Possible? Yes. Likely? No. Not if you want to travel or have expensive tastes, that is. But then, you would not be reading this, would you? If you are of more simple tastes or have a lump of cash to buy a property without the burden of a huge mortgage – you certainly can live very well on $2000 a month, in Panama. How, you ask?
Food is cheap. Utilities are cheap. Just about everything is cheap. I´ve read and heard some people commenting that prices are the same or near the U.S. Not so. If you are looking for top name-brands, then yes, maybe. If you are into relaxing on the beach with a local beer – no way! You might have to branch out from the Nine West or Tommy Hilfiger stores...but trust me, life is waaayyyy cheaper here than North America and Europe. Plus you don t´have those nasty heating bills. No winter!
Let s look at this in terms of numbers. I lived on around $2000 a month. I have a spouse and two kids with very Western tastes. I put them through school private for around $300 a month. I clothe them for no more than $200 a year. Panama being so tropical, we are rarely ill, but let´s say I spend around $200 a year on doctor´s visits and medicines. We had a broken wrist in the family this year, that added just $100 to the budget. Car payment $240 a month, including comprehensive insurance. Food – remember those Western pallets – around $120 a week...and that´s with fresh meat, veg, and plenty of nasty American fare. Entertainment DVDs, movies, eating out ....no more than $60 a month. Cable for the top package is only $50. Water and Trash Pick Up: $22 Internet: $22 for 500k broadband. Electricity: $130 running two air conditioners all night . A large tank of natural gas costs $40 a month, and lasts to cook many meals, and heat a lot of showers.
Gasoline? Well, gas is currently expensive anywhere you go in the world. I drive a lot, and have to estimate I spend around $40 a week. I should qualify I drive a small car, though. No huge, heavy, unnecessary SUVs for me! My friend does, though, and she spends around $70 a week. If I could I´d buy a hybrid, or convert my car to bio-fuel. I d save even more then. In terms of cross country trips, I spent $60 driving to Chiriqui and back not so long ago. That s a seven-plus hour journey, twice. Not too shabby.
I live well. I eat well. I´m never bored or cold. If I had more money I´d travel more, to be sure, and, quite honestly, take advantage of the famous real estate boom that´s taking over Panama. Gimme $200,000 or so and my lifestyle would only improve because I could buy a property outright, have that asset growing in value and instead of paying rent have more liquid cash for savings or travel. Cool. Anyone? Anyone? No – don´t want to give me money? That´s okay. Now you know what to do with yours - Come to Panama. Buy a lovely property with an awesome view. Sit on the value, know it´s only going to go up. Live a great life in Paradise on very little. Sounds like a great retirement formula to me!
Think Panama.
For All your Panama Lifestyle, Panama Travel or Panama Real Estate needs, contact
Douglas M. Choy at
ThinkPanama.com. He will be happy to provide any guidance and information you may need.
