I was a doctor out there and lived comfortably on $5000 a month. Very good apartment three bedroom air conditioning in a lovely area with security guards, running a car, out for dinner at a top restaurant once a week. I don't drink alcohol, gamble, etc but I did have gym memberships. On top, I did have a maid who looked after my home and took my little dog for walks. But, I do know that the biggest problem out there is the guys get tempted by all the young girls and end up spending way too much.
Yup, I just recently retired and currently makes $2400 in SS income per month. That, plus a decent retirement funds/401K and great cash value on my paid off house here in California, I think i am good especially if I move back to the Philippines. Just like you, I don't drink nor smoke nor gamble. But I worried that might get involved with these beautiful young girls.
Another great topic, Steve! I need to show this video to my wife I've been building a case for us to retire in the Philippines, at least for 50% of the time.
Most Filipinos who are considered Middle to High income usually own their 3 - 4 BR house, cars and most likely have rental properties which probably are not declared income to the gov't. So those data that you mentioned, are inaccurate. Remember Philippines is still Cash society. Rental payments on their investments are paid in Cash not through Bank transfers. Reason why I know all these is because I grew up in that environment in AC. Parents reported income for tax purposes is nowhere close to our parents income. How can you work out Middle to High income afford to send 5 kids to private schools and universities in Manila all at the same time, have house help and nannies for their kids. Unless you personally know these people, you won't get the full picture.
I always rent a condo near Venice Mall while I’m in Manila. Just got back from a Visa Extension and had dinner at Texas Roadhouse. It cost a little more but tastes just like home!
Hi Steve I lived in Davao for about 4 months. Now I live in Sindangan Zamboanga del Norte it's on the other side of Mindanao, I was very surprised at the difference in prices here, Sidecar rides are much higher her, and other things are alot higher than Davao. Hamburger meat is 3 times higher than in the US.
Just a heads up to your viewers. I'll be going to the Philippines in March and as most people already know you want to bring new $100.00 bills. Check your bank beforehand because all may not be able to get new bills. About a month ago I checked the credit union here (Alaska USA) and they do not order new bills for customers. Fortunately I also have an account at a local bank that does. I just picked up some new bills today. So make sure you check about a month before you go. Also I got a Charles Schwab checking account, with debit card, to try while I'm there. I'll see what exchange rate I get with it at the ATMs.
Wow Steve, very. nice, me and my wife’s combination of Pension lump sum, 401K, 403b, real estate, money market and SS is about net of 15k/month, we are coming!!
I'm a retired railroader that gets Railroad Retirement and Medicare part A here in the Philippines. I don't get part B through when I go back to Indiana I will try to change part B from Medicare to United Health Care which has a foreign policy that is good in the Philippines. Love living in the Philippines and never want to see snow in person again!!!
Hey Steve, what are the percentages of Filipinos in each income bracket? That would be interesting to know where the population falls with regards to income. Thanks for the content.
I give my Philippina 10k a month just for her needs . Our house is paid for so we don't pay out much , our power bill is about 2500 to 3k , water 350 , internet 1,150 . We live really good here . I cash in 187k a month at 55 rate .built our house in 2017 and the exchange rate was mid 40'S .
Good Video Steve, 80 dollars for rent is really cheap. That's about 4K. I was renting a small house in a Barangay in Imus City and the Landlord was charging me 8K and I think was being overcharged. It had no shower and a no flush toilet. Now that I think about it I think I was being taken for. That said it's always good to know what the locals are paying for rent.
Standard of living is what it boils down to; with military pension after 25 years; passive income for properties in the U.S; living in the Philippines we try to live bare minimum, as to set example for our two teenagers. We're also helping built a church and pay the salary of a pastor on a monthly basis. Again, we can live luxurious, but decide not to. And another is to blend in with locals; all is well! Good info.
Good advice, I will add when you blend in with the locals, they will help you get the best deals and often will go with you if you need things like auto work done or something else just to make sure your not taken advantage of.
I would say $2000 dollars is about minimum. I'm building a house with that land lot paid off in 1 year. Expenses go down but I want you explore other cities from Lapu-lapu and islands. $2000 to php 112, 741 pesos
my opinion.... as a Filipino American who frequently visit the Philippines... I think the numbers on your income classification is true only in the provinces... cost of living in Metro Manila and other progressive cities.... your cost of living will be at least 20% higher..
Food and electric are my two largest expenses. In the summer months I pay about 16,000 to 17,000 ( $285- 300) for electric per month but that’s 3 air cons and cooling the whole two bedroom house. Food keeps going up every month with the inflation constantly rising and I’m considered rich according to their estimate but trust me I’m not rich by any means lol 😂
@@chrishughes887 I have talked to many of my church members in calamba city and they say their electric bill is about 6,000-8,000 peso without any air con. I think it’s outrageous but everyone complains about the high cost here of electric.
We should be using KWH not php. Say how many KWh then php. So people get the real picture. Me last month Jan 300kwh 3500php with no ac running. I have 2 spilt ac that will be running soon. I will go up to over 400 kWh in may. It’s hot then!!
