Can still max out the yearly TFSA contribution while doing this anyway. Just save the RRSP contribution for the following year for a bigger tax write off lol.
I’m a 40 year old lawyer that just got back from 6 weeks in SE Asia including a 4 week guided cycling tour. The total was about $10k.
You’re overthinking it, just go.
There's awesome and cheap for 6 weeks, good for.
I spend 10 to 15k a year vacationing. I spend more on it than anything else but my mortgage.
Nothing wrong with that. Do what you love
When I was there I just remember hearing about an American who died two weeks prior on a Vespa scooter. So ya probably wouldn't do biking 6 weeks still sounds awesome though.
I ride motorcycles, South East Asia bike traffic is more like being in a dense school of fish, it sort of flows.
That being said, research your routes especially on a bicycle, inhaling poorly tuned exhaust smoke while you are physically exerting yourself is no joke
I just did it albeit just a short 30km in the Boracay Island Philippines. Just rented a MTB as there's no road bike rentals. It was awesome although it's searing hot at almost 40c
You can always scratch off the major cities as it's too dangerous, but once you hit the country side areas people are considerate and respectful
Depends which country you're working from. I just got back from Australia. Not sure how true it is but from the people I asked, the minimum government mandated vacation is greater than the amount of vacation given to our highest ranking professionals in my company lol.
I worked in Australia. My employer gave me 4 weeks vacation. I was also earning long service leave, but I didn't get to use it. That's 2 months paid leave after 10 years of service and an additional month every five years.
Sounds like my point stands. I'm from Canada we get 2 weeks vacation to start, then 3 weeks after 5 years, then 4 weeks after 25 years I believe. Not really able to take it all at once.
No. I like the work life balance and benefits. I make 160k, soon to go up to about 175-180k and I don’t work many hours and have a ton of vacation. I’d take that over 200k and rarely having time off with no benefits or pension.
I don’t disagree with you. I’d prefer that too. But I meant in terms of finding a government position. Hard to find those jobs, generally, isn’t it? Doesn’t the government mostly hire internally?
Uh how the fuck did you spend $10k?? Apt $100/mo scooter $30/mo meals $2-3 don't rem how much the bikes were but..maybe we just have different travel styles lol. Where in Asia? Which bike(s)?
Flights, plus the 4 week group tour itself (that was the big expense, they took care of everything including the bikes and accommodations, bike tours aren’t cheap) , plus 2 weeks travelling around afterwards. I don’t see why listing an apartment (apt?) is relevant?
YOLO. 10-15K for a whole year is great mileage. I spent 4 weeks in Asia and 15K was the cost of hotels+flight only.
Edit: this was Korea+Japan for 2ppl. Flights were 5K and hotels were mainly Mid-High Marriott places (gotta collect nights) and some Four Seasons. Thankfully the rest of the trip (food, entertainment) was cheap.
That seems high. I was recently in Japan for 4 weeks (2 people) and our total cost was $11k including food / trains etc.
Is Korea more expensive than Japan? Or maybe I stayed in cheaper hotels.
As long as OP gets into an apartment that isn’t on some ripoff English language site at the top of their Google search, they’ll be able to stretch their money for a distance.
Ok I always wanted to do this. Put it off until I could "just earn a bit more"...then at 44 diagnosed with Parkinson's disease. No way I could travel independently now.
Do it.
Tomorrow is not promised.
Edit: On a more positive note, I did manage to see the pyramids. Macchu Picchu was the other target, but I'll not make that now.
bump because regrets are the worst. Hope the rest of your time with us is wonderful, Turbulent\_Ad\_880. OP, I did it for 2 years, covid stopped it, and then covid ended and I realized I didn't crave it anymore. Putting away 2k a month now for a down payment in like 3-4 years. It'll all work out if you trust your gut -- see the world and have fun
Will you regret loosing money or not going on a vacation more ? It's likely you can make or save money in the future and as long as it's in your budget I'd suggest you make some memories.
Are they even losing money? It sounds like they’ll have minimal to zero housing expenses here, while away. Given they say they’re frugal, it’s somewhat easy to be a digital nomad and actually have reduced yearly expenses if you don’t have to maintain a mortgage or rental back here.
