It IS possible to save the $’s to take a career break. Where do you start?  We interviewed a few financial experts about how to go about saving for your break.  Sit back and be inspired!

What’s Your Number? featuring Career Break Vets Warren and Betsy Talbot:

We know that MOST Financial Advisors would tell you that you are crazy for wanting to take break from work to travel.  After all, it will cut into your retirement savings; however financial expert, Debbie Whitlock, doesn’t think you are crazy.  In fact – she’ll give you advice on how to go about financially planning for such a big trip.  She understands the desire to take a break and won’t talk you out of it!

Sherry Ott talks with Financial Advisor Debbie Whitlock about how to start saving, tracking your spending, and creating a budget for both your career break and re-entry without dipping into your retirement funds. (Runtime – 14:04)

Transcript Part 1
1:10 – How far out do you have to start financial planning for a career break? Depends on:
– Debt carried
– Current cash reserve
– How much stuff you have
– How long is the break
– Must do your research first!
– Overall range is 9 to 24 months to start saving
4:25 – What are the steps to creating a career break financial plan?
– Budget – you have to know inflow and outflow of your money presently
5:55 – Find the missing money, it can become the key to the kingdom!
6:40 – Track every penny for 30 days
7:55 – Start making changes in spending – alternative ways to socialize
9:00 – Look at your current cash position and what it is allocated for
10:15 – Figure out where you are going to travel and create your daily travel budget
10:55 – Don’t over look the cost of re-entry
12:00 – Don’t go backwards! Once you identify where you can cut back – don’t absorb it back into your life – keep it separate!
13:10 – The planner vs. the non-planner
– There are different types of people who go into career break travel; however both types still need to do a little front-end work when it comes to budget.

FINANCIAL PLANNING – PART 2
Sherry & Debbie discuss some financial myths, how to supplement your income on the road, budgets for different circumstances and working with your financial advisor. (Runtime – 13:39)

Transcript Part 2
00:10 – Do you have to sell everything you own or dip into retirement money? It is an extreme to sell everything you own, and not always necessary.
1:15 – Take a balanced approach which may mean a bit of delayed gratification and more thoughtful planning.
2:40 – You can consider working during the career break to support your travel budget
3:50 – What if you have kids or a spouse/partner – do you need to financially plan differently?
5:00 – Need to consider what the potential additional costs with kids
6:45 – How do you engage your current financial advisor in this career break discussion?
8:10 – What do you do if your advisor doesn’t think it’s a good idea?
9:15 – Meet with your advisor regularly and consider how you will communicate when you are on the road.
10:50 – How do you know that you have the right financial advisor to be your partner in this venture?
12:30 – We are a different generation and therefore we look at things differently – including our finances.

It IS possible to save the $’s to take a career break. Where do you start?  We interviewed a few financial experts about how to go about saving for your break.  Sit back and be inspired!

What’s Your Number? featuring Career Break Vets Warren and Betsy Talbot:

We know that MOST Financial Advisors would tell you that you are crazy for wanting to take break from work to travel.  After all, it will cut into your retirement savings; however financial expert, Debbie Whitlock, doesn’t think you are crazy.  In fact – she’ll give you advice on how to go about financially planning for such a big trip.  She understands the desire to take a break and won’t talk you out of it!

Sherry Ott talks with Financial Advisor Debbie Whitlock about how to start saving, tracking your spending, and creating a budget for both your career break and re-entry without dipping into your retirement funds. (Runtime – 14:04)

Transcript Part 1
1:10 – How far out do you have to start financial planning for a career break? Depends on:
– Debt carried
– Current cash reserve
– How much stuff you have
– How long is the break
– Must do your research first!
– Overall range is 9 to 24 months to start saving
4:25 – What are the steps to creating a career break financial plan?
– Budget – you have to know inflow and outflow of your money presently
5:55 – Find the missing money, it can become the key to the kingdom!
6:40 – Track every penny for 30 days
7:55 – Start making changes in spending – alternative ways to socialize
9:00 – Look at your current cash position and what it is allocated for
10:15 – Figure out where you are going to travel and create your daily travel budget
10:55 – Don’t over look the cost of re-entry
12:00 – Don’t go backwards! Once you identify where you can cut back – don’t absorb it back into your life – keep it separate!
13:10 – The planner vs. the non-planner
– There are different types of people who go into career break travel; however both types still need to do a little front-end work when it comes to budget.

