Paul's: Thoughts on China, Going Broke, Going to Jail and Skin Tax

[@mikesphilippineretirement]

Watch my other video's with Paul kzbin.info/aero/PL8JN40JVJWGOvicsPC1ijbAuHe_06WyyP

[@Gregory-Masovutch]

If you want great Chinese takeout, go to Binondo or Lucky Chinatown in Divisoria or SM Aura. All in Manila. The crispy duck dim sum is great. You're certainly not going to find it in Dumaguete. However your Palengke in Dumaguete & Bacolod are some of the best fish and scallop wet markets anywhere in the Philippines.

[@bradleymiller7375]

Two classless As$holes!

[@bradleymiller7375]

Just have ur wifes show more skin! Then more subscribers for classless vloggers!🤮🤮🤮🤮 nothing but negatively!

[@underdogrescueofflorida2313]

You two are good at co-hosting and bring out the best in each others style

[@mikesphilippineretirement]

thank you

[@oldguy2764]

Better to be a second class citizen in Asia, than a third class citizen in the USA.

[@mikesphilippineretirement]

true oldguy

[@jamesalan1354]

Facts

[@acornsucks2111]

Trump 24!

[@mainalai7671]

that's why shamefully america come like beggars to live outside America lol

[@Mikeyyyy_L]

Always a great chat with alot of good info when you and Paul get together.

[@mikesphilippineretirement]

thanks mikeyyy l.

[@bradleymiller7375]

Nothing but lies from classless as$holes!​@@mikesphilippineretirement

[@captaindoomsdayreloaded6685]

Regarding Social Security: Old people vote. Medicare and Social Security are the two most important government programs to them. This cuts across party lines - Democrat or Republican. Good luck to any politician who would allow a cut in Social Security benefits.

[@mikesphilippineretirement]

Sounds about right let's hope it works itself out so all can get the benefits

[@dougdorpat]

I believe that any politician that voted to cut Social Security payments would be out of office at the next election. Doug, aka Roy 😁

[@revelationmd]

I’m a Brit. Our new clown government has just cut a very minor part of a retiree specific welfare program. They’ll be eradicated at the ballot box as a result. The grey vote is so powerful it’s almost untouchable. Which is a real concern from a societal point of view.

[@simonstocktrader3196]

@@revelationmd lol vote? that's over it stuffed with the outcome they want..

[@revelationmd]

@@simonstocktrader3196 what? Don’t you trust those van loads of votes that arrive at 3am when all the Republicans watchers have been kicked out of the building? 🤣

[@billyjohnson9166]

Your outgo is just as important as your income. Own your own home, have 0 debt, have multiple forms of income and live conservatively.

[@iamgabriel5823]

My lifestyle exactly.

[@billyjohnson9166]

Smart. Oh invest in dividend paying stocks

[@NotinKansasanymore]

Again, two of my favorite KZbinrs and whenever you guys are together, it always makes for a great video

[@TomR61]

@@NotinKansasanymore I like the videos best when they're together too.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment Guys

[@NotinKansasanymore]

@@mikesphilippineretirement well like I said Mike when I get over there in February, I hope I get to meet you and Paul. I’ve been watching you guys for years. Finally nice I should say just sit down and talk with you guys.

[@TomR61]

@mikesphilippineretirement Keep makind those good videos together

[@homebasebelgium359]

Great discussion, guys! As far as "keeping up with the Jones's" is concerned, my attitude has always been: if I have the money to buy a Toyota cash, I will not credit to buy a Mercedes. If I have the money to buy a Mercedes cash, I will buy a Toyota and save the rest! Unfortunately this is a attitude that is very difficult to install in the brains of a Filipino.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@orvillelb]

It’s our money where and how we spend it is our business.

[@Ex-Pensive_Expat]

Hey there Orville

[@mikesphilippineretirement]

Send me anything you have extra. hahaha

[@orvillelb]

@@mikesphilippineretirement 😂🤣😂🤣

[@dr3258]

The US owes 36 trillion. This in itself is scary in regards to future ss payments.

[@mikesphilippineretirement]

thanks for watching and sharing your comment

[@acornsucks2111]

Everywhere you go there is something scary.

[@jumpinjehoshaphat1951]

Ratio of Debt to GDP is half of what GB experienced after WW2. Yet they still found buyers for their debt.

[@jehrup]

@@dr3258 I don’t think it matters how much we owe!! I think president and congress should run it up as much as possible and give Americans what we need. WHO GOING TO MAKE UP PAY,, WHO DO WE OWE!!.. we need to get that shit the a place to where all Americans are well off.

[@martypoll]

Whether you are entering retirement and/or moving abroad there is a long list of prudent things you can do to plan for the future. You can’t plan for every extreme black swan event. Everyone has their own risk tolerance. Do what is comfortable for you. Other people’s opinions and choices are just that . . . they are their choices and their responsibility.