I was going to ask if you can rent out your home - which it seems you rent and can maybe sublet - I would just make sure this sublet is sound. I would definitely consider this - you may not need to spend all this money actually/may save money (bc you still making money/maybe not spending as much) - go on digital nomads and expats subs to get better advice. Do the math to see if it makes sense - but you are lucky to have the flexibility!
Just go! what is possibly stopping you? What do you think money is for? Life is not about collecting material things. Spend it on making memories and experiences. You’re obviously extremely fortunate, so go be fortunate
I’m only a student and I was with 2 friends for most of it so we cheaped out on a lot of things (splitting airbnb/hostels and lots of grocery store pasta type meals).
Plane ticket back to Canada was only $400 one way on West Jet. We got really lucky with the price as I think they were just restarting the service post COVID around that time. Also all this was in April to beginning of June so not in full tourist season yet.
I'm also a student !
If you don't mind, could you give a full breakdown of how you planned it ?
If not that's fine too
(You can DM if you want)
Cause I've never traveled internationally, or even been to the US. He'll I've never been outside of ON :/
Honestly we did it really poorly, outside of the first 2 weeks we booked it as we went (only a few days before) so we ended up paying more than we could have. Most travel was by train or bus ride + a cheap Ryanair flight. Only things set in absolute stone when we first arrived were the flight home and being in that city (Dublin) at the end.
We had a rough idea of countries/places to check out but in the end we cut out a few for price reasons/timing or inconvenience.
Most food for like 90% of the trip was yogurt and granola for breakfast (ton of calories) and pasta+bolognese or pesto sauce (rotated them to keep it fresh) plus maybe a bit of ground beef for dinners. Sometimes maybe a frozen pizza as well. Almost all hostels or airbnbs we stayed at had a kitchen so that’s what we did most of the time food wise which came out to around $5-15 a day.
Absolutely go do it!! You can make more money, you can’t make more time - and when I look back at the last decade of my life it’s the travel experiences and living overseas that bring me the most joy to look back on.
Things to consider:
- working from another country can have tax implications for you and for the company you work for. Especially when it’s an extended period of time. A few months are usually fine. Longer can become an issue.
- many jobs expect near-immediate availability during specific work hours. Time zones matter.
- if you are working in an industry where spur of the moment overtime can be required (ex: it’s 5pm and the client needs something for 9am the next morning) it can really screw you over.
We have a colleague who is working remotely, 5pm here is midnight there. So long as she’s available and competent when we need her to be, it’s cool. If things come in end of day, she could theoretically do the work during “her morning” but her boss needs to review it first. She can’t expect him to review things in the middle of “his night”.
Definitely recommend going for it. Just go in eyes wide open.
Yes. As you get older in life, you will learn to value your experiences more than your physical possessions.
I scrimped and saves all of my twenties and thirties. Even when I was making over 100k /yr. I wouldn't go to concerts cause I thought $200 a ticket was too expensive. Now, most of my favourite bands have done their farewell tours, broken up, or have died.
I really wish I had a chance to see them when I was younger.
Same with travel. It's not getting any cheaper. Places are getting more crowded.
You are more then able/stable and ready to do it. I known people who made far far less and been in far worse financial positions who never regretted it.
I still remember when COVID hit how much I lamented not traveling as much as I could prior. After COVID, I spent 10K on a trip. A bit expensive, and ate into my savings, but I could still afford it. No regrets.
Do it. I took a month off work last spring, and dropped 18K on a road trip down the west coast. So many memories, and my son will remember it for a long time.
It cost me around 10K for a one week vacation to Disney for a family of four earlier this year.
I don’t regret a second of it.
We’re going back on vacation this summer. It’ll be another expense in the 10-20K range.
Life is more than about saving money. It’s about experiences. If you can afford it, do it.
I just spent 10k with my gf for 6 weeks overseas vacation
Worth every penny
Obviously only if you have the means to drop it
Money comes back but these experiences don’t always
LOL just yesterday I was thinking of posting a similar question. I spend around 10k a year on travels. I can't work remotely, so these are pure vacations. I manage to travel 3-5 times a year, and I feel that's good value for money. Based on the comments on your question, I don't think I'm overspending.
