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Am I a millionaire in the Philippines? How to have business?

Discuss culture, living, traveling, relocating, dating or anything related to the Asian countries - China, The Philippines, Thailand, etc.

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Postby Fenix » Mon Jan 10, 2011 4:43 pm

Jackal is correct. I had this same type of thinking too. I always wanted to go to Colombia and I was calculating how much money I would make and I made up a figure like 3,000 USD. This is before I started freelance writing. Well, that is 5 million Colombian pesos. I thought the currency was the same as the US, but 5 million Colombian pesos is barely minimum wage in Colombia. Be careful about local currencies.
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Postby crazyaboutabroad » Mon Jan 10, 2011 4:50 pm

Well so i learned many things.

1- Yea 50.000K i can't live like a king

2- Open a business it's out of question

3- You must have an e-business. The more money you generate with it, more you can live like a king. ANd the better is your financial reserves secured.

4- 5000k month is a dream. 2,500 very good. 1,500 ok. 1000 ok. These values are good to have life with many adventures of sex, trips and one day a family

5- It's not the conversion it's buying power. You are so right and maybe sounded dumb but i thought the costs were really really low so it didn't have to be acknowledge.


That helped a lot. But if you guys could give me a monthly value that is a king style, a playboy style and a litlle fun style, what would that value be (so i can make financial goals)

__

Finally, how is to open business in Thailand and Cambodia? Cambodia seems to me a great option right now too.

Thank you very much so far guys. You really give good advices. I do not want to make mistakes that i was warned.
Last edited by crazyaboutabroad on Mon Jan 10, 2011 8:27 pm, edited 1 time in total.
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Postby Repatriate » Mon Jan 10, 2011 5:00 pm

Winston wrote:One thing to keep in mind is that Filipinos DO NOT HAVE SHAME at all. Period. Not the kind that Anglos and Orientals have. They love to take and feel zero guilt in it. That is something you will learn very fast. So you gotta be on your guard all the time.

This is something that has always bugged me about Filipinos. The ones i've met will try to stiff you on the silliest things like short changing on a tab or mooching. There's a certain lack of class in their culture that makes me really wary of the long term implications of getting involved with one. Thais will at least not try one on you if they really know and respect you.
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Postby Winston » Mon Jan 10, 2011 5:19 pm

Repatriate wrote:
Winston wrote:One thing to keep in mind is that Filipinos DO NOT HAVE SHAME at all. Period. Not the kind that Anglos and Orientals have. They love to take and feel zero guilt in it. That is something you will learn very fast. So you gotta be on your guard all the time.

This is something that has always bugged me about Filipinos. The ones i've met will try to stiff you on the silliest things like short changing on a tab or mooching. There's a certain lack of class in their culture that makes me really wary of the long term implications of getting involved with one. Thais will at least not try one on you if they really know and respect you.


So that annoys you too? It makes me feel the opposite of generous toward such people. Have you been to the Philippines too? Is that how you experienced it too?

A friend of mine in Taiwan told me that she met an overseas Filipino worker guy last weekend, whom she met online. She said he was pretty shameless in making her pay for everything like she owed him or something. She told me "You were right Winston. They are very shameless. When he saw me take out cash in my purse, he didn't say a single word. I don't think I would want to date them."
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Postby Repatriate » Mon Jan 10, 2011 5:30 pm

Winston wrote:So that annoys you too? It makes me feel the opposite of generous toward such people. Have you been to the Philippines too? Is that how you experienced it too?

A friend of mine in Taiwan told me that she met an overseas Filipino worker guy last weekend, whom she met online. She said he was pretty shameless in making her pay for everything like she owed him or something. She told me "You were right Winston. They are very shameless. When he saw me take out cash in my purse, he didn't say a single word. I don't think I would want to date them."

I know many Filipino expats in Thailand. Not all of them are like this of course..just most. To balance this out a bit one of the Filipino guys I know here is also very generous. When we go out for a drink he often insists on treating me. He's from a small town in the Phillipines and and an all around stand up guy.

