Money Matters in the Philippines/Will Inflation Ruin Your Retirement?
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- Опубликовано: 2 май 2024
- Money Matters in the Philippines/Will Inflation Ruin Your Retirement? @paulinthephilippinesolddog9234
Discover how inflation can impact your retirement savings and financial future. In this video, we delve into the potential effects of inflation on retirement planning and provide essential tips to safeguard your retirement funds. Stay informed and protect your nest egg from the threat of rising prices and decreasing purchasing power. Watch now to ensure a secure retirement in 2024 and beyond.
I'm 58 years old Waiting at 62.5 to retire and leave US Can not live on $1200 social security in us
Save as much as you can, You will need start up cash for initial rent deposits and move in cost. I'm living in Cebu City right now and 1200 USD is do-able, as long as you have emergency cash in reserved. Good luck.
@@jonross8925 thank you
I’m the same age, have the same plan.
you will need to live in a smaller city than Cebu or Duma.....it will be somewhat of a hand to mouth existence on just $1,200...but there will be enough expats that will tell you "you can do it"......but make sure you have an emergency fund....there may be an unexpected medial issue that even though it would cost less than in the US...will still eat into a nest egg....
With only $1200 a month, you really want to find a small town a.k.a. the province to live in, much cheaper than Cebu. Take a look at Dumaguete.
My husband is Japanese and retired,the pension we receives reaches 2k in dollars or 300,000¥ monthly,it is very difficult to budget/due to d high prices,d monthly payments,the cars payments,etc.but I have no intention (no plan)of living in 🇵🇭,it is very difficult to get sick in Phil.We are very grateful to the Government of Japan when it comes to medical/health Care ❤ sorry i’m not fluent in english
Health is wealth, if you're not healthy, don't move anywhere you are not already familiar with.
I still think that the Old Dog is the Best tube in the Philippines to watch I can relate to him more. He seems more Down to Earth type of a person . Tks for the Info you put up. Tim
Hi @TimWilliamson-ip4yi Glad to hear you enjoy Old Dog's videos, Tim. We appreciate your support.
You said you weren't pushed out in the mid 2014ish times. I was pushed out in 2019. I was like you I worked 45-50 yrs. in the workforce. I did not want to work a 40 hour work week anymore. I worked 20 to 25 hours a week when I retired just to survive. I decided then that it was time to come to the Philippines. I was fortunate I had a fiance'. I am making ends meet quite comfortably here. If I went back to the states I would have to find work again. I am 70 yrs. young, I will not go back to work again. This is my life now & I am enjoying it a hell of a lot more here than I was back in the states.
This is all done by design.
It's the inevitable collapse of a fiat debt money system. I'll fiat money systems have failed throughout history. All fiat monetary systems have hyperinflated except for those still in existence. Money goes into circulation as a debt collecting interest. The money to pay the interest on the debt goes into circulation as a debt collecting interest. Exponentially more money must be put into circulation or the system collapses. The continuous need to put more money into circulation is inflationary. This is why you're seeing all the money being spent on wars and given to other countries etc. The inflationary numbers that Paul is quoting are government numbers, inflation is actually much higher. Actual inflation when calculated like it was in 1980s is 12-14% and can be found at Shadow Stats. The dollar will continue to become worth less until it becomes worthless. The current monastery system will end, it's just a matter of when and how. The dollar is the world's reserve currency when it feels it will be a global collapse. BRICS and CBDC are already being prepared as the next currency.
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Yes...Republican design."Trickle down Economics". "They" took everything you got .Keep voting for them .
@@nebojsaborkovich9196 I don't seem to see any improvement under Democrats rule. Its both Dems and Republicans responsible for the mess the US is in. 8 of the last 12 years was Democratic presidents.
@@nebojsaborkovich9196 You are making a very common mistake. They are all in bed together. Divide and conquer. The monetary system will fail by design. All fiat monetary systems have failed throughout history. They do not have your best interest.
@@nebojsaborkovich9196 You are dead wrong. It is not the repubs or the demos. If you knew anything about what is going on in this country you would know it is the Deep State. Money is Power and Power is Big companies plus the elite. America is so corrupt and most of fall evil that no one can stop what is going on today. Kiss you ass good bye.
I'm 50 and I met my loving and caring Pinay on Christian Filipina during the last week of my 18 month subscription. She reached out to me and the rest is history; no games no scams 👍🏾 Been here just over a year on 1/3 of my retirement. I'm still divesting financially from America. Although the beaches are awesome the infrastructure sucks but if you find the right Pinay that has come from a good family it can really be worth the log jams & bumps, and there will be bumps 😂 Even if we decide to search other places in the future, the U.S. just isn't a place i perceive suitable or affordable anymore. I owned my home and a business or two but the juice wasn't worth the squeeze anymore. But my main issue was the uptick of violent crimes ✌🏾
Happy for you! I thought about using that site one day too, but I'm an agnostic, so I think maybe it's not a good fit for me.
They end may justify the means or just be lonely .
@@brianphuket5951 That's a fair point. But I'm assuming if a girl puts herself on Christian Filipina, she probably values her faith and wants a partner who is compatible with her on that issue. I wouldn't want to mislead them into thinking I share that faith
Well done, I'm happy for you brother. I agree 100% with everything you said. I'm in Canada 55 years old and really have zero reason to still be here. Still 10 years until pension income although, I have monthly dividend income I can live off but I don't feel it's enough. The Canadian dollar sucks! -30% less than the USD. What would you estimate your monthly expenses are in the PH's?
