Comments on: Budgeting for the return home http://www.twortw.com/2009/09/21/budgeting-for-the-return-home/ Planning, preparing and packing for a round-the-world trip Sun, 29 Jan 2012 03:21:55 +0000 hourly 1 http://wordpress.org/?v= By: Lindseyhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-783 Lindsey Sun, 11 Oct 2009 19:35:22 +0000 http://www.twortw.com/?p=1052#comment-783 Another great post. We're hoping to have about $5,000 when we get home, but I think this is kind of well...hopeful. The last time we took an around the world trip...I ended up with $75 in my bank account. I guess that's better than some. This time, I believe we might just see how things end up. If it looks like we're getting down to the wire, Blake and I might sign a contract to teach in Asia. Since the job market is not so active in the U.S., we might as well continue our adventure while working abroad. The fact that we are both teachers helps the situation a little as well.
Another great post. We’re hoping to have about $5,000 when we get home, but I think this is kind of well…hopeful. The last time we took an around the world trip…I ended up with $75 in my bank account. I guess that’s better than some.

This time, I believe we might just see how things end up. If it looks like we’re getting down to the wire, Blake and I might sign a contract to teach in Asia. Since the job market is not so active in the U.S., we might as well continue our adventure while working abroad. The fact that we are both teachers helps the situation a little as well.

]]> By: Danielhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-639 Daniel Thu, 24 Sep 2009 02:37:41 +0000 http://www.twortw.com/?p=1052#comment-639 Agreed, Anil — one thing that the blogging community has really opened my eyes to is the diverse number of ways that exist to supplement your income doing the things that you love to do, ie travel, write, etc.
Agreed, Anil — one thing that the blogging community has really opened my eyes to is the diverse number of ways that exist to supplement your income doing the things that you love to do, ie travel, write, etc.

]]> By: Danielhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-634 Daniel Thu, 24 Sep 2009 02:03:40 +0000 http://www.twortw.com/?p=1052#comment-634 Same here, Anil — debt is best avoided but hindsight is 20/20! Is it okay to go into debt for a round-the-wrld trip? Is going into debt is worth the impact to one's personal finances? In my opinion, it's usually not worth it. By going into debt to travel, you limit your options and surrender control over your money, and in many ways, your future. Debt, in many ways, is the antithesis to travel. Rather than investing in yourself, you're paying interest to a creditor. When you're younger (ie under 40) it can cause you to miss out on some substantial long-term rewards, ie independence, earlier retirement, security, et al.
Same here, Anil — debt is best avoided but hindsight is 20/20! Is it okay to go into debt for a round-the-wrld trip? Is going into debt is worth the impact to one’s personal finances? In my opinion, it’s usually not worth it. By going into debt to travel, you limit your options and surrender control over your money, and in many ways, your future. Debt, in many ways, is the antithesis to travel. Rather than investing in yourself, you’re paying interest to a creditor. When you’re younger (ie under 40) it can cause you to miss out on some substantial long-term rewards, ie independence, earlier retirement, security, et al.

]]> By: Anilhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-627 Anil Tue, 22 Sep 2009 16:21:27 +0000 http://www.twortw.com/?p=1052#comment-627 I'm a big believer that everyone has skills they can market to make some additional money on the side. Even if it's tiny amounts planting the seed is the hardest part. In my opinion it's better to take the time and save and don't use credit at all if possible. A debt payment is a scary thing to return to!
I’m a big believer that everyone has skills they can market to make some additional money on the side. Even if it’s tiny amounts planting the seed is the hardest part.

In my opinion it’s better to take the time and save and don’t use credit at all if possible. A debt payment is a scary thing to return to!

]]> By: Gourmantichttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-626 Gourmantic Tue, 22 Sep 2009 11:50:27 +0000 http://www.twortw.com/?p=1052#comment-626 Good topic, Daniel. I don't think there are easy answers to some of your questions. It depends on circumstances and the individual(s). Certainly makes you plan for the worst when you consider all options.
Good topic, Daniel. I don’t think there are easy answers to some of your questions. It depends on circumstances and the individual(s). Certainly makes you plan for the worst when you consider all options.

]]> By: Danielhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-624 Daniel Mon, 21 Sep 2009 15:41:10 +0000 http://www.twortw.com/?p=1052#comment-624 I've been there, Stephanie and finished up a 6-month stint through Asia with student loans and a heft credit card balance. That's why we're aiming to do things a bit differently this time around!
I’ve been there, Stephanie and finished up a 6-month stint through Asia with student loans and a heft credit card balance. That’s why we’re aiming to do things a bit differently this time around!