However, most of the other Filipinos i've met seem to always be nickle and diming people. Plus I don't like the sketchy attitudes. A few that I know are outright dishonest and lie about trivial things.
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Postby Winston » Mon Jan 10, 2011 5:31 pm

crazyaboutabroad,
Have you seen my list of pros and cons about the Philippines?

http://www.happierabroad.com/forum/viewtopic.php?t=7009

Also, here is the general monthly breakdown of expenses. As you can see, you don't need to spend 1000 USD a month at all.

- Rent 6000 pesos (or $130)
- Electric bill 2000 pesos if you use the aircon a lot (or $50)
- Water bill 200 pesos (or $4)
- Good meals at western restaurants, about 200 pesos a meal, twice a day = 400 pesos a day. 400x30=12000 pesos a month, or 24000 pesos for you and your girl if you eat out together twice a day. Or if you only eat out once a day, then it'd be half that. Groceries are expensive if you buy quality items (which are imported), so it wouldn't save you much money.
- Movies 100p (or $2)
- Bar drinks 80p each (less than $2)
- Barfining a girl for the night 1200p ($24)
- Taking a girl to a hotel 1000p ($24)
- Clothes 1000p for nice pair of jeans, 400p for nice shirt/blouse
- Jeepney ride 7p (15 cents)
- Trike ride 50p ($1.20)
- Visa extension in your passport - about $100 every two months, or $50 a month.
- Maid 3000p a month ($70)

If you estimate the above expenses, it's about 500 dollars for basic mandatory expenses. The rest is entertainment and optional, depending on how often you want to spend on them.
Check out the latest posts in our blog The Happier Abroaders.

Don't forget my HA Grand Ebook and Dating Sites!

"It takes far less effort to find and move to the society that has what you want than it does to try to reconstruct an existing society to match your standards." - Harry Browne, How I Found Freedom in an Unfree World
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Postby crazyaboutabroad » Mon Jan 10, 2011 7:38 pm

Winston, i'm reading all i can here and i really enjoy all your posts. I read the pros and cons and all the information of ladislav and it was really informative. Thanks!

Your expenses breakdown are helping me a lot. That's what i would like to see.

It seems to me that 1500 to 2500 dollars you really can live like a king. 5,000 is overkill, you would run out of things to do!

My main concern is financial. How to live really good, enjoying life with enough money without worries. Just the usual cash management. So knowing everything i can about costs would really help me


I'm impressed about the PH people but to be sincere, i'm accostumed with some of their traits.

Keep coming people


Ps: Thailand and Cambodia are other options so with you want you can tell me all you know too!
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Postby momopi » Mon Jan 10, 2011 8:04 pm

crazyaboutabroad wrote:Well so i learned many things.
1- Yea 50.000K i can't live like a king
2- Open a business there is out of question
3- You must have a e-business. The more money you generate with it, more you can live like a king. And the better is your financial reserves secured.
4- 5000k month is dream. 2,500 very good. 1,500 ok. 1000 ok. These values are good to have life with many adventures of sex, trips and one day a family
5- It's not de coversion it's buying power. You are so right and maybe sound dumb but i thought the costs were really really low so it didn't have to be acknowledge.
That helped a lot. But if you guys could give me a monthly value that is a king style, a playboy style and a litlle fun style, what would that value be (so i can make financial goals)


You want to have a well off lifestyle. Are you willing to put in the work necessary to achieve it?
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Postby Rock » Mon Jan 10, 2011 9:30 pm

Repatriate wrote:
Winston wrote:One thing to keep in mind is that Filipinos DO NOT HAVE SHAME at all. Period. Not the kind that Anglos and Orientals have. They love to take and feel zero guilt in it. That is something you will learn very fast. So you gotta be on your guard all the time.

This is something that has always bugged me about Filipinos. The ones i've met will try to stiff you on the silliest things like short changing on a tab or mooching. There's a certain lack of class in their culture that makes me really wary of the long term implications of getting involved with one. Thais will at least not try one on you if they really know and respect you.


