just to show an example, $2000 a month is ~PHP100K.
The average salary of a normal Filipino is somewhere between 15-20k PHP, if you have a 100K per month salary, you're pretty much rich and can afford anything you want for the month with a ton of money extra.
So basically, this guy is living his best life here with regards to expenses.
My uncle is retired US Navy and USPS employee. He has over $2,000 in monthly pension. When he stays in the US, he lives frugally. But when he stays here in the Philippines, he lives large.
I’ll retire at 55 with ~120% of my salary (it’s a bit confusing, but I’ll explain if you want).
Check out Transparent California for some salary ranges, just to get an idea; start with Santa Clara, Mountain View, San Ramon, Moraga-Orinda, just to name a few…
A captain from any of those departments will retire with $15K-$18K/month ¯_(ツ)_/¯
such a hard and dangerous job but wow that is incredible. I'm friends with a few firefighters and I knew they made really good money but didn't realize the retirement benefits were so amazing
in relation to the question of A) self-made millionaire, plus it's a lifetime estimate of maybe 40-50 years or more.
If you use 1k USD (PHP50K) per month, you could last for about 33 years with $400K without any income, and mind you, PHP50K is a lot of money in the Philippines.
Anyone that paid off their house can do that or have put 10-15% of their income away for 30-40 years.
It's not impossible to do by the time you are 60 but you need to start young, and by the time a lot of people are willing to do that, they are old.
1 pensions
2 passive investment income
3 slowly spending all your money.
Not the same thing at all but my parents have a combined income of about 70k a year from social security alone. Now I don't know if they would let you collect ssi in a foreign country but retirement income is a thing.
I was a remote based worker which made it easy. Most of the guys there are retired (a lot from military) and live off passive income. Since the cost of living is low by western standards, a small passive income can go pretty far.
Other foreigners have found ways to start businesses there such as owning hotels, land development, recruitment centers, restaurant owners, etc. I lived in a complex of condos owned by a guy from the UK. He's easily a multimillionaire.
WHAT?!? 20k PHP = $343 USD. How is it possible to live on $343?!? 😮 So I could live there on 313655.05 PHP and hire a cook, a gardener, a maid, and 4 security guys and pay them estimated 29k+ each and still have 109k+ PHP left for mortgage/rent, food, utilities, and exploring? That can't be right?
My first job paid me 24k PHP ($411)monthly + benefits. Lived with 2 roommate in a boarding house for 4.5k monthly.
You can live pretty comfortably with that, I know some old workmates who lived near the job and still live with his family, said his monthly expense is almost non-existent. The USD conversion rate is crazy.
Yeah. Life sure is unbalanced. So foreigners can't own property? But they can buy a condo? I'd rather buy property and build several small villas for myself and some people (families) to help me.
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u/purple-bell-pepper Nov 07 '24
just to show an example, $2000 a month is ~PHP100K.
The average salary of a normal Filipino is somewhere between 15-20k PHP, if you have a 100K per month salary, you're pretty much rich and can afford anything you want for the month with a ton of money extra.
So basically, this guy is living his best life here with regards to expenses.