The Expat Money Trap: Why Expats Are Going Broke
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- Опубліковано 4 бер 2024
- Why some Expats go Broke in the Philippines. Scams and Fraud in the Philippines. Under Funding your Retirement. Living with a Filipino Family. Starting a Business or Investing in the Philippines@mikesphilippineretirement @DumagueteRentals Building a Home in the Philippines. Ruining your Retirement. Money Matters in your Retirement. Depending of your Filipina Girlfriend.
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I RETIRED TO THE PHILIPPINES IN 2022, LIVING ON A BUDGET WITH MY FILIPINA GIRLFRIEND IN DUMAGUETE.
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Ok, you finally made me do it. You made me subscribe to your channel, to continue getting your excellent content ❤️
Yay! Thank you! finally
What took you so long? 😂😂
If 70 year-old men insist in dating filipinas who could be their granddaughte then they really can't complain about costs.
Everytime I see an old foreigner with a very young Filipina, it makes me sick. A year spread of more than 25 years is disgusting.
As a westerner I find that pretty despicable. 99% of westerners marry someone of a similar age.
Men going broke because of a woman is a common theme that repeats itself over and over again.
yes it does
Stop blaming people with vaginas as the REASONS men go broke.
Stop blaming people with a "putane" between their legs as the reasons men go broke.
It's not women's fault as to why men are broke.
Women are not to blame.
No amount of boom - boom would be worth the misery of living in the province getting fleeced by the family.
very true but some guys have not enjoyed a life and only look for boom boom and hope for the best
Between her insidious mind control and her magical boom-boom, how can any man resist? Just hand over your wallet and your bank account as soon as you meet her at the airport.
@@captaindoomsdayreloaded6685😂😂😂😂😂
@@user00771-eProvince in the Philippines usually means a small house with a tin roof and maybe a dirt floor. There’s other similar houses around the area. A small town might be a few miles away. People go to a river to wash their clothes. It’s basically very poor people surviving out in the countryside.
Apparently somebody hasn't had the REALLY GOOD Boom Boom. 😉
That was happened to me before. She was respected me at first and then I ran out of money the game was changed greatly.
She never respected you then
As i get older and lived in se Asia for 7 years now. I dont drink i dont gamble i dont party. I do love boom boom but hey i i just keep that business once or twice a month and then enjoy my life ...fishing travel waking up to no drama no emotional headache...........its the true dream 🎣🤙💯🌴
living the dream
Alot cheaper too.
Smart man... Same for me but I failed and now have a Wife... Hahaha. Avoiding the night lifestyle is difficult for many guys...
"Not having funds is probably the number one reason why people go broke here." What an insightful comment! I have one for you: Eating too much is probably the number one reason why people become fat. Counterintuitive but true!
They can’t live a good life in America so they go to the Philippines to live a little better until the money runs out.
The Philippines and Thailand are the same why expats go broke. As you said, building a house on the land the family or girlfriend owns without using a lawyer and doing a lease or lifetime land usufruct (as I did in Thailand) is the number one reason. Some foreigners are naive and put all things under their Filipina or thai ladies' names believing that love lasts forever and without realizing that every second relationship ends anyway before you even realize it. People change.
well said
Loneliness. Men who are lonely will do whatever they can to get rid of that feeling.
Because they are not men,silly boys.
Hard to go broke if you have $4,000 or more a month coming in a month….just leave her you still have your retirement…. Now if you’re living on $1,000 a month could be a little tuff….
That is the point
get away plan and a go bag
Becareful when you choose to fall in love with a Filipina can help you to growth your business and money
Medical, no insurance..
"A fool and his money ..." ?
How did they get together in the first place?😂😂😂
I don't know good question
It was called employment at a COJ!
Scenes of life in the village shown by Overstay Road look completely disgusting. There’s no table to sit at and no chairs. Everything takes place on an elevated platform. People squat on it and chop food right next to their bare feet. After the food is cooked, it’s laid out on leaves on the platform and everyone squats there to eat. There’s an outhouse with no plumbing and there’s no running water. The ground is dirt. When it rains, the people live in mud.
you saw that on a video
@@mikesphilippineretirement Yes. That expat makes a lot of very good videos. His family unit is certainly questionable. It’s clear many of these women are just happy to be fed and so accept anything a man does. I get a kick out of his saying that he tells the wives’ (yes, plural) relatives he’s not rich, he’s broke. He tells them every foreigner living there is broke. If they were rich, they’d live in a penthouse condo in downtown Rome, they wouldn’t be sweating in a Third World country in the mud.
@@genxx2724its a style he is good with , but not for me
@@genxx2724 I think his name is Marcos.