Mindinao ran about 3800 electric with no Air-Con but had Christmas lights, 2800-3000 is the Norm , Food has gone up, this is what I give my wife but when I move over full time I’ll have Aircon
The Official Exchange Rate, on 2/5/24, for USD - PHP is 56.4 and has not been under 55. since July 2023 .. I guess your going by your local Money Changer ..
Great video! 70% of Filipinos live on less than $30,000 pesos a month. The middles class in the Philippines is substantially smaller than in other western countries which is unfortunate.
This is 3 months ago. Today is 5/12/2024. I'm a DUAL CITIZEN (USA AND Philippines) we owned multiple properties in the Philippines. Hopefully will be able to retire in 3-5 yrs. (FINANCIALLY INDEPENDENT. NO I DON’T WANT TO WORK FOR ANYONE 😂) Everything you say is 💯 FACTS I did the MATH. $50,000/ yr will be considered RICH in the Philippines
Thanks for the info. It helps put things into reality figure. I have said it back in 2008. Real estate will be Americas next big down fall. When I saw on TV in West Palm Beach Fl. people buying pre-construction condos for $150,000 and selling before completion for $300,000. That was when I knew things can't continue going this way much longer. 2020 I went to my son's wedding in South Florida. He was talking about them buying a home. I asked what price range? He said around $350.000 I don't think you can even buy a home now for under $400,000 and that's a very small home. I'm in Delaware dragging my carcass threw life on $1,200.00 and about $235.00 in food benefits. No sales tax in Delaware. With a 3.2% cost of living increase (a few dollars) this year I turn 65. Now I lose a lot of dollars for part B That I did not even chose. Health is good. But, waiting for investments to mature. Thanks again for the info. I hope to be over there soon.
I would have moved back there yesterday with my wife, who's from the Philippines however, strange days we are living in and I suspect my geographical location might be one of the safer locations for the moment.
600 for a house is about 10-15% of the cost I would pay in the US. A night out at a local steak house is 80 US per person. Your rent is what I pay to eat out 2-3 times for take out. I wish I could take what I make and live over there.
My electric should be pretty low as I like the HEAT. In the summer here in California I set my AC temp at 85 which is perfect for me when it's 100 degree outside in July. Now my neighbor can't tolerate the heat so he keeps his AC at 72 degree which cost him $$$$.
Just a little change of subject. No alarm intended, but, The China- Taiwan situation is deteriorating quickly and the philippine army/navy is being harrassed on a daily basis. Things could spiral out of control very quickly. Everybody should keep an eye on this, even though we want to relax and be pretty much left alone to enjoy our retirement. If the time comes the US state department advises to clear out, be prepared.
Good info,,we budget north of Filipino rich each month here in Ohio,,,and by no means are we The Beverly Hillbillies..😊 Maybe I can be Jed Clampett when we make the move..
Hey, Steve. This is simply a reaction to your video and pertains to the subject you have raised. I am in no way positing myself as being better than anyone else. My Filipina wife and I own a number of residential and commercial properties here in the Philippines, valued at around USD 1 million. We are rich, not only by Philippines standards but also by Western standards. Our properties are not in Manila or Tagaytay, etc.or any other popular foreign enclaves; essentially - we live out in the sticks. We bought our first property in 2018 and have since bought more, the value of which is increasing. We have an income of Pp 80,000-100,000 pcm, but we don't pay rent. We have savings and investments as well as money in the bank. We came here from HK and invested in this country, money we brought in from outside. Ultimately, if you are happy with your life, that is all that matters. We live a fairly simple, but comfortable, life. The kids are ok and are being educated, the dogs get fed and I can kick back with a few beers while the missus does her stuff.
Sorry, 1-3 million US net worth is not "rich" by western standards any more. It's more middle class or upper middle class. You can go look at Vanguard studies or other financial reports for clarification.
I’m newly retired and I’ve been to the Philippines before, multiple times and is seriously considering moving there, I just have to sell a lot of stuff and finish some legal stuff with a worker compensation settlement renewal process, was thinking about settling in Cebu city near IT park in a condo
I rent a 2 bedroom condo in IT Park in 2023 for 1 year. The cost of rent was php 42,000 a month. We paid about php 6,000 for electricity and about php 600 for water. WI-FI was included in the rent.
Don’t forget about the wages is very low in the Philippines? This why rent is so cheap. Good luck working 10 dollars a day and you still living paycheck to paycheck in the Philippines? If you try raise a family in the Philippines. It also the same thing living in usa and other rich countries. Good luck living in the Philippines if you work low wages and you have to pay rent, electricity, living expenses and many more. It is just like usa and rich countries. This why a lot of people are leaving in the Philippines go overseas for higher wages?
You mention things to do in your videos. Does the place you're at, or nearby surrounding areas, have movie theaters to go and watch the latest releases from the U.S.?
yeah was just reading this last week, I was researching the PI classes because I saw a comment on an article where people were commenting about C class people in a mall. What's the story with the Honus Wagner BB card? I still have a bunch of my baseball cards in storage, never equated to my midlife crisis fund, but oh well.
I collect actual fakes that were passed off as real. One is a movie prop. One is a fake they tried to pass off at an auction. Another is a really good reproduction. I got a few more put away. Some have actual value because of the history of them.
