It’s that time again…for us to hear from our resident Financial Health Coach, Chris Folland. This week he covers whether a Travel LifeStyle is just wishful thinking or actually do-able when it comes to our finances. Over to Chris…
When I was growing up, I always wanted to travel, although for a long time I thought it wasn’t possible.
As it can be for many people, what was holding me back was my thinking about my financial health and it not being up to par.
Like me, you may be surprised to learn that maybe $20-30K per person could give you about a year of travel about the world. 1
Of course, you can do it more lavishly. Although when we balance our desires for luxury and a need for travel and relaxation, then it becomes more do-able.
The question is, how can you get that $20-30k coming in?
There are a myriad of ways to do it. You can buy some property. You can pay down the mortgage and live off the rent. Once your expenses are covered, you can accrue that extra.
Or you can put money in the stock market, especially if you have someone effective looking after it in a way that’s appropriate to your needs, and live off the returns.
You can also build a business along side of what you’re doing already, and use that income to travel.
You can also save a lot and reduce your expenses and live minimally.
This is the concept behind the acronym FIRE = Financial Independence Retire Early. Many people are embracing a new movement of retiring early and living a globally-based LifeStyle – with intention.
In reality, there are many options. If you want a travel LifeStyle, then for what you might spend on a holiday for 10-15 days, you could actually live for a year travelling around the world.
Fi and I have been living a globally-based LifeStyle for 5 years, and we’re at about $50K per person because of the way we prefer to live.
If you’re curious to chat about how to do it for yourself, reach out. We’ve got strategies and the experience to share options with you.
It might be closer and more possible than you think.
1 When we’re considering traveling, “you should expect it to cost between $20,000 to $30,000 per person to travel around the world for a year.” Of course, our style and preferences will influence the cost: “you can absolutely travel for less than $20,000 per person for an entire year. Many people have done it and written about it. Or, you could spend more for luxury, traveling for $40,000 to $50,000 or more per person.”
“How Much Does it Cost to Travel Around the World?”
Earth Trekkers, (2019)
Fi Jamieson-Folland D.O., I.N.H.C., is The LifeStyle Aligner, with over 27 years experience in Europe, Asia and New Zealand as a qualified Osteopath, Integrative Nutrition Health Coach, educator, writer, certified raw vegan gluten-free chef, speaker, health mentor and Health Brand Ambassador.