@@NunyaBidness-zr5mn I absolutely understand your perspective and I can truly say it's not that bad in most cases. Most Filipinas don't try and force their beliefs down your throat. And I can say that CF does a better job at removing the scammers from their site than other Filipina dating sites. They will also help you verify or vet the Pinay you have chosen to be serious with. It's not perfect but it better than nothing ✌🏾
Food inflation in April was up to 5.7% in the Philippines. Mostly due to rice costing more. Overall inflation was up to 3.7% in March 2024 in the Philippines. 2.7 million people are unemployed there.
It's not just the US Paul!
@sandrabentley8111 noticed that in the last ten years the dollar has gone up 20% to the peso was about 46 pesos to the dollar and now its 57 pesos per dollar, although prices are going up in the Philippines, so is the dollar
Very true.
@@jsully4064 So things basically stayed the same. Great observation.
Food and Fuel has DOUBLED since the beginning of the pandemic. FOR REAL.
food here in the Philiipines is not always that much cheaper and sometimes more. We spend a good amount of the budget on food and do not get that much western food at all. Rent for sure is cheaper than back home. Gas is higher for sure than the USA for example.
311 Lakeview Drive
Enid, OK This is 1-2 bedrooms nice Apt for rent for 400-550 per month in Enid Oklahoma.
some food has quadrupled where i live in Louisiana
@@kevink1214My house 2000sq on 1 acre paid for. Taxes and insurance total $585 mth Utilities might be more expensive at $300 mth averaged. Move to the PH? No more winters but it's really hot there right now. The women, if that becomes a reality. But that would be the primary reasons, weather, women, everything new. But starting over with nothing. I am very well stocked up and prepared here, tools, food, water, generator.. They are talking about another banking crisis. Will there be an interruption money to the PH? Waiting for a crisis while everyone else is living the dream.
Mayonnaise on sale at keyfood in nyc for 10.50 for 30 ounce jar.
Stimulus checks were an Fn joke!
Those that watched, knew it would make it worse. Hence why they went to more solid currencies.
Especially when people that still had jobs got these checks. A small fraction of the people that got checks actually lost their job during COVID.
💯💯💯
They didn't HAVE to do it, the jobs were already lost due to covid. maybe some would have been lost anyways. Remember the days after 911-Financial crisis-Covid.... when many jobs were also lost, seems these catastrophes have to happen every 10-20 years to feed/funnel money back to the ones that can Pay for these particular kind of benefits, make no doubt that big business like Black Rock were born and did extremely well during these times.... it's always the little guys who are the ones that get hurt the most.
I agree, I was against it since day one.. I am a Trump fan and almost fainted when he approved such a thing. sick.. open up the shops and businesses wtf were they thinking.
6 months ago i went from the american dream to loseing my house, my business, and my dignity, now i live in america with no car, no exwife, no house, no motorcycle, no furniture, but ill be moveing into your neighborhood 23rd of this month in velencia
Lost all that in the divorce?
Yep
It may be the BEST thing that’s happened to you. I’m getting myself ready to ditch the U.S. within a year. I’m 65 and can’t wait to GTFO. I have SSI and military pension so I’ll be OK in the Philippines, but I’m poor in the U.S.
I am in WI a 50/50 no fault divorce state everything split 50/50
Probably the jackpot in disguise....the Philippines is the place for me....I live there part time and I feel more at home there than in Canada. Good luck to you...cheers🍷🇨🇦
I pulled the trigger and went to Panabo City in January to meet a filipina, got covid real bad and almost died and did not get out of the philippines until the end of April I am going back in june for good, getting married and living in Panabo City, the Philippines and it's people are the best!
Inflation is bad however Americans have champagne taste on a beer budget
Exactly. The ones whining there would be crying here in the Phills.
Exactly!!!
Paul, you are benefitting from a strong dollar in the PH. The dollar has been rising vs PH peso, dollar is up over 20% vs Peso in last three years. The strong dollar is increasing your purchasing power in PH, and most countries. Our pain is your gain!
Unfortunately, true, I feel your pain
Paul I think this is one of your most informative videos! I’m one of those 50% who has a passport. I’m living in Houston. The new house I paid $119.000 twenty years ago is now appraised for $275.000 now. A McDonald’s burger, fries, and drink is about $12.00 here. (Including the tax). Love your show, been watching for 5 years. Plain to visit the Philippines next year for a wedding and to scope the country out. Would love to meet you then and take you and your lovely wife out to dinner. Keep doing what you’re doing. Each time I view one of your videos I learn something new.
Thanks so much 👍
Good analysis, Nevada is great, but is growing yet still opportunity for all who take advantage of the good weather, and favorable tax climate .also passport holders.
My standard McDonald's meal in USA is about $12 (as of two years ago). Same meal in Thailand $5.75. Same meal in Vietnam is $3.60. Cambodia doesn't have McDonald's so no figures. Not sure of current Philippines been a long time since I've been. (XL double cheeseburger combo meal).
@@gymratt17 I just looked on food Panda, it was 5.06 in the Phills
The cost of living is high, but it beats the alternative!
