Penang Edition 2023 Part 2 - The Real Cost of Living (Wants)

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Today's video:
In the previous video, True Cost of Living in Malaysia 2023 Penang Edition Part 1, we broke down the costs for the Basic Needs of an average Penangite. There were 5 categories of Basic Needs shown, namely Food, Groceries, Transport, Accommodation and Healthcare. We also provided 2 versions of budget simulation, such that the costs revealed made sense altogether.
In today’s video under True Cost of Living in Malaysia 2023 Penang Edition Part 2, we are covering the Wants, items which are non-essentials. Multiple categories are included in this extensive video, such as entertainment, electronics, travel etc. Towards the end of the video, you will see everything come together in the 2 simulated budgets, where all Basic Needs and Wants are compiled.
We endeavour to provide prices of everyday items as accurately as possible, as it is our mission to provide you a realistic representation of an average Penangite so that you can work the numbers into your own consideration, should you decide to live in Penang.
All prices provided in this video is in Malaysian Ringgit.
Penang Island is a wonderful place to stay in Malaysia, as it is one of the 2 cities Fran and John chose to retire in, it has far exceeded all our expectations when we planned our retirement some years ago, and succeeded in retiring first in Singapore in 2020 at age 40, and then moving to Penang in 2022. It is our intention to shuttle between both cities as we have families in both places.
We hope you enjoy watching this video, do let us know in the comment section if you like it! We welcome any queries you may have on Penang as well!
With lots of love - Fran and John
Timestamps:
00:00 Introduction
01:35 Your Wants
02:44 Food, Snacks, Dessert
05:14 Groceries
06:16 Entertainment
06:56 Electronics
07:28 Shopping
08:28 Gym
08:51 Online Shopping
09:22 Malaysian Road Trips
10:26 Budget Building
15:09 In Summary
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[@henry4367]

I love your videos…it’s very detail.I have been comparing various cost of living in Malaysia videos and your is the best. It gives me a good idea of what it would cost me to go back to my beloved Malaysia and leave USA.

[@corporatebreakoutcouple]

Thanks so much, Henry, for your support and watching our videos. We will strive to maintain this standard.

[@angooredcow157]

Excellent.

[@corporatebreakoutcouple]

Thanks!

[@rimzalia1362]

Try to investigate additional costs for Health Insurance (part of the needs category) for foreigners living retired life in Malaysia... my guess...all of it will sum up to be around 2,+++ USD per month

[@jeaninjapan463]

I appreciate showing all the costs of the meals and even gym membership. It’s so helpful for people who are planning to move to Penang. Great content 👍👍

[@corporatebreakoutcouple]

Thank you so much for the love and support, Jean and Kaz!

[@foonlam7134]

Great informational video. Thanks

[@corporatebreakoutcouple]

Thank you for watching!!

[@garyt7232]

Appreciate the expense breakdown between needs and wants. We spent more when we were on holiday in Penang. If my wife and I decide to retire there someday, our expenditures would be very different. Cheers.

[@corporatebreakoutcouple]

Living in a place and just visiting will yield very different costs. Back in the past, whenever we went back to Penang for visits, our expenditures were super different.

[@gillweber7930]

A great comparison. Thank you very much!

[@corporatebreakoutcouple]

You are most welcome, Gill

[@andrewsema359]

Great info. Thanks John and Fran.

[@corporatebreakoutcouple]

You are most welcome, Andrew! Thank you for watching our videos!

[@quartzmatter]

Thank you

[@corporatebreakoutcouple]

Most welcomed!

[@familyfamily5541]

Thanks and appreciated. ❤

[@shayslegoandsuperheroaweso1446]

Hey John, will you be doing one on medical cost? This one is important as it's a necessity, like heart attack, stroke, cost of medication and bed

[@corporatebreakoutcouple]

The costs for hospitalisation varies from govt hospitals for citizens to private hospitals. It is difficult to get a price point because there are so many different diseases and the treatments. We can only go with personal experience or hear say from relatives and friends. For private hospitals, the costs can range from a few thousand ringgit to several hundred thousand ringgit, which includes hospital room, doctor fees, surgery etc etc.

[@christopherk7920]

In my honest opinion, you do not lose out by adopting a simple lifestyle while having a cushy pot of savings to back you up when desperate times hit. I still drive a 20 yr old 1st generation Honda Jazz 😂and gotten used to not being seen as fashionable or classy. When you buy stuff to impress, don't forget that you are paying for it... not others...

[@corporatebreakoutcouple]

Totally 100%

[@TheMaxsinig]

You right I think as you

[@familyfamily5541]

Very informative and useful details. Thanks and coffee with apple pies on me.

[@corporatebreakoutcouple]

Thank you for watching! We appreciate your support.

[@bonus.official]

Cool breakdown. I can only imagine how it’ll be like if adding in cost with kids 😅

[@markchan6923]

Things, food and essentials in Penang are not cheap! Make no mistake about it

[@wanderingsoul2909]

So this video is incorrect ( average needs and wants 4800 R or $1120 USD ), what would the average expense be in USD ? Even doubling this cost is not too much. Thanks

[@thatone8085]

My lifestyle is always at boon lay drive. Got kopitiam, girls, crows from sri lanka and boon lay shopping centre with familiar uncles and aunties.

[@corporatebreakoutcouple]

🤣🤣

[@EvralTatum-Mcfield-ov2mi]

$1,120 dollars a month is not bad at all, for a single person, with a retirement visa added to the equation!!

[@ngkahsiong9001]

Nice!