For filipino's view if you have your own house even if its small and owns a car , you are considered rich, even if you only earn $800 to $1000 a month , 😂 for foreigners view its different
perception of it all can also be skewed by where in the USA you came from AND how long you were there: high income and cost of living state like NY, Mass, or Cali mid like Mich, FL or low lie Miss, Ark, W Virg.
Hi, Steve. The only thing I might quibble about is the cost of medical insurance for those over 70. I'm 71 and pay roughly $2,200 (~121,000 pesos) a year for coverage. Do you consider that to be expensive? In my mind, it's a great bargain.
Agreed that housing is big with expats. No offense but your place is pretty basic but the rent is fantastic. I am one of those guys that would need to live in a gated community or a higher floor condo. I couldn’t deal with the roosters, dogs, and karaoke. It’s going to cost more as more guys are chasing this type of housing.
Haha. First time in my life I’ve ever been considered ultra wealthy 😂. Guess I’ll go find a Cuban cigar, glass of champagne and walk around with my nose in the air 😂😆😂
I don't know why people are being encouraged to come over on such low incomes. If you are only getting 1700 or less, then the government perks of reduced rents and utilities along with food stamps and Medicaid along with your Medicare . These perks are just too hard to give up, and if you live on that amount, then how do you have the money for start-up costs . They say, " Well, if you own your own home," how are you going to own a home when you can barely afford to pay attention. Once you get past the 1700 dollar mark and up to around the 3000 dollar amount then you are considered in the " donut hole " where you don't qualify for all the benefits of being low income but you don't make enough to live a full life in your retirement. After 3000 dollars, everything is a choice as you have more options. I see people who have retired 10 years before me living on that 1500 or less a month and they live like hermits or trolls and only come out once a month to buy food and pay bills , then back into their cave . The sweet spot budget should be emphasized more often and adjusted as needed. We need to use common sense, especially as we get older, or we could end up in serious trouble that truly could have been avoided.
I'm gobsmacked with all UA-cam vloggers enticing Expars to move to the Philippines in low budgets and paint the narrative that you're going to be comfortable, much better than the locals. Are you going to compromise your standard of living in your retirement? I'm definitely not. After living for over 20 yrs in a Western country, I made sure I saved up and planned my retirement back in the Philippines. Building our 4 BR house Western standard, we would be living on US$ 3,700 a month. Whether we spend it or not, rest will go to savings. Likewise have Emergency fund of no less than $100K.
@@Ruby-fl8nisome of us find comfort on a beautiful island ( Romblom, Siquijor, or Masbate ). I agree to have 50-100k in emergency fund, but it's virtually impossible to spend 2000usd - 3000usd a month on these islands.
@@KMJ1936 Good on yah for finding comfort in your retirement island living in the Philippines. Each individual has their own comfort zone. I've got mine and you've got yours. The issue I have is with Expats who are forced to live in a certain way just because they are ill prepared for retirement living in the Philippines because all they believe in are what UA-cam vloggers in the Philippines tells them. Worst case some even ends up homeless and destitute in the Philippines. Goodluck in your retirement living in the Philippines.
@@Ruby-fl8niu already said it. Damn… they are forced. Tthey cant afford to live in the west… many foreigners here tells that they live compfortably compared to the west. U dont have a point ms. People like u in the internet bugs me. Why tell someone they shouldnt when its really viable. Duh.
Steve - - - a 2 hp = about 5K BTU. --- How many sf ( L x W ) do you have ? --- 5000 BTU is supposed to do 250 sf. and it looks like you have more than 250 to me ? > Apparently it's close enough ? 🤔
Thanks, my cousin has been wanting me to move there, my problem is I'm on ssi, will I get the same amount if I move there? Or can I transfer my information and will I get the same amount monthly?
& is that gross or net income? ... if net, assuming the govt takes 20% in taxes, would require $60,000/yr US income to be "rich" in the PI. If gross, $48,000/yr.
@@MrSteven5975 maybe your friend or one of your viewers is giving you ideas after watching my videos..... it's not the first time this has happened with you
I actually collect fakes of it. I got one that was used as a movie prop that’s really cool. This one is fake in a graded holder. Still a beautiful card.
Steve I’ve been following you for a while, look here with my pension and Social Security I will draw $3600 a month. Can I live pretty comfortable over there? Do some island hopping thank you for all your help.
Unless you have a gambling problem or expensive tastes, you wont be able to spend that amount of money. That is 200,000P per month. (And yes, keep it secret) :)
I’m retiring in my late 50’s next year on a $9500 a month pension and about a million in my retirement savings plus about $100K cash, plus I own a couple of properties in the US worth about a million. I’ll collect SS early at 62 and my projection is $2700 a month. I’m pretty sure I can buy something in a luxury tower, with a gym, pool, and parking. My only concern is medical care, if I will get sick off the food and the heat. What can you tell me about this?
You could have a small medical team setup and ready to go in your house with the money you have. So much great food available, big Western influences. For health you would be better going with some of the delicious local foods instead of all the take away stuff, but it is there when you get a craving. You wouldn't have to worry about heat so much with not having to worry about electricity bills. Best to go out early morning and early evening as it is quite pleasant.