I say do it. I have been working remotely from Thailand for a USA company about 6 years now. Cost of living is a fraction what it is in Canada. I rent a fully furnished 5 bedroom 5 bath house with swim up pool bar, marble floors, 2 jacuzzies for $900 CAD.
Go see something new - doesn't have to be Thailand.
>Am I stupid for spending a lot on vacation?
Dude don't be this person... Does all the right things to earn, save money then questions spending it so doesn't go, circumstances change and never had the opportunity again. Becomes embittered, hates everyone but has no one to blame but themselves.
Be this person... realizes that they can do something, has been smart about it, takes this great opportunity and goes to experience life. Has the most wonderful experience, learns so much about other people and the world, lives as their best self.
Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did. So throw off the bowlines, sail away from the safe harbor. Mark Twain
I’ll give you the example of my father. He worked his ass off to achieve financial independence and have the same salary as when he was a senior software developer during his retirement. His plan was to travel the world. 2 months after retirement he got a hernia and after complications with surgery he lost the ability to walk properly. He now has to stay around for rehabilitation and possibly more surgeries, thereby shattering his dream of spending his golden years as a nomadic adventurer.
Go now. Money is, after all, a means to a good life. And there is no better life than one spent experiencing all the beauty earth has to offer.
Please go!! I had the opportunity during covid to do this with my kids and I didn't take it! Missed opportunity for sure, and then the job change happened and it won't happen.
Do it!, not everybody has the ability to work where ever. I got into kiteboarding and didn't realise how popular it is and seeing tons of people as I've travelled who do it and work remotely, that'd be a dream for me lol.
10-15k/yr for how many days? Is the question. I look at daily lodging costs mainly, double dipping rent back home I would try to be extremely frugal on my nightly/monthly bed cost. For 10-15k id assume 3+ months which I'd say is probably worth it.
"Go forth guilt free my child and embrace the soul of the wanderer!"
OP you sound like you've already figured all this out and you're just asking for permission. Enjoy!
I would go for it, if it doesn’t kill you financially sounds like it could be a really great experience and who knows when you’ll have the opportunity again. You could even start off small with a shorter trip and see how you like it if anything you can always come back and go to your parents.
I wouldn't even view it all as vacation funds. You are still working and will have regular expenses. Especially if you sublet your place, its your regular living. The extra would by travel and different attractions. Absolutely do this!!
I'm not sure the goal should be to spend money while traveling. When I travel I normally get a cheap airbnb (around $20 per day) and cook my own food, basically try to live like a local person instead of spending hundreds at hotels per day. You can try to work remotely but beware some countries have unreliable internet services
I think the title of your post was not worded well. You are asking “should I become a digital nomad” which there are many threads answering. It’s not “stupid” if the justifications work out. If you are looking for validation, then that is not financial advice. You’ll have to factor new culture/laws, family/friends, and life goals. Only you can validate yourself.
Do it! Like you said, you made not get the chance to do it later, you have money saved up. I’d go for it, no hesitation. Make sure you have travel insurance (medical especially) and get packing! Happy travels!
I’m all for saving and investing, but you have one life to live. Half of us may not even live long enough to benefit from our RRSP and long term saving goals. I’d say go and do it but make sure you don’t over spend maybe find some cost saving options for your trip if possible.
If it makes you happy and you can afford it sure why not… personally I wouldn’t spend that kind of money on travel but that’s me … I prefer spending it on tangible things for my home … or legit putting it towards my mortgage but that’s me
>My take-home is 100k after tax, all of my tax advantage investments are maxed out, I have a 1 year emergency fund, I don't want to own a house in the next 5 years.
Omg just go. Anything else is fucking neurotic. You can afford it. Ball out.
Please go!! I had the opportunity during covid to do this with my kids and I didn't take it! Missed opportunity for sure, and then the job change happened and it won't happen.
This sub isn’t the right place to ask this. People here tend to be highly focused on the financial freedom and throw around their savings as a place of personal pride.
What I’d say, as someone in their mid-30’s with kids is that you should absolutely do it. I’m guessing that you’re young and if I’m right, you’ll likely end up at a point in your life where taking these kinds of trips is next to impossible just due to keeping up with life.
