Nobody wants to talk about money - I found that out in other blogs. I was hoping I'd get some words of wisdom from others who are living outside the USA regarding banking, i.e., money transfers, deposits, earning a living, etc., but although there are some who vaguely talks about finances, I don't find any of them helpful. So here is my two cents regarding the subject. I hope you'll find this article helpful in some way. I do, however, strongly suggest that you talk to your financial adviser in earnest.
A month ago my husband and I met up with our Financial Adviser to get his opinion and guidance on what to do with 401K, retirement account, investment portfolios, international banking, etc...I will not go through everything we discussed here as it is rather a personal matter of opinion. Remember we all have different needs and goals.
From that meeting he was able to set us up with a checking account with Edward Jones Financial Services where we can write a check once we get to the Philippines to initially make a deposit to a Philippine bank of our choosing. The only drawback is that it will take about 6 weeks for the money to be available. Not a problem. We won't need the cash right away anyway as it will probably take several months before we decide on where we will settle down.
The other thing we talked about is a no-brainer, really. We all know this, but just in case, you need a reminder.....If you are leaving your job and you have contributed to a retirement account (401K) with your employer, be sure to roll it over to an IRA to avoid steep penalties. It's easy to have your financial adviser request the transfer himself. He will give you a form to fill out and he'll take care of the rest. If you don't do this, your company's benefits coordinator (or whatever they're called at your place of work) will end up cutting you a check for the amount of your retirement account and you are then responsible for rolling it over to another retirement account. You have 60 days to roll it over, otherwise, you will be penalized. Talk about 30%-40% penalty - ouch. I don't know about you but that is a LOT of money down the gutter.
We also talked about converting a traditional IRA to a Roth IRA. In traditional IRA you are not taxed until you withdraw at retirement age, whereas with the Roth IRA you pay taxes now but withdraw tax-free at retirement age. You can opt to have your financial adviser convert your traditional IRA into a Roth IRA in increments, say for the next 3 or 4 years instead of in one lump sum to avoid being placed into a higher income tax bracket come April.
We came away with helpful insights in regards to our retirement options with that meeting. and I will not share all of them here. When we reach our retirement age hopefully we get our hard earned money back plus earnings. Oh and before we parted with our financial adviser, he asked if he could pray for us. So, right there in his office we held hands and bowed our heads committing our plans and goals to the Lord Almighty. How cool is that?
I've read several blogs from other people who, like us, decided we have enough of this crazy, rat-race lifestyle. I try to glean some insights from these fellow bloggers who are living outside the USA at the present time and are managing well even without a full time job. We have learned that my husband will not be allowed to work in the Philippines - period. Did that deter us from wanting to go back? NOT! With what savings we have to bring over there, we have decided that WE WILL NOT LIVE LIKE THE WESTERNERS DO. I believe it helps if we keep reminding ourselves that. "Materialism" and too much "Commercialism" never really bring anyone joy and peace. Anyone who have visited the Philippines can attest to that. We might not have everything but everyone you meet there have a relaxed, happy disposition. Now doesn't that tell you something? Joy from within doesn't come from material wealth.
Some of the bloggers I've read suggest renting a place instead of buying or building a house. That is true if you plan to move a lot and that's what you're comfortable with. But if you married a Filipina and know that you will stay there indefinitely, here's my take on this: Why not buy/build instead of rent? To me renting in the Philippines is total waste of money. That's how I feel about renting here in the US as well. One of the goals in moving back there is to not have a mortgage, or a monthly rent. We will only have to worry about electricity, water, phone and food expenses.
On my next blog, I will share with you what we found out about medical health insurance, starting a small family enterprise so there is a stream of income coming in. Likewise, I will share with you how our meeting with an international tax lady went. Yes, Virginia, there is still tax issues to be dealt with even if you move back to the Philippines. The annoying thing though, and I will just have to rant about it here, is that when I immigrated to the US, the Philippine government didn't require me to continue filing for tax return there. Now that my husband and I are immigrating to the Philippines, you would think the US government will not require us to file tax return, right? WRONG! Government over-reach? YES! I'd better stop here before I "boil over."
Until my next blog. Blessings to you!