I agree...that's an insane amount of money for a pension. Maybe he was a Wall Street type or something. I don't know why he'd chose the Philippines with a net worth in the millions. He could retire to the south of France with that kind of money. @@JAYY_JAYY
@@jesusisking8502 Medical team…LOL. I kinda watch what I eat already and have some minor heart issues so that’s what I’m concerned about. I also am worried about catching some kind of food based bacteria or parasites. I have friends who got real sick in The Dominican Republic and my stomach has always been hyper-sensitive. Thanks for the advice.
@@inteland2734What amount do you send for those 33 dollars? Because I would send 6000 euro for that amount with Wise against the current exchange rate. Wise is definitely one of the cheapest.
$3500 US would be my budget from 55-60. Single, with no kid's. At 60, I could bump it up about $400.00 US per month in todays dollars, with annual cost of living increases from then on, according to my calculations and be solidly safe through the rest of my life, out to 100 YOA. So I am seeing the "Rest" of Manilla as my top tier potential target then, you think?
@@greenwil these are rough estimates. By comfortably I mean that you don’t have to pay super close attention to your budget. You eat out whenever you feel like it. You can have a gf or bf. You can go back to the home country twice or more a year. You can vacation out to other places, or other countries regularly (2-3 times a year). And you’ll have a bit of money to spare after all that.
@@greenwil if you plan to be more budge conscious. Cook and eat it most days. Not drink too much at the bars. Not travel out too much. Not get a high maintenance girl. Live more quietly. If you are willing to live down a bit of the western standard - housing, restaurants, etc. Then you can live with much much less anywhere. Local Filipinos obviously get by with much less (usually 25%) of the money we are talking about and they are good. The strength of 1st world is purchasing power, the weakness is being too comfortable in thaf lifestyle.
A few years ago I subled on a Philippines government site that had this criteria to be middle classed. No more than 20% of Income for housing, a car, private school for children, and no skimping on food.
I was a doctor out there and lived comfortably on $5000 a month. Very good apartment three bedroom air conditioning in a lovely area with security guards, running a car, out for dinner at a top restaurant once a week. I don't drink alcohol, gamble, etc but I did have gym memberships. On top, I did have a maid who looked after my home and took my little dog for walks.
But, I do know that the biggest problem out there is the guys get tempted by all the young girls and end up spending way too much.
Yup, I just recently retired and currently makes $2400 in SS income per month. That, plus a decent retirement funds/401K and great cash value on my paid off house here in California, I think i am good especially if I move back to the Philippines. Just like you, I don't drink nor smoke nor gamble. But I worried that might get involved with these beautiful young girls.
Very informative...am Filipino and i get to see Our Social Classes from a Westerners Perspective.
Thank you.❤
Great update Steve, enjoy these type of videos.
Nice informative video!
Glad it was helpful!
Another great topic, Steve! I need to show this video to my wife I've been building a case for us to retire in the Philippines, at least for 50% of the time.
You have an $80 a month place and your sweet spot is $2000-3000. You must be supporting a big Filipino family.
Cool video Steve,we always need that budget one because it's a moving target 🎯😮 thanks.
Thanks for all the detailed information Steve! Very helpful again. God bless🙏
Glad it was helpful!
nice video
Most Filipinos who are considered Middle to High income usually own their 3 - 4 BR house, cars and most likely have rental properties which probably are not declared income to the gov't. So those data that you mentioned, are inaccurate. Remember Philippines is still Cash society. Rental payments on their investments are paid in Cash not through Bank transfers.
Reason why I know all these is because I grew up in that environment in AC. Parents reported income for tax purposes is nowhere close to our parents income.
How can you work out Middle to High income afford to send 5 kids to private schools and universities in Manila all at the same time, have house help and nannies for their kids.
Unless you personally know these people, you won't get the full picture.
I always rent a condo near Venice Mall while I’m in Manila. Just got back from a Visa Extension and had dinner at Texas Roadhouse. It cost a little more but tastes just like home!
I love the Greenbelt Mall in manila
Hi Steve I lived in Davao for about 4 months. Now I live in Sindangan Zamboanga del Norte it's on the other side of Mindanao, I was very surprised at the difference in prices here, Sidecar rides are much higher her, and other things are alot higher than Davao. Hamburger meat is 3 times higher than in the US.
I really enjoy your podcasts because you’re always so informative and I love that about you thanks😅
Just a heads up to your viewers. I'll be going to the Philippines in March and as most people already know you want to bring new $100.00 bills. Check your bank beforehand because all may not be able to get new bills. About a month ago I checked the credit union here (Alaska USA) and they do not order new bills for customers. Fortunately I also have an account at a local bank that does. I just picked up some new bills today. So make sure you check about a month before you go. Also I got a Charles Schwab checking account, with debit card, to try while I'm there. I'll see what exchange rate I get with it at the ATMs.
Wow Steve, very. nice, me and my wife’s combination of Pension lump sum, 401K, 403b, real estate, money market and SS is about net of 15k/month, we are coming!!