[@mikesphilippineretirement]

well said

[@rlrlhyatt]

When I visited PH in 1981, exchange rate was 8 PHP per USD. today? 57.4 per USD

[@mikesphilippineretirement]

hahaha stop living in the past

[@larryestep4167]

I paid 300 pesos a square meter for 1.2 hectares in Tagaytay with Marami mountains in my backyard

[@mikesphilippineretirement]

good job

[@josepanicucci8591]

​@@mikesphilippineretirement FYI foreigners in PH are not allowed to own even small portions of lands if you don't believe me you can ask the PH Bureau of Immigration about it or any PH lawyer Sooner or later the PH gov. will confiscate the land bought by the foreigner

[@markrivera8587]

What year was that 1971?

[@josephrobi6806]

It must been in year 1989 then it was cheap 😅 or from a relative 😊

[@herbwitt7710]

Hi Mike❤ You know when you get Paul and Mike together for a video it's going to be great one. Thanks for sharing all this wonderful information my friends.👍

[@mikesphilippineretirement]

Our pleasure! Herb

[@TomR61]

I agree with Paul's idea of stay small. When I was a landlord, I always tried to not drive a better can than my tenants. Even if you an expensive car, don't drive it to the apartments.

[@mikesphilippineretirement]

Thanks for your support as a channel member Tom. Thanks for sharing your comment

[@BruceCinader]

Love the discussions you two have, so many things you talk about I have seen for myself with my numerous visits there.

[@mikesphilippineretirement]

Thanks for watching Bruce

[@jonfisher5351]

Hey Paul and Mike :-) I've been coming to the Philippines since 2017, before the pandemic. When the pandemic came, it was impossible to visit the Philippines. So I started looking things up on KZbin because I was missing the philippines. If I couldn't visit the Philippines at least I could look at it on youtube. So in my opinion, I think KZbin exploded because of the pandemic. So that might explain the different vibe in the Philippines now. KZbin has let the secret out. Of course Philippines is still a wonderful country and I love it there.

[@mikesphilippineretirement]

your are right

[@yoyojoe9240]

"Gent's"....The Philippines has great Gold mines that are currently being "harvested"🙂. Plus like Japan did in the past, Military Tactical location of Philippines is best and they, "China" would fight for it. We cannot underestimate "China" or Russia. About the USA dollar (?) don't think that the USA dollar could not "fall". There are strong players involved in the financial status of Countries and you would be surprised as who they are and what they want.

[@mikesphilippineretirement]

Thank you for the comment and sharing your insights

[@jsully4064]

@yoyojoe9240 Pay attention to the US.Gov website then if you are worried about that. They will usually give a heads up if they think things are heading south wherever you are. Am with the group that believes do not worry about what you can't control.

[@ovlov245]

They want a region without warmongers.. They don't go far from home country and destroy poor countries like "some Western" policeman does.........

[@petersomers7846]

Who knows what's going to happen In the future. Look at history, a lot of people political what unestimated the enemy. Have fun while can.worry about the shit happen hit when it happens.

[@jimsullivanyoutube]

Thanks, guys! I really enjoyed that! You covered a lot of topics that have been on my mind!

[@mikesphilippineretirement]

Thanks for watching and sharing your comment Jim

[@UberToeknee]

Good discussion on common sense for all of the issues guys. Always enjoy both of your points of view. Especially Paul's reference to finally getting good Chinese take out😂

[@mikesphilippineretirement]

yes thanks for your support as a channel member

[@bradleymiller7375]

​@@mikesphilippineretirementclassless as$holes!🤮🤮🤮🤮🤮

[@Baloybeach]

I lived in the Philippines for 11yrs and knew 1 expat that went broke.. I knew a few that drank themselves to death, I knew one that got caught up with Shabu and went broke, a couple of us put some money together bought him a ticket and drove him to the airport and back to England. There must be a lot of lowlifes in Dumaguete. Lots of Chinese here have been deported as they have been running POGO'S

[@mikesphilippineretirement]

thanks for sharing

[@norrisbethke7770]

Look at WWII map of Japanese conquest and that is pretty much what Chaina wants also, right now it’s economic spheres of influence essentially setting the groundwork 😱

[@enzos711]

How do you know "what China wants" ..

[@norrisbethke7770]

@@enzos711 Maybe you have more info ? 🤷🏽‍♂️

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@enzos711]

@@norrisbethke7770 Taiwan "sooner or later" .. You don't have to "invade countries" .. You invest heavily and "own them, economically" ..

[@marvindockery-lo9cw]

China needs 40 million young Women for the younger men who can not find brides. The thirty year one child policy created a shortage of younger Chinese women. Philippines has enough extras To fill these needs.

[@Chrusttee]

I believe Filipina Pea did a video about the law in regard to supporting family members. For Filipinos they have a responsibility to provide their parents AND siblings with the "necessities of life," which means housing, schooling, food, and stuff life that. How would that affect a foreigner married to a Filipina(o)? I don't know but if you live there yeah you'd more than likely be subject to that law and be responsible for supporting your in-laws with the "necessities of life."

