You and Your Money When Living as an Expat – Philippines


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  2. Good talk and I agree with you all the way. For me $20,000 is the magic number for emergency cash just setting in an account waiting for that emergency to happen. For those followers that have access to CNBC financial news I highly recommend the “HALFTIME REPORT” 12 noon (Eastern), then follow up with ‘FAST MONEY” at 5PM (Eastern). It is a very good way to start to learn the stock market jargon and possibly something about trading stocks. My SSI covers me on a regular monthly basis.

  3. Dear Reekay: Thank you so very much for your candor, and sharing your wonderful information which I find invaluable. This is a terrific presentation!! Truly.

  4. The healthcare thing is always the biggie as there’s risk involved ! Some w/pre-exists may seem blind to this perhaps & others don’t know how to ” live within your means “. Good vid as the wise thing is to always think of the worst case scenarios before jumping on the big plane. If you bring in 2K/mo. w/20k reserve is good IMO though some could do well having half of that.

  5. I was in the same boat, not taught to think about money. I had to learn the hard way. Money is an important resource, need to have short term and long term strategy in place.

  6. Being in the Philippines as a ex pat with a just a few hundred dollars a month isn’t a dream, it’s a nightmare in the making. Being poor in a poor country is not wise. Helping poor people in the Philippines is a precious joy.

  7. hey im a system builder should i bring my tower pc with me when i get there i was online in the 80s when it was still text base as a kid i would use a blue box for the long distance to hook to servers back then

  8. Strive to be financially independent, but avoid the trap of only finding happiness in things.
    Develope multiple sources of income.
    Make choices which result in your money working for you, generating income for you.
    If one is using stock market charts, they are probably trying to trade, more than invest. Investors work with longer time frames, like years.
    “Rich Dad, Poor Dad” may be useful.
    However, the author is more focused on realestate than the stockmarket.
    Currently, he is focused on gold, crypto, and bullets.

  9. I have always found that advising people on how to make money fast is a sure fire way to make a good income. Real estate, equities, crypto, NFT’s, etc. , people just eat that up and are willing to do consultations with me and pay for it. I do try to give responsable advice and information. The well of human desire for more never runs dry.

  10. Robert Kiyosaki’s books are ok, but lacks a lot of details. Millionaire Next Door is a classic. I’ve read so many books, and most of the books you outlined is for accumulating wealth. Another important aspect, other than money, is TIME. It’s the most limiting commodity in retirement. Currently reading “Die with Zero”, by Bill Perkins.

  11. 58 years…..how long I could live on my net worth if I lost my income tomorrow (but includes a paid for house which I want to leave to my kids, so I will work for another 3 years until I retire to Ph. I will be 53). Never had a problem with making and investing money 🙂

  12. Bit of a slow start, and turned out to be one of the best videos I have seen on Philippines or expating anywhere. I have been helping a few families the last 15 months and grateful. Money is a necessary tool.

  13. I saw a YT Video the other day where R Kawasaki very interesting life.said he has he just borrowed (because money is so cheap) 160 million to buy a apartment complex and had positive cash flow the first day.

  14. Great video as always, however – calculating how much money a guy needs to retire in
    the PL on just average social security without having to work at all, I came up with a number of 1 mil USD savings/assets . Of course – having extra income from stocks or rental property changes the picture. Breaking it down will require long explanation [ forex, inflation, old age, health care, emergencies, safety net, life expectancy, nursing home, etc ] but I think this number is a good estimation.

  15. Budget $2,000 usd a month in Asia multiply by number of years you plan on living there. Some expats may need more but for most it should be sufficient.

  16. Another good point from Sir Reekay! Love listening to your wisdom. I totally, agree with all you said. I did a cost of living video and someone just said to me that “I can live way cheaper than your budget”. Our budget is almost 2k and living comfortably here in Cebu City still, some foreigners don’t believe in my cost of living as they believed that they can live here for less than $500.
    Foreigners have to consider their way of life, the food here is different from what they are used to, if they can handle the hot weather here and if they can handle the noise.

  17. It is fine if you want to support Filipino friends financially, but I have learned it is wise to pay bills directly, such as repairs or tuition to a school, rather than giving them cash. Somehow it seems to slip through their fingers either them impulse buying something or their family will pressure them to share the $. Then your intent to help them does not get to the destination planned.

    If giving cash for a specific purpose, I always insist on seeing receipts. Next step is to prepare for being milked for future donations to cover a multitude of calamities.

  18. Hey Reekay, we’re you a Jehovah witness at one time in your life? Your way of speaking and venicular reminds me of one. That’s all.

  19. Great people with money practice altruism as a way of life not an afterthought. Horrible people become evil with large sums of money. It enhances those traits for those paying attention they see it!

