So I think one of the biggest detractors to traveling (especially Internationally) is the cost associated with it. I used to work for Allianz which is a travel insurance company based here in Richmond Virginia. The almost decade that I spent with them taught me one important lesson. Always set a budget… then double it. Also, always take out travel insurance! I guess that’s 2 lessons. Point is you never know what can happen. Covid is a perfect example. So many travels got stuck for MONTHS. That could potentially be financially damaging.
There is so much planning that we need to do for this epic experience but I feel very strongly that the first thing is money management. In order to make this happen I have to sell the house. It actually goes on the market in 2 DAYS!!! (I’m sad and nervous and excited at the same time) but I need to have a plan with what to do with the equity from the house. I don’t know yet if I’ll be able to keep my job and work as we travel so I have to separate my money into buckets.
Bucket 1 Travel
Bucket 2 Living Expenses (before and after our year)
Bucket 3 Dream Bucket … Money that I need to put toward making other dreams (like owning a beach condo) come true
Bucket 4 College Funds
Bucket 5 Retirement
I read an article years ago that talked about the “envelope” method for your money. This is similar but for long term goals. I met with a Financial Planner who is going to help me invest in myself, my children, my future and my dreams. I’ve worked with financial advisors and investors before… played in the stock market myself but this was the first one that really was supportive of my dreams and goals and took those into account with helping me set up a plan. It’s early days yet in the planning and investing phase but it’s never too early to start managing your money. If you are in the RVA area and need a great resource I highly recommend Ben Page. He was recommended to me by some friends of mine whos dreams of owning a Mountain home are coming true with Ben’s help!