FINANCIAL PLANNING – PART 2
Sherry & Debbie discuss some financial myths, how to supplement your income on the road, budgets for different circumstances and working with your financial advisor. (Runtime – 13:39)

Transcript Part 2
00:10 – Do you have to sell everything you own or dip into retirement money? It is an extreme to sell everything you own, and not always necessary.
1:15 – Take a balanced approach which may mean a bit of delayed gratification and more thoughtful planning.
2:40 – You can consider working during the career break to support your travel budget
3:50 – What if you have kids or a spouse/partner – do you need to financially plan differently?
5:00 – Need to consider what the potential additional costs with kids
6:45 – How do you engage your current financial advisor in this career break discussion?
8:10 – What do you do if your advisor doesn’t think it’s a good idea?
9:15 – Meet with your advisor regularly and consider how you will communicate when you are on the road.
10:50 – How do you know that you have the right financial advisor to be your partner in this venture?
12:30 – We are a different generation and therefore we look at things differently – including our finances.

Think Good Thoughts – Travel isn’t as expensive as you think!

“Travel is too expensive, I can’t do it.” Sound familiar?

Tripping yourself up with the “travel is expensive” myth is a sure-fire way to defeat the dream before you even give it a chance to breathe.

Before you defeat your dream consider this: A vacation is different from traveling. Maybe up to this point you’ve only taken a vacation, a one to two week trip you saved up for and enjoyed thoroughly. On average – a vacation that includes a flight, hotel stays, and eating out for every meal can cost anywhere form $1,000 to $2,000 per person per week. Plus when you go on vacation, all of your other monthly expenses don’t go away. You still have to pay for your mortgage or rent, car, electricity, water, magazine subscriptions – this all continues while you are on vacation.

Time is on Your Side

When you travel for an extended time this scenario of costs change because time is on your side.

Airfare

First you buy a plane ticket – but you stay longer, much longer in a region. The cost of your $1000 plane ticket overseas is now spread out across 4 weeks instead of 1 week potentially. Plus – once in that country, you have a myriad of transportation options to get from place to place in the region. You may get around the country or region by local transportation now since time is now on your side. No need to maximize every second of your vacation; slow down and relax – by doing so you spend less money.

Lodging/Food

You will also most likely not stay in high priced hotels or resorts for a long term lodging solution. You will start to be introduced to the world of guest houses, couchsurfing, and hostels; or simply more budget style hotels. You’ll find accommodation with access to a kitchen and can cook some of your own meals. You won’t be dining out for every meal; going out to eat all the time can get tiresome not to mention costly.

Monthly Expenses

Here’s where the real money savings happens…your monthly expenses go away. Maybe not all of them – but a good majority of them no longer are expenses while you travel. Consider this list (below) of typical monthly expenses for people. The ones in red will, or can, disappear while you travel.

To begin with, you can sublet or sell your home. We know that may be a big step for some, but by doing this you remove many monthly expenses! You potentially don’t have to pay to put your items in storage. No more electricity/gas/water bills. In addition, when you travel, you no longer have to supply your home with stuff like toilet paper or cleaning supplies, these normal day-to-day expenses go away while you’re on the road.

You can also get rid of your car or simply store it while you are gone and reap the benefits of no insurance payment, maintenance, or fuel charges. You no longer have to commute to work, or dry clean work clothes!

Sure – other new expenses are added when you travel – but not at the same rate as it takes to live day to day and maintain a dwelling and job.

Before you know it your monthly expenses disappear and the amount you will need to simply travel becomes ‘reasonable’ . So don’t think about your budget in terms of a vacation budget; extended travel is much different!

Download the Excel Sheet: What Can Disappear?

What other expenses do you have that will disappear when you start your career break?

What do you do with your all of your stuff when you take a career break and travel?  It’s a fair question, and one a lot of career breakers leave until the last moment. But if you put a little bit of planning into what you leave behind, your trip can be far more rewarding and your budget a little bit fatter.

The last thing you want to worry about when you’re climbing a mountain in South America, cruising to Antarctica, or visiting the temples in Southeast Asia, is your stuff back home. The whole point of your career break is to cut your ties and explore something new, and that can’t happen – at least not the full immersion you’re seeking – if you don’t have things at home under control.

The easiest method is the one we chose for our career break back in 2010. We sold everything over the course of 2 years, and along the way we became accidental experts at this whole decluttering thing.

