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Sell vs Rent: What to Do With a House Before Long-Term Travel

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If you own your home and you’re about to travel for an extended period of time, you have a big decision to make. 

Many long-term travelers recommend that you sell your house before traveling so you’ll have fewer things to worry about on the road. That’s one good, reasonable option.

But like everything else in personal finance, there’s no such thing as a one-size-fits-all solution. I had to sell my apartment before traveling, but it wasn’t a clear-cut decision at all.

If you find yourself in this situation, click here to read some things you need to consider.

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7 Types of Financial Safety Net for Long-Term Travel

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You may be the most adventurous adventurer there is, but even you probably wouldn’t want to end up with no money in a foreign country.

It’s always awesome to encounter the kindness of strangers during a trip (like the time I ran out of local currency in Taiwan). It’s not so awesome to be in a position to need strangers to extend their kindness.

You don’t have to have everything figured out before you leave home, but it’s important that you have some sort of financial safety net in case things go wrong.

To learn more about the 7 types of financial safety net, click here.

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Research Says You Won’t be Able to Travel in Retirement

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Ads for retirees often show images of happy seniors enjoying trips to exotic locations, but that’s only the reality for a small number of people. For most retirees, that’s just wishful thinking.

Many people will not have money to afford retirement travel.

There have been quite a few surveys on this subject and they reveal the same thing: people want to travel when they retire, but they’re not doing much to make that happen.

HSBC Bank’s Future of Retirement study surveyed 1,000 Americans and found that 40 percent of them wish to travel extensively when they retire, but 30 percent admit to falling short of their retirement goals.

Another survey, by the Transamerica Center for Retirement Studies, asked 1,500 Americans and found that travel is one of the top two goals for retirement — second only to spending time with family and friends. Yet less than half of the respondents are confident that they’ll be able to afford to travel when they retire.

Not surprisingly, the top change retirees would have made if they could do it all over again is to save more money for travel. Just below that is to budget expenses more carefully.

To continue reading, click here.

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How 5 Location-Independent Bloggers Afford to Travel

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As I surf the web, I sometimes come across blog posts where the blogger reveals how he or she manages money while on the road.

And because these location-independent bloggers have done a great job at explaining how they support themselves, I feel like interviewing them would only repeat information that’s already available on their own websites.

So I decided to present some of those blog posts here.

I have chosen five location-independent bloggers who have continue to make money as they travel.

Because these are prominent bloggers, they may also make money from their websites. But as far as I can tell, they can all survive without blogging income.

Because it’s been a while since some of these blog posts were written, I also reached out to these location-independent bloggers to check if they have any updates.

I think it’s interesting how they do very different things to earn money while traveling. :)

To continue reading, click here.

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Travel With Passive Income: Is It Really Possible?

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Passive income has become an overused cliche, thanks to overzealous internet marketers. There’s a lot of backlash out there against the idea that you can laze around on the beach as money flows into your bank account. Forbes has gone so far as to call passive income “a dangerous fantasy”.

The problem is this disillusioned view of passive income is it defines passive income so narrowly as to render it useless. Obviously you can’t create passive income by just putting up a bad website in a few days and letting it run completely on its own for years after that.

But passive income, as money that you regularly earn without having to put in much maintenance work, totally exists. There’s even a Wikipedia page about it. It’s not some new, earth-shattering idea.

In fact, most people are working towards building a kind passive income

It’s called retirement savings. (And if the news is to be believed, nobody’s doing a very good job at it.)

What is retirement savings, really, if not a way to make sure that Future You will have enough money without having to work? Only instead of having something that produces regular income, Future You will have enough cash stashed away to last decades.

To continue reading, click here.

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