In this regard, I must say that in my own experience, Thais have improved tremendously. Many seem outright generous now that there are so many tourists and expats and so much money floating around. They are not desperate for nickles and dimes and can't be bothered too much for chump change. Even the very poor are generally quite passive. There are still a fair number of beggars on the streets but for the most part, they are very passive, no hassles. This contrasts sharply with many other countries I've been too where they constantly get in your face.

The risk of being mugged here is not too high either. It happens but not that frequently. Most expats and visitors I know who spend time in Thailand do not feel threatened walking randomly around Bangkok at night. That's not to say violence is not common. Nasty bloody attacks happen whenever lines are crossed. Try to intentionally not pay your bill, push a Thai around, somehow shame or insult someone, especially a drunk male, or piss off a group of ladyboys and you will see. But financially induced muggings in tourist areas of Bangkok are much less common I believe.

During my last trip to Korea, I met a couple of local guys who worked with western tourists and learned their English in the Philippines. Both of them told me Metro Manila was a very dangerous place and in the few years they lived their, both had been mugged, one multiple times. One even had knife scars on his body from one of the attacks. They told me other Koreans they knew generally had similar experiences.
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Postby crazyaboutabroad » Mon Jan 10, 2011 11:13 pm

momopi wrote:
crazyaboutabroad wrote:Well so i learned many things.
1- Yea 50.000K i can't live like a king
2- Open a business there is out of question
3- You must have a e-business. The more money you generate with it, more you can live like a king. And the better is your financial reserves secured.
4- 5000k month is dream. 2,500 very good. 1,500 ok. 1000 ok. These values are good to have life with many adventures of sex, trips and one day a family
5- It's not de coversion it's buying power. You are so right and maybe sound dumb but i thought the costs were really really low so it didn't have to be acknowledge.
That helped a lot. But if you guys could give me a monthly value that is a king style, a playboy style and a litlle fun style, what would that value be (so i can make financial goals)


You want to have a well off lifestyle. Are you willing to put in the work necessary to achieve it?


I think you deleted your comment, i thought it was very good. Thanks.

Well, yes i'm willing. I'm already reading everything i can while working hard and saving a lot. I hope our currencies stop falling, this is something out of our reach. Other steps includes learning about e-business. This is very important. Another strategy is small business in my homeland to sustain my dream life in another country. Finally, dividend stocks are another strategy too.

If anyone wants to show more about costs i'd appreciate.
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Postby FreeYourMind » Mon Jan 10, 2011 11:30 pm

Does anyone know how to diversify savings and investments into non-dollar currencies, such as the yuan, baht, PI peso, etc.? That would seem to be a good way to preserve and enhance one's assets if, as so many people outside U.S. establishment circles believe, the dollar is headed for ever rockier times, perhaps even worthlessness in the days aheda.
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Postby gsjackson » Tue Jan 11, 2011 5:10 am

FreeYourMind wrote:Does anyone know how to diversify savings and investments into non-dollar currencies, such as the yuan, baht, PI peso, etc.? That would seem to be a good way to preserve and enhance one's assets if, as so many people outside U.S. establishment circles believe, the dollar is headed for ever rockier times, perhaps even worthlessness in the days aheda.


No thoughts on the mechanics of it, other than shop around for the best price on currency exchange. I think the fees can vary quite a bit.

Most of the calamity howlers about the dollar are libertarian types who have been predicting for years that the debauched U.S. currency is gong to result in hyper-inflation. It hasn't happened yet because there's no demand out there, and I don't think it's going to happen. The banksters won't allow it. Where else besides the U.S. are they going to find a developed country that has a state of the art military, a readiness to use it any time any place, and a politics that can be controlled completely just by spending a little money? A country that will allow you to create out of thin air the money with which to purchase public policy back from it. The banksters aren't going to let such a sweet setup go down the tubes. They'll write off much of the U.S. debt before they allow that to happen, and think nothing of it.
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Postby crazyaboutabroad » Tue Jan 11, 2011 4:27 pm

If we are considering US as a falling power, the dollar will melt every year. Maybe we might have to go back to gold parity.