Whether you choose to get rid of it all or save some of it for when you come back, what we know for sure is you’ll need a strategy for your stuff.

Declutter Your Space

No matter how long you plan to be gone, getting rid of the things you don’t need now will save you money, time, and worry later on. You’ll have less to store, less to maintain, and less to move when you get back.

Think about what you’ll need when you return and what you own but haven’t used in a very long time. As you go about rethinking your career and life, it’s a great time to do the same with your possessions. When you cut out the excess from your life, you can more easily see the opportunities around you.

Decluttering also helps prepare your mindset for your journey. You’ll likely be traveling light, and practicing that method now with your belongings will teach you to think about what you really need and want in this world, which is part of the reason you’re doing this whole career break thing anyway.

Sell the Excess

The added bonus is that you can sell most of what you no longer want now and use it to help fund your career break. Think about how your old phones, computers, exercise equipment, kitchen supplies, and even software and games can help fund your adventures around the world. This is much better than hauling them into a storage building that you’ll pay $1200 for while you’re gone.

In the months leading up to your career break, list a few things for sale each week on Craigslist, and you’ll be surprised at how quickly it adds up in your bank account and what a difference it makes in your home.

It doesn’t take a lot of time to do this each week, and over time you’ll appreciate this small effort.

Rent Your Space

Now that your home is decluttered and you’ve sold all the excess to help fund your trip, you have a clean space to rent. Depending on your location, you may even be able to leave your furniture and belongings in place and rent it to someone on a temporary relocation or a visiting professor or student. Use your social network to find trustworthy friends of friends in need of a place to live.

There are also professional housesitters all over the world looking for great places to stay. If you don’t need the cash or have pets you want to be loved and cared for in your absence, look for someone to stay in your home for free in exchange for pet care and maintenance. There are many housesitters who take long-term assignments. Check out TrustedHousesitters.com if you want to list your home (use our discount code “married” for 25% off).

If you are renting your space, use a property management company or a trusted local friend to manage any small repairs or emergencies at your home. You don’t want to have to worry about a busted hot water heater when you’re rafting down the Amazon.

The more you let go of the responsibilities of home, the more you’ll enjoy and benefit from your career break. In the end, it’s all just stuff, and none of it is more important than the experiences you’ll forever have from this grand adventure.

Minimize your stuff and maximize your experience.

About the Authors: Warren and Betsy Talbot have been traveling the world since 2010. Their first book, Getting Rid of It: Eliminate the Clutter in Your Life, is now a full blown multimedia course for people who are making big changes in their lives…people like you. Find out how to get rid of your stuff and make some serious cash toward your career break at www.DeclutterClinic.com. Click here to view more details

What do you do with your all of your stuff when you take a career break and travel?  It’s a fair question, and one a lot of career breakers leave until the last moment. But if you put a little bit of planning into what you leave behind, your trip can be far more rewarding and your budget a little bit fatter.

The last thing you want to worry about when you’re climbing a mountain in South America, cruising to Antarctica, or visiting the temples in Southeast Asia, is your stuff back home. The whole point of your career break is to cut your ties and explore something new, and that can’t happen – at least not the full immersion you’re seeking – if you don’t have things at home under control.

The easiest method is the one we chose for our career break back in 2010. We sold everything over the course of 2 years, and along the way we became accidental experts at this whole decluttering thing.

Whether you choose to get rid of it all or save some of it for when you come back, what we know for sure is you’ll need a strategy for your stuff.

Declutter Your Space

No matter how long you plan to be gone, getting rid of the things you don’t need now will save you money, time, and worry later on. You’ll have less to store, less to maintain, and less to move when you get back.

Think about what you’ll need when you return and what you own but haven’t used in a very long time. As you go about rethinking your career and life, it’s a great time to do the same with your possessions. When you cut out the excess from your life, you can more easily see the opportunities around you.

Decluttering also helps prepare your mindset for your journey. You’ll likely be traveling light, and practicing that method now with your belongings will teach you to think about what you really need and want in this world, which is part of the reason you’re doing this whole career break thing anyway.

Sell the Excess

The added bonus is that you can sell most of what you no longer want now and use it to help fund your career break. Think about how your old phones, computers, exercise equipment, kitchen supplies, and even software and games can help fund your adventures around the world. This is much better than hauling them into a storage building that you’ll pay $1200 for while you’re gone.

In the months leading up to your career break, list a few things for sale each week on Craigslist, and you’ll be surprised at how quickly it adds up in your bank account and what a difference it makes in your home.