[@mikesphilippineretirement]

I think you got it wrong

[@Chrusttee]

@@mikesphilippineretirement Yeah, very possible. I'm no Filipino lawyer but the lady in the Filipina Pea's video entitled "Supporting A Filipina's Family? It's Actually Law" is, and she spends more than 20 minutes talking exactly about this issue. While the foreigner might not be directly affected by the law, his wife is so he'd be indirectly affected by her commitments to her family.

[@jademcallister3891]

You guys are a classic pair of totally authentic comedians. Totally believable entertaining re a real take on the facts. Chivalry still lives as per a resource for a solo ol girl to consider re the Phillipines as an option 👌

[@mikesphilippineretirement]

Thanks for sharing

[@timsretirementjourney8323]

I really enjoyed this Mike and Paul. Having lived in the Philippines for a couple of years (but been in the Philippines many times before on and off) I've got to say Paul absolutely nailed it on all of his answers to some pretty good questions.

[@mikesphilippineretirement]

yes Paul is great very happy to have him on the channel

[@Gregory-Masovutch]

Electricity is not free with solar. The Chinese equipment is crap with poor quality inverters, controllers, panels, wiring, lead acid or lithium batteries, etc. As it degrades, Meralco's consumption will only increase.

[@mikesphilippineretirement]

hmmm but for now all is good

[@jsully4064]

@Gregory-Masovutch Solar is pretty dependable for about ten years though, can't say that about the electric grid in the Philippines.

[@chachi5975]

I've been fully solar since 2020, some Chinese equipment some not. You're not going to find solar cells or Lithium battery cells that weren't made in China. By purchasing grade A from a reputable company you can avoid the issues you are concerned about.

[@AKAAAK]

SS will never be cut out completely. And if the government is stupid enough to even cut it by 25%, they will cause drasitic homelessness for those seniors solely living on SS in the US. Living a broad in the Philippines even with a 25% cut you can still manage your money better due to the lower cost of living.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@AllenLuedemann]

Paul is correct in living below your means whenever possible. One guy drives a mercedes around, and girls flock to this old English fart! Why does he need a mercedes? Myself, I would like to sit down with the two of you, and gain as much needed information as possible, relating to living or visiting the Philippines. Your vast knowledge of everything you've experienced there, is priceless. A good breakfast would be in order, to gain some important pointers. If I lived there, I would be not going wild on my spending, as I want to be able to travel some and go back to the states yearly to see my kids,etc. As always Mike and Paul, your insights on life and other activities in the Philippines, makes me want to at least give things a "whirl "! Maybe it's for me, or not. I owe myself at least a chance to see what I might be missing out on. Great video and great expat vlogger commroddery. It's like watching two Vietnam Vets telling their stories from years gone by. If both of you served in our military, " Thank you for your services ."!! God Bless 😊😊 KING LUDA

[@Jonathan-je9uh]

Major question here folks, once USA roll out the CBDC, how will it effect the exchange and movement of funds from USA system to the ATM's in the Philippines, I am sure they shall have some sort of workaround, BUT with the pace of the Philippines, it will be a long long way around I foresee.

[@mikesphilippineretirement]

do not know

[@Mikeyyyy_L]

SS is money that you paid and had paid into while working.

[@mikesphilippineretirement]

we agree I get many comments saying we should not get SS if we live outside of the country

[@owenstephenhardy6949]

Why should you lose it ???

[@Barefootape]

Why? It's the American way! Ask an Indian. ​@@owenstephenhardy6949

[@JackDutch-b2n]

Social Security is not welfare.

[@judekidder]

Agree 👍

[@johnconstantinelegaspi2790]

I miss Old dog's videos hahaha his funny and full of wisdom

[@mikesphilippineretirement]

he has many videos to watch

[@johnconstantinelegaspi2790]

@@mikesphilippineretirement yes, I had been a frequent watcher. Just got busy with some other stuff lately

[@richardyeagerjr8200]

I waa stationed in Subic 5 years during the 80s. I remember us talking about how much of a bad idea it was to close the bases for good. We knew back then, it would come back and bite them.

[@mikesphilippineretirement]

thank for sharing

[@nabiha37]

Thanks guys, you are great and funny as well. Can you please do a video about the weather and how you guys handle the humidity??? It is something you get used to ?? If it does get used to, how long it takes to used to it ??

[@mikesphilippineretirement]

after the first year it is not a problem

[@808pera6]

When I came to the Philippines in 1973 the dollar was P6.34 to $1 I did fine. I married my late Filipina in 1977 and the peso was P7.05 to $1 at that time.

[@mikesphilippineretirement]

living in the past life is different now

[@RealGaryGibson]

It's great to see you and Paul together again!

[@mikesphilippineretirement]

thanks Gary

[@dingle_Barely]

The philippines is very difficult.