You won't know for sure until you get to the other side
"INFLATION TAKES FROM THE IGNORANT AND GIVES TO THE WELL INFORMED" - Venita VanCaspel
Great quote! And very true
Well the simple answer to that is get yourself well informed >>>
I read that since the pandemic, corporate greed has contributed 34% to the inflation numbers.
@@Avarua59 Probably true, but so what. If you are a saver and not a spender, and you have money in the bank or investments then it doesn’t affect you that much. Corporations prey on the stupid.
I’m 45 now. I started “watching” your videos a touch under 4 years ago but the best thing I’ve ever done was deciding to start “studying”them. The thought of retiring never crossed my mind until I started studying your life experiences/wisdom. Some difficult decisions had to be made over the past few years…down sizing the house, selling my “dream car”, giving up certain luxuries, consciously choosing to make moves that pay a return instead of a cool looking instagram shot. Dumping the savings into assets that provide a return. You’ve not only changed my mind set but you’ve also helped me triple my net worth in under 4 years. Thanks old dog!
Discovering Dave Ramsey's 7 baby steps and The F.I.R.E. movement (financial independence retire early) is what turned my life around when I turned 32. It amazed me that people were actually retiring at the age of 30. I wish I would have known about them long ago, but like Dave Ramsey says. It is never to late in life to turn your life around.
@@MyLifeThai371 most likely I’ll never do fire…in part because I actually enjoy working. I’m past Dave’s baby steps but they did help some. To be honest, I’d rather listen to and study the experiences of an average Joe/Paul than listen to a guy that makes 300m a year telling me I can safely live on 8-10% returns.
@@jasonclark7049 I like to work as well. LIke Mike Rowe from the TV show Dirty Jobs says. Americans view work as the enemy. When I was young I never would have dared to bite the hand that feeds me. Now that I just graduated with my Bachelors Degree, it was so nice to see all of the freshman eager to get on the workforce. They said no one wants to work anymore. They all said that they will gladly pick up all the overtime and make the money!
Well done ….these days young people just don’t save enough …not thinking about the future.
You will be rewarded for those moves..
The ship is going down !!
People like you have been making that claim for decades. Everything is cyclical and the pendulum is going to swing the other way.
@@cetilly nope, not this time.
@@cetilly no really, America is not the country that it used to be, and many foreigners don't dream of going there anymore.
With all the political termoil, international interference, wars, protesting, culture rot... America is not desirable as it once was.
@@robertreynolds580 Haha! Said thousands of people before you.
@@cetilly Keep living in your bubble and it will pop and it will pop soon. Study the social security fund, it is estimated to go defunct by 2033 if not sooner. Study BRICS. Study the US debt and me when we will pay it off. Son the US is close to its end. The corruption and evil that has taken over America can not be stopped. How you going to support the 8 million illegals?
60% of Americans do not have a 1000 in the bank.
wow... by that standard I'm rich. Even though I'm not.
SAY IT AIN'T SO .......... ? (( Ouch )) 😲
Then I’m rich
90 percent don't have 1000 in bank, they have more on a dam foodstamp card than in bank
Just put 26 bucks in the tank (not the tracked kind with a cannon) and that got me 5.3 gallon 's of regular gasoline at Sam's club that's $4.90 a gal. It's gonna up 100% since covid. In commifornia. Thanks paul. Love you guys peace e out brother
I've looked at every country there is and I just keep coming back to the Philippines for the same reasons. This year I received my permanent resident visa for Mexico, I can come and go as I please with no restrictions (Inflation has hit Mexico hard, it's not cheap anymore). Many countries you cannot do this. Many countries require you to spend a minimum amount of time in the country usually 3 to 6 months. Many countries have no retirement visa or very expensive retirement visas. For example, Kenya wants to see a monthly income of $2400 USD. Thailand have many different retirement visas depending on which one you qualify for it's not forever like in Mexico or the Philippines. There comes a time in Thailand and Malaysia you have to renew your retirement visa. Thailand. like the Philippines wants a minimum amount of money in their bank. Europe has some decent retirement visas but it snows in Greece in the winter and it's extremely hot in the summer. I'm Canadian, I don't want to see snow ever again as long as I live. Greece is only 30% cheaper than Canada, that's not good enough. I'm too old and lazy to learn a new language. I still have 10 years before I'm 65 but I don't want to wait that long. And when that time comes I wouldn't be able to afford the rent in Vancouver. Even if I owned a condo outright, the monthly carrying costs in my building is $750 a month. I would be house rich and cash poor, it's just not worth it. So many of us really don't have much choice at all.
when we left the states and moved to the Philippines I was 58 yrs old. Selling all our worldly possessions there and cashing out a very minimal 401-K and having my pension bought out at no choice of mine was how we got by. Took my SS at age 62 and today it is $2160 a month. We live very comfortable.
truth, but the USA dollar is artificially high. Can you live on 1/2 if the dollar is revalued?
@@tomaskinoshta7589
Highest: 46.805 PHP on June 7, 2010
Average: 45.071 PHP over this period
Lowest: 42.270 PHP on November 4, 2010 and people said it'll never hit 50....
Sobering facts Paul. I can't think of a more compelling indictment of those who run the Fed and how they have failed us, the American people. I hope inflation does reverse soon. The Great Inflation in the past lasted from 1965 to 1982. I've had my passport since 2018. I'm 61 and am building up my retirement savings as much as possible before retiring. I'm still researching a place overseas not just to survive but to enjoy retirement. Thanks for all you do to keep subscribers like me updated.