]]> By: Danielhttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-623 Daniel Mon, 21 Sep 2009 15:39:55 +0000 http://www.twortw.com/?p=1052#comment-623 Thanks, JoAnna. Ultimately, you have to choose an amount that you’re comfortable with and that fits you particular situation. I agree that it will take time to find work (or to readjust to the idea of work). Another thing that I didn't really touch on is how difficult an environment one might face attempting to return to employment vis-a-vis the current economic situation. As I've been reading, it's likely that job creation won't really ramp up for another year or so. Until then it might be a difficult environment to be looking for work. I've read on some other personal finance blogs that in these situations its best to try and save a month's worth of expenses for every percentage point of the jobless rate. Hence, with North America hovering around 9% unemployment, a nine-month cushion of expenses would be warranted. Of course, everybody's situation is different, however!
Thanks, JoAnna. Ultimately, you have to choose an amount that you’re comfortable with and that fits you particular situation. I agree that it will take time to find work (or to readjust to the idea of work). Another thing that I didn’t really touch on is how difficult an environment one might face attempting to return to employment vis-a-vis the current economic situation. As I’ve been reading, it’s likely that job creation won’t really ramp up for another year or so. Until then it might be a difficult environment to be looking for work. I’ve read on some other personal finance blogs that in these situations its best to try and save a month’s worth of expenses for every percentage point of the jobless rate. Hence, with North America hovering around 9% unemployment, a nine-month cushion of expenses would be warranted. Of course, everybody’s situation is different, however!

]]> By: JoAnnahttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-621 JoAnna Mon, 21 Sep 2009 13:14:20 +0000 http://www.twortw.com/?p=1052#comment-621 Daniel ~ You started this post off by saying: Readjusting to life in the ‘real world’ upon your return home from a long time abroad can be a difficult transition. One thing to keep in mind when prepping for this transition isn't just money, it's counter culture shock, which may or may not keep you from fitting back into "society" as quickly as you might have hoped. After a year on the road, fitting back into the nice little 8-10-5 box may not be as easy as you think. So while it sounds like the ideal situation to return home and get a job, it's important to build in a cushion of time that allows you to readjust to a "normal" lifestyle. That will help determine how much money you may need to float you through until you're ready to return to a non-nomadic lifetstyle.
Daniel ~

You started this post off by saying: Readjusting to life in the ‘real world’ upon your return home from a long time abroad can be a difficult transition.

One thing to keep in mind when prepping for this transition isn’t just money, it’s counter culture shock, which may or may not keep you from fitting back into “society” as quickly as you might have hoped. After a year on the road, fitting back into the nice little 8-10-5 box may not be as easy as you think. So while it sounds like the ideal situation to return home and get a job, it’s important to build in a cushion of time that allows you to readjust to a “normal” lifestyle. That will help determine how much money you may need to float you through until you’re ready to return to a non-nomadic lifetstyle.

]]> By: Stephaniehttp://www.twortw.com/2009/09/21/budgeting-for-the-return-home/comment-page-1/#comment-620 Stephanie Mon, 21 Sep 2009 12:02:35 +0000 http://www.twortw.com/?p=1052#comment-620 This is a great topic! I really messed this up on my last long-term trip abroad. Managed to return home not only broke, but with $1500 in credit card debt! I got so caught up in traveling and seeing as much as I could that I really didn't care about the aftermath. Luckily I'm still very young so I didn't have a mortgage or dependents to worry about, and I found a job very quickly. Still, it wasn't a great situation to be in and I wouldn't recommend it. This time around I'm setting aside a separate fund for start-up costs when I return. Probably in a CD as you suggested. It's just the smart thing to do.
This is a great topic! I really messed this up on my last long-term trip abroad. Managed to return home not only broke, but with $1500 in credit card debt! I got so caught up in traveling and seeing as much as I could that I really didn’t care about the aftermath. Luckily I’m still very young so I didn’t have a mortgage or dependents to worry about, and I found a job very quickly. Still, it wasn’t a great situation to be in and I wouldn’t recommend it.

This time around I’m setting aside a separate fund for start-up costs when I return. Probably in a CD as you suggested. It’s just the smart thing to do.

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