[@mikesphilippineretirement]

it can be at times

[@josephrobi6806]

Extremely hot weather and dirty plus burning garbages but the people are nice and 12 months summer 😅 get your gold only in the Philippines 😅

[@Charles-y5d]

What social security needs to do is tax every dollar earnings instead of the credit after 168 k. Right now if you earn over $168k you don't pay any further tax so the people over that amount are making an extra 6%.

[@mikesphilippineretirement]

That is one way of doing it Charles

[@Barefootape]

Obviously should have been done long ago. Those making over 6 figures make the rules. They fashion any benefit in their favor.

[@Charles-y5d]

@@Barefootape yeah when i was 30 years old i was taking care of my business taking advantage of that

[@martypoll]

Social Security was never a personal bank account though it is a social contract. Technically the Social Security you receive today is paid for by the contributions by today’s workers. The money you paid in went to the retirees at the time you were contributing. American Social Security is pretty generous compared to the retirement pensions paid out by other countries. Other countries do put restrictions on recipients who move overseas. British pensioners in Thailand don’t get cost of living increases while British pensioners in the Philippines do get COLAs. I’m not sure of the reasoning behind Americans saying we expats shouldn’t be able to get our SS overseas. That’s just mean. Maybe American expats shouldn’t be obligated to pay US taxes when we leave the country. How would they like that? They can at least be happy that we can’t use Medicare outside the US.

[@mikesphilippineretirement]

I put in so I can take out just like Chinese Food

[@allanf6047]

I was in the Phils in 2001 during the EDSA2 revolution. The exchange rate went from over 50 USD to 1 to 39 to 1 OVERNIGHT.

[@mikesphilippineretirement]

wow how did you handle that

[@allanf6047]

@@mikesphilippineretirement I got there just before the coup and I was able to exchange all my cash at a good rate. This was before ATMs were popular . My friends arrived a week later and they got hosed on the rate. I don’t know how long the bad rate lasted as i was only there for a 6 week holiday.

[@richardroy6179]

A Note on Real Estate Agents, Unlike the USA, In the Philippines its an at large situation in that ANY agent can sell a property and if they can get you to pay more the extra goes in their pockets. In the USA the real estate agents aren't your friends ether... They work on percentages, the more you pay the more they get...

[@mikesphilippineretirement]

be careful, your right

[@jsully4064]

This was a great video. Loved seeing you two together on this video. You guys compliment each other well. Good content too, you guys make me laugh about the Chinese food...lol Thanks for the video, Mike and Paul...Jim

[@mikesphilippineretirement]

thanks Jim

[@skip2it426-]

You guys I must say keep it interesting with your topics😃. Thanks for sharing 👍🏾!

[@mikesphilippineretirement]

thanks Skip

[@KB3TLE]

Recently heard a "projection" for 2025 - and the exchange rate to hit - 65 Pesos / $1.00 during the year. It suggests the USD to actually get stronger. ❤ 🤞 💪 🙏 👍

[@SirMountainpass]

The CHF is already trading at this level (67), coming from 25 some 25 years ago. A strong currency = your inflation hedge 😊

[@damonottaway3648]

The US government is genius at making the American people think that its an all chocolate and roses country. It all seems perfect, but its really smoke and mirrors. If you don’t learn how to play the game, you’ll be the loser every time without even knowing it.

[@mikesphilippineretirement]

Thanks for sharing

[@Florida-Ken]

great chat guys

[@mikesphilippineretirement]

thanks Ken

[@siriousga]

Philippines is a strategic point for military placement. So many countries have taken Philippines in the past. China, Japan, USA, Spain.

[@enzos711]

"China" when ?

[@mikesphilippineretirement]

who will take it next?

[@siriousga]

@@enzos711 it was early, before the Spanish colonized. There is a deep history with China for the Philippines. I believe it was mostly North in Luzon.

[@genejordan9983]

Down here in Mati, not many foreigners so I still get looked at. But so many know me now and I now know how to act Filipino so I blend in. Dating a married women. It is complicated because there is no divorce. My partner filled for annulment 3 years ago. Got delayed and lost during the pandemic. Average cost for this is $3000 to $4000 US dollars. Most can’t afford it. There is a clause for legal separation after 9 years (I think). Then the lady can date but not get married. Got skin taxed a few times before I learned the rules, let a Filipino do your bidding. Great video guys.

[@123sabong]

My first time in Dumaguete was 1992 USD to PHP 25-26 and I paid 13 pesos for a beer at the Boulevard .a. A big change in USD to PHP in a short period will not happen. php is strongly tied up to the dollar

[@mikesphilippineretirement]

good info

[@larryestep4167]

My house and land and car = 0 dollars a month. Solar power cut my electricity in half, water is 2 or 3 hundred pesos a month. Only have to feed 2 people. Expect to be making half a million pesos a month soon.

[@mikesphilippineretirement]

thanks for watching and sharing your comment

[@josephrobi6806]

You are doing great. Are you starting a business there half a million pesos?

[@larryestep4167]

@@josephrobi6806 We get checks from my USN retirement my asawa’s UFCW retirement, 2 Social Security checks, and from VA disability. Don’t need a business.