Thanks for watching 👀
Interest rates are great for those that saved.
Got that right! My grandparents were making 18% on their CDs in the 1980's.
not in Japan. money is leaving Japan for the USA. yen hit 158 last week.
Oh it's only "transitory". LOL
On a positive note for travelers, the dollar is strong against the Peso and Japanese Yen.
Yes, as a Canadian it's even worse for us. $1,500 CAD is only $1,088 USD today for example. That $400 is huge, that's at least rent and definitely a months worth of food, even a car in the Philippines and other developing countries. Americans think they have it so bad. American's need to realize how good they really do have it.
The Yen is on the verge of collapse. Could happen any day.
For now
The Japanese yen increasingly looks like some 3rd world banana republic currency instead of belonging to the world's 3rd largest economy has plunged below 160 vs the USD.
The Japanese Yen strengthened sharply overnight after crashing to its lowest level since April 1990, breaking 160/USD. It's “highly likely” that the recovery was due to Japan’s finance ministry selling dollar reserves and purchasing the Japanese currency for the first time since late 2022.
Bank of Japan yen intervention on October 21, 2022, cost ¥5.6 dT, pushing the yen up 3.3% and lasting 3 months.
This current yen intervention cost about the same and pushed up the yen about 3.7%, but it's already failing. If the Yen breaks through 160 again soon, the BOJ is going to look completely impotent.
Thanks for covering this, Paul. I stress this on my channel as well... the need to live in a lower cost-of-lving country is one of the best life investments a person can make. Inflation in the USA is crushing us all.
inflation is like a tax
I'm not sure for many that 50% is actually a real 50% as many live beyond their means. The average new car is $47k, $1500 for an iPhone. People want the best and consider it normal. These people need to be buying Toyota Corollas or Ford Mavericks and Android phones.
It's not about doing without but being smart with your money.
Nice of you to put all this effort in doing this research when you could just be putting your feet up. 👍
@gavjlewis - I have that second hand Toyota Corollas and it is a gem. Would never consider a new vehicle. First scratch and you cry for weeks. People just don't respect what others have. My phone is the smaller version of the uptodate one and works just fine, even takes a good picture.
Totally agree with you. Our first house we had sheets instead of curtains, saved up paid cash for everything , never had a new car , and we retired comfortably 12 years ago. .children should be taught finance at school.
Thank you, we never kept up with the Jones's. The ones who claim to have the least money,
have the biggest cars and all the electronic gadges. Always drove a Corolla and kept it for years. It's sickening.
Hi Paul, We sold our house for a lot more money then we thought we would get $$$.
The biggest shock was price of rental and housing. We ended buying a house in Butuan City. The price of the house has already increased by more then i can believe. Other expenses have help us save money... Our new house is in an excellent location with everything very close. So far we are coming out ahead, yet it has been challenging. Think Twice about moving to Philippines..........
Short answer hell yes😮
The evaluation that one needs 140k-170K per year to be comfortable vs average income for the US ($75K) demonstrates the pipe dream. "If we earned more, we would be fine." And 60% are living paycheck to paycheck(this number also includes people earning 250K to 500K per year). Why is that important? Because a majority of Americans do not understand Wants vs Needs. When you talk about minimalism, most Americans do not want to live like that, unless if they are forced. They need that phone updated every 2 years, they need that new low mileage leased car every 2-3 years, and a lot of these complainers never lived through the 70s, when inflation was a real pain. A 7% home loan is like 1988-2001, was fabulous, after the mid 80' 18% mortgage. The inflation that we are seeing is Ukraine war induced(loss of Russian oil on the world market), and corporate greed by hiding price increases in that oil induced inflation. 3.4% per year is nothing like the 70s and 80s. But your friend was right, if people stopped buying, then the inflation would go down, house prices would go down, but there are too many people earning too much already.
FYI: actually, the downward American lifestyle is getting closer to reality. The USA has a better standard of living due to credit and stealing from the world. Our government will not stop overspending so our lifestyle will continue to decline in the USA.
@@tomaskinoshta7589 By stealing from the rest of the world, you are saying that the US actually goes into other countries and takes goods without paying for it. That is Ludacris. The US has a better standard of living because the economy is better. If it was not better, it would have been crushed a long time ago. The US economy drives the world economy. The world has things to sell to the US, it is hardly the other way around. And the US keeps innovating, which is a massive driver of the economy. That govt over spending happens whether there is a republican in the Whitehouse or a democrat, but dont take away any benefits that go to you, righ?.
I just landed in Dumaguete10am Saturday May 4th (yesterday). Despite years of "Internet recon", I have been surprised at how cheaply I can live a decent lifestyle if I so chose. The key is, of course, how native are you willing to go. With the heat wave ongoing, I walked to Robinson's Mall in the early afternoon to troll about with AC. For lunch I had a KFC chicken sandwich combo meal in the mall, which cost me $2.60 USD. I asked some of the local Grab drivers where was a good place to eat at dinner time. I ate at a local eatery on Valencia Road. 2 small beef patties with gravy, rice and a coke cost me $1.40. I've already found a place to lease a fairly new Honda Beat 125cc scooter for $105 per month.
