What can $5000 a year get me?
$5000 / 12 = $416 a month = PHP20800 a month.
Imagine in the Philippines the minimum wage is around PHP6000, so with the interest alone I can have 3x the minimum wage. I know its not going to provide all the luxuries that a person may want in their lifetime but its enough to maintain a healthy, happy lifestyle.
Given I already have a new house/cars paid off.
rent/mortgage = $0
food = $100 a month (this will provide me with fresh seafood and the meat i need) - imagine a decent sit down meal can only cost $1 per person.
utilities = $100 (provide for nighttime airconditioning, all day electricity, water)
entertainment / leisure = $75 (movies, billiards, fishing, tennis, endless supplies of DVDs, i need to learn how to play golf)
DSL internet connection = $25 (can't live without it)
Gas for car = $40
I still have $76 left over per month - this can be for miscellaneous expenses - clothing, insurance, etc.
This looks simplistic - but I think its a definite possibility.
Here's the plan for $5000 a year
January 30th, 2007 at 12:43 am
January 30th, 2007 at 01:02 am 1170118954
January 30th, 2007 at 02:12 am 1170123145
January 30th, 2007 at 03:21 am 1170127262
But sounds like you've decided this is what you'll be doing. Worst case scenario you have to leave retirement and start working again.
January 30th, 2007 at 03:26 am 1170127597
Best of luck in PI--it's a beautiful country and ultra cheap (except for Boarcay which was hella expensive).
p.s. Do you use Chikka? (www.chikka.com) It's a cheap way to text between the US (on compuer) and PI cell phones
January 30th, 2007 at 04:08 am 1170130090
www.tagaytay.com/
www.batangasnow.com/
http://philippinebeach.blogspot.com/2005/11/puerto-azul-beach-resort-cavite.html
http://www.islandcovephil.com/
chikkaa is cool, try vonage, you can bring your voice over ip phone to the philippines and have a USA number - no more overseas long distacnce calls.
January 30th, 2007 at 12:41 pm 1170160869
January 30th, 2007 at 01:56 pm 1170165406
May 16th, 2007 at 05:40 pm 1179337241
how is your planning going, I am on a similar plan.
except mine is maybe a 7-10 year plan, and would like to have closer to 400k cash, and close to 100k in each of our 401k, and a possible pension when we hit our 60's.
I would do it I think if i hit 300k cash too possibly.
I would say go for it. just make sure you are still young in case you have work to survive or have to come out of retirement.
good Luck!!