There has been a lot of discourse around leaving one’s job to explore the world. While there are certainly pros and cons that you need to consider seriously, and you need to know the “whys” of this choice, not many people talk about the “hows” and the ways you can shield yourself from losing all your savings while doing so. If you’ve already weighed the benefits and risks, and if you’re sure this is something you can do and want to do, here are some tips to help you get started.
Leave your previous job or business as smoothly as you can.
Just because you’re leaving your current life, it doesn’t mean you have to burn bridges while doing so—no matter how difficult your job has been. Quitting your position on a high note is crucial if you want to come back eventually (especially if they give you that option). Here are some tips for leaving a job as smoothly as you can:
- Choose the right time to do it. Give at least two weeks’ notice.
- Keep the conversation as polite and civil as you can.
- Be honest about the reason you’re leaving. If you’ve spent a considerable amount of time at work and if they know you, they may not be all that surprised that you’re leaving your job to travel the world.
- Don’t leave them out to dry. If you have to finish some tasks or train some people before you leave, do so.
If you own a business and think it’s time to let it go, here are some ways to exit as smoothly as possible:
- You can close up shop through liquidation, but take note that it has the lowest return of investment.
- Ask a member of your family to take over for you.
- You can also opt to sell your business. Firms like Sell My Audiology Practice, for example, provides an exit strategy that operates in the best interest of the sellers.
- Since you’re the owner, you’re the one who knows the best kind of exit strategy for your business. Know what works for you and what exactly you want to walk away with.
Consider having another stream of income while you travel the world.
Leaving your job to explore the globe is an enormous privilege that not everyone can enjoy, and you never know what can happen to you during your sojourns. If you’re going to do it, make sure that you have another steady stream of income on top of whatever you have saved. Whether it’s a passive income from another business or a freelance job that pays well, it’s important to have a backup plan financially. The last thing you want to become is a begpacker who asks locals to fund your expedition.
Set realistic goals.
The idea of traveling to every continent in the world may be romantic and even possible. Still, it’s more realistic to focus on one specific destination or continent for now. While planning your travels, make S.M.A.R.T. goals:
- Specific: Where are you going? Which continent, countries, and cities?
- Measurable: How are you going to do it? How much money do you have saved? Will you travel by air, sea, or land? Which hotels, hostels, and beds and breakfasts would you be staying at? What will your daily, weekly, and monthly budget look like?
- Attainable: Are your plans realistic? Will the amount of money you have and can make during your trip be enough to sustain your needs?
- Relevant: Are the activities you have planned worthwhile? Will they help fulfill your dream?
- Time-bound: For how long do you plan to travel? Will you have something to get back to after your travels?
Being realistic about your goals is not limiting what you can do; it’s to help shield and protect you from possible hazards you may experience along the way. It’s to help you achieve your travel goals now without depleting your savings for the future. These smart goals will help you create a travel plan that fulfills your dreams without completely robbing you of your post-travel future.
Get your financial ducks in order before you leave.
And lastly, make sure that you call all your card companies to inform them about your plans. Some banks may even allow you to do that through your mobile banking app. Apply for a travel credit or debit card if that’s something you need to do. Inform your family about where you are at all times, in case of an emergency of any kind.
Fulfilling your dream of traveling the world need not deplete your savings. Just be smart and realistic about your choices. Good luck and have fun!