Tuesday, July 21, 2015
Monday, July 20, 2015
Mid-life Wanderings: MAJOR PURGING - Getting Rid of These and Getting R...
Mid-life Wanderings: MAJOR PURGING - Getting Rid of These and Getting R...: Hi all. Whew! It's been almost a month now since I last blogged and I apologize. My husband and I have been really busy getting rid o...
MAJOR PURGING - Getting Rid of These and Getting Rid of Those
Hi all. Whew! It's been almost a month now since I last blogged and I apologize. My husband and I have been really busy getting rid of almost everything we have accumulated. What with the sale of the house, fixing things that need fixing per inspection report, sorting, scanning documents, boxing, shipping....and the list goes on. Will I ever see the end of it, I wonder?
We had our second garage sale (which I called "garage sale marathon") for 4 days, can you believe it? We were trying to get rid of as much stuff as we can and have extra money for the move. The last day of our garage sale, my father-in-law was wheeling and dealing it was amusing just watching him - I love you, Dad! The next week God's Storehouse came with their truck to pick up the leftover bigger items and Dad and I hauled the boxed items to the Rescue Mission Donation Center. A U-Haul pulled in to take the piano to its new home. Very early one morning Atlas Shipping came and picked up the Balikbayan boxes for shipment to the Philippines. Now the house looks empty with nothing but the leather couch and recliner. Presently, we eat in the LR and sleep on air mattress. The house looks bare and sounds hollow.
My husband took pictures of our garage sale marathon:
Three weeks ago we hauled the John Deere tractor to its new home and my husband asked me to take picture of it one last time to which I complied. I think his heart ached for it as it had been in the family since 1964.
But of course before he loaded it on the truck he and our 6 year old took it around the neighborhood one last time. I thought I share it here:
So there, all our "stuff" are gone. After three weeks of sorting, pricing, boxing, loading and talk about stress, they are all disposed of. Whew!
Thank you all for your patience and thank you for following us as we journey towards a simple, laid back living.
We had our second garage sale (which I called "garage sale marathon") for 4 days, can you believe it? We were trying to get rid of as much stuff as we can and have extra money for the move. The last day of our garage sale, my father-in-law was wheeling and dealing it was amusing just watching him - I love you, Dad! The next week God's Storehouse came with their truck to pick up the leftover bigger items and Dad and I hauled the boxed items to the Rescue Mission Donation Center. A U-Haul pulled in to take the piano to its new home. Very early one morning Atlas Shipping came and picked up the Balikbayan boxes for shipment to the Philippines. Now the house looks empty with nothing but the leather couch and recliner. Presently, we eat in the LR and sleep on air mattress. The house looks bare and sounds hollow.
My husband took pictures of our garage sale marathon:
Three weeks ago we hauled the John Deere tractor to its new home and my husband asked me to take picture of it one last time to which I complied. I think his heart ached for it as it had been in the family since 1964.
But of course before he loaded it on the truck he and our 6 year old took it around the neighborhood one last time. I thought I share it here:
So there, all our "stuff" are gone. After three weeks of sorting, pricing, boxing, loading and talk about stress, they are all disposed of. Whew!
Thank you all for your patience and thank you for following us as we journey towards a simple, laid back living.
Monday, June 22, 2015
The BALIK- BAYAN BOX
I'm back as promised to tell you about Balikbayan boxes.
WHAT IS A BALIKBAYAN BOX?
It is a door-to-door shipping service offered by a carrier company licensed to ship items back to the Philippines. These boxes are transported to the nearest seaport and loaded into cargo ships. They take between 3-4 months to arrive to their destination. It is always good to plan accordingly when sending something for Christmas, for example, in a balikbayan box as the weather also plays an important role in the process.
International shipping can be very expensive. Shipping items to the Philippines using Balikbayan boxes is a cheap and inexpensive way to send anything to the Philippines. I'm speaking for myself so if I say "anything" it means toiletries that I buy in bulk (i.e..toothpaste, bath soap, shampoo, toothbrush, etc., etc..), towels, clothes, purses, small appliances. Nothing illegal or contraband :). Think of things that family and friends back home would love to receive. Most of the time I even throw in canned goods like spam, etc., chocolates (that's the first thing they ask).
