It’s Your Money > Investment Vehicles

How rich we really are

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jjcabgou:

--- Quote from: Art, just a re(tired) Fil-Am on March 17, 2016, 03:44:55 PM ---Only (1) Singapore and (2) Brunei does not equate to being a millionaire in their country, except for in the countries listed as 3 to 10 including the Philippines if one has a monthly income of $1,800 or more, but sad to say, with a monthly income of $289 to $397 represents those only living like a local just to survive. 
So yes, as a foreigner with a monthly income of $1,800 U.S. a month makes one a millionaire under Philippine standards, but those with less than $1,800 a month can make do just fine depending on their location, spending habits and lifestyle.

--- End quote ---
I still disagree to a point especially when tossing the word "millionaire" around.  What skews the numbers is the disparity between those with money and those with less than the average salaries.  The middle class in the Philippines is virtually non-existent.  You have poor, and you have the fricken dirt poor and then you have the wealthy.  I bet my retirement for the rest of my life that most foreigners have much less money than the "Wealthy" Filipinos. 

bigrod:
I agree because you make a million piso a year does not really make you a millionaire, because that is disposable income and normally you would not have a million at the end of a year.  Now if you own a multi million piso house/car/boat etc, yes I would consider you a piso millionaire.  I make a little more than the current President of the Philippines per month since his salary is 120K a month, but the next President will be 400K a month.

Chuck

Art, just a re(tired) Fil-Am:

--- Quote from: bigrod on March 17, 2016, 06:02:46 PM ---I agree because you make a million piso a year does not really make you a millionaire, because that is disposable income and normally you would not have a million at the end of a year.  Now if you own a multi million piso house/car/boat etc, yes I would consider you a piso millionaire.  I make a little more than the current President of the Philippines per month since his salary is 120K a month, but the next President will be 400K a month.

Chuck

--- End quote ---
I don't make P400,000 a month and we may not own a mansion with a few multi-million peso luxury vehicles parked in our garage (that's one of our rich Filipino neighbor just down the street from us), but we do have over P1,000,000 left at the end of the year after expenses. Yes, we consider ourselves rich and sort of frugal.
This article was for 2010, but I'm sure it hasn't increased that much to date.

http://www.pinoymoneytalk.com/socioeconomic-class-philippines-rich/
National Statical Coordination Board (NSCB).
Based on NSCB computations using the Family Income and Expenditure Surveys (FIES) and the Labor Force Survey (LFS), a family in the Philippines must earn at least PhP 2,393,126 a year or PhP 199,927 a month to be counted as part of the high-income class in 2010.
Simply stated, your family should be earning P200,000 a month or P2.4 million a year to be considered “rich” in the Philippines.

The Rich, the Poor and the Middle Class
Rich people are indeed a rarity, with rich families numbering only 20,000 or 0.1% of the total 17.4 million families in the country.
The middle class, on the other hand, earns an average of P36,934 per month.
The low income class earns an average of P9,061 per month.

Lee2:
My point of this topic is that a person would need over $500,000 to put into an annuity to get US $2000 a month, thus whatever you are getting, be it in SS, or pension, or in both, then you may be a millionaire in pesos, not because you actually have that much money but because your pension is the same as if you did put that much into an annuity...

Art, just a re(tired) Fil-Am:

--- Quote from: Mr. Lee on March 17, 2016, 07:54:05 PM ---My point of this topic is that a person would need over $500,000 to put into an annuity to get US $2000 a month, thus whatever you are getting, be it in SS, or pension, or in both, then you may be a millionaire in pesos, not because you actually have that much money but because your pension is the same as if you did put that much into an annuity...

--- End quote ---
How many retired members on here or on other forums have over $500,000 to put into an annuity retirement account? I have never seen or held that much money at any point in time or ever during my entire young and adult working career, unless I robbed a bank and got away with it. That's why your topic ran astray.  ::) ??? :o ;)

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