[@josephrobi6806]

@@larryestep4167 Great nice. I’ve been in Philippines 12 years myself on and off. Last 3 years full times but back to Canada at this moment

[@IslandExpats-y8h]

The Chinese take out comment was the best! Thanks for the laugh Paul

[@mikesphilippineretirement]

That was funny

[@iamgabriel5823]

Paul is a crack-up. Loved the Chinese takeout comment.

[@2Duggy]

Eye adjustment is looking good Paul!

[@mikesphilippineretirement]

hmmm

[@KrayPurn]

Bottom line is, not everyone is going to make it. While some of us are succeeding, many will not. The real question is, are you going to make it?? Because if you do not already know the answer then you have already made the decision to fail...you just don't yet realize it. Prior to your move to the Philippines or anywhere in southeast Asia, decide if you are a man who stands on his principles and his disciplines or are you the type of man who can be drawn away from those attributes. I am a soft-spoken gentle man, a kind yet no nonsense man. I am a leader, not a follower...you too, more than ever need to play the role of a leader during your retirement years.

[@mikesphilippineretirement]

Philippines not for everyone

[@philford1730]

If the USD lost nearly 40% of it's value to the Peso, that means the US economy has collapsed and then so will just about everyone else's. If Social Security is cut, being in a less expensive country is a much better option than having that happen living in the US. As Paul noted fiscal discipline, IE controlling your outgo is huge. The China concern is somewhat legit. I happen to think that the US still see's the Philippines somewhat strategically due to geography alone and likely would intervene before it got that bad. That said it is best to have an emergency bug out fund outside the banking system so you could escape if absolutely needed. But i don't see it a a major concern, but worth keeping an eye on. The Skin Tax is real, and that is why I let my Filipina wife negotiate everything while I am not around just as Paul suggested.

[@mikesphilippineretirement]

Thanks for sharing Phil

[@alaskacpu]

Absolutely You paid into, you should get it and live where you want It's hard to find some great fried rice and sweet & sour pork. That's the only thing I miss in the Philippines. But Lechon is the bomb in the Philippines💝

[@mikesphilippineretirement]

Totally agree and we love Lechon

[@richardkingham7183]

Hi Mike. Great topic you guys are discussing. Applies to just about everyone who decides to retire in the Philippines. In my case, living in New Zealand. The superannuation pension is not portable as such. You guys probably know that anyone with a kiwi state pension cannot receive it if they are out of the country more than 6 months. It then gets suspended. Therefore anyone from here is compelled to return to NZ for a very short time before returning to the Philippines. This I understand is the only way someone can receive the state pension without hindrance. Not an ideal situation but there it is.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment Richard

[@stevesmith1127]

For me I retired from the Navy and they have a VA in Manilla so all I need to do is go there and if they send me to a hospital there the VA pay's the bill, I would pay very little or nothing :)

[@mikesphilippineretirement]

thanks for sharing

[@vinnie1711]

Just FYI: VA Manila, unlike the VA State side, will only treat you for service-connected disability issues. You can get your meds but any condition that is not SC must be treated in a Phil hospital. If you are 💯 percent you can pay the hospital then submit your VA paperwork for reimbursement.

[@acornsucks2111]

You guys should run for office in the Phil, show em how its done.

[@mikesphilippineretirement]

maybe someday

[@eriksundstrom6826]

You guys always make nice videos. You make me laugh...speaking of keeping up with the Jones. I recently bought a Tesla. Great car. I live in a part of Los Angeles (CA) where few people have this vehicle. I always feel like I have to hide it in the back because I stick out like a sore thumb.

[@mikesphilippineretirement]

Thanks Eric we try to have some fun

[@dustinquinton]

I paid into social security. I’ll do whatever I want with it.

[@mikesphilippineretirement]

I agree

[@Time2Live.online]

The old saying I've heard is "If you want to leave the Philippines with a million dollars, show up there with 2 million."

[@mikesphilippineretirement]

I do not think that is true

[@nottelling620]

HI GUYS , YES , The TOPof THE TOP TIER of PHILS VLOGGERS . TY GOD BLESS CIAO

[@mikesphilippineretirement]

thank you so much

[@huffingearoil]

When SS runs out it means that the money coming in is what is going out, which is around 85% is what I’ve heard.

[@mikesphilippineretirement]

i'm not sure but sounds right

[@MrSean03839]

@@huffingearoil Correct. SS will never run out, that is just silly propaganda talking points. If nothing is done to fix the shortfall SS will have to cut benefits by about 20% around 2032. Fixing the shortfall would actually be easy, just a 1% payroll tax increase. Or raising the cutoff for what is taxed for SS, which is pathetically low. And by the way, the shortfall is only temporary due to the boomers being such a large percent of the population.