This is NOT KANSAS Toto! So much is different, and even challenging at times. The biggest selling point for me is I am now doing what I want, where I want, when I want. 😊😊😊😊
Good for you. I have been in Cebu ten years. There is a lot to learn. Be careful. Nobody has robbed me or hurt me. But you will get scammed by good people.
Excellent Paul, thanks for sharing.
Glad you enjoyed it
Great info!
Glad you think so!
Great video . This is actually the biggest issue on people’s minds here in the U.S. imo. If current prez doesn’t get it fixed he won’t be in office very much longer . This country is completely changing . Not surprised that so many people are looking to leave , unfortunately.
I really think a lot of it is lifestyle creep. 1 phone line, cooking at home, a used car used to be the norm. Now everybody has a phone, its new cars and full coverage insurance, if cooking at home it's shortcut cooking (not dried beans, flower, etc). I live on around 2k in California allowing me to invest 20% and spend 6 months a year in Asia not working. When people ask me how I do it and I explain I just drive 5k cars with $65 a month liability insurance and cook at home they look at me in horror. They just aren't willing to cut out all those expenses that are now "needed". I spend $11 on 2.5lbs of coffee at Costco , at work they no longer go get a $5 coffee, it's now a app and a delivered $9 coffee. It's crazy! I think a lot of the cheaper living in the PI is living a simpler life which can still be done in the US if you make the effort.
I wish I would have known about cooking eggs when I originally went to college, rather than just Ramen noodles. When I was paying off debt I was making fried egg sandwiches with onions and cheesy scrambled eggs on toast. I was even packing these egg sandwiches in my lunchbox with ice packs when I would go to town to buy supplies, rather than going out to eat. Summer sausage sandwiches are also good. Just make sure to microwave the slices before putting them on the sandwich to make them taste better. Very filling and affordable.
YES! You nailed it. Unfortunately, there will be a lot of pain along the way to the massess (lower middle and lower economic classes) accepting then learning what thier grandparents did naturally. That pain will be not just the loss of the lavis lifestyle, but the social unrest to accompanie it. For a while, the lower the economy of a neighborhood the more dangerous it will become. Be smart, be careful. Plan accordingly.
I agree man. I live in a small paid off condo and have a pretty modest debt free lifestyle. 2k a month is a reasonable budget for me, and thats including some money to go out on occasion and to spend on entertainment. I could trim the budget a bit if I needed but money isn't that tight so no need to.
For my generation though, I saw the poor decisions starting soon as high school ended. I remember doing 2 years of college at a community college because it was cheaper, and then transferring to a state university and commuting because living on campus was a lot more expensive than just putting all my classes into 2 days a week and commuting. Thing was I was shocked to see so many people I knew from high school borrowing money to live on campus a half hour away from the town we grew up in...then a lot of them end up graduating with unnecessary amounts of student loans thinking someone else should pay them off. Its unbelievable. Now they have money for the 1100 dollar iPhone they need, the 3 vacations a year they deserve, and the 900 dollar a month payment on the luxury car they deserve...but not their student loans they're contractually obligated to pay back.
Its unbelievable here, so many people are just so selfish with such warped priorities. Sadly, I only see things getting worse.
Poor choices leave to no options. The cost of everything has skyrocketed in the US. I am 49 and save and invest until it hurts. Money will give me options. Great channel, Paul, but I feel no sympathy for people who choose not to save and spend money to impress people that don't matter. Social security was never intended to live once retired.
Yep. My uncle said social security was just supposed to be a supplement to your retirement investments.
Hi @coreysmith5141 Thanks for sharing your perspective on savings and retirement planning. We agree on the importance of financial preparation.
One of the better topics.
Hi @ericsolkamans-kj2fd Glad to hear you enjoyed the video, thanks for watching.
you are the best thank you
Thanks so much 👍
Good information video Paul thanks.
Glad you enjoyed it
Good stuff, paul.
Another very informative video Paul
The ship is sinking and it's time to bail out! We're heading there in 5 weeks, thank goodness.
Oh please!!
@@sandrabentley8111exactly
Hi @midlifewanderings Understood. Wish you a successful transition. Best of luck.
Agreed.
I have no problem with high interest rates. I’m finally getting a 5% guaranteed return on my savings
100% Agree!!! My bank account is loving these high interest rates
Plus, my wages have grown over 30% more than before covid.
True, I'm in the same boat and have all my income in a money market but the problem is inflation is at 7% or more at any given time. Which means we're losing at least 2% a year to inflation.
@@user-vq8yk1wc1u Which means wage price spiral. Higher wages, more inflation and on it goes.
Same lol
Excellent video !
Thanks!
Interesting video, Paul. But now, how about a follow-up video on inflation there in the Philippines. Inflation is a global issue; and to be fair to those thinking about moving there, the discussion needs to be made about that. The facts are that there is no place to go to escape inflationary pressures. At least the US Social Security has a regular cost of living adjustment, unlike some other countries
It will NEVER come down...only slow down and speed up.
This is a great informational video about America's inflation and the effects of the state of their retirement savings.
Thanks so much 👍
we still have a dollar store but its $1.25 now
correct, 99 cent stores are closing in Cali
Is brother Paul looking more and more like Colonel Sanders everyday or What!!!
Colonel Paul. Buy the man a white suit and hat.