  20. yeah.. totally agree with you. $500 per month.. Not going to well, thrive over here on that. Survive.. yes. Thrive. no! I live on $1,300 usd per month. that’s just me and gf in 2 bedroom apt.. 3 min walk to beach. But we are pretty frugal. And.. I use the AC 22 hours out if each day! lol… split type. Anyway… and Yes.. have 10K usd.. minimum stashed away for emergencies.. For me… I’m getting and SRRV visa. cost is like 3K usd. that a time deposit, application fee, and all the other fees for things you need to do. I’m getting one so i can get back in when i leave to go see family net month. Gone is the day of depending on the tourist Visa to let you in and out of the country. Who knows.. Next big world event. Philippines may close down the Tourist visa again. Anyway.. Hey .. have a Wahoo’s Fish taco meal for me. Love that place.. you got one by your Costco there in Temecula. I’m from Oceanside.. not too far from you.. Hope you r having fun there in the U.S. still tough here. Face mask, face shield. cant travel.. craziness here. Cheers,
    Mark

  21. The best Filipina to date is someone with a career so that your not stuck supporting her or her family. My Filipina is a accountant and got her degree in accounting. Chose your Filipina wisely don’t be a dumb ass use your big head not that little head.

  22. Lucian: Always enjoy your informative narratives, this one somewhat subjective, net worth is somewhat non-specific. Taken to a reasonable extreme ones net could be 🇺🇸 us government back Social Security Retirement checks coming for life or if there’s a electronic meltdown your net worth is whatever u have under your mattress and/or how many chickens in the backyard. In the Philippines that objective observation might more specifically be the better way to go, but not all expats have backyards. Having a little money on hand though is the best way to go that could cover short-term emergencies. So on subjects like this being more concise when possible is prudent. Always enjoy your stuff though because your sandals are on the ground and your mind is thinking. Stay safe. LB from California/Los Angeles

  23. A few years ago (when I was still living in the Philippines) my wife had to have her tonsils removed. The surgery, hospitalization and everything was around 3,000 US dollars I think (I know it was not under 2,000). I believe I had to pay about 30k pesos before they would even admit her to the hospital, and of course, had to pay the balance before she was discharged. You don’t want to be in the Philippines without any emergency money.

    Biblically speaking, I have seen two extremes taught about money. One is that there is something wrong with having money (the error you mentioned). The other extreme is that God promises earthly wealth to His faithful followers. Neither of these extremes are biblical.

  24. Five years ago I could have moved to somewhere in Southeast Asia, but I couldn’t enjoy time there. Today I can easily travel all over Asia and have a great life.

  25. Sider bite ,5 day in the hospital cost me 300 usd to get out , but i had to buy my meds, they didnt feed me in my room with 3 others , my wife had to bring my foods and be my watcher .

  26. I am a Wall Street veteran and I advise people to not try to invest. They should either hire a pro or just buy an index. If you try yourself you will eventually get burned bad. Motley Fool is a copyrighting scam company. Stay away from all financial media.

  27. Good video…It sounds like your day trading using excel.? I myself have never thought I was smart enough to day trade or buy options. I have bought shares of stocks started out in 1986 I did pretty good. I don’t think I have made 10 trades in 35 years..As far as living in the PI on 600-700 per month some people do I have never met anybody there living on that kind of money.I have never met anybody that moved to the Philippines because it was cheap. Everyone I have met there moved because of the Gorgeous women that are so feminine and sweet…………..(:0)

  28. Reekay! So happy that you knew the correct passage, as it is indeed the LOVE of money that is the root of all evil… not money in and of itself. It always irritates me when this is misquoted!

  29. If you have just Medicare part A – and I believe that every American retiree does since it’s free if you’re over 65- you can always take a quick trip to Guam, which is the nearest American territory and check in to an American hospital that accepts this coverage. So the price of a plane ticket is what you need for catastrophic health insurance and that can be your medical safety net in the Philippines. See also https://ph.usembassy.gov/u-s-citizen-services/doctors/

  30. Consider Reading , ” Your Money or Your Life ” . And A 36 Program Series Called , ” DIRECT LINE ” just Google it , it’s a mp3 Free Download-able series that you can listen to over and over ! By Earl Nightingale !

  31. Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. … You cannot serve both God and Money.” 1 John 2:15–17. “Do not love the world nor the things in the world If anyone loves the world, the love of the Father is not in him

  32. I’m suprised how most people disregard inflation. I estimate my budget will need to double every 10 to 20 years. I don’t mean to scare you, but many old people die because they run out of money. If you’re okay with hospice care to end your life, then don’t consider inflation.

  33. When I came to the Philippines back in 1997 I had at least $1500 a month coming in but I had a nest egg of around $280,000 I felt that was very comfortable and I would say that even today a minimum of 1500 a month and a couple hundred grand would be absolutely fantastic you shouldn’t have any problems whatsoever

  34. I wasn’t taught about money when I was younger, I was taught about work. Good points about how you think about money, or how you see yourself when it comes to money. There is a reason why so many poor people who win the lottery, end up more broke than before they won…They cant mentally see themselves as being prosperous.