It doesn’t take a lot of time to do this each week, and over time you’ll appreciate this small effort.

Rent Your Space

Now that your home is decluttered and you’ve sold all the excess to help fund your trip, you have a clean space to rent. Depending on your location, you may even be able to leave your furniture and belongings in place and rent it to someone on a temporary relocation or a visiting professor or student. Use your social network to find trustworthy friends of friends in need of a place to live.

There are also professional housesitters all over the world looking for great places to stay. If you don’t need the cash or have pets you want to be loved and cared for in your absence, look for someone to stay in your home for free in exchange for pet care and maintenance. There are many housesitters who take long-term assignments. Check out TrustedHousesitters.com if you want to list your home (use our discount code “married” for 25% off).

If you are renting your space, use a property management company or a trusted local friend to manage any small repairs or emergencies at your home. You don’t want to have to worry about a busted hot water heater when you’re rafting down the Amazon.

The more you let go of the responsibilities of home, the more you’ll enjoy and benefit from your career break. In the end, it’s all just stuff, and none of it is more important than the experiences you’ll forever have from this grand adventure.

Minimize your stuff and maximize your experience.

About the Authors: Warren and Betsy Talbot have been traveling the world since 2010. Their first book, Getting Rid of It: Eliminate the Clutter in Your Life, is now a full blown multimedia course for people who are making big changes in their lives…people like you. Find out how to get rid of your stuff and make some serious cash toward your career break at www.DeclutterClinic.com. Click here to view more details

What do you do with your all of your stuff when you take a career break and travel?  It’s a fair question, and one a lot of career breakers leave until the last moment. But if you put a little bit of planning into what you leave behind, your trip can be far more rewarding and your budget a little bit fatter.

The last thing you want to worry about when you’re climbing a mountain in South America, cruising to Antarctica, or visiting the temples in Southeast Asia, is your stuff back home. The whole point of your career break is to cut your ties and explore something new, and that can’t happen – at least not the full immersion you’re seeking – if you don’t have things at home under control.

The easiest method is the one we chose for our career break back in 2010. We sold everything over the course of 2 years, and along the way we became accidental experts at this whole decluttering thing.

Whether you choose to get rid of it all or save some of it for when you come back, what we know for sure is you’ll need a strategy for your stuff.

Declutter Your Space

No matter how long you plan to be gone, getting rid of the things you don’t need now will save you money, time, and worry later on. You’ll have less to store, less to maintain, and less to move when you get back.

Think about what you’ll need when you return and what you own but haven’t used in a very long time. As you go about rethinking your career and life, it’s a great time to do the same with your possessions. When you cut out the excess from your life, you can more easily see the opportunities around you.

Decluttering also helps prepare your mindset for your journey. You’ll likely be traveling light, and practicing that method now with your belongings will teach you to think about what you really need and want in this world, which is part of the reason you’re doing this whole career break thing anyway.

Sell the Excess

The added bonus is that you can sell most of what you no longer want now and use it to help fund your career break. Think about how your old phones, computers, exercise equipment, kitchen supplies, and even software and games can help fund your adventures around the world. This is much better than hauling them into a storage building that you’ll pay $1200 for while you’re gone.

In the months leading up to your career break, list a few things for sale each week on Craigslist, and you’ll be surprised at how quickly it adds up in your bank account and what a difference it makes in your home.

It doesn’t take a lot of time to do this each week, and over time you’ll appreciate this small effort.

Rent Your Space

Now that your home is decluttered and you’ve sold all the excess to help fund your trip, you have a clean space to rent. Depending on your location, you may even be able to leave your furniture and belongings in place and rent it to someone on a temporary relocation or a visiting professor or student. Use your social network to find trustworthy friends of friends in need of a place to live.

There are also professional housesitters all over the world looking for great places to stay. If you don’t need the cash or have pets you want to be loved and cared for in your absence, look for someone to stay in your home for free in exchange for pet care and maintenance. There are many housesitters who take long-term assignments. Check out TrustedHousesitters.com if you want to list your home (use our discount code “married” for 25% off).

If you are renting your space, use a property management company or a trusted local friend to manage any small repairs or emergencies at your home. You don’t want to have to worry about a busted hot water heater when you’re rafting down the Amazon.

The more you let go of the responsibilities of home, the more you’ll enjoy and benefit from your career break. In the end, it’s all just stuff, and none of it is more important than the experiences you’ll forever have from this grand adventure.