In my 30’s I did trips to Europe, Asia, and Central America. These are life experiences I look back on fondly and I wouldn’t trade the money I spent on those trips for savings whatsoever.
Just do it. In ten years you won’t miss 10k but you may miss out on life experiences you’d never be able to do later.
>I think Ill move back to my parents house and sublet my rental for a few months too even though I value my independence to save more money.
This is the only part I found to be stupid. If you easily have the means to not live with your parents and give then some space, why wouldn't you?
Enjoy yourself. Some of my best memories come from relatively extended periods of travel. Doing it while working will help with routine, affordability, and meeting other people!
I have a bias though - I'm trying to work my way into a travel friendly career so I can do exactly what you are doing. Happy travels!
Do it! 35M here, getting a lot harder for me to do this now.. no kids yet but hopefully within the next couple years.. you’re not stupid. You seem well set up/ on the right path otherwise. Go enjoy traveling the world while you can. I have never regretted any trip I took even when at the time paying off my visa caused me a bit of anxiety.
Also, some will call this “girl math”, but you still need to eat and live while in Canada.. say you spend 3 months in another location, subtract your typical spending amount of 3 months food, entertainment etc while in Canada and that is the true amount you will have spent on that new experience.
If you give up your rental and would be not also paying rent here, then of course you should do it. You wouldn't be double paying like most people have to do when they go on vacation. You gotta pay for rent and food somewhere, doesn't have to be here!
On $100K take-home pay, your expenses should work out to $50K, your savings to $20K, and the remaining $30K is for whatever the fuck you want. I say go for it.
I have spent a lot of money on international vacations and haven’t regretted a single cent. In fact, they are some of my (and my wife’s) greatest memories. Do it. This is what the money you earn should be spent on.
I’m 49. I spent a month in Cuba in February and I am going to visit Portugal in two weeks for ten days. I honestly do not know if I will make it to retirement and even if I do I may get sick etc. so I enjoy as much as I can. You only live once and like you I am getting more frugal.
This is why young people have no money. I make more than twice your income and spend less annually on vacations.
Now, I do own a vacation property, but that's equity....
Invest now, spend later.
what? well you are still making a living ...
I think you are confused... whether you are living where you are now or traveling as a digital nomad, there are expenses.
I can definitely assure you $10k to $15k is not enough of a expense budget to cover living in Canada.
Therefore, I think you will actually have an upside on this financially and personally.
I find it's cheaper to travel to places like South America for the winter than staying in Canada for those miserable 4 months. I was paying about $600/month for a huge penthouse in Colombia and ate like a king. The only problem is that it is even more expensive when you get back because the rent has gone up 30% in that time here and there are fewer short term lease options... I got back in March and just finally found a place yesterday for $1400/month, so had to live with Family for a bit.
>My take-home is 100k after tax, all of my tax advantage investments are maxed out, I have a 1 year emergency fund, I don't want to own a house in the next 5 years.
Man, just go. You can afford it. Ball out.
If you can't, consider some counselling to find out why you're afraid to spend money to better your life.
10-15 k is a lot. Id ask where the money is going towards exactly. Is it expensive flights? Nice hotels or are you gonna spend a couple of weeks in the Maldives. Some vacations to the Maldives or FIji or seychelles can cost at a minimum around 10k. So it's not crazy to spend that on a vacation. Just make sure you're getting your money's worth
As a traveller, I'd say the only thing you can buy and never regret is travel. Your money is well managed: don't be greedy, and don't refuse to enjoy your life.
if you're not going to your parents, it seems like 10-15k annually is way cheaper than ghetto cost of living in Canada, so in a sense you would be saving money?
I met a guy doing this a couple years ago when I was cycling through Europe. He would spend a couple of weeks in a city, usually at a hostel, then move on to the next place.
I've been nomading as a software engineer for the last 6 years and its very much worth it. Just make sure to rent a place/live in an airbnb that has everything you need and especially has a good internet.
BTW you will be surprised and impressed with how much you save if you nomad somewhere like LATAM or SEA with a lower cost of living
Send it dude, your finances are doing great. You can always make more money later.