With so many countries aspiring to become great powers i think US will see it's currency worthing less and less over time.

We must think about it a lot in our financial and travel plannings.
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Postby crazyaboutabroad » Tue Jan 11, 2011 4:30 pm

And if Thailand, Cambodia, RP, starts to grow too much and the US keeps stagnated, then we will have to look somewhere else to have a millionaire's life we so much dream about.
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Postby momopi » Tue Jan 11, 2011 5:46 pm

crazyaboutabroad wrote:I think you deleted your comment, i thought it was very good. Thanks.
Well, yes i'm willing. I'm already reading everything i can while working hard and saving a lot. I hope our currencies stop falling, this is something out of our reach. Other steps includes learning about e-business. This is very important. Another strategy is small business in my homeland to sustain my dream life in another country. Finally, dividend stocks are another strategy too.
If anyone wants to show more about costs i'd appreciate.


1. It's possible to work abroad and make good money. I work in the MRO industry and my best customers are companies in the natural resource extraction & processing in Canada. Global demand for oil, gas, and various minerals mined are up and so are the prices. Skilled technicians in the mining/drilling field are needed around the world. It's also possible to make decent $$ teaching English professionally -- ask Ladislav about it.

If being well-off is not your primary concern, you can go abroad and work in lower-paying jobs today and chase skirt. Men reach their sexual peak at age 17-19, and it's downhill from there. So as an option, you can go enjoy a few years of youth and pork your brains out. You have the rest of your life to make money, but you can only get it up 3 times in a row without viagra when you're young.

If you want to make $ with a business, remember to target customers who actually have money.


2. The real estate market (and interest rates) is very low right now, and it'd be a shame to pass it up. Properties that sold for >$200,000 in 2005 are on the market for $50,000-$60,000. Read the book "Rich Dad, Poor Dad" by Robert Kiyosaki (but skip his money scam seminars) to get in the right mindset about cashflow properties. Get a decent paying job, save $$, and set yourself the goal of buying one cash-flow property every year. If you can do this for 10 years, you can move to a cheaper place and retire in your 30's. Men tend to die early if they retire early and live a bum's lifestyle, so it'd be a good idea to find something fun and physically active to keep you healthy, i.e. scuba instructor, tour guide, volunteer work, etc.

If I had started investing in RE early, I'd be in a much better financial situation today. But I spent those years in my 20's partying. The classic fable's lessons on hard work still apply, you just need to make your own cost-benefit analysis. This option is not for everyone and not without risks. You must have the fortitude to labor, save your pennies, and spend a lot of time looking at condos/houses for the next 10 years. You either have the patience to do it, or not.

If you choose to follow the RE strategy, remember to only buy properties that would generate positive cashflow as a rental after taxes/expenses. With each property purchase you will gain experience. And when you're done and opt to move abroad, you'd actually have $$ and be well ahead of all the poor-er English teachers. While other guys take their date to McDonalds, you'd be taking your date on weekend trips across Asia to soak in a nice hot spring. Girls on vacation mode are far more likely to drop their panties. The stereotype trend is that Asia sends their best and brightest to the US, while US dump its runts to Asia. As a well to do investor, you'd be ahead of the pack and be a desirable marriage prospect to local girls looking for financial security.

p.s. unlike the advice from #1, in RE it is very possible to make better returns as a "slum lord", but it's not for the faint of heart.


3. If you want to invest in mutual funds, go talk to the folks here:
http://www.bogleheads.org/forum/index.php

Ask for Taylor Larimore or simply read whatever he writes. I also recommend any book by John Bogle. This book is also good:
http://www.amazon.com/Bogleheads-Guide- ... 0471730335

If you don't trust the dollar, you can open foreign currency accounts with Everbank online.
Last edited by momopi on Tue Jan 11, 2011 7:53 pm, edited 1 time in total.
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