@@user-qs2br2jl4x Mark
The " I'll buy this because it is so cheap" mentality gets a lot of people into trouble. . And while drinking uses up some money, the bad decisions you make WHILE drinking can cost a whole lot more. Also, in the exuberance of a new experience, people will trust people that they never would have trusted in the USA.
trust is a very big thing
I have absolutely no desire to live in the province. I also have no plans to take care of anyone but myself unless I get married and then only her and her kids if she has any.
that is the way to be LLL
Agree, the only person going to take care of you, is you. Good info on turning the bank cards off. Thanks for the video, Mike....Jim
Thanks for watching
One of your top 10. I’m going to watch it again. Not only does one need to be diligent and wise, a strong dose of humility is recommended. Thanks Mike!, JM
Thank you for the nice comment
You have to be a simp to move to the province and sleep in a room with other relatives. And outdoor plumbing. Yikes. No amount of boom boom is worth that.
some think it is a great life but it is not for me
Some guys come here have not had a women in 20 years , then they get one that is out of theyre league . they lose control . If you had a dry spell like that , go to Thailand for a few months and get the angst out . Do not come here desperate , they can smell it
I am so glad that you discussed this topic because it is really important to be very careful in meeting people in the Philippines.
It's exactly as you said guy's becareful.. don't rush into a relationship take your time
Some guys are just walking time bombs.
@@mikesphilippineretirement that's sad they thinking with their wron head as we say
I feel very lucky and blessed that the Filipina I met is a gift from heaven. Of coarse I met her here in the U.S. She is a registered dietitian/dept manager and I'm a retired nurse, We've been together 18yrs now. I still get amazed hearing these stories about expats getting taken. I know people need money there (here too). I love your stories and continued words of caution because scammers will always be out there waiting to take your money. Keep up the good work!
I like and appreciate your directness. I started watching videos on living in the philippens...with many saying how wonderful it is. After watching "Many"...you couldn't pay me to move there or live there. Might be fun to visit....but I want no part of it. Wish you the best.
thanks for your comment Ron
I would never want to live with some woman's family that I'm only dating and not married to even here in the U.S. I just can't imagine imagine someone having that much power over me anywhere in the world.
Tell your girlfriend or wife she must start working and you see how long she gone stay with you .
how much do you think she will make working
Tell yourself why should she stay with u if she has to work, most expat r old,what else can you bring to the relationship? Old,devorce,hurt financially then goes to a Country like the Philippines and demand love, respect,from half their age girls😂.pinays may as well stay with their younger poor pinoys.As a man we bring home the bacon,women need security,etc from a man, don't like the idea then stay single.
Yes, for awhile. It teaches them how hard money is to come by. They may think it grows on trees for expats, not realizing how hard and many years they labored. It may stem the 'entitlement' attitude and make them manage more wisely, but probably not. But as many say, beta men (mostly the older men who come here) always have to pay. Money = love and intimacy for them. From what I see on a lot of vlogs, that is perfectly fine for them.
I married my wife 6 years ago. We married after my 1st trip. We have a 3 year son together. I'm glad we moved fast because had we waited, my life wouldn't be where it is now. Once I retire in 7 years, we will be moving to her province with our 10 year old. I'm positioning myself financially so we can live a good life. I'm also preparing myself if the family tries to take advantage of me. Financially, I'll help by buying a home for all of us to share. But if things go south, I'm jumping ship and I'll take my money and my son's money with me.
You are already falling for the scam.
@rustynail3630 , nah, my wife wants to stay in the US I'm the one making her move.
When I look for a serious relationship in Philippines or Thailand I make sure I know exactly what province the lady is from because eventually I know she will want to settle down there and live with her family.
@user-bf5fi4ss2q , I did my Due diligence before I married my wife. I must have dated over 200 women before I knew she was the one. Unlike most foreigners who marry the 1st one off the plane.
@@Steveo_00700 200 wow I'm impressed
I'm not rich but I promised I would never be in the situation someone can tell me to get out. Or I'm begging for bread. .
Men never let the end of a relationship leave you broke ❤
Mistrust is a big reason. Love and money are two different things no matter what you think.
Also divorce is the number one reason that men end in poverty at least in the west .
Great video!
good advice
I would keep my house in the US. If i don't have enough money to move to the Philippines and keep my house in the US then I will not move to the PI. I see alot of expats that think they are never coming back to the US and then there health becomes bad or they just get to old and have nothing to come back too. So they are stuck
Thank you Mike another great video 🙌🐸
Glad you enjoyed it
Great videos man. Keep it up
Thank you Andy
Eek!! Who wants to live in the jungle somewhere on "the family compound". Sounds HORRIBLE!!