Paul I always enjoy your videos but this really hit home and makes me think hard about retirement, the economy, stress and my over all situation. Thanks bud 🙏🏻
As inflation increases around the world, it's a great time to hold onto you investment properties and so forth and ride it out. Bad time to sell everything up and move to PI, in my opinion.
I ❤ all videos by Paul
Nice one old dog
Hi @kennokaratechop4065 Thanks for watching and commenting, glad you enjoyed it!
Hi Paul, dollar stores still exist but they are now price at $1.25. And yes you are right inflation is through the roof. Rent is at least $1500 for one bedroom in a decent neighborhood. They say America will be a rental nation in the future coz single family homes are all bought up by big corporations. And if you own a house taxes and homeowners insurance will also get you. They say the American dream no longer exists unless you make 200K to afford a house.
dollar stores are still around, but 99 cents stores in Cali are gone in about a week. I think main reason is theft.
@@tomaskinoshta7589 thank goodness we still have law and order in Fl. Lots of people from the blue states are moving down here too.
@@Ladybug8899 I live in Orange County. We have a GOP DA. Crime has not increased much in Orange County like in LA or San Diego.
Nuts over here now! A couple years ago at 45, I posted on another prominent PI RUclipsr’s comments about my primary concerns being inflation and the devaluation of the green back. He replied that he didn’t live his life according to “what about isms”. Then the other people in the comments told me to stop watching too much TV and other nonsense so I was pretty much dismissed. A lot of people want to put their head in the sand and live in la la land and I do get it to an extent, but now that scraping by at best is the new norm, people are finally taking note of what was obvious to me.
Happiness is a choice, but poverty is still poverty, Like Mae West said, I've been rich, I've been poor, rich is better."
Excellent video! I was particularly struck by the increase in the percentage of U.S. passport holders. I had no idea!
I resided in the Philippines from 2016-2020, and then resumed living here in 2023. While it's much more affordable than the U.S., it's also true that prices have increased here post- pandemic. The dollar has risen in recent years against the Philippine peso. So, while it is favorable to exchange dollars for pesos, the strong dollar puts pressure on the Philippine economy, especially on gas prices. When I left the Philippines in 2020, gas sold in my city for roughly 37 pesos per liter. When I returned in 2023, the price was 57 pesos/liter, about a 50% increase.
If possible, I think it's helpful for a retiree to have multiple income streams. If you do your research, it's not hard to find places that pay 5% and up on savings, for instance. Every little bit of extra income helps to offset the effects of inflation.
Again, thanks to Paul for a great video!
Hi @thecafezil Thanks for sharing your experience and insights on the economy. We agree about the importance of multiple income streams.
Brilliant.
Great job! I always remember some financial people saying buying a home is not important that saving is more important or buying income property to receive rent. So many of these owners didn’t get a dime in rent due to people not working through the pandemic and also during 2008, owners walked away from their properties if they held a big mortgage as prices fell below their loan amounts. Sometimes you have to think ahead in these situations and hopefully take advantage when prices fall and hold on when it seems the sky is falling. Saving often and whenever you can will help through these tough times.
I've never voluntarily entered a McDonalds, though I have been dragged in there by friends a couple of times.
Paul! We now live in Cavite, after almost 40 years in California. What a relief. Built 4 bedroom 2 and a half bath house in the mountains of Tagaytay with mt Marami in my back yard. Have 1.2 hectares full of pineapples, bananas, mangoes, etc.
wow
Paul I'm here in the Philippines. Your spot on.
Hi @Fire2Hot911 Thanks for watching and sharing your experience, glad we can relate.
Life is has definitely changed in the last few years. Stress and just working to meet your needs and to pay bills is what the majority have to do. The simple life is longed for
BULGARIA!!!!!!. I'm British and moved to Bulgaria 8 years ago. Best decision I ever made. Cheap country to live in. You can buy very cheap houses to renovate from as little as 10,000 euro in quiet villages. Then enjoy renovating it yourself or pay for someone else to do the hard work and sit back and relax. In my small village alone there are a few Amercians . You can get a visa here if you have a state pension not problem. The rest of Europe on your doorstep to explore. Hot summers and cold winters. Living the Dream!
I'm tired of cold winters.
Bulgaria and Albania was on my retirement list. Yes, the winters are cold and the summers I find are too hot. As a Canadian I don't want to see another winter as long as I live. I do have permanent residency in Mexico but it's gotten really expensive. I just keep coming back to the Philippines as my destination. I've considered slow travel and 6 months in Eastern Europe but Bulgaria. However, visa-free travel only applies to stays of up to 90 days in any 180-day period. Stays are cumulative and include visits to any Schengen area country. Plus, I really don't want to have to find a new place to live every 6 months.
Very interested. Can’t wait to leave the U.S. - Just never thought of Bulgaria…Poland, yes. Of course, P.I., and SE Asia. I know nothing about Bulgaria, except yogurts…lol
@@americanedokko2782 Bulgaria is a very safe county and one of the cheapest in Europe.
@@25Soupy I fully understand the winter. One option is to travel to Spain for 3 months during the winter.
Love your videos I'm grateful I moved in 2017 to the Philippines best choice I made
311 Lakeview Drive
Enid, OK This is 1-2 bedrooms nice Apt for rent for 400-550 per month in Enid Oklahoma.
Hi @josephcmcauliffe1706 Thanks for sharing your positive experience, we're glad you moved here too.