I'm a retired railroader that gets Railroad Retirement and Medicare part A here in the Philippines. I don't get part B through when I go back to Indiana I will try to change part B from Medicare to United Health Care which has a foreign policy that is good in the Philippines. Love living in the Philippines and never want to see snow in person again!!!
I just found your channel. I seen someone who looked just like you in Manila last year in January.
Hey Steve, what are the percentages of Filipinos in each income bracket? That would be interesting to know where the population falls with regards to income. Thanks for the content.
It's all online
I give my Philippina 10k a month just for her needs . Our house is paid for so we don't pay out much , our power bill is about 2500 to 3k , water 350 , internet 1,150 . We live really good here . I cash in 187k a month at 55 rate .built our house in 2017 and the exchange rate was mid 40'S .
Good Video Steve, 80 dollars for rent is really cheap. That's about 4K. I was renting a small house in a Barangay in Imus City and the Landlord was charging me 8K and I think was being overcharged. It had no shower and a no flush toilet. Now that I think about it I think I was being taken for. That said it's always good to know what the locals are paying for rent.
👍
$80 A MONTH!!! You just brought tears to my eyes. 😪
Standard of living is what it boils down to; with military pension after 25 years; passive income for properties in the U.S; living in the Philippines we try to live bare minimum, as to set example for our two teenagers. We're also helping built a church and pay the salary of a pastor on a monthly basis. Again, we can live luxurious, but decide not to. And another is to blend in with locals; all is well! Good info.
Good advice, I will add when you blend in with the locals, they will help you get the best deals and often will go with you if you need things like auto work done or something else just to make sure your not taken advantage of.
Exactly! Live to your needs.
@@johncawvey5342 living in a small province; 1K population; people are typically honest; unlike major cities. All the best.
@@JimboandGhen yes Sir; simply the best!
I would say $2000 dollars is about minimum. I'm building a house with that land lot paid off in 1 year. Expenses go down but I want you explore other cities from Lapu-lapu and islands. $2000 to php 112, 741 pesos
my opinion.... as a Filipino American who frequently visit the Philippines... I think the numbers on your income classification is true only in the provinces... cost of living in Metro Manila and other progressive cities.... your cost of living will be at least 20% higher..
Here we are in Cedar Falls, Iowa paying $1650/month renting half of a duplex. And this doesn't include utilities. 2BR
Great info thanks
Food and electric are my two largest expenses. In the summer months I pay about 16,000 to 17,000 ( $285- 300) for electric per month but that’s 3 air cons and cooling the whole two bedroom house. Food keeps going up every month with the inflation constantly rising and I’m considered rich according to their estimate but trust me I’m not rich by any means lol 😂
John you are getting ripped off I'm paying 2800 pesos a month for electricity in condo for 2 ac on all time and cooking at home all the time
@@chrishughes887 I have talked to many of my church members in calamba city and they say their electric bill is about 6,000-8,000 peso without any air con. I think it’s outrageous but everyone complains about the high cost here of electric.
What island are you on luzon
We should be using KWH not php. Say how many KWh then php. So people get the real picture. Me last month Jan 300kwh 3500php with no ac running. I have 2 spilt ac that will be running soon. I will go up to over 400 kWh in may. It’s hot then!!
Mindinao ran about 3800 electric with no Air-Con but had Christmas lights, 2800-3000 is the Norm , Food has gone up, this is what I give my wife but when I move over full time I’ll have Aircon
The Official Exchange Rate, on 2/5/24, for USD - PHP is 56.4 and has not been under 55. since July 2023 .. I guess your going by your local Money Changer ..
I'd really be interested in the cost of health insurance for those over 70 years old.
Message Michael Onstad on messenger for quotes
Great video! 70% of Filipinos live on less than $30,000 pesos a month. The middles class in the Philippines is substantially smaller than in other western countries which is unfortunate.
This is 3 months ago. Today is 5/12/2024.
I'm a DUAL CITIZEN (USA AND Philippines) we owned multiple properties in the Philippines. Hopefully will be able to retire in 3-5 yrs. (FINANCIALLY INDEPENDENT. NO I DON’T WANT TO WORK FOR ANYONE 😂)
Everything you say is 💯 FACTS I did the MATH. $50,000/ yr will be considered RICH in the Philippines
My budget is only what i need to go month to month, rest is savings and bills back in states
Thanks for the info. It helps put things into reality figure.
I have said it back in 2008. Real estate will be Americas next big down fall. When I saw on TV in West Palm Beach Fl. people buying pre-construction condos for $150,000 and selling before completion for $300,000. That was when I knew things can't continue going this way much longer. 2020 I went to my son's wedding in South Florida. He was talking about them buying a home. I asked what price range? He said around $350.000
I don't think you can even buy a home now for under $400,000
and that's a very small home.
I'm in Delaware dragging my carcass threw life on $1,200.00
and about $235.00 in food benefits. No sales tax in Delaware.
With a 3.2% cost of living increase (a few dollars) this year I turn 65. Now I lose a lot of dollars for part B That I did not even chose.
Health is good. But, waiting for investments to mature.
Thanks again for the info. I hope to be over there soon.
Here in America for about $1,000 a month budget you live in a tent...Let that sink in!
Looks dark in your living room. Are there any windows in the livingroom?
