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By the end of the year, I will have $100K saved up, should I quit my job and travel?


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Csmith224422

I play on travelling light, backpacking, staying in hostels, and using miles for free flights. Also, I would teach English and pick up other jobs while traveling.

 

Also, when I come back after about a year or two, I may enroll in a graduate school program for business so I would be making a career change.

 

Currently, I am a lawyer and have been practicing for 8 years. I actually like my job and enjoy what I do, but I have other interests and feel bored with the daily routine.

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If you don't do it now, when will you?

 

 

If you can't get a job when you get back you can always hang out a shingle.

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I was wondering how you managed to save that much money and then red the lawyer for 8 years bit. You sure are lucky. I think you might be better off buying a home and having minimal mortgage payments if you don't already. In some areas $100k could be 50% down.

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StalwartMind

I would say yes. Do you have any specific destinations in mind? Many places in Asia offer English teaching jobs. While it's not for everyone, I do find traveling to wonderful, especially when you get to see other locations in a non traditional tourist way. Encouragement from here!

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You should buy a property, rent it out, then go travelling. Why do you have 100k in savings? Why isn't it invested? You must be 30 at least, time to think about the future, you don't want to be in the same or worse position when you are 35.

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I play on travelling light, backpacking, staying in hostels, and using miles for free flights. Also, I would teach English and pick up other jobs while traveling.

 

Also, when I come back after about a year or two, I may enroll in a graduate school program for business so I would be making a career change.

 

Currently, I am a lawyer and have been practicing for 8 years. I actually like my job and enjoy what I do, but I have other interests and feel bored with the daily routine.

 

Just to be sure, when you say you've saved up 100K, do you mean you're completely debt-free and you've got $100K in the bank, or do you still owe law school loans? Big difference.

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I make a point of always doing what I want to do.

 

I won't be the one who could have, but didn't.

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SycamoreCircle

I traveled for a year throughout Southeast Asia living on 3K.

 

What's the hold up?

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Csmith224422
Just to be sure, when you say you've saved up 100K, do you mean you're completely debt-free and you've got $100K in the bank, or do you still owe law school loans? Big difference.

 

Great question - I paid off my student loans 2 years ago. I have no debt, no kids, no significant other, no major obligations.

 

I am worried about when I come back and re-entering the job force. However, I may make a career change anyway and would go to business school.

 

I'm 30 years old and figured that if I do this . .. now may be the only time I have. I'd rather travel now when I'm young and healthy as compared to when I'm retired at age 65.

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Well it's your life but when I went away for two years I made sure I had investments to come back to. Changing careers is hard. You will compete with people who have been doing the job you want for 10 years longer than you. It will take you ages to start earning again and a lot of countries won't let you work when you are away anyway. You better off figuring out what you want rather than just react to boredom. Frittering away what you have without a plan sucks in your 30s.

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How've you been practicing for 8 years at 30? Are you including law school years??

 

I took 8 months off at 27 to travel the Southern Hemisphere, but I was only 2 years out of law school. I had absolutely no trouble re-entering the workforce. Many saw my choice as an accomplishment.

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Csmith224422
How've you been practicing for 8 years at 30? Are you including law school years??

 

I took 8 months off at 27 to travel the Southern Hemisphere, but I was only 2 years out of law school. I had absolutely no trouble re-entering the workforce. Many saw my choice as an accomplishment.

 

I graduated college and law school early. I graduated law school when I was 22 years old.

 

I like the investment idea . . . and may look into that. I would have to do my due diligence before I invest in anything.

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Great question - I paid off my student loans 2 years ago. I have no debt, no kids, no significant other, no major obligations.

 

I am worried about when I come back and re-entering the job force. However, I may make a career change anyway and would go to business school.

 

I'm 30 years old and figured that if I do this . .. now may be the only time I have. I'd rather travel now when I'm young and healthy as compared to when I'm retired at age 65.

 

Hell, I say do it and don't look back. Just make sure you live on the cheap while you travel. You don't have to stay in thatched huts or anything, but I would stay in budget hotels and hostels. I would also consider buying some travel insurance, and read up carefully on how different medical systems work around the world. Of course...you may end up places that don't have medical systems. Just make sure you know how to get cash when you need it.

 

Other than that, have the time of your life!:cool:

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loveweary11

Hell YES!!

 

Don't worry about the job force or re entering it.. you may never return! :D

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Great question - I paid off my student loans 2 years ago. I have no debt, no kids, no significant other, no major obligations.
IMO, perfect timing to explore the world. Becoming 'homeless' and immersing in other cultures can benefit you in ways that will remain with you throughout life.

 

I am worried about when I come back and re-entering the job force. However, I may make a career change anyway and would go to business school.

 

It's possible your exploration will open up new horizons and passions which may find you never 'coming back'.