These boxes will be delivered directly to the addressee without having to deal with Customs. That is another reason why I'd rather ship some of our belongings in this mode rather than renting or buying a container then have to deal with the red tape that is so prevalent in the Philippines' Customs bureaucracy. I just don't like the idea of having to shell out extra money to be able to claim my shipment once it gets to Philippine port. That and the headache that comes with transacting with the customs guys do not appeal to me at all.
The Balikbayan boxes are heavy duty boxes and measures 25x24x17 with the carrier company name imprinted in them.
WHERE TO GET THESE BOXES:
Find out whether your favorite Asian store carries them. Normally, Filipino and Asian stores are the drop off sites for these boxes and they are collected maybe once or twice a month by the carrier company. Where I live, a box costs $5.00. Once I filled it up, I either take it to the drop off site (where I bought the box) or if I ship more than two, the carrier company will come to my house and pick the boxes up. It has no weight limit - that's the beauty of it so there are no surprises. Depending on the region where you want it shipped, the cost varies. It is cheaper to ship it to Manila and surrounding areas, a little more if you ship it up north in the Luzon Region. I ship mine to Leyte which is in the Visayas Region and it costs me $90.00 per filled box. The shipping cost to the Mindanao Region is higher than the Visayas Region. The drop off site should be able to tell you how much it will cost you as prices vary depending where you live. I imagine the West and East Coasts should be cheaper than the one from the Midwest.
PACKING AND SEALING TIPS:
When I pack liquid things like shampoo, for example, I seal the lid with tape and put the bottle inside a ziploc bag and individually wrap them in whether shirt, or towel before putting them all inside the box. I pack everything in as tight as I can, leaving no space for the stuff to shift or move around while in transit. I've shipped breakables as well and so far I haven't gotten one broken yet. I just make sure that everything is wrapped/padded well. I go crazy with tape as well. If you noticed my filled box is taped all around the whole box for two reasons: one, it is my way of waterproofing my box; and two, I want to be sure (because I packed the box to the brim) that it will never burst while in transit. Have you seen a box burst because it is full of stuff? Not a pretty sight, right? So like I said I go crazy with packing tape. Noticed my humongous roll of tape in the picture? You can get those at U-Haul stores or at a shipping store.
SHIPPING THE BOXES:
When you drop your boxes off at the drop site, you are required to fill out a form for each boxes you are shipping. In it there is a declaration part where you will need to list what is in the box. You will also need to declare the dollar value of the stuff you are shipping. The agent should be able to assist you with this step. Once you made your payment, your boxes should be on their way to the Philippines.
Hope you find this article helpful. Thank you for following. God bless.
WHAT IS A BALIKBAYAN BOX?
It is a door-to-door shipping service offered by a carrier company licensed to ship items back to the Philippines. These boxes are transported to the nearest seaport and loaded into cargo ships. They take between 3-4 months to arrive to their destination. It is always good to plan accordingly when sending something for Christmas, for example, in a balikbayan box as the weather also plays an important role in the process.
International shipping can be very expensive. Shipping items to the Philippines using Balikbayan boxes is a cheap and inexpensive way to send anything to the Philippines. I'm speaking for myself so if I say "anything" it means toiletries that I buy in bulk (i.e..toothpaste, bath soap, shampoo, toothbrush, etc., etc..), towels, clothes, purses, small appliances. Nothing illegal or contraband :). Think of things that family and friends back home would love to receive. Most of the time I even throw in canned goods like spam, etc., chocolates (that's the first thing they ask).
These boxes will be delivered directly to the addressee without having to deal with Customs. That is another reason why I'd rather ship some of our belongings in this mode rather than renting or buying a container then have to deal with the red tape that is so prevalent in the Philippines' Customs bureaucracy. I just don't like the idea of having to shell out extra money to be able to claim my shipment once it gets to Philippine port. That and the headache that comes with transacting with the customs guys do not appeal to me at all.
The Balikbayan boxes are heavy duty boxes and measures 25x24x17 with the carrier company name imprinted in them.