Yes
I would have moved back there yesterday with my wife, who's from the Philippines however, strange days we are living in and I suspect my geographical location might be one of the safer locations for the moment.
My house payment is 800 a month mortgage. Older home 3 bed 1 bath 24x24 detached shop . Fairly cheap
600 for a house is about 10-15% of the cost I would pay in the US. A night out at a local steak house is 80 US per person. Your rent is what I pay to eat out 2-3 times for take out. I wish I could take what I make and live over there.
My electric should be pretty low as I like the HEAT. In the summer here in California I set my AC temp at 85 which is perfect for me when it's 100 degree outside in July. Now my neighbor can't tolerate the heat so he keeps his AC at 72 degree which cost him $$$$.
But if you take into account the brownout, you can conclude the energy bill is high
Just a little change of subject. No alarm intended, but, The China- Taiwan situation is deteriorating quickly and the philippine army/navy is being harrassed on a daily basis. Things could spiral out of control very quickly. Everybody should keep an eye on this, even though we want to relax and be pretty much left alone to enjoy our retirement. If the time comes the US state department advises to clear out, be prepared.
Electric varies widely, depend where you live (rents to some extent) .. Electric is "high" in Angles, for example ..
Wow on the 2 nd i bought at 55.68
That’s a lot of pesos!
We gave it away by handfuls. It was like monopoly money. 1987 we had so much fun .
They let us go wild.
Good info,,we budget north of Filipino rich each month here in Ohio,,,and by no means are we The Beverly Hillbillies..😊 Maybe I can be Jed Clampett when we make the move..
Hey, Steve. This is simply a reaction to your video and pertains to the subject you have raised. I am in no way positing myself as being better than anyone else. My Filipina wife and I own a number of residential and commercial properties here in the Philippines, valued at around USD 1 million. We are rich, not only by Philippines standards but also by Western standards. Our properties are not in Manila or Tagaytay, etc.or any other popular foreign enclaves; essentially - we live out in the sticks. We bought our first property in 2018 and have since bought more, the value of which is increasing. We have an income of Pp 80,000-100,000 pcm, but we don't pay rent. We have savings and investments as well as money in the bank. We came here from HK and invested in this country, money we brought in from outside. Ultimately, if you are happy with your life, that is all that matters. We live a fairly simple, but comfortable, life. The kids are ok and are being educated, the dogs get fed and I can kick back with a few beers while the missus does her stuff.
Sorry, 1-3 million US net worth is not "rich" by western standards any more. It's more middle class or upper middle class. You can go look at Vanguard studies or other financial reports for clarification.
I’m newly retired and I’ve been to the Philippines before, multiple times and is seriously considering moving there, I just have to sell a lot of stuff and finish some legal stuff with a worker compensation settlement renewal process, was thinking about settling in Cebu city near IT park in a condo
I rent a 2 bedroom condo in IT Park in 2023 for 1 year. The cost of rent was php 42,000 a month. We paid about php 6,000 for electricity and about php 600 for water. WI-FI was included in the rent.
Electric, water, rent , Taxi & eating out is cheap.
You can get into Senior Apartments by me in a few communities. They go by your income.. Just need to be on a waiting list.
Don’t forget about the wages is very low in the Philippines? This why rent is so cheap. Good luck working 10 dollars a day and you still living paycheck to paycheck in the Philippines? If you try raise a family in the Philippines. It also the same thing living in usa and other rich countries. Good luck living in the Philippines if you work low wages and you have to pay rent, electricity, living expenses and many more. It is just like usa and rich countries. This why a lot of people are leaving in the Philippines go overseas for higher wages?
You mention things to do in your videos. Does the place you're at, or nearby surrounding areas, have movie theaters to go and watch the latest releases from the U.S.?
Yes
yeah was just reading this last week, I was researching the PI classes because I saw a comment on an article where people were commenting about C class people in a mall. What's the story with the Honus Wagner BB card? I still have a bunch of my baseball cards in storage, never equated to my midlife crisis fund, but oh well.
It was a movie prop
Hi Steve great video. Those numbers are they for a single filipino or a family.I have been there many times now x wife is Pinoy
Family of 4 I believe
It's for a family of 5.
Good vid! How much is Health insurance for under 70? and over 70 in Ph?
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How did you get a Honus Wagner card? Awesome!! I wouldn't leave it on that wall if that's legit. lol.
I collect actual fakes that were passed off as real. One is a movie prop. One is a fake they tried to pass off at an auction. Another is a really good reproduction. I got a few more put away. Some have actual value because of the history of them.
For filipino's view if you have your own house even if its small and owns a car , you are considered rich, even if you only earn $800 to $1000 a month , 😂 for foreigners view its different
perception of it all can also be skewed by where in the USA you came from AND how long you were there:
high income and cost of living state like NY, Mass, or Cali
mid like Mich, FL
or low lie Miss, Ark, W Virg.
im planning on coming to the Philippines and might be interested in SSRV... can you help me out... Im a vet too :)
Hi, Steve. The only thing I might quibble about is the cost of medical insurance for those over 70. I'm 71 and pay roughly $2,200 (~121,000 pesos) a year for coverage. Do you consider that to be expensive? In my mind, it's a great bargain.