I know right!
P.O.W. camp
Good video Mike you are right about that 🎉🎉🎉🎉🎉🎉🎉
Thanks 👍
That was a great video Mike. Lot of excellent information. Trusting someone can be a great thing but putting blind trust in someone you don't really know is a recipe for disaster. Thanks as always.
Welcome! and thanks John
It sure looks beautiful there. I live 15 miles away the iconic Hotel Del Coronado with a beautiful but cold water ocean in front. I can get a room there for $403 tonight according to their website (not including tax or parking). Or I can stay where you are for 22 nights at the same price and swim in the warm water. No comparison. 😎
Thanks for that info very interesting
Hi Mike, I’m very blessed with my girlfriend and her family. I put a lot of money into their home before I moved here and I live in total comfort. I am one of the few expats that hasn’t anything to worry about. Say hi to Janet from us and hope you guys are doing good
Great video.
thanks Chris
Hi Mike, thanks for all the good advice 👍😀
No problem 👍
great info thanks just looking into this
Any time!
Don't give access to anybody to your banking information....including a foreign woman in her country.
"Never live with the family." Great advice that every teenager should instinctively know.
we are not teenagers. Living in moms basement
I went to indonesia with and met a girl over there in 2018 java island .. i was 45 years good body shape she 28 no too much age gap .. she and fam living i a cheap house south java province they invited me and was hard living like you said same in ph ..i stayed 30 days and when the 20 day running there i almost run out of money and they started to treat me bad coz i supported them .. luckyly i had my ticket flight back paid .. otherwise i eneded up on the streets .. i learn the lesson
At least 20k in American banks plus 2 to 3 k per month coming in. Before I even THINK moving there. And guys don't go to online dating sites before and after you get there. Wait till you settle in a few months at least. To see you can make there on a particular budget.
great points
Double that for a decent lifestyle, for savings NLT 100K
The foreigner might believe these expenses are one-off purchases, and the costs don't seem like much. But in reality, these are spending patterns that become a set of expectations from the woman and her family. Once the money dries up, so does the honey, and it's too late to put your foot down.
Oh yes, they are happy to get more, but expect hell on wheels, should there be a contraction and you have to cut your spending. That's pure Bullsh*t and disrespect. It's only for better not for worse!
Good advice to young guys 👍🏼
😮Wow doing good Brian keep up!😊
who's Brian?
Excellent!
Every point of your message is very factual. I relate to all and the problem is some of the bloggers who spread misleading stories and information. One such is here in Pathaya. He talks through his nasal and shamlessly spreads lies. Street food is completely unhealthy if you are a westerner. It sits out in the sun for long, sometimes all day, and catches bacteria and parasites that can actually kill. Locals have adapted to it.
Why even marry when you can have variety all the time. Cultural, communication and intellectual differences are immense and true understanding between the two can take for ever.
I am 71, retired, divorced after 35 years of marriage and on SS with about 100000.00 dollars in savings that I haven't touched in the past 2 years since I came here. I live on social security and end up saving 5 to 7 hundred a month. I cook at home and buy whole wheat bread to limit my food cost to less than 150 dollars a month. I spend 300 dollars on two young girls and a . . . . and a life that I could only dreamed about, in US. My diet includes fish and natural chicken and I walk 3 to 4 miles a day on average. I feel healthy and energetic but will not marry.
My point is that coming here without self-discipline and self-control is a big mistake, specially in my age.
Thank you a good show.
Thank you for this info. I needed this because end of this year I will visit the Philippines for three months...
Glad it was helpful!
You are so right !... even all the other vloggers said same things
Exactly!!
So true... thanks
Mike, You are amazing at explaining things. Did you have a back ground in teaching?
no a factory worker and Machinist
People that don’t work enough years at a job in the USA won’t get much from Social Security for their later years
Great information, thanks for all the videos.
Our pleasure!
Mike you are being better and better and more realistic about budget. Some expats are delusional. If you want to live comfortably western life style will cost you money. Lots of horror stories come from Phillipines regarding expats.By far this is your the best video. Thank you.
Excellent example!!