[@ngkahsiong9001]

Can I ask a sensitive question? Since you couple retired in 2020, what is the monthly expenses for living in Penang and how you sustain yr lifestyle through passive income or others in order to ensure you will not run out of money? Perhaps you can do a video on it. Thanks 🙏

[@theStacyJames]

According to me currency converter 202 RM is 61$ Cad. Wow, expensive.

[@corporatebreakoutcouple]

Yes, and if you put yourself in the shoes of the local, it is even more expensive.

[@jnsa9454]

In some places, tourists/expats are given different prices and "bombarded" if you know what I mean? Not imagining that's the case in Penang but can you shed some light on how those dynamics might/might not play out in Penang? Is that something to expect or not even worry about?

[@corporatebreakoutcouple]

All prices are clearly stated on items. Penang's tourism is booming and the vendors are very warm, welcoming and honest. The beauty of Penang is that the local Penangnites and tourists do patronise the same places the prices are still affordable.

[@diwaker8616]

What are tax calculation for foreigners? Please help. What does salary structure include any hidden tax must be known before accepting the offer letter? Please describe your thoughts.

[@corporatebreakoutcouple]

It's best that you speak to a migration agent on all these. We do not work in Malaysia as we are retired so we do not earn ringgit and do not pay Malaysians taxes.

[@petemorbius3936]

penang u should eat hawker food

[@corporatebreakoutcouple]

Oh totally!! It's all in video Part 1! Do check it out! Guaranteed to drool. Lol

[@petemorbius3936]

@@corporatebreakoutcouple i did

[@fatlamvictor]

Interesting video! May I ask how much good quality (western cuts) meat like steaks, pork chops, salmon fillets costs? Thank you

[@corporatebreakoutcouple]

Imported quality food tend to be pricier in Malaysia, due to supply & demand. For example : an Australian Angus Ribeye steak at Jaya Grocer is around RM260 per kg.

[@thigsagain]

Relative to most western countries, prices are very low

[@corporatebreakoutcouple]

Is that because you convert? If you don't convert the currency and live like a local, the cost of living is actually high in Malaysia

[@jameswatters9592]

Your videos are really helpful thankyou, could I ask one question, when renting privately is it usual to sign a yearly lease or can one pay monthly

[@corporatebreakoutcouple]

The contract is usually an annual or 2 year rental lease, but you pay the landlord monthly. It is best to get a real estate agent to represent you when negotiating /looking for property as you may not be as familiar with the regulations like a local

[@louis20122]

14:50 do these amounts include housing, insurance, etc.?

[@corporatebreakoutcouple]

Yes, it does. Both are catered in. For further details, kindly refer to Part 1 😊

[@corporatebreakoutcouple]

Both Part 1 and Part 2 are in the eyes of a local Penang person. If you want to know the budget for a foreigner, you may refer to our Retirement in Penang video

[@olibahayph1]

Hi guys, can you make a KL edition video like this 😊

[@corporatebreakoutcouple]

Yes, we actually are in KL this week and will be releasing a video soon! Stay tuned!

[@olibahayph1]

@@corporatebreakoutcouple wow great, I will be in KL too then Penang next week.

[@corporatebreakoutcouple]

@@olibahayph1 awesome! Do observe the prices in these 2 states. Let us know what you discover!

[@amk573]

What will be truly informative is your method of earning passive income to sustain your retirement. I know every retiree will have their own method but if you could share it, that could be an useful idea for anyone planning to retire. Thank you !

[@corporatebreakoutcouple]

All in good time 😊

[@amk573]

@@corporatebreakoutcouple err….???

[@corporatebreakoutcouple]

@@amk573 making videos takes time to craft and tell a story. So all in good time, my friend.

[@amk573]

@@corporatebreakoutcouple ah I see. Shall await 😁

[@fonglingchoong4845]

Could you put the slides vs Singapore cost? Thanks so much. God bless!

[@corporatebreakoutcouple]

This isn't a comparison video of Malaysia vs Singapore. We will do a Singapore one in the future

[@davemitchell3998]

so how much will a cold beer cost me drinking at a bar & also buying for home?

[@corporatebreakoutcouple]

Alcohol is expensive in Malaysia, so a pint of beer is around RM20-25, depending on the bar and whether there is happy hour. You can buy beer from the supermarkets for home consumption and you can take away 20-25% of the price, making it around RM15-18 per bottle, depending on the brand.

[@davemitchell3998]

Ouch

[@cookingwithadamkahnandlixu2718]

You there this coming summer?

[@corporatebreakoutcouple]

We will be in and out of Penang so if the timing fits, yes!

[@cookingwithadamkahnandlixu2718]

@@corporatebreakoutcouple We plan to be there as well (myself, my wife, and 12 year old son). Maybe we can buy you some lunch while there, if time permits.

[@corporatebreakoutcouple]

@@cookingwithadamkahnandlixu2718 let us know and we can show you around, if our schedule fits!

[@darrenkwok84]

If road trips can stay in the car lol

[@corporatebreakoutcouple]

Hahaha!

[@penggoh9934]

We do not need a lesson in Economics and Psychology, very boring. You have to make your videos more interesting. I just shut it down.

[@corporatebreakoutcouple]

No problem! Thanks for your feedback!

[@ngkahsiong9001]

Dun be so mean. They are kind enough to share their experiences through video. Please be kind .🙏

[@carpediemroses189]

That’s really an uncalled for comment. This vid is quite informative and interesting .

[@eksingalongchannel2151]

Numbers are just too much to digest for an average retard, I suppose! The info provided here is a gem and I certainly am very appreciative. Thanks for sharing.