It’s expensive compared to what a 60 year old pays.
It is. And with 76 I'm in the next age bracket, 3,800 dollar or 220,000 pesos with 2,500 dollar deductible.
Please always do the U.S. currency conversion
I don’t because it changes daily
Agreed that housing is big with expats. No offense but your place is pretty basic but the rent is fantastic. I am one of those guys that would need to live in a gated community or a higher floor condo. I couldn’t deal with the roosters, dogs, and karaoke. It’s going to cost more as more guys are chasing this type of housing.
Wise is 56.3 php to the dollar now
Bloke I left PI in 1976. Back couple times subic bay couple times in 1989 and 1990. Never changes
Hey...if that is a Honus Wagner baseball card behind you...I think that is the most expensive sports card in existence. Millions :)
One is a movie prop and the other we are not sure.
Wasn't this for a family of four? Are just one person?
I believe it is
Yes it’s for a family of 4
@@MrSteven5975It's based on a family of 5 not 4
@@johncawvey5342It's based on a family of 5 not 4
Haha. First time in my life I’ve ever been considered ultra wealthy 😂. Guess I’ll go find a Cuban cigar, glass of champagne and walk around with my nose in the air 😂😆😂
I don't know why people are being encouraged to come over on such low incomes. If you are only getting 1700 or less, then the government perks of reduced rents and utilities along with food stamps and Medicaid along with your Medicare . These perks are just too hard to give up, and if you live on that amount, then how do you have the money for start-up costs . They say, " Well, if you own your own home," how are you going to own a home when you can barely afford to pay attention. Once you get past the 1700 dollar mark and up to around the 3000 dollar amount then you are considered in the " donut hole " where you don't qualify for all the benefits of being low income but you don't make enough to live a full life in your retirement. After 3000 dollars, everything is a choice as you have more options. I see people who have retired 10 years before me living on that 1500 or less a month and they live like hermits or trolls and only come out once a month to buy food and pay bills , then back into their cave . The sweet spot budget should be emphasized more often and adjusted as needed. We need to use common sense, especially as we get older, or we could end up in serious trouble that truly could have been avoided.
Your not getting food stamps unless your a mother. Single males at $1700 a month isn't getting much aif in the U.S
I'm gobsmacked with all UA-cam vloggers enticing Expars to move to the Philippines in low budgets and paint the narrative that you're going to be comfortable, much better than the locals.
Are you going to compromise your standard of living in your retirement?
I'm definitely not. After living for over 20 yrs in a Western country, I made sure I saved up and planned my retirement back in the Philippines. Building our 4 BR house Western standard, we would be living on US$ 3,700 a month. Whether we spend it or not, rest will go to savings. Likewise have Emergency fund of no less than $100K.
@@Ruby-fl8nisome of us find comfort on a beautiful island ( Romblom, Siquijor, or Masbate ). I agree to have 50-100k in emergency fund, but it's virtually impossible to spend 2000usd - 3000usd a month on these islands.
@@KMJ1936 Good on yah for finding comfort in your retirement island living in the Philippines. Each individual has their own comfort zone. I've got mine and you've got yours. The issue I have is with Expats who are forced to live in a certain way just because they are ill prepared for retirement living in the Philippines because all they believe in are what UA-cam vloggers in the Philippines tells them. Worst case some even ends up homeless and destitute in the Philippines. Goodluck in your retirement living in the Philippines.
@@Ruby-fl8niu already said it. Damn… they are forced. Tthey cant afford to live in the west… many foreigners here tells that they live compfortably compared to the west. U dont have a point ms. People like u in the internet bugs me. Why tell someone they shouldnt when its really viable. Duh.
Steve will you do a viedo on what is Philippine rich? I have a vague idea (imagination) what is rich in the US but not the Philippines.
The only way to price electricity is on a per kWh basis
My SoCal rent is $3,100.
Steve - - - a 2 hp = about 5K BTU. --- How many sf ( L x W ) do you have ? --- 5000 BTU is supposed to do 250 sf. and it looks like you have more than 250 to me ? > Apparently it's close enough ? 🤔
😎👍🇺🇲
I only eat at McDonald’s and Burger King I been doing this for the last 40 years easy peasy and I save money as. Well because it’s so dirt cheap
Thanks, my cousin has been wanting me to move there, my problem is I'm on ssi, will I get the same amount if I move there? Or can I transfer my information and will I get the same amount monthly?
What happened to your channel? Did you give up on it (last video was 6 years ago)?
-- BR
& is that gross or net income? ... if net, assuming the govt takes 20% in taxes, would require $60,000/yr US income to be "rich" in the PI. If gross, $48,000/yr.
Gee Steve I just did a video on this recently.....lol Are You running out of vid ideas?
I don’t watch other vloggers so I don’t know what they cover.
@@MrSteven5975 maybe your friend or one of your viewers is giving you ideas after watching my videos..... it's not the first time this has happened with you
Is that gross income or net income. What about taxes on wages in the Philippines?
55.85 pesos to a dollar in Metrobank
What's up with the Honas Wagner?