Hi Paul, this is so true. As a US Retiree in German, my German retreemant after taxes and health insurance is €1,611.00 which is about USD1,725 plus about USD300 from the SSA. I hope to fly back to the Philippines to find the grave of my Nanny from 1961.
No matter the inflation here the US is done !!
And all the political correctness has become such a joke as well. I'm old school. A boy is a boy. A girl is a girl.
Why and in which way?
jamming those ads in
I live in Cambodia and have lived here for 10 years. October of last year you talked about the "I am alive " letter. You need to send this letter in in June!!!!!! Why???? Mail is erratic in Cambodia and I received my June letter on 28 of Dec. I received my October letter on the 25 and mailed it out by the 28 of October. Arrived in California on the 6th of November and the US Customs attached the letter for 90 days. I lost my SSA retirement for he month of February. FBU in Manila sorted it out by the 28 of February. Down load and send the letter buy June. Do not wait for the letter to arrive. Take care before October.
Or send with high priority, takes only few days and you have track and trace. It costs you but you have more certainty
I heard that if you file a tax return every year even if you are not required too Social Security will know you are still alive. I started receiving my Social Security at 62 and I'm 68 and I have not received a letter from them yet wondering if I'm alive, I also do my taxes every year online with TurboTax.
@@chocolatecookie8571 Do all retirees know about this letter before they move. There is much to do before packing your bag and exiting your home country.
@@valeriek5020 hello madam, many migrants from all ages will overlook certain things before they leave or find out later on when they already moved. It is a lot of work and it is impossible to know everything even with sturdy research.
@@chocolatecookie8571 I did send it priority mail, EMS. Customs can stop any mail for 90 days and there is nothing you or I can do about it. The reason I know dates is because of tracking.
Thanks Paul, great video. Plenty of great advice and information.
Hi @ehawolczecki8759 Appreciate your kind words! Glad you found it helpful.
@@paulinthephilippinesolddog9234 ,your welcome …thank you.
I just have a hard time selling everything and head to a different country! I would rather have assets that appreciate and live in an area I can hunt fish and trap for survival! I am in a rural area with like minded people! If I lived in a city, I might think of selling out and moving! You have to be debt free to survive though!
I love the thumbnail. Excellent job.
Hi @soremekun Thank you, we appreciate your feedback on our thumbnail design.
Well, my expenses per month is 1250.00 USD. Thats everything rent, cable, utilities, ins,, food, medical expenses and car. I do share house expenses with a room mate on a 2 bedroom apt. We pretty much hate each other, OH WELL!! LOL. I am 68, and always as you say 50/30/20 rule, or my 3 ways I spend money. it makes me money, it saves me money or it makes me happy !!! Great channel you have
I think for many is the family. Sraying here for the connection with loved ones.
On another note
Id like to see a video from you about the things that you do not have for quality of life i. The Phillipines tgat you touched on briefly . "This is not paradise"
It depends upon your personal financial situation. My wife and I own 3 residential and 3 commercial properties. We bought our first property prior to re-locating here. We don't pay rent and we have a business, an income and investments. We are not affected by inflation at all. I would advise any foreigner wishing to re-locate to the Philippines to find a partner they can trust and then invest in property. We probably earn around 40KUSD per year in the Philippines and maybe spend 20K.
I also heard that credit card spending has become part of those who are living paycheck to paycheck. These people can’t save for retirement and most likely don’t have an emergency fund. Goes to show you that wages aren’t keeping up with inflation.
As long as the 🇵🇭 peso stays above 50+ to the USD I’m good. I will say that I feel for those in the US who are struggling right now. Hang in there everyone. Bad times don’t last forever.
The dollar is around 106 today. During the 2008 crash it fell to 70 on the dollar index. That is a 35% drop. I don't know how the exchange rate is calculated but a 35% drop in the exchange rate would be 35-40 pesos per dollar. I was following a Philippines expat group on the internet at the time and the dollar and the exchange rate was a subject of concern and things becoming unaffordable
When you geo-arbitrage that’s the risk people take. Like he says it’s not paradise in the Philippines.
Kingsford charcoal I buy every April during Home Depot sale used to be $9. For 2 bags, Now it’s $20
You are wise grasshopper! I always enjoy how you lay things out that’s very easy for us to understand
Hi @darren9012 Thanks for the kind words, we're glad you find our videos helpful.
Spot on on figures but i think its more i live in the South its always been tough
Not everything that goes up will come down. The high prices that high inflation caused is here to stay.
I agree
How do you know that?
Corporate greed.
@@sactopyrshep It's a historical fact.
@@oahuguy3918 please direct me to some documentation as that has not been my experience.
Great analysis Paul. Thanks for spending the time to gather all this data. Peace
Hi @Jimmy_Duff Appreciate your feedback, glad you found value in our analysis. Thanks for watching.
This video is ‘spot on’. For me, finding a cheaper country to live in is necessary goal
Loneliness will eat you in the Philippines, something Paul is not talking about. We are talking about a COMPLETELY different culture despite English being spoken.
These intangibles prove to be the real wreckers in the long term.
Even in a tent in the USA or in a shelter you are still at home, on home territory.
Hi @user-mz4bk7to4h Glad to hear you found our video helpful. We agree, cost savings are important for retirement.