Thanks! 😃
That's great advice ,especially for the newbies who think with there little head lol😂
thanks for sharing Edwin
You are 100% correct
I got married in Philippines I bought a house and truck furniture I keep my apartment, but I still have to keep working in USA in summer and Philippines in winter, had a hard time because I never had a covid vaccine, I made it back, but the cost of medical is very high and our USA medical insurance doesn't work in Philippines, so beware of long term hospital stays or dyalisis gets really expensive. Women are the same here or USA, it's all about nice homes nice cars food clothes designer purses, they can say they simple, but they get Americanized even in Philippines 🎉
thanks for sharing
Spot on, Mike! 👍 Underestimating costs, here, has been my biggest learning curve. Plus the start-up costs of moving into your own place. I’m fortunate in having a very responsible Wife, not living with her family, etc. But being self-sufficient here is where the learning curve is steep. Boom-boom? We’re supposed to get that, too? 😲🤣😂
Boom! of course
I suppose either you've got your head screwed on - or you haven't. Look at Mike, he doesn't even need to do UA-cam with his successful retirement planning. But he does it because he no doubt enjoys it, the interaction, opportunity to meet new interesting people.... And he makes a bit of money from it. Success breeds success and all that. Unfortunately many people find themselves in negative spirals.
Thank you people just have to live on what they got and be happy with it
In my opinion, most broke expats go broke due to them not doing their homework before making a life change. I'm thoroughly listening and taking physical and mental notes. Those who fail have not listened to those who have the actual experience and are currently living this life.
failing to plan is planning to fail
Most important thing SSA guys looks at 35 years and if you dont have 35years they will deduct your SSA pension
I believe that goes they take the top 10 quarters of your working career and have some formula to determine your benefits that way
Ha! No, my friend..... The boom boom can't be that good.
most say it is the best they ever had
@mikesphilippineretirement Maybe, but definitely not worth giving up what they've worked for their whole lives.
Sure it’s the best when you haven’t had any for 20-30 years. Go to Angeles and bust a few nuts first.
@@rustynail3630good advice , I say go to Thailand for a few months and calm down
@@mikesphilippineretirement its as good as your partner , of course guys will say its the best if they were married to. cow back home . Whi wants tp come 8,000 miles and admit , yeah its okay
More good advice
Not having funds is the number one reason people are broke anywhere😂
You forgot to mention having a successful UA-cam channel helps immensely.
if you can make extra money go for it
Hope you find what you are seeking and want on your new chapter of life. ❤
Dang Mike just got me concerned about retiring in the Philippines 🇵🇭 it’s actually not that bad here in the states ( yet )
hahaha. I would never go back just get some common sense and you will be ok here
Well said there's too many fools out there.why buy a house in a third world country with out putting your name on it.
something one must decide for himself
Not allowed to put name on house
Healthcare Emergency has to be a big one.
it really is Billy
If my Tiaa-cref does well I’ll put down the $10K usd for a retirement visa. I read that you can withdraw that if you want to and go back to a different visa. There is your big medical safety net and visa charges if all goes well and if not you’re not destitute.
Dang Mike I'm going thru that right now! Although, I'm doing ok so far. But i will hit the brakes!!
tell me about Richard
Wise words
My suggestion is to seek first the kingdom of God. Always assume that everyone you meet is after your money.
thanks for sharing Amen
You mean the kingdom of Gold 🥇
It is always good to visit first before jumping in. Trust and verify.
Absolutely!
Good you are fully awaken the real life in Philippines. When you live there, you have to pay for everyone live in the house 😅
Yes, you are right
Much of what you say is true, my wife has a Sari Sari store, plus 2 other businesses she had 2 of them before we got married we did build up the Sari Sari store and it was doing well until we came back to U.S. for a short stay, one family member wiped it out in under 2 months. Now she has instituted no credit to anyone you want something you pay. Everyone of us expats must make sure we do not let anyone know too much about are finances. While my wives family are good people they can put a hurting on a business.
Great info as always Mike thanks, hired a guide and I've been able to see the island Bohol/Tagbilaran and the western mountainside of Cebu, Temple of Leah was absolutely magnificent! And all the other tourist sites were awesome! 5 more days and i go back home to Texas, i am taking back with me memories of a lifetime . THANK YOU SIR. Rudy G. Cebu.
so happy you had a good visit
Great video and you're absolutely right , about everything haven't made it over there yet if I stay I'm planning on renting at least for the first year is the average things going with my fiance I'm not worried about getting married anyway but she is and I know why you just told me why
Best of luck! Keep us posted
Before i came to Philippines 3 people told me Filipinos will take all your money and leave you with nothing.Hence i always watch my back.
no matter what country your in.
I think some people get lost in the exchange rate. 1K pesos doesn't sound like a lot, but $20 is a lot
yes you need to kept an eye on that exchange rate
Current exchange rate times $1000 puts you in middle class based on their socioeconomic stats. Don't think one could live a "like a king" per se, but they could live in the Ph with a little financial restraint.