Minimize your stuff and maximize your experience.

About the Authors: Warren and Betsy Talbot have been traveling the world since 2010. Their first book, Getting Rid of It: Eliminate the Clutter in Your Life, is now a full blown multimedia course for people who are making big changes in their lives…people like you. Find out how to get rid of your stuff and make some serious cash toward your career break at www.DeclutterClinic.com. Click here to view more details

There are plenty of great posts and articles discussing all of the wonderful things travel has to offer. But like most good things, there is also a downside to traveling – it’s just that no one ever talks about that. Christine Talianis of “Bert & Patty” shares with us the frustrations she’s faced on the road during her year-long career break. Many people will be able to relate!

What are some of the unexpected frustrations you’ve encountered on the road?
I think the biggest thing is we didn’t know it was going to be so much work. Seems like we spend an awful lot of time planning our next move, figuring out where we are and how to get around (get a guesthouse, find somewhere to eat, laundry, find out what to do in that town/city, public transport, local scams, etc.). By the time we do all of that, we barely have time to journal, write in blogs and upload photos. So, we opt for a beer and get another day behind. I also thought there would be free wifi everywhere, and there definitely isn’t—guess we were spoiled in Seattle.

Is there anything you wish you knew in advance to help prepare yourself for them?

I wish I had a heads up that it wasn’t always going to be fun and exciting. Seems like nobody talks about the downside to long term travel and it’s even worse when we read other blogs and it sounds like others are having the time of their lives while we are struggling (I guess who’s going to write about it or take photos when they are struggling anyways, right!). Then we just feel crazy and felt bad because we were supposed to be having fun!

We also never expected we would argue so much because at home we got along so well; agreeing most of the time on what we were doing. Maybe it’s the fact that you are together 24/7 and making tons of new decisions every day. It wasn’t until we met other couples (who seemed to be having a great time and well adjusted) and they also reported experiencing the exact same stresses and arguments. Then we started to give ourselves a break and reminded ourselves that this is an unusually stressful situation. I think a lot of the bickering in the early days had to do with the stress of not knowing what the heck we were doing, traveling way too fast (we never stayed anywhere for more than 2 nights) and we were spending so much money in Australia and New Zealand. Now we feel like old pros, we stay in places 4 and 5 nights at a time and our money goes so much further in SE Asia.

Did you ever expect to miss your job and a structured schedule so much?
No, I never thought I would miss my job or structure, but we both do. We’ve even contemplated ending the trip so we can get back into a routine again. Glad we didn’t because we are having a great time. I think the biggest thing about work that I miss is my work friends (and my other friends for that matter). Oh what I would give to have a coffee or lunch with one of my girls and catch up on all the gossip or life issues. Plus, I miss the feedback of friends. On the other hand, I do love being with my Paul everyday creating so many meaningful experiences.

How have you been coping?
The biggest thing was talking about it with other long term traveling couples. Asking them if they experience the same things we do (and we were surprised to hear that they did). When we found that out, we didn’t stress about it so much anymore. We gave ourselves a break. Literally. Now, if we are feeling frustrated with each other, we agree to take an hour or two apart and meet back afterwards. It works out pretty nicely to have some ‘me’ time. We also split up at times so Paul can take some more photos while I get a massage—talk about a good break!!!

What would you tell others who are just preparing for their travels?
I would tell them it’s going to be the most amazing time of their lives. We feel so privileged to be able to travel for 13 months and experience so many cultures and beautiful places. I would also tell them it’s going to be a lot of work at times just trying to get everything together, so don’t travel too fast, enjoy the place you are in, talk to locals, experience the food, and by all means, don’t try to do it all. There are so many things we have set aside for another trip back to SE Asia. It’s amazing to think we have so much time but still we have to miss stuff but it is true.

Lately, we are having some great adventures because we have been more spontaneous. For instance, we got accosted by a couple of guys on a motorcycle the other day who offered to take us around Hue and we did it. It turned out to be much better than the city tour we took the day before and so much more fun. Or another time, a tout jumped into our taxi and took us to his hotel, which turned out to be a great deal and quite lovely and led into another hotel in the next town. Also, have a plan about bickering because it is definitely going to happen and it’s different than when you are at home because you lack a support system and you can’t just hop in the car and take a drive to cool off. And most importantly, make sure to be very good to each other and do the little things even though you are together 24/7.