I'm 30 years old and figured that if I do this . .. now may be the only time I have. I'd rather travel now when I'm young and healthy as compared to when I'm retired at age 65.
While there may be other times, now is when you feel the time is right apparently, so go with that. I started traveling when I was about your age, even though I'm of much more modest means, and it provided insight and memories which added greatly to the texture of life and to the body of experience I bring now to everyday life. It's unknown how your experience will affect you. Only way to know is to go. Good luck in your decision!
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Caution should never be allowed to get in the way of joy.

 

I've laughed in the face of caution all my life, and never come to any harm :)

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Caution should never be allowed to get in the way of joy.

 

I've laughed in the face of caution all my life, and never come to any harm :)

 

Yet............

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Heh, yeah, I thought about that (the harm thing) while on a bush plane holding the hair of a woman puking into a bag from malaria somewhere in the nether regions of Zimbabwe. Still, we all made it out alive.

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Yet............

 

I've broken more than a few bones here and there, and had some close brushes with death, but its been an absolute blast.

 

One day my number will come up. I know that, for sure.

 

There's been quite a few situations where I've thought, "This is it, this is the moment of my death," so I'm ready for that eventuality when it comes.

 

Until then, I'll keep pushing the envelope, and keep on doing what I want to do :)

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I would do it, and have done it. About ten years ago my budgeting allowed me 15 months of travel for about US$25,000-US$30,000 total. That included some more expensive countries as well as airline tickets. In many countries, $1,000/month was all I needed.

 

Some of the best times of my life. Sure, it could have gone towards a downpayment on a house or an investment, but I wouldn't trade the experiences I had for anything. No regrets. I didn't have any trouble getting back into my career.

 

In your shoes, with $100,000 saved up...I wouldn't hesitate at all. You have plenty of money to both invest and spend traveling for a year.

 

A tip...if you are going to be away for more than a couple months, try to eliminate any at-home expenses. Move out or sublet your place, cancel utilities that you don't need, etc. Put your stuff in storage or borrow space in a friend's basement or garage. Travel expenses will add up quickly if you are still paying rent/mortgage, internet service, etc.

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OP, some practical things you should know before you set off on your yearlong adventure.

 

No school anywhere in Asia will allow you to teach without a TESOL/TESL certificate. You will need to get that first; either through a program in your city, or via an online TESOL/TSL program. Then, you will need to find a program that places certified teachers in whatever country that you want to visit first.

 

Unfortunately, you just can't show up to teach English somewhere. There's always paperwork involved. But I admire your adventurous spirit.

 

Next, there is the matter of your savings. Don't blow it all on travel. Set some aside for when you decide to settle down. If you decide to return to the U.S., or decide to move to another country, having some savings will help you make that possible. So, sit down and create a budget based on a year timeline and number of countries. Then research the hostels in each city you want to visit, and the cost of public transportation for each city. Having that all sorted out before you get on a plane will really reduce your stress levels, since unexpected costs always pop up.

 

I just finished a 10 day trip to the West Coast and had to dip into my savings for some unexpected costs. If I had not set aside some emergency money, I'd be up sh*t creek without a paddle.

 

I also lived and taught in southern China at a 4-year university. I had a great time that year and then encouraged a friend to do the same. She got her TESOL certificate from a local university here (took her 1 semester) then the university found a school for her in Northern China to hire her as an TESOL teacher for a year. Her living arrangement was taken care of ahead of time, and she was paid well. Personally, the climate and the pollution is horrible the farther north you go in China. Where I was, in the south, was beautiful, not a ton of pollution like say in Beijing, and I was very close to Macao, Hong Kong and Zhuhai.

 

You really need to research the countries you want to travel too and map out how long you plan to stay in each place, and if you want to earn $ on the side teaching English (and the certificate you'll need to do that).

 

Hostels are a great way to network and meet people and find out about the city you're currently staying in. Just don't pull a "Beach" move like Leonardo DiCaprio and you'll be fine! :D

 

I'm pretty impressed with the fact that you paid off 3 years of law school which on low average, costs about $30K a year ($90 total), and still managed to save $100K and pay your rent, bills, miscellaneous expenses for someone so young. But, good for you. Safe travels!

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Standard-Fare

Absolutely do this. I'm raving with jealousy.

 

The thing is, with your level of savings, this doesn't have to qualify as a reckless or impulsive move, as it would for most of us. You can afford to do this and it won't mess up your life.

 

You should meet up with a financial adviser or two to see what you should be doing with those savings, after you've set aside whatever you deem appropriate for your travels. It seems like $15K would be a decent start.

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loveweary11
I've broken more than a few bones here and there, and had some close brushes with death, but its been an absolute blast.

 

One day my number will come up. I know that, for sure.

 

There's been quite a few situations where I've thought, "This is it, this is the moment of my death," so I'm ready for that eventuality when it comes.

 

Until then, I'll keep pushing the envelope, and keep on doing what I want to do :)

 

The mystery that is Satu only grows deeper. So open, yet so guarded... so public yet so private.

 

Satu is a mystery wrapped in a paradox.

 

Very bad thing for my type of mind that attempts to understand everything. :D

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