WHERE TO GET THESE BOXES:
Find out whether your favorite Asian store carries them. Normally, Filipino and Asian stores are the drop off sites for these boxes and they are collected maybe once or twice a month by the carrier company. Where I live, a box costs $5.00. Once I filled it up, I either take it to the drop off site (where I bought the box) or if I ship more than two, the carrier company will come to my house and pick the boxes up. It has no weight limit - that's the beauty of it so there are no surprises. Depending on the region where you want it shipped, the cost varies. It is cheaper to ship it to Manila and surrounding areas, a little more if you ship it up north in the Luzon Region. I ship mine to Leyte which is in the Visayas Region and it costs me $90.00 per filled box. The shipping cost to the Mindanao Region is higher than the Visayas Region. The drop off site should be able to tell you how much it will cost you as prices vary depending where you live. I imagine the West and East Coasts should be cheaper than the one from the Midwest.
PACKING AND SEALING TIPS:
When I pack liquid things like shampoo, for example, I seal the lid with tape and put the bottle inside a ziploc bag and individually wrap them in whether shirt, or towel before putting them all inside the box. I pack everything in as tight as I can, leaving no space for the stuff to shift or move around while in transit. I've shipped breakables as well and so far I haven't gotten one broken yet. I just make sure that everything is wrapped/padded well. I go crazy with tape as well. If you noticed my filled box is taped all around the whole box for two reasons: one, it is my way of waterproofing my box; and two, I want to be sure (because I packed the box to the brim) that it will never burst while in transit. Have you seen a box burst because it is full of stuff? Not a pretty sight, right? So like I said I go crazy with packing tape. Noticed my humongous roll of tape in the picture? You can get those at U-Haul stores or at a shipping store.
SHIPPING THE BOXES:
When you drop your boxes off at the drop site, you are required to fill out a form for each boxes you are shipping. In it there is a declaration part where you will need to list what is in the box. You will also need to declare the dollar value of the stuff you are shipping. The agent should be able to assist you with this step. Once you made your payment, your boxes should be on their way to the Philippines.
Hope you find this article helpful. Thank you for following. God bless.
Saturday, June 20, 2015
SOLD
Our agent came by before supper time last Sunday so we can sign the papers but he didn't really put the "SOLD" sign until the day the whole home inspection was in progress. There's something about that sign that made my heart skip a beat. So I just have to share it with you in this blog.
Well, here we are waiting for the buyers' response to the home inspector's report done Thursday. These guys are professionals at what they do. From the sewer cam guy from a plumbing company here in town, the mechanical guy hired to look at our water heater, furnace and air conditioning unit to the whole house inspector, who by the way spent almost four hours "inspecting" the house, I'd say our realtor picked the best to get the job done.
Yesterday we received the 20-page report. Yes, 20 pages long! Mike asked me after dinner, whether we have to deal with home inspection in the Philippines. I really don't know. My father (with the help of his brothers and my grandpa) built the house I grew up in, we moved in when it was done and that was that. We never moved except when it was time for me to go to college - then I had to move away. Being away from my homeland for almost 28 years now, I really don't know anything about real estate regulations and such in the Philippines. If any of you have knowledge about home buying and home inspections in the Philippines, I would appreciate your input. Thank you.
We have about 7-8 weeks to go before we say our goodbyes to our family, church family, friends and acquaintances. I know Mike and I will truly miss our Sunday school classmates and our Sunday school teacher, Tom Lewis. Although with today's technology we can still connect and we intend to do that through the class' email prayer connection and social media.
Now I really need to get serious about getting rid of more stuff. Luckily, we did really well on our first garage sale. We got rid of a lot of "stuff" and we are determined to clear everything in two to three weeks.
Well, not everything exactly - - - I am also packing some "stuff" to ship to the Philippines in a Balikbayan box. What is Balikbayan box you asked? I'll post it in my next blog, so stay tuned - and thanks for the follow.
Well, here we are waiting for the buyers' response to the home inspector's report done Thursday. These guys are professionals at what they do. From the sewer cam guy from a plumbing company here in town, the mechanical guy hired to look at our water heater, furnace and air conditioning unit to the whole house inspector, who by the way spent almost four hours "inspecting" the house, I'd say our realtor picked the best to get the job done.
Yesterday we received the 20-page report. Yes, 20 pages long! Mike asked me after dinner, whether we have to deal with home inspection in the Philippines. I really don't know. My father (with the help of his brothers and my grandpa) built the house I grew up in, we moved in when it was done and that was that. We never moved except when it was time for me to go to college - then I had to move away. Being away from my homeland for almost 28 years now, I really don't know anything about real estate regulations and such in the Philippines. If any of you have knowledge about home buying and home inspections in the Philippines, I would appreciate your input. Thank you.
We have about 7-8 weeks to go before we say our goodbyes to our family, church family, friends and acquaintances. I know Mike and I will truly miss our Sunday school classmates and our Sunday school teacher, Tom Lewis. Although with today's technology we can still connect and we intend to do that through the class' email prayer connection and social media.
Now I really need to get serious about getting rid of more stuff. Luckily, we did really well on our first garage sale. We got rid of a lot of "stuff" and we are determined to clear everything in two to three weeks.
Well, not everything exactly - - - I am also packing some "stuff" to ship to the Philippines in a Balikbayan box. What is Balikbayan box you asked? I'll post it in my next blog, so stay tuned - and thanks for the follow.
Saturday, June 13, 2015
Applying for Immigrant Visa
Securing immigrant visas for my husband and our 6 year old son is the next step. To do that we checked out the Philippine Consulate's website: www.chicagopcg.com/services. Here you find information about things you need to do to acquire visa to travel to the Philippines. We were also able download and print out the forms to start the process. We zeroed in on the "non-quota immigrant" visa since I have dual citizenship.
For my husband we have to submit the following:
1. Valid US passport
2. Four (4) passport photographs (2X2)
3. F.A. Form No. 3 (this is your application for immigrant visa) to be accomplished in duplicate.
4. F.A. Form No. 11 (Medical form) to be accomplished in duplicate.
5. Original Marriage Certificate AND 2 photocopies
6. My Philippine passport OR birth certificate (in this case I am submitting my birth certificate along with 2 copies of it).
7. Police Clearance Certificate from place of residence of the applicant (original and 1 copy)
8. Evidence of financial support, such as bank statement, etc..
9. Notarized Letter of Petition signed by me. This letter can also be downloaded from the Consulate's website.
For our 6 year old we have to submit the following:
1. Valid US passport.
2. Four (4) passport photographs (2X2)
3. F.A. Form No. 3 to be accomplished in duplicate.
4. F.A. Form No. 11 (Medical form) to be accomplished in duplicate.
5. Original birth certificate of the child and two (2) photocopies thereof.
6. Philippine passport, birth certificate or naturalization papers of parents and two (2) copies thereof. (In this case I submitted my and my husband's birth certificates and I brought along my naturalization papers just in case).
7. Evidence of financial support, such as bank statements, etc.. executed by parents and accomplished in duplicate.
Since our son is under 18 years old, he doesn't need to submit Police Clearance.
A word of advise: bring or mail in all your originals. They are pretty good at mailing them back to you so no need to worry about missing original documents. They did that to me when I applied for Dual Citizenship. Everything was returned to me when they mailed my certificate of Dual Citizenship.
So off to Chicago we went to submit the documentations. This trip also serves as a long-awaited break for my dear hubby who worked long hours all the time. I am so glad he could finally take a breather.
We stopped at the Illinois Welcome Center before plunging into the crazy Chicago traffic.
We explored the Millennium Park and Chicago's BP Pedestrian Bridge after we visited the Philippine Consulate Office on Michigan Ave.
Just chillaxing by the fountain off of Logan Avenue amidst the busy Farmer's Market.
Had to stop by Chicago's Chinatown to enjoy authentic Asian food. I've been to Asian stores every city we've been to but I have to admit the stores here are original and, shall I say awesome?
Well, back to the topic on immigrant visa. Additional requirements that need to be submitted are:
1. Visa fee of $150.00 per application in cash, bank draft or money order payable to the Philippine Consulate General. NO PERSONAL CHECKS ARE ACCEPTED.
2. Chest X-ray negative in CD.
3. Medical results in detail must accompany the medical certificate form. The office does not accept the letter from your doctor stating "the results are negative" from your lab works. They want the actual print-out of the lab results. You can easily print this out from your medical chart which you can access by logging on to your account.
