Itís Your Money > Securing Your Family's Financial Future

How Much Money Is Recommended for the Permanent Move to the Philippines?

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BingColin:

--- Quote from: paulgee on January 13, 2014, 01:52:38 AM ---Apart from the daily cost of living, which from what you say will not be too high in your circumstances, one thing not to forget is that you will need a nest egg for medical emergencies. All medical care has to be paid for, and if you have an accident or an illness you will need your own money to pay for treatment. No money, then no real treatment unfortunately.

Good luck, let us know how it goes

Paul

--- End quote ---

That nest egg is essential here, and it would be very easy to get through P0.5M for anything major so I would put that as a minimum. Others may not agree with me, but I keep mine in an easy access Joint savings account in the UK. Philippine banks have a low cover if they go bust and I don't believe they are as secure. Also you could be tempted to break into it for those nice extra goodies :D

We had to break into our savings to complete our house to a point where we could move in and save paying rent etc. My ultimate aim would be for P1M+ to feel comfortable.

Oz Paul:

--- Quote from: paulgee on January 13, 2014, 01:52:38 AM ---Apart from the daily cost of living, which from what you say will not be too high in your circumstances, one thing not to forget is that you will need a nest egg for medical emergencies. All medical care has to be paid for, and if you have an accident or an illness you will need your own money to pay for treatment. No money, then no real treatment unfortunately.

Good luck, let us know how it goes

Paul

--- End quote ---

Re an accident.  Your fault or not, you will need a lump sum to pay off the other party, or face huge problems ! >:(

Contribute to Phil Health, it is worth it.  At least it will pay most of the Hospital bills.  The Doctors bills are not covered. 8)

If you are riding a bike here, or driving a car, it is only a matter of time before you have an accident, so I was told.  I was told right, I had an idiot hit me after riding here for 12 months. :o

Gray Wolf:
Beaches, you say you are pretty good at online sales, but didn't say how you receive the money from those sales.  Also, you may need to do a bit more research to determine if what you sell is legal in the Philippines.  Since you didn't give us much info, I'm just pitching out responses off the cuff.

JoeLP gave you some good advice concerning homes in the Philippines.  What is considered a good home to them, might be considered an unlivable hovel to some.  I built a fairly modern concrete home for my wife's family and just returned to the US after a 42 day visit.  Most days I couldn't stand to be inside for more than a few minutes without breaking into a heavy sweat.  As a result, I spent the majority of my time on the roof, shirtless, in our bahay kubo with a fan blowing directly on me, and still had to wipe the sweat from my brow and chest every few minutes. In order to sleep I had to take a cold shower first then sleep with no covers on me and a fan blowing on me all night, not the best way to exist.  This was all in a 3 story modern house I designed and had constructed to my specs.  Fortunately, I designed two larger bedrooms so that we had one available for us during our visit.  The other 3 bedrooms are barely larger than a large closet in the US, but what they are accustomed to and are happy to have.

Once you get married, you may want to look into a 13a visa, which is the Philippines equivalent of a US Green Card.  It will allow you live there permanently without having to renew your temporary visitor's visa every few months. 

Tell your bank in the US that you will be visiting and give them your date for leaving the country, otherwise your ATM card(s) could be blocked.  I assume your credit cards are issued by different companies, as most are, and you'll need to advise each one separately so that you experience no interruption of service.

I'm sure you will have more questions, you should, so keep asking and give us as much information as you feel comfortable with until you begin to grasp the details of what's necessary in order to live there either part time or full time.

Good luck!   :)

   

Metz:
It's always 10 thousand USD more than what you got in your pocket to live here. 

I have dumped hundreds of thousands into building a life here.  Still can be a struggle at times. 

Not too enthusiastic about the Filipino diet but oh well.  I don't eat much any more and have lost a lot of weight.

There's 5 classes of westerner that come here:

1 the rich retired pensioner who may or not be a DOM.

2 works for a multinational or outside of the country like a pilot.

3 someone who comes here and goes home broke.

4 someone who comes here starts a business and is wildly successful

5 someone who comes here and is moderately successful.



BudM:

--- Quote from: Metz on January 31, 2014, 10:01:02 AM ---It's always 10 thousand USD more than what you got in your pocket to live here. 

I have dumped hundreds of thousands into building a life here.  Still can be a struggle at times. 

Not too enthusiastic about the Filipino diet but oh well.  I don't eat much any more and have lost a lot of weight.

There's 5 classes of westerner that come here:

1 the rich retired pensioner who may or not be a DOM.

2 works for a multinational or outside of the country like a pilot.

3 someone who comes here and goes home broke.

4 someone who comes here starts a business and is wildly successful

5 someone who comes here and is moderately successful.

--- End quote ---

#4 is a businessman and #5 sounds like a businessman.  What about #3?  Is that a businessman or could that be one of us average guys who is not a businessman and do not fall in #1 or #2 but wind up broke?  If the latter, or either way for that matter, then what about the class of us average guys who come here, don't go broke and are just living and spending the rest of a peaceful life here?

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