It’s a movie prop I bought
Wow my budget is just over 86,000 P
I guess I am rich my passive income is 400,000 pesos per month , never thought I was rich. But i budget only budget 250,000 monthly.
- similar to me
I am at about 350,000.00
Pesos Per month
Going off on a tangent here, but is that a real Honus Wagner baseball card hanging on your wall?
I actually collect fakes of it. I got one that was used as a movie prop that’s really cool. This one is fake in a graded holder. Still a beautiful card.
What is an approximate cost for insurance if you're over 70? Thank you Steve
It varies on what you want
Steve I’ve been following you for a while, look here with my pension and Social Security I will draw $3600 a month. Can I live pretty comfortable over there? Do some island hopping thank you for all your help.
Yes and Quite well off
Don't tell people, what your income is tho
Unless you have a gambling problem or expensive tastes, you wont be able to spend that amount of money. That is 200,000P per month. (And yes, keep it secret) :)
1500 is dirt cheap
I make 6600.00 American dollars a month now that I’m retired would I be considered to be wealthy in the Philippines ??
Yes
What's with the Honus Wagner cards on the wall? One appears to be graded but it is unlikely it is authentic.
I collect fake Honus Wagner cards
I’m retiring in my late 50’s next year on a $9500 a month pension and about a million in my retirement savings plus about $100K cash, plus I own a couple of properties in the US worth about a million. I’ll collect SS early at 62 and my projection is $2700 a month. I’m pretty sure I can buy something in a luxury tower, with a gym, pool, and parking. My only concern is medical care, if I will get sick off the food and the heat. What can you tell me about this?
With that much monthly income, you could buy a hospital there! 😊
My question is what in world is your occupation to receive 9500 per month pension ?
You could have a small medical team setup and ready to go in your house with the money you have. So much great food available, big Western influences. For health you would be better going with some of the delicious local foods instead of all the take away stuff, but it is there when you get a craving. You wouldn't have to worry about heat so much with not having to worry about electricity bills. Best to go out early morning and early evening as it is quite pleasant.
I agree...that's an insane amount of money for a pension. Maybe he was a Wall Street type or something. I don't know why he'd chose the Philippines with a net worth in the millions. He could retire to the south of France with that kind of money.
@@JAYY_JAYY
@@jesusisking8502 Medical team…LOL. I kinda watch what I eat already and have some minor heart issues so that’s what I’m concerned about. I also am worried about catching some kind of food based bacteria or parasites. I have friends who got real sick in The Dominican Republic and my stomach has always been hyper-sensitive. Thanks for the advice.
Are you in Manila
Sleeveless Steve strikes again
There isn’t any real class in the islands….😊
Steve your exchange rate is way off. 56.35 with Wise at the moment - 2/5/24 1800hrs
It fluctuates
@@MrSteven5975it hasn't been in the 54 range since the end of July last year
exactly
Use remitly their rates are competitive and commission cheap
@@inteland2734What amount do you send for those 33 dollars? Because I would send 6000 euro for that amount with Wise against the current exchange rate. Wise is definitely one of the cheapest.
I’m moving to Philippines I have Canada pension but will do entrepreneurship with so to be flippino wife
I do not want to keep up with the Jones.
Minimum to live comfortably in 2024.
BGC/Makati - $4000
Rest of Manila - $3500
Cebu - $3000
Davao, Iloilo - $2500
Other Highly Urbanized Cities (Tier 2 cities) - $2000
Municipalities (Tier 3) - $1750
Provincial Town (Rural area) - $1500
$3500 US would be my budget from 55-60. Single, with no kid's. At 60, I could bump it up about $400.00 US per month in todays dollars, with annual cost of living increases from then on, according to my calculations and be solidly safe through the rest of my life, out to 100 YOA. So I am seeing the "Rest" of Manilla as my top tier potential target then, you think?
@@greenwil these are rough estimates. By comfortably I mean that you don’t have to pay super close attention to your budget. You eat out whenever you feel like it. You can have a gf or bf. You can go back to the home country twice or more a year. You can vacation out to other places, or other countries regularly (2-3 times a year). And you’ll have a bit of money to spare after all that.
@@greenwil if you plan to be more budge conscious. Cook and eat it most days. Not drink too much at the bars. Not travel out too much. Not get a high maintenance girl. Live more quietly. If you are willing to live down a bit of the western standard - housing, restaurants, etc.
Then you can live with much much less anywhere. Local Filipinos obviously get by with much less (usually 25%) of the money we are talking about and they are good.
The strength of 1st world is purchasing power, the weakness is being too comfortable in thaf lifestyle.
Actually exchange rate is 56.35 today Steve. Now bank and ATM rates are less.
Do you recommend bringing a Filipina to America if I am 32 years old & in shape? Or still a bad idea
Nooooooooo
Never, bring em stateside
No
If you want wife maid. Yes.
worst idea
I'm crashing at your pad next week.
You are obviously not poor with that Honus Wagner in the background lol
It’s a movie prop I bought in auction
There's no way that's a real Honus Wagner card...
😂😂😂
Correct.
A few years ago I subled on a Philippines government site that had this criteria to be middle classed. No more than 20% of Income for housing, a car, private school for children, and no skimping on food.