If you plan to mail all these documentations you also need to enclose a self-addressed, stamped Priority/Certified/Express mail envelope or $30.00 for Express mail to cover mailing expenses.
No metered stamps are accepted.
REGARDING THE MEDICAL EXAMINATION OF VISA APPLICANT FORM
Our PCP didn't think my husband needed the chest X-ray so he scribbled a note in the form that said so. When we submitted everything we were told he had to have one and that it should be in CD form. So he has to go back to his PCP to get one.
What I'm trying to share here is: just accomplish everything that is required in the form even if your doctor doesn't think it's needed.
We were told as soon as the documents are complete it will only take about a week for the visa to be issued. They will return everything (original copies and the visa) in the pre-paid envelope.
And oh, before I forget - the medical exams are good for only 6 months if it's more than 6 months you will have to get another medical examination.
I hope you keep following my post and be a part of this journey. I believe it's going to be an exciting one!
For my husband we have to submit the following:
1. Valid US passport
2. Four (4) passport photographs (2X2)
3. F.A. Form No. 3 (this is your application for immigrant visa) to be accomplished in duplicate.
4. F.A. Form No. 11 (Medical form) to be accomplished in duplicate.
5. Original Marriage Certificate AND 2 photocopies
6. My Philippine passport OR birth certificate (in this case I am submitting my birth certificate along with 2 copies of it).
7. Police Clearance Certificate from place of residence of the applicant (original and 1 copy)
8. Evidence of financial support, such as bank statement, etc..
9. Notarized Letter of Petition signed by me. This letter can also be downloaded from the Consulate's website.
For our 6 year old we have to submit the following:
1. Valid US passport.
2. Four (4) passport photographs (2X2)
3. F.A. Form No. 3 to be accomplished in duplicate.
4. F.A. Form No. 11 (Medical form) to be accomplished in duplicate.
5. Original birth certificate of the child and two (2) photocopies thereof.
6. Philippine passport, birth certificate or naturalization papers of parents and two (2) copies thereof. (In this case I submitted my and my husband's birth certificates and I brought along my naturalization papers just in case).
7. Evidence of financial support, such as bank statements, etc.. executed by parents and accomplished in duplicate.
Since our son is under 18 years old, he doesn't need to submit Police Clearance.
A word of advise: bring or mail in all your originals. They are pretty good at mailing them back to you so no need to worry about missing original documents. They did that to me when I applied for Dual Citizenship. Everything was returned to me when they mailed my certificate of Dual Citizenship.
So off to Chicago we went to submit the documentations. This trip also serves as a long-awaited break for my dear hubby who worked long hours all the time. I am so glad he could finally take a breather.
Well, back to the topic on immigrant visa. Additional requirements that need to be submitted are:
1. Visa fee of $150.00 per application in cash, bank draft or money order payable to the Philippine Consulate General. NO PERSONAL CHECKS ARE ACCEPTED.
2. Chest X-ray negative in CD.
3. Medical results in detail must accompany the medical certificate form. The office does not accept the letter from your doctor stating "the results are negative" from your lab works. They want the actual print-out of the lab results. You can easily print this out from your medical chart which you can access by logging on to your account.
If you plan to mail all these documentations you also need to enclose a self-addressed, stamped Priority/Certified/Express mail envelope or $30.00 for Express mail to cover mailing expenses.
No metered stamps are accepted.
REGARDING THE MEDICAL EXAMINATION OF VISA APPLICANT FORM
Our PCP didn't think my husband needed the chest X-ray so he scribbled a note in the form that said so. When we submitted everything we were told he had to have one and that it should be in CD form. So he has to go back to his PCP to get one.
What I'm trying to share here is: just accomplish everything that is required in the form even if your doctor doesn't think it's needed.
We were told as soon as the documents are complete it will only take about a week for the visa to be issued. They will return everything (original copies and the visa) in the pre-paid envelope.
And oh, before I forget - the medical exams are good for only 6 months if it's more than 6 months you will have to get another medical examination.
I hope you keep following my post and be a part of this journey. I believe it's going to be an exciting one!
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