You speak the truth
Thank you
You would think 10k USD is break even with a two year lease. That doesn't mean it's an easy win win because you need to trust people.
10 to 12 k
1000th like
A tried and true rule I have is take at least two years before investing into anything that is hard to walk away from. I like to test women by telling them no or putting them into situations to see how they react. Time and indifference are the two great equalizers in properly vetting women. The problem is too many men are so lonely and miserable from their experiences with women that after they arrive in the Philippines they jump at the first woman who shows any attention. We are all guilty of jumping the gun but by retirement age (and a few divorces) you would think he has acquired enough life experience to know better 🤷🏻♂️
Well they were almost broke when they arrive in south east asia. But if you have other expenses included, it cost much more
1. Gf and their family
2. Party
3. Drinking
why always the family
I could of actually lived like a prince in Montalban.My own house, motorbike and good woman but I just couldn't hack living there and walked out after traveling to Thailand mainly.Of course I lost everything but my eyes were wide open.I thought I could find a younger and slimmer lady but that has not materialized yet and do have some regrets.
Great video, thanks, Mike.
thanks Robert
You are totally correct - youngs with money and time to burn have no excuse - but older guys, you'd think we'd learn from our mistakes
great point
There you have it very well said, im a filipino and i totally agree with mike that these less fortunate families of these pinays will milked foreigners as expected, we do not condone wrong doings instead we support for the changes and open for possibilities. Now its up to those newbies expats to get it figured out as soonest possible before ending up on streets broke. Financial education must be as well encouraged to these inexperienced young filipinas.
keep your money back home. Keep your house back home and rent it out if you are lucky enough. That way you have an exit if things go sideways. Don't invest more than you can afford to lose.
good advice
I personally put $1,000 a month in that same category as your $500 Mike. Comfortable not crazy but comfortable living. We talked before you need $2,000 anyway to be decent you may go on 1500 if you don't have any physical problems or other major problems
it is one thing to have a $1500 budget and another to have a $1500 budget and have a $2500 a month coming in
@@mikesphilippineretirement Yes
I have thought a lot about living in the Phils or another SEA country but it just seems a huge pain to liquidate everything relocate like that.
it is not easy and it is not for everyone
We have house and a plot of land we grow thing on and also have pigs rabbits and cows and we have aquarium w breed fish and we have grocery store and hairdressers and nail parlour and we live in the province near gensan
sounds congrats
Also mike most middle class Philippines are living in debt and credit cards like the middle class in the west .
Look at these same people's net worth and or portfolios.
Great video
what stats do you have on credit card debt in the Philippines
No thanks I prefer to rent for like 300-600 usd a month in Dumagette or Iloilo or something without the headaches
Good choice Ted
#1 Reason for going broke anywhere, is lack of financial planning. If you dont carefully plan the transition from working income to retirement income, taking into account the adaptation to a new country and possibly new family, can be a recepie for disaster.
great point Alex. Planning
My girl is 4
1, I am 61. I went to see her in Mindinao village. She owns her house, her mom and dad stay with her. She knows I would not be able to live in those conditions without A/C, because I can't take that heat! I would have to rent an apt. in Dumaugetti or Valencia for maybe 300.00 a month and not get nickled and dimed by her family. But you sir are correct on all accounts!
They let their wife handle the budget.
sometimes it works sometimes it does not
You are correct. The main reason a young beautiful young lady will settle for a tired retired old man is money. That may not be true for all but it is true for most. I for one would never settle for a life style worse than I had in my home country. A good life style cannot be had for a thousand US dollars per month. I am not an alcoholic but I do like a beer and visiting the bars at least a couple times a week looking for a beautiful lady. Your recreation will cost you a lot more than you had thought.
The optimistic bloggers will tell you that you can live like a king for that thousand dollars a month. The fact is that is just not true.
I still do not understand, why Philippines? 70yo men leaving US to live in questionable conditions with 20yo women in Philippines! Really?!🤦🏼♀I try to understand these girls, they live in poverty, perhaps extreme poverty, so any foreigner make them see a little light at the end of tunnel …
Would you prefer the 20 yr old to continue to live in poverty?
Hi Mike.
I think you gave the guys really good truthful advice. I hope they are all listening to you. Everything you said also applies to Thailand.
It’s a really sad thing when you see Western man on the streets, begging in an Asian country.
most of the guys just can't calculate a budget and with the exchange rate difference they get fooled
SO IN SHORT. GUYS THINK WITH THEIR DIKS REGARDLESS OF WHERE THEY LIVE.
STOP THINKING WITH YOUR DIK
A FOOL AND HIS MONEY ARE EASILY PARTED
My dick think ok how about you?