This week we’re talking to Gary Collinson, 48, a former IT manager from Newcastle. He recently decided to “escape the competition of the corporate world” and live a simple life in the Philippines.
Monthly income: (eg from salary, pension, rental income or savings)
Investment income: at least £ 800 (structured bonds, P2P lending, equity markets
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Total: £ 800
Regular monthly transmission:
Rent / Mortgage: £ 0 (owned), Council Tax: N / A, Utility Fees: £ 120, Broadline / Landline: N / A, Mobile Phones: £ 30 (2 x Pay-As-You-Go), Water: £ 10 (drinking water), groceries: £ 100, online shopping (general): £ 50- £ 80 pet food: £ 40, transportation: £ 30, holidays: £ 100, subscription: £ 25 (home satellite TV) , Eating out: £ 50, Dog health insurance: £ 20, National insurance (UK): £ 15
Total: £ 620
I quit school at the age of 16 because I was ready to quit my education and make money. I’m from a working class family and didn’t consider college an option. Before getting my first full-time job at a local law firm, I took a two-year IT course centered on a part-time job at a bar. Not only did my mother find a job ad in the newspaper, but she sent me a resume without my knowledge.
I started as a junior at the General Office and persuaded my boss to help my IT manager before classifying posts and brewing tea. This was in the early 1990s, and offices were in the process of installing PCs. I’ve been there for 18 years Security Analyst IT Junior, Before being made redundant in 2009. Our company was badly hit by the financial crisis because we specialized in commercial law.
It was a very stressful time when I was absent from work. I was worried that it would not be easy to get another job, so I thought about a supermarket job. Eventually, I contacted an IT consultant who worked for an old company.
He lives in the United Arab Emirates and said an oil and gas company is looking for a new IT manager. Things went fast and eight days later I landed in Dubai. I worked there for six and a half years before getting another job in Abu Dhabi.
Working in the United Arab Emirates usually requires some higher education equivalent to a bachelor’s degree. Fortunately, I had a degree in computer research from the Open University in the 90’s, so I had no problems.
In the United Arab Emirates, I met a financial adviser who led me to the idea that money should be put away. I earned a fair amount of money and over time I increased my savings and eventually piled up a $ 110,000 savings pot.
A few years ago, I decided to quit my job and “retire”. Income from my investment.. My wife, who I met in Dubai, was an architect and helped me design a house built in the Philippines.
I have never actually been Philippines Earlier, a friend talked about a stunning island vacant lot on Palawan. A local contractor was used to build a two-bed bungalow with a cinema in the loft. The total cost was around £ 90,000 and was relocated in July 2019.
My wife Gil also quit her job, but she takes on a freelance job when she wants to. We have no children and our cost is really cheap compared to living in Europe. You can live very comfortably for £ 1,000 a month.
We have a really good community of both foreigners and Filipinos here and we live our leisure lives. I spend my days going mountain biking, cooking, baking bread and fishing. I have an American Bulldog who needs to walk twice a day. We also do a fair amount of DIY around the house.
The temperature here is 26 to 30 degrees Celsius all year round, but strong winds make it necessary to repair the house from time to time.
I put my house in Newcastle and rented it out to a friend. But he recently moved in and I just sold it. Money from home sales Here you will be invested to cover my income. I’m investing in a peer-to-peer platform that is considered risky, but I have good experience so far and am aiming for a 10-12% return.
I also put some money in the stock market and at least half of my savings are invested in structured bonds. These are debt securities issued by financial institutions that track the performance of many global indexes.
I’m not currently paying a pension, But that’s what I’m thinking. I pay my pension whenever I work and have access to my pension from my mid-50s. I still voluntarily pay the UK government national insurance. This is about £ 15 a month. This means that I am eligible for a state pension even if I still live abroad.
I would like to stay here in Palawan forever, but the big concern is that there is no good hospital on the island. People in need of urgent or large-scale treatment usually need to travel to the capital Manila. I was considering paying for the Philippine health insurance system, COVID pandemic And I’m nervous about relying on it. I am currently considering creating my own emergency medical pot to fund potential treatments.
Overall I love life here. Being redundant was a disaster for me at first, but it took me out of the UK and realized that there was more in life than work.
Former 48-year-old IT manager leaving Newcastle for a new life in the Philippines
Source link Former 48-year-old IT manager leaving Newcastle for a new life in the Philippines