Experts Say You Should Take A Year Out To Travel: Here’s How To Do It
More financial experts are recommending professionals take a year out of work to travel. How do you do it?
While this may not have seemed feasible for anyone but college students a few years ago, experts are seeing more wisdom in a much wider variety of workers and business owners taking months or even a year out. It has also become a top desire among workers and entrepreneurs. Thanks to technology and new platforms for investing, it is becoming easier than ever to do too.
Why Do It
The biggest reason to go ahead and fulfill your desire to travel is that we are now working decades longer and are retiring older. Chances are that most of today’s workforce won’t retire until they are pushing 70. At least as long as their bodies and minds allow them to. Even if you are in great health for your age, there are going to be serious limits on what you can do and enjoy in retirement. It makes a lot more sense and you’ll get way more value by going now.
It can also help you perform better for the rest of your work life. A break can refresh you, help you find new ways to do things, give you a better perspective, and help avoid burnout.
It is also a chance to spend quality time with those you love (or go find it) while you can. You never know how many tomorrows you have.
While it may sound great to just pack up and head off on an adventure, and it may be good for you. That doesn’t mean there aren’t some obvious challenges. Most obvious is the money.
Trying to save up enough to pay for a year of travel, while covering your bills, and setting aside enough for health care and retirement savings is too much for most. Even if you are a highly paid doctor, lawyer or CEO. It could take many years. Plus, you could be losing too much on the compounding gains and wealth building that money could be earning in good investments. You don’t want to return, and then panic because you have no financial security.
Most also still assume that taking time off means taking a year out of earning, working and producing income too. Even if you are backpacking across the Australian outback on $10 a day, you’ll probably still have bills at home. You may have storage, a mortgage, car payments, and insurance. You don’t want to soak up your savings or liquidate good investments to cover that.
Thankfully, you don’t have to go without earning. In fact, you might just find better ways to earn and invest in this process.
If you already own your own business, then one workaround is simply to get better at automating it. Hire remote employees, slash your overhead, and empower it to run without you 99% of the time.
This may also be a good time to throw yourself into starting the new virtual business or consultancy you have been dreaming about. Find something you can do in just a few hours a day.
The other option is to work with your current employer to begin working remotely. Maybe they’ll let you test it for a month. Then you can go longer. Soon over 60% of the workforce will be remote. If your company doesn’t adjust now, they are going to have a hard time surviving the next few years anyway.
Investing for passive income now, and using that surplus income to pay for your travels or offset them is probably one of the most beneficial options. It means generating more surplus cash each month (whether you work or not), while still having the potential to grow wealth without touching your nest egg. There are not many investments that can do all this, and deliver great returns today. Though multifamily property investing stands out as one that has consistently proven to deliver these benefits.
Learn more about how to invest in income-producing multifamily assets online. Then go learn to fly, ski, hike the Great Wall of China, climb temples in Thailand, scuba dive in the Keys, a volunteer with a nonprofit in Africa, or whatever else is calling you.
ABOUT THE AUTHOR
Bill Zahller is the Managing Partner of Park Capital Partners, LLC and resides in Asheville, NC. As a Multifamily Real Estate Investor and Syndicator, he founded Park Capital Partners, LLC in 2016 after 14 years involvement in real estate investment. He works with accredited investors and professionals who are interested in real estate investment, diversification, and financial freedom.
Bill has been flying since high school. His father was a Naval Aviator and Captain for TWA. Bill has been flying professionally for over 25 years, 23 of those at his current company. He has accumulated over 12,000 hours and 7 Jet type ratings. He has also held Instructor, IOE Instructor and NRFO pilot positions with a large fractional flight company. He is currently flying the Global 6000 in a long range mission capacity. This keeps it interesting – one week its Beijing or Sydney; the next Rio or Rome.
Bill is also the founder of the Asheville Multifamily Investor Club. Visit www.ParkCapitalPartnersLLC.com for more information.