Long-Term Financial Planning Cues for Frequent Travellers

Their fearlessness and relentless pursuit of freedom can definitely be commended, but frequent travellers who have dedicated their lives to seeing as much of the world as they can often feel as if they have to choose that over any kind of financial stability. That’s not entirely the case, although that’s what it’s made to look like by the various market forces all fighting for the dollars in your pockets.

You can definitely enjoy a life out on the road while working on a long-term plan to secure your financial future, although there’s no suggestion at all that it’s going to be an easy undertaking. As is the case with just finding a way to make it happen with your travels, you’re going to have to find a way to make it happen – a way which is not readily available through something like a blue-print you’ll find by running a mere Google search.

Working towards establishing a permanent home-base

I suppose it’s an issue that depends solely on your access to capital, but this is the ultimate dream for someone who seeks to travel the world while at the same time making provision for their financial future. I’m of course talking about owning a property or paying one off which generates passive income for you, part of which would then be used for your travels. If your property generates you a certain amount of money, that passive income can be deployed to cover travel expenses such as accommodation, food, and periodic airfare for those times during your travels when you’re going to be switching base.

I know many travellers would love to own their own backpacker’s hostels, for instance, and come back to that as their home base when they’re not out and about, seeing the world.

Earning money within the travel and tourism industry

The next best thing to owning a property that brings in passive income is to try and earn money within the travel and tourism industry itself, with the income-generation channels forming a natural part of the process. Ad revenue from something like a blog or a vlog is just one example, with other options existing in the form of affiliate marketing (referring people to hotels and airlines for commission), but if you’re to make a serious killing then you’ll probably have to add some creativity to your quest to earn money while you travel, from the travel industry itself.

Envisioning specific elements of your secured financial future

As you can see, it’s quite possible to continue building up a financial safety net all while rewarding your traveller’s spirit, as it’s just a matter of ensuring you spend less than what would likely be your passive earnings. At some point along the way though, you’re going to have to look beyond mere savings and look towards investments that grow your capital base a little quicker.

Ultimately, you have to account for some of the things you might need in the future, like if you perhaps need to get a stair lift fitted in your home, would you be able to afford it without it affecting the quality of your life in other areas?

Krissy Georgiadis

Law graduate and wanderlust sufferer. I like rum and beaches.
Krissy Georgiadis

Written by Krissy Georgiadis

Law graduate and wanderlust sufferer. I like rum and beaches.