[@damncars2618]

I take no solace in Paul thinking everything is good, because I know his life story 😅

[@mikesphilippineretirement]

and what a life it has been

[@parabiology1014]

Thinking the dollar is going to stay strong with the advent of BRICS seems pretty dumb, too. 🤷‍♂️🤦‍♂️

[@jasonjames4254]

@@parabiology1014 Agree that political/economic alliances like BRICS are something to be concerned about. Paul's overly simplistic bury-your-head-in-the-sand everything-will-be-okay analysis just doesn't reflect reality for anyone with a more historical perspective.

[@rayhanks8529]

Paul is a supposed old "no it all" Narsasistic wanna be, his cover is exposed in the U S, HENCE THE PH, be careful who your advisors are.

[@Joe-mz6dc]

@jasonjames4254 I don't find Paul to be unrealistic at all. He's not stupid. He knows things can get bad. But stress age's you. Stress can kill you, in fact. There's no point in worrying about things you can't change. Having a positive outlook is an overall beneficial attitude in life. Everyone should try to remain optimistic despite difficult times. When it comes to the economy it's down to each individual protecting themselves for the most part. Keep your house in order and you should be fine. Like Paul clearly details in this video. Don't be stupid with your money. Be frugal. People survived the depression and multiple recessions so if you play your cards right and don't allow debt to control you like a slave then you should be okay.

[@gibblespascack1418]

If dollar went to 35 to 1, you are still not in bad shape. The ace in the hole is Baby May and Janet. They know how to live on next to nothing. Their life training has prepared them to live like this. Single guys don't have that advantage, you married guys or guys with long term normal girlfriends still have that resource even if you don't currently use it.

[@mikesphilippineretirement]

yes we are very lucky

[@msudak4]

SS benefits will never be reduced because it would be political suicide, retirees are a huge voting bloc in the US not to mention their families and small businesses that would be affected by any cuts, they’ll find a way to fully fund it, like paying back the tens of billions $$ that the government has “borrowed” from the SS Trust Fund.

[@mikesphilippineretirement]

Thanks for sharing

[@Eric12358]

The social security trust fund was established by Reagan and it now has $3 trillion in it. Before Reagan it was paid by people working. We need to raise the cap from $160k to $400 k to keep the trust fund from zeroing out.

[@mikesphilippineretirement]

thanks for the info Eric

[@ericsmith-VN]

Couldn't agree more. I drive an under 10k USD vehicle. Always and by discount clothing

[@mikesphilippineretirement]

Thanks for sharing Eric

[@Ex-Pensive_Expat]

Nice T-Shirt Paul

[@mikesphilippineretirement]

hahaha. Always dress to impress

[@jameswilson1522]

Incredible topic ! ⭐️⭐️⭐️⭐️⭐️!

[@mikesphilippineretirement]

thanks

[@koufax174]

🙏🏼You’re a great interviewer Mike. Thank you.

[@mikesphilippineretirement]

I appreciate that!

[@bradleymiller7375]

🤮🤮🤮🤮🤮🤮🤮🤮

[@kitsonpeter]

In 2008 the financial Crisis my American friends were Struck very hard by the US dollars depreceation

[@mikesphilippineretirement]

America bounced back

[@jlynnburton9718]

I'm now "in the Boat" as Paul describes-- My house & both my cars are Pd. for I have $0 credit card debt. As I prepare to retire in the Phils next year.

[@mikesphilippineretirement]

good job

[@ericsmith-VN]

The real problem is the devaluation of the dollar. Down 30% in just the past few years

[@mikesphilippineretirement]

still strong here in the Philippines against the Peso

[@markdsm-5157]

Isn't that a bit unfair, pretty much every currency devalued after COVID.. singling out the U.S. dollar is fear mongering.

[@huffingearoil]

I think our economy directly effects other countries economy due to our dollar being the worlds currency so until that changes (which there is talk that it might) our dollar will remain fairly strong.

[@TheyCalledMeT]

@@huffingearoil it's glued to the oil price hence petrodollar and as long as that's the case the hyper inflated dollar will stay strong

[@benktlofgren4710]

How do you count that, I can't find any currency of high value gaining 30% on the dollar, not the Euro, not the Sterling Pound, Not the Chinese or Japanese currencies, and especially not the Ruble so what important currencies are you talking about? Besides if it devalued 30% your export would skyrocket!

[@huffingearoil]

Great video guys

[@mikesphilippineretirement]

Glad you enjoyed it

[@chrisbunka]

If SS runs out of money in 9 years, that will affect whether I can retire in the PH since I am still about 13 years off from FRE for SS.

[@mikesphilippineretirement]

let hope it will be ok

[@chrisbunka]

@@mikesphilippineretirement Although it will be messy, I am cautiously optimistic that something will be worked out with SS at the 11th hour.

[@YaThinKnow]

The exchange rate will probably be better for the dollar as economic forces widen the gap between the best currency (USA) compared to any other currency. Social security and Medicare will never end, political bs. Expats be careful, always realize that foreign economies have different historical inflation, and those countries not in control, should never be relied upon as a home. I have a paid off home in the USA, which will become a vacation rental while I travel 7 months a year. Its income can provide for more choices in my travels. The economic impact of China choosing to invade Taiwan would be a collapse of their economy! China is the new “paper tiger”!

