backpack$800 is really rough! What if you get sick what is something else happens and you with the hospital and cant pay to get out. Or even if you just get sick you eat some bad street food or you do something in your stomach you're throwing up all over something you need a doctor and medication at you pay for medication here you don't get nothing free in health. I don't know how old you are about all this stuff you better think about tight cuz once you're in here and stuff it that's all you're living on you and even getting back home if things go bad
@mikesphilippineretirement 26 күн бұрын
yes $800 is tight
@alaylaanajacks5647 24 күн бұрын
Insulin is way cheaper in the philippines. But I don't need that hahaha. Yall can dump the medical system and do holistic. Much cheaper and you actually get better. Medications are for those who want to die. Take care of your health when your young. Start now everyone.
@hanglee5586 26 күн бұрын
For a single solo guy right?
@mikesphilippineretirement 26 күн бұрын
yes
@markcupstid3304 26 күн бұрын
HEY MIKE I HAVE A QUESTION. I'M A 100% DISABLED VETERAN AND I'M DRAWING SOCIAL SECURITY ALREADY AT 56 YEAR'S OLD. MY MONTHLY TOTAL REVENUE IS A LITTLE OVER 5K PER MONTH AND I HAVE SOME SERIOUS CASH IN THE BANK. I NOTICED THAT THERE IS A VETERANS AFFAIRS HOSPITAL IN MANILA SO MY MEDICAL SITUATIONS MEDS AND ANY OTHER FUTURE MEDICAL SHOULD BE TAKEN CARE OF CORRECT? MY QUESTION TO YOU IS WHAT WOULD YOU SUPPOSE MY LIVING ARRANGEMENTS BE AS AN EXPAT? ALL MY BILLS ARE FULLY PAID AS OF CURRENT SO I WOULD BE COMING TO THE PHILLIPINES TOTALLY DEBT FREE. WHAT WOULD YOU SUGGEST I LOOK FOR? I'VE BEEN LIVING SINGLE FOR THE PAST 19 YEAR'S SO I'M ALREADY IN THE MINDSET OF JUST KEEPING TO MYSELF AND JUST SIMPLY ENJOYING MY LIFE AS IT IS RIGHT NOW SO NO MARRIAGES OR HAVING EVEN A LIVE IN GIRLFRIEND OR ANYBODY HAVING A PLACE FOR A TOOTHBRUSH MORE THAN 24 HOURS. PLEASE ANY THOUGHTS YOU HAVE WOULD GREATLY MOTIVATE ME. THANK YOU.
@JenGioPhilippineJourney 26 күн бұрын
Send him to my town he can here 😆
@mikesphilippineretirement 26 күн бұрын
been here a few weeks and now it's his town. Hahaha
@Mikeyyyy_L 26 күн бұрын
@@mikesphilippineretirement. He thinks cause he feeds them all he’s the mayor! 🤣🤣
@raymondlimbert8130 26 күн бұрын
Hi Mike Iam retired form city service nyc on social security combine income 4330 a month goal finish lease put all in storage because of my pickup truck financed, please guide march 2025 target date.
@mikesphilippineretirement 26 күн бұрын
send me an e mail. best of luck
@jamesarnett4129 26 күн бұрын
If you want to know if $800.00 is enough? Remember 20 years from now it will still be $800.00. If you retire at 62 & you live 20 years. The last 10 years your going to be homeless if your lucky.
@michaeltoia9095 26 күн бұрын
😮. 🤔🤔
@FlipandTheBlueMule 26 күн бұрын
🇺🇸🇺🇸🫡🇺🇸🇺🇸🇸🇽👋👋
@mikesphilippineretirement 26 күн бұрын
Thanks for watching guys
@theverdict4322 26 күн бұрын
Can you live on 6000 p a Monty on food ?
@user-bh1se9hn9j 26 күн бұрын
Too much of a risk
@mikesphilippineretirement 26 күн бұрын
I do not think so
@vec306 26 күн бұрын
No way
@mikesphilippineretirement 26 күн бұрын
yes he has a good plan
@Stace1962-cebu.Province 20 күн бұрын
Now you changed it up he has 1400 a month my goodness what is his actual budget 800 or 1400 lol
@FilCanGil 23 күн бұрын
His budget may be derailed if he meets a Filipina(s) right away🤔
@jefflay8515 26 күн бұрын
Rule 55 says you can withdraw from 401k without penalty
@mikesphilippineretirement 26 күн бұрын
59! 1/2 is when I also started my withdraw of my 401k
@Charles-rd6ku 26 күн бұрын
I don't know if there's still letting you take 401k and change them to roth iras or not but the roth is you pay all the taxes and stuff when you put the money in and then it stays tax free forever! I know there's no such thing as forever but that's what they say the probably grab it later anyway because the rate will be higher when you do finally take it that's what they're counting on
@jefflay8515 26 күн бұрын
@@mikesphilippineretirement yes, if you separate from your job, 55 is the rule
@jefflay8515 26 күн бұрын
@@Charles-rd6ku Roth conversion make sense if your 401 is way down
@MrArcher181 26 күн бұрын
59.5 years to withdraw. Law enforcement, firefighters, and air traffic controllers can take at 55 without penalty.
@Stace1962-cebu.Province 20 күн бұрын
So he's not on a 800 budget not at all my goodness 😂
@joebloe4374 22 күн бұрын
I have never sern filipinas who look like those 3 in thumbnail
@RealGaryGibson 26 күн бұрын
Good luck Eric! $800/mo living in Dumaguete is a whole lot better than living on that in the USA. As long as stuff doesn't happen.
@mikesphilippineretirement 26 күн бұрын
thanks Gary
@martyg1717 26 күн бұрын
He'll do fine as long as he doesn't mind fisheye soup every night for dinner
@mikesphilippineretirement 26 күн бұрын
hahaha they use fish eye for bait not dinner
@johnbergeron9997 26 күн бұрын
Visas must be more expensive there, it cost me 20 a month here in Quezon city, 40 dollars every 2 months
@mikesphilippineretirement 26 күн бұрын
and add for the acr card
@DingusCirc 24 күн бұрын
Who in their right mind would want to retire on $800. I would say $2500 to be good with all aspects including medical. Do you want a Western lifestyle or a poor filipino lifestyle?
@Stace1962-cebu.Province 20 күн бұрын
Won't happen on 800 not possible 1000 yes he needs to be prepared for emergencies 800 no way
@Stace1962-cebu.Province 20 күн бұрын
I think it's a great plan but it's not what you said on 800 a month you went to 2000 a month that's not 800 my goodness
@Stace1962-cebu.Province 20 күн бұрын
Now he has two years starting out lol
@brucesnyder690 26 күн бұрын
Same topic over and over and over again.
@mikesphilippineretirement 26 күн бұрын
Bruce did you watch the 2nd half of the video. Eric's story
@brucesnyder690 26 күн бұрын
@@mikesphilippineretirement no. I guess I'm tired of the topic. You and other bloggers have given so much advice to people. You need the right amount of money unless you want to live like a vagrant in some dump. It's not living, it's surviving.
@rickb7225 26 күн бұрын
Then you gotta budget the numerous $20 donations they gonna give dating sites for load, lol.
@Mikeyyyy_L 26 күн бұрын
When I first saw the title and started watching it sounded like another of those “ I only have $800-1000 a month coming in, can I make it” But it looks like Eric has a good plan. Has Eric been to the Philippines before??
@Mikeyyyy_L 26 күн бұрын
Bruce Snyder. If you watch you would see Eric has a plan and will have more money coming in at 59 1/2 from his ira, then SS at 62, then house will be paid off at 65.
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