Retired in the Philippines on a Budget and Why some Expats Fail

Are you considering moving to the Philippines as an expat? In this eye-opening video, a real guy reveals the number one reason why expats often fail in the Philippines. Learn from his personal experience and insights to avoid making the same mistakes. Don't miss out on this candid discussion that spills the tea on expat life in the Philippines!

Key points

📝 High attrition rate: 30-40% of retirees who move abroad end up returning home.

📊 Reasons for return: Dislike of the new environment, medical conditions, family or business crises, and financial mismanagement.

💡 Financial mismanagement: Many retirees fail due to poor handling of their finances.

🔍 Impulse control: The lack of impulse control is identified as a major issue, affecting decisions in various aspects of life.

💬 Crisis of masculinity: The video links the lack of impulse control to a broader cultural issue, where men feel a lack of purpose and direction.

📉 Emotional vs. logical decisions: Emotional decisions often lead to poor outcomes, while logical decisions are more beneficial.

🌐 Impact on expats: Expats face new challenges and temptations, leading to impulsive actions.

🛑 Importance of slowing down: The speaker advises new expats to take their time and make considered decisions.

💬 Personal experiences: The speaker shares his own experiences and observations of others to illustrate the points.

📚 Learning from mistakes: Emphasizes the importance of self-evaluation and learning from past mistakes to avoid future problems.
Summary

High failure rate: About 30-40% of retirees who move abroad end up returning home due to various reasons.

Common reasons for return: Retirees return because they dislike the new environment, face medical issues, or have family or business crises.

Financial issues: A significant number of retirees fail due to poor financial management.

Impulse control: The lack of impulse control is a major factor contributing to financial mismanagement among retirees.

Cultural factors: A broader cultural issue of declining masculinity and lack of purpose among men is linked to impulse control problems.

Making decisions: Emphasizes the importance of making logical rather than emotional decisions to ensure better outcomes.

Challenges for expats: Expats face new challenges and temptations that can lead to impulsive actions and poor decisions.

Advice to new expats: The speaker advises new expats to take their time, slow down, and make considered decisions.

Personal stories: The speaker shares his own experiences and observations of others to illustrate the issues discussed.

Learning and self-evaluation: Stresses the importance of self-evaluation and learning from past mistakes to avoid future problems.

[georgekibblin]

I worked in corrections for 24 years. The number one reason that people end up in prison is because they made a terrible mistake based on emotional impulse. If they just retracted themselves from the situation and cooled off for a day, they wouldn't be locked up for twenty years.

[gemox]

I have better impulse control now as I've decided that it's better to be alone than be stressed out by being with the wrong person.

[ronlafleur]

A fun story. I used to have a GF in Mindanao. I would come visit and of course I had a budget for the trip. On my first visit to her we invited some of her family to dinner and for me surprisingly that small dinner party grew in to a large dinner party of around 20. The word got out quickly kano is buying dinner. In truth the bill was not unmanageable but I took note of what happened. The next day some of those family want to go every where with you and I of course am buying. This behavior continued for a few more days and I told my GF it's a shame I am spending so much money on her friends and family. She asked me why I felt the way. So I told her that I had X and when X was gone there was no more. I continued that my thought was that when I left whatever there was of X I would give to her. Interesting that no friends or family every joined us again. (:

[Yanksjj]

All great points Paul and Baby Mae. My wife is in Vietnam where I’ll be retiring permanently at 62. Between SS and my pension, I’ll be getting over 3500 USD/month. Been to Vietnam 7 times and I love it . This was our plan. I feel very fortunate and I hope they don’t cut SS in the coming years. Stay healthy my friend

[BillyTimes-dwvs]

That's why I tell guys if you have a home in America still don't sell it and move overseas keep your house if you can. That's why I stay in America 7months my family is their my daughter stays in my home when im 5 months over seas Because of my good health insurance and home I worked my ass off for. Every man situation is different you absolutely correct about the absent of masculinity in society.

[streetracingmiscreant]

At 19:00, I have always heard that behavior referred to as the savior complex. I can see how a guy could run through a modest retirement pretty quickly with that thought process.

[charlesvincett]

Great video. You are spot on! Impulse control is not practiced.

[malcolmarmstrong]

Over the last 25 year's me and my Filipino wife bought some land built a house, we now have daughter and a business which my wife looks after.

[xomox]

If you are not in control of your emotions you are one situation away from disaster.

[marknasia]

been in the PI for 12 years. I agree on all your points. a combination of culture shock and impulse decisions can make staying here unattainable. Great points. Stable income, emergency savings, adjustment money (buying a scooter etc stuff you cannot bring with you to get settled in). a residency plan either avail the SSRV or doing the tourist extensions. PLAN your STAY, STAY with your PLAN.

[VagabondAwake]

Nice coverage on a very important subject Paul. Keep up the great work. Dan

[yoyojoe]

Hello Paul and Baby Mae, surprisingly I traveled to USA mainland for Mother's day 2024. After many visits and road miles, Im flying back to "Duma" because I miss my other half, I miss Negros Island and all the the fun that we have going places.

[brianbarton]

Great advice. And congratulations on 100k subscribers!!!

[vegasdave]

I’ve been going to the Philippines since 1978 and this is the best advice I have heard anybody give!!!

[popcornsutton]

Outstanding Topic & Advice. Check out the new Ron Jeremy line of bed frames. You'll want to get the Dirk Diggler HD series.

[jamessnavely]

Paul your story and how your living is so awesome.i hope to retire like you in 10 years.

[Gary-ljpi]

So true . good words of wisdom .. I need to apply the 72 hour rule . thanks brother ..

[amossnowdaharleyman]

My wife is from Cebu. Use to consider moving to P.I. when I retired BUT: I like having no brownouts. I enjoy going into my back yard and not being assaulted by noise pollution. I like hitting the open and uncrowded roads on one of my Harley's and not having to constantly dodge dogs, drunks, and idiots with cars who think a stop sign is a suggestion (at best). I like being able to have access to some of the worlds best docs and facilities. Emergency triple bypass a couple of years ago comes to mind. Does is cost a lot to live in my beloved Texas? 80 to 100K a year so yup it does. But for that I live extremely comfortably in a fairly stable country with more plusses than minuses.

[Jimmy_Duff]

Great advise! Plus congrats on 94 k followers. When I started watching your adventures you had 5 Ive enjoyed the ride. Thanks

[skaidimusic]

You are right; many people are driven by impulses, which is not always smart. It's easy to make mistakes in the Philippines, but the first rule is to use your head and not waste money on alcohol and clever women. I'm going to the Philippines in a month, starting in Cebu but also stopping by Dumaguete. It's been a long time since I last visited the Philippines.😊