I'm near Lexington Kentucky - a Big Mac fry & a coke - is - $ 8.47 including the 6% tax. -- Much better than many places in America ! -- Moved here 2 years ago from Arizona where I was retired but inflation drove me out !!! -- Big Mac 'meal' there - now - is $13.99. I'd be on the streets in Az. as the rents are unaffordable for many retired & Phoenix has 70 & 80 year old seniors - on the streets with only SS !!! --- The Philippines or Cambodia looks - '''inviting''' - compared to Biden's America and the sidewalk in a tent for retirement ? 🤔
In North Dakota, we were paying $15-$24 for the cheapest meals at McDonalds.
@@MyLifeThai371 Google Big Mac Index - I like the Philippines - cause I speak English & prefer friendly people who speak my language. -- Paul said $5 - in Dumaguete. -- Steve in Trace Martires said $4 where he is just the other day ! ( = expats in Dumaguete ? ) they also drove up rent prices there ! Many $80 -- $100 1 br's where Steve is too.
@@MyLifeThai371 Steve - a US Navy Vet is retired in Trace Martires Philippines for 7 years. > "The Philippine Info Channel" - 3/24 pays $80/mo rent for a 'decent' 1 br apartment - 'and' - last week paid $3.85 for a Big Mac 'meal' - with a fry & coke. -- He's 1 hour S of the Manila airport. Many places in his area are available for rent - from $60 -- $120 / mo. -- Or - there are 3 br houses in gated communities for $300 - $350 w/a pool. ( 2024 prices ) I'm going this Nov. - I've simply had enough of Biden's America !!!
Leave the USA for other countries where costs are cheaper. Sell everything. Rent.
Nearly half of Americans have their passport - for just that ! -?- Beats the hell out of being retired in a tent on a sidewalk ( ? ) - in Biden's America ?
remember the dollar will eventually lose its value. Can you live on 1/2?
Great info
Hi @Badger345 Glad to hear you found the video informative. Thanks for watching.
Hey Paul, yeah the old friend Inflation rubs my inflamation. Inflation has spread its tentacles all over the place from Far East to West. Only time will tell not if, but when the bust will come knocking at our front door. Until then, the dollar value keeps shrinking, unlike the national debt as long as they keep printing that monopoly money. Guys do your diligent research on respective locations you wish to relocate to as prices are increasing just as quickly as back home.
Depends on your life style and how you were raised.
Yes it sincerely does Now fast food workers in the San Francisco CA are now making $20.00 due to inflation.
The increased cost in apartments is a real budget killer. If you're happy in the Phillipines, might be best to stay there.
Hi @noreenn6976 Agreed, inflation can impact retirement plans significantly. Staying put could help manage costs.
Paul, you are talking about "Golden Years" - not for seniors, only the doctors profit from the
"golden Years". We are a senior couple, 87 and 82 years old, and I would move to another
country, but the old man wants to sit in his nest like a old chicken. I would move, sell everything
and go. (no grandchildren here). Praise the Lord.
FEDS need to stop printing money and to start allowing US energy to supply more energy.
The first thing I would do if I was an American living in America, is stop demanding an affluent lifestyle and therefore being forced to toe the 50/20/30 line and adjust it, by buying a dump and living in it whilst repairing it, and then flip it for another dump, and keep doing it until I could afford to buy something nice to live in long term. It may take 10 or 15 years to get to that point, but there goes a large chunk of the 50% and whilst you are doing that, you may not have the time to take holidays to blow all of the 30%, and so you may find yourself on a 50/30/20 ratio and once you have hit the 10 to 15 year point, you may find the ratio has switched to 30/30/40 or even 30/40/30, at that point you can afford to live the luxury life style everyone is supposed to aspire to living. I did it in Australia and it worked for me. I wasn't necessarily aware of the 50/20/30 ratio at the time, but now I'm retired and not dependent on receiving the Australian Age Pension - Social Security equivalent, as I fail the assets test to receive the pension. Happy as a pig in s£$t living in Dumaguete. Yes, the Philippines does not have all the infrastructure that your home country or even some countries in Asia have, but it is improving and if you are prepared to put up with some disappointments at the moment, things are getting better all the time.
Thank you Paul for honestly and commitment to us expats!!! Your detailed information has dramatically change my way of thinking! I pray I can meet you in person someday!🙏🏼👍🏼
Paul when the fashion went down the prices thin go down ait keep on getting higher and higher food
Great video Paul. Adaptability is the key. Research first, see how you want to live and what is important to you. I'm 69 (this month), I have my retirement checks (2) plus SSS. I get by here, but it does help the wife working to cover certain items we take care of in Philippines. We plan to do the "snowbird" thing for a few months at a time. Lots to think about. But your channel does give out some great information for me to ponder. Keep it up!👍
Dear Paul, we are in recession now.
♥️your videos.
Thanks Zana
Hi Paul and Mrs..I’m retired single Filipina and just not able to make ends meet by withdrawing just social security benes here in the USA. Unfortunately, we still have to work full time. I’m 65 now and I’m taking that big leap of faith. Im going back to my “lupang hinirang”. Just living on my sss, relax, because I can, I can proudly say that I can comfortably just live on my sss pensions every month. This is my time now. I would encourage any single Filipino woman US CITIZEN to do the same.
Good for you, I have been here ten years. I live in Cebu for about $80K per month for two of us. 80K is almost $1500.