  35. One simple investing plan that has been very successful for me is: Join Motley Fool Stock Advisor ($199) and buy their stock recommendations – there are no hype of gimmicks, just well researched stock investing advise backed by a track record of market-beating for 20 years. It has been very successful for me these last 4 years and has leapfrogged my Philippines retirement date forward by almost 2 years.

  36. Many good points, like at 21:47 Men delude themselves that love is real rather than a wealth transfer per Briffault’s law. Men show pragmatism to attract females; females feign romanticism to attract men’s resources. In the west, divorce assures that women never have to stay romantic to a man that doesn’t totally satisfy them. That’s why so many thirsty men go overseas for romance. Many will bend a knee and delude themselves it’s reciprocal love. Peace.

  37. I agree 100%… I know a lot of extremely wealthy people who started with nothing, they were very good people when they were struggling, and even better people (in what they could do) after they obtained their wealth. It is all about the character of the person, not the bank account.

    In regards to what someone does with money when they have it, I agree again, take care of your own needs and those close to you first, and then help others when it feels right. In today’s world, if your are broke, you can’t do shit for anyone in most cases as you are vulnerable without your own safety net.

  38. Hi Reekay- great video. I have really enjoyed you for several years. I am nearing the “big plunge”. I will be able to take my retirement in about 4 years when I turn 50. By then I will be single and kids grown. I know it is a super personal question, but what is a hypothetical “target net worth” to not have money worries? I plan to have around 50G in yearly income, but what lump sum above this is your ideal minimum? THANKS!!

  39. …..Another Outstanding Vlog Reekay $!$ I’ve had same experiences in my former California & my early Retirement here 3 years ago on Luzon. I’ve been too generous here ! Learned the Hard way. Good fed prnsion & had wise stocks & 401k. Thanx my Friend !!!

  40. Reekay, Really excellent content here. Can definitely relate. Few notes. 1. Like you, I began creating web pages in 1993. This was when Mozilla first came out. Then came Netscape, and to this day still use FireFox. 2. You cannot know stocks will increase just by researching them. There is so much randomness in the equation, that at the end of the day it is something of a gamble. This is why I love real estate. Nice steady income stream of passive income. 3. You mentioned Robert Kiyosaki. Loved his Rich Dad book. However, the man is a real nutcase. His YouTube videos, completely worthless. Also he gives a lot of real estate information that is super dated, no longer valid, and his seminars are a compete scam. Avoid at all costs. 4. You mentioned Kiyosaki’s standard as whether you are broke is to see how much cash you have to measure how long you can survive. Does this include passive income? Ex: If I need $2000/month but have $3000 cash but have passive income from my houses of $5000 monthly, these are two completely different formulas. 5. Richest Man in Babylon, yes great book.

    Had other things to say, but forgot off the top. Thank you for NOT telling people to retire in Philippines for under $1000/month. They’re playing with fire and literally death. Just a matter of time before the inevitable.

  41. This is why I am living 6 months in Portugal and 6 months in the Philippines. Ultimately for single men I think living on a boat may be a good idea or stay out of the city. I am lucky in having land in my philippino kids names. You have to think outside the box ALL the time.

  42. I have split up with my wife her choice and I am getting more money from my pensions than I need. Each month I have about £500 more than I had before, nice feeling.

  43. I’ve been reading and re-reading the book of Proverbs (a chapter a day) to really familiarise myself with the link between prosperity and righteousness.

  44. Yes Reekay, it’s only the ‘love of money’ is what’s bad. Having enough money is a good thing. The Bible says also in Ecclesiastical 7:12 “for wisdom is a protection just as MONEY is a protection…….”

  45. i have more but but lets say ur homeless in the usa but get $550 a month ,thats it .$550 ur homeless in usa id take it and go manilla or PH were id b housed n humble living better then on the streets of america?

  46. I use a certified financial advisor/planner – I don’t feel comfortable in investing, rebalancing my portfolio myself. The fees they charge are between 1 – 2.5% and they are professional if you go with reputable financial institutions. I know too many people that had tried investing themselves and lost it all or pulled out of the market before it corrected. It’s free to talks to a planner and they can give you a plan based on your level of risk.

  47. The idea of living in a country where I can have a material benefit to other peoples lives I care about to be very attractive, I like the idea that people after I pass have a better life. Otherwise the money will end up with my family who have treated me very badly….. it’s amazing how my family have recently changed their tune with me when they realized I have more money than all of them combined. Their not getting a cent.

  48. Hello Henry, I recently commented on this video with a link to support the info and it’s not here anymore. I’m just wondering if you do not allow links in your comment section? So if that is the case’ I will make sure not to do that in the future.

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