[@mikesphilippineretirement]

thanks for sharing

[@jimmyB52]

Good Talk Mike, You and Paul are good together. You both should get together weekly and do this type of BS session. A couple times a month atleast. You could Rotate a third guest as well…

[@mikesphilippineretirement]

Thanks Jimmy and thanks for your support as a channel member

[@Billy_B_Goat]

Goat Thoughts: 1. Peso Devaluation - Exchange Rate was P40 = $1USD, 10 years ago in 2014; It's good to hear you and Old Dog have changed your tune on Owning your own home. And now Old Dog is onboard with Solar and sounding like a prepper.... smart move. Hard assets are a Must for the coming Monetary Reset... however it goes down, it's coming. 2. Social Security is an "Entitlement" because I paid for it.... it's not a Benefit it's an Entitlement. The US has no reason to Default on any of it's debt because it can simply print the money. The US Debt is long been unpayable... what's a few more Trillion until the entire thing goes tits up. 3. Going Broke can happen anyway. Anyone can get hit with Bad Luck, cancer, a bad car accident etc, 66% (2/3) of the bankruptcies in the US are due to Medical Bills/Issues. You plan for emergencies as best you can. AND there's also the Vice ridden Immature folks. 4. The South China Sea dispute is over Shipping Lanes. Fishing Rights is secondary for China. 4a. WWIII - I would much rather Ride It Out in with the Filipinos. Losing power in PH for 6 months would suck.... Losing the Grid in the US for 6 months would be Mad Max. If the US electrical grid goes down (3 primary sub-stations) it is expected the take 6-12 months to bring back online with a mortality rate of 80-90%..... I believe the source for that study was the Pentagon's own report. 5. Dating: I don't care if Every Filipina wants a Foreigner... one is all it takes. 6. Skin Tax - It pays to have friends 7. Married Women - Drugs - just say no. 8. Family Obligations - Yep, there's a law if you're married. 9. Filipino Attention - WHAT... I won't be seen as Exotic?? Well that does it... I'm not going! 10. Greater Inflation = Fewer Smiles, ain't that just the truth everywhere. Mike, it's always a fun and informative to see you and the Old Dog chewing the cud and sharing your thoughts. Peace and Love, B Goat

[@mikesphilippineretirement]

thank you for your support as a channel member Billy and thanks for the info

[@raymonddee1059]

philippine stress free life , not like US drugs homeless inflation

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@docwiltro]

About China's future plans, I would like to hear an explanation from either of these two as to why the PRC has spent 500 billion (US) illegally building and militarizing these artificial islands in the South China Sea. The obvious answer is they plan, like the Imperial Japanese of the 30's and 40's, an attempt to rule most if not all of Asia. About the devaluing of the US dollar, there is one of the two US presidential candidates who plans to do exactly that in an effort, along with enacting tariffs, to entice foreign entities to buy American goods. Will that work? To an extent yes, but there will a price to pay for ordinary people with inflation and anyone who lives overseas.

[@mikesphilippineretirement]

You need to explain that better what is the PRC and how does the 1930's have anything to do with 2024

[@docwiltro]

@@mikesphilippineretirement The answer to your first question is the People's Republic of China and to the second query, history does have a knack for repeating itself or at least rhyming. Currently, history is rhyming like crazy in SEA. Whether you want to admit it to yourself or not, there will be conflict in the region you call home sooner or later: you best be prepared instead of living in denial.

[@raydunn3501]

Hi Mike/Paul,,, talking about taking care of family members in an emergency,,, Have those Filipinos never herd a mother in law joke,,, I guess for an all Filipino household it wouldn't be a problem,,, Not so sure about a westerner being in the mix,,,

[@mikesphilippineretirement]

they do not understand my bad jokes

[@michaelwuji1758]

I am having a fantastic sale on skyproof umbrellas. Get one now before they are gone and before the SKY 😉descends... CHICKEN LITTLE

[@mikesphilippineretirement]

hahaha Michael

[@stayfree6115]

When your out-flow Exceeds your in-flow. Your up-keep Will be your down-fall

[@mikesphilippineretirement]

it is like eating what goes in must come out

[@jasonjames4254]

Pensioners with limited hard assets will ALWAYS be at much higher risk from political/economic changes both in the Philippines and the U.S. Being debt free is good advice for anyone. But being dependent on any single source of retirement income is far more risky than anyone with a diversified investment portfolio. There is currently no political will to fix Social Security and that's not likely to change, because no matter which party controls congress, non-existent bipartisan support and compromise will be required. Either party will use it as a wedge issue gain control of the congress. The prudent retiree should be prepared for a 25% benefit cut.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@marvindockery-lo9cw]

In 2018 pork was 160 pesos for one klo at Tauauan, Leyte.

[@mikesphilippineretirement]

how much now?