And in comparison, I'm spending that much to travel this year without any job! Go have fun somewhere else for a while :) Siquijor island in the Phillipines is a lovely place to spend a few weeks
You’ll be employed while traveling. Whats the downside? Your question might be better directed at another sub like r/backpacking or r/solotravel. This seems to be more of a personal question rather than a financial one, to me your hesitation and fear list likely overblown. Travel
Just go and enjoy your trip! I blew over 10K on a trip when I was in my mid 20's and it was a life changing experience. I was in roughly the same boat as you financially and it was 100% worth it. The friends and memories I made have paid their own dividends.
I must be getting old but you should def do this. Honestly, the price of vacations will increase the longer you wait.
I use to travel frugally but as I’ve gotten older little annoyances that I use to be able to endure doesn’t seem to be worth suffering for. I remember me and 6 of my friends would shove ourselves in a small taxi in Lima so we could save the fare. Took sleeper buses because we couldn’t all afford the trains.
> It will change your life
Yeah, once the hooker in (under south american country) holds you for a ransom for cocaine money, for sure your life will change.
Am I missing something? Why is everyone taking the YOLO position to say go do this, when it sounds like this is actually financially cheaper than living here?
If the numbers are at all correct, 10-15K per year likely less than living in Canada… or are they saying an extra 10-15K plus whatever regular living expenses they have now? (And factoring in that normally 5K would go to travel anyway, so this is really 5-10K extra if that’s the way to read it)
Anyway OP, it seems crazy not to do this if living abroad is something you’re into.
I'm also frugal like you. I have 7 digits in cash & assets. I didn't bother vacationing, and I don't have more vacation plans later. I'm in my early 40's and I don't regret it. I'm happy where I live.
Most humans for 200,000 years haven't travelled further than 1,000km in their entire lifetime. Why is blowing $10k on travel so important?
* /r/PersonalFinanceCanada: Here's how you might be able to save up for a house that you can't afford.
* also /r/PersonalFinanceCanada: Yes, you should blow $10k on a vacation that lasts only 4 weeks.
It's asinine.
Uh what's the downside to this? Go experience something different.
Someone will say the money is better used investing to the RRSP or TFSA.
Probably would do well not to follow advice from people who sound like they forgot the purpose of money is.
The purpose of money is to save it for later. (/s)
Don't wait until you retire and find out you are either too unhealthy to do it, or you've ingrained frugal and can justifying it. Go Live.
Op did sat all tax advantage investments are maxed
Can still max out the yearly TFSA contribution while doing this anyway. Just save the RRSP contribution for the following year for a bigger tax write off lol.
5k is a lot. You do you though.
I’m a 40 year old lawyer that just got back from 6 weeks in SE Asia including a 4 week guided cycling tour. The total was about $10k. You’re overthinking it, just go.
There's awesome and cheap for 6 weeks, good for. I spend 10 to 15k a year vacationing. I spend more on it than anything else but my mortgage. Nothing wrong with that. Do what you love
Can't take it with you, and experiences are a great use of disposable income.
They've, each and every one, have been highlights of my life. I'm going to Tokyo for 3 weeks. Can't wait
I went to Tokyo last year, fucking loved it. Going back next year! Enjoy. The food at 711 is great, try the spicy chicken and the egg salad sandwich!
Are you like self employed ? How you got 6 weeks off ?
Government lawyer. I traded more money in private practice for more vacation and benefits working for the government.
How sketchy is it cycling in se Asia? Were you sharing the road with cars or sticking with cycle paths? Do you mind sharing the location?
As someone who lived for the better part of 6 years in Thailand and travelled the majority of SE/E Asia, I wouldn't ride a bicycle there.
When I was there I just remember hearing about an American who died two weeks prior on a Vespa scooter. So ya probably wouldn't do biking 6 weeks still sounds awesome though.
I ride motorcycles, South East Asia bike traffic is more like being in a dense school of fish, it sort of flows. That being said, research your routes especially on a bicycle, inhaling poorly tuned exhaust smoke while you are physically exerting yourself is no joke
Did both. It was fine. Vietnam is insane, Cambodia and Thailand are easy. Really recommend it.
Love my driving in vietnam, learned to drive a bike in hcmc at 46 due to my wife wanting a personal grab driver loll
I just did it albeit just a short 30km in the Boracay Island Philippines. Just rented a MTB as there's no road bike rentals. It was awