Can’t afford retirement? Take a year off and travel, instead. Young adults now include time off and travel among top financial priorities, according to market research.
The lengthy sabbatical appears to be building steam, at least among those privileged enough to pull off months or even years globetrotting, per Skift. A Silicon Valley startup, Wealthfront, just released a tool that will tell you whether or not it’s a good idea, financially speaking, to take a year and see the world.
The company’s research found than an increasing number of young adults listed “take time off to travel” ahead of nearly every other financial goal.
Bloomberg interviewed a couple who spent $40,000 to take off from their job at Dropbox, Inc., visit 25 countries and work on farms in Slovenia and Patagonia.
“You only have one life. As a human being, you have to stop and refresh, the globetrotter told a reporter.
Wealthfront’s new app can take in information about savings rates, salary expectations and cash and spit out a monthly budget and affordable trip length.
Of course, at this blog, we are all about helping people cut costs out of the expensive necessities in life, like flat-bed business class seats.
If the hypothetical couple in this Bloomberg article would have used the 100,000 points currently available through the Chase Sapphire Preferred and Reserve cards, they could have probably travelled an extra two months.
Of course, planning such excursions is contingent upon an important assumption: retaining or beating a former salary after living for a year on faraway farms.
That’s on you.