[@murrayspiffy2815]

The two of you together - are better than you are individually. By far.

[@mikesphilippineretirement]

thanks

[@Can_not_retire_yet]

I really like watching you two

[@mikesphilippineretirement]

Thank you

[@bradleymiller7375]

​@@mikesphilippineretirement🤮🤮🤮🤮🤮

[@guojinhu4859]

House rental is cheap in Philippines. That's a great benefit. Are you buying the house you renting now?

[@mikesphilippineretirement]

no

[@Clarkssman]

home ownership is great but owning a house isn't as cheap as people think it is. Besides property taxes, upkeep on heating/cooling systems , appliances , roofs, lawn care, high utility bills and many other hidden upkeep costs.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment

[@aricos8401]

I’m FilAm and i go thru the same problem, as soon as they learn that i’m from the US the price goes up. I always let the locals do the negotiating on my behalf.

[@mikesphilippineretirement]

good advice

[@beth4698]

Medical expenses when it hits as we age is more worrisome. Look at his cataract surgery and pre op clearance expenses.

[@mikesphilippineretirement]

really???

[@judekidder]

Mike always good conversation with Paul

[@mikesphilippineretirement]

Thanks JudeK.

[@jerrymarshall2728]

Good discussion, guys! I agree with Paul; give me what I paid into the system for over 50 years, in one lump sum! I guarantee I could live better than I do with the pitiful amount the U.S. government gives me! I don't think we'll see 35 Pesos to USD. I think the 55:1 ratio is here for a long time, still. I've become a real tight wad since I moved here! I'm constantly stashing away Pesos, and trying to get the best deal possible. That's one way I can surprise my Wife with gifts.

[@mikesphilippineretirement]

Thanks Jerry and thanks for being a channel member

[@enzos711]

That was a good talk ..

[@mikesphilippineretirement]

that was fun

[@blake-jackson]

I like this dude on the left too. Seems cool. I think I'd like seeing you older American dudes around and hang out now and again if I were in the Phillipines. Most Americans in China are self-hating liberals.

[@mikesphilippineretirement]

thanks for sharing

[@beth4698]

Be nice to everyone and respect them even if they are poor bec it’s their country and they can hire someone to make you disappear.

[@mikesphilippineretirement]

I you say so

[@MichaelHelms-t8n]

Brilliant logic and common sense on display here. If a man needs a template to follow on managing their life, I strongly recommend following their recommendations and suggestions. I have enabled many of their recommendations 15-20 years ago, and I assure you, they work. It is about self-discipline, and focus. Be a man, and do it for yourself. No man can take care of a woman unless he can take care of, and manage himself. Well done, gents. Five stars.

[@mikesphilippineretirement]

Thanks Michael and thank you for being a channel member

[@jasonjames4254]

The South China Sea and the Russian/Ukraine conflict are international powder kegs that could change everything in a New York minute. Paul and Mike's assessment of the potential consequences of Chinese expansionist aggression is naive at best! China's ultimate geopolitical strategy is to assume complete control over the South China Sea and the international shipping lanes that affect world commerce. ALL treaties and international agreements are always subject to change and no one should expect the U.S. to defend the Philippines in all circumstances. PLUS, there has always been some insurrection in Southern Philippines, and even recent calls for succession! The Philippines has lacked a stable political environment since independence (if not before). Unless you are content to suffer and die in place, ALL expats need to have a well funded escape/repatriation plan. If you have less than a million dollars in assets, do NOT invest more than 20% of your net worth in the Philippines.

[@mikesphilippineretirement]

Thanks for watching and sharing your comment Jason

[@josephrobi6806]

When Philippines was controlled by the dictator there was no problem for the citizens most of them was ok. When Japan took over the Philippines people were killed like flies from the Japanese army. History repeats itself. What you are saying must be taken seriously and yes a way of escape should be done. The reason I am there is because the relative of my wife but I will look at it and find another country outside of Asia. What do you think about South America? Japan took all the usa military into a long walk and most died called the march death.

[@WilliamWallace-m7u]

My Filipina fiancée pays the Grab Driver. When we are at the market I hang back and watch from afar. I stay in the bedroom when the property manager was here and when the maintenance men had to come through the bedroom to fix the toilet off the bedroom I hid under the bed covers.

[@mikesphilippineretirement]

you're so afraid of someone may want a tip or charge you a few extra dollars

[@WilliamWallace-m7u]

I used to overtip and this made my fiancée upset so now i just leave it to her. I have discovered that since I have only been here for 3 months and she has been a filipina for over 58 years I will concede she knows much more about these cultural things like tipping and navigating day to day. ​@mikesphilippineretirement

[@WilliamWallace-m7u]

​@@mikesphilippineretirement i used to tip extravagantly and my fiancée and i would have a mild argument about it. After thinking about it i realized she has been a Filipina for over 58 years and knows her culture (which includes gratuities) better than i do. I am willing to pack away my male pride and learn from her about her country and people. I am 63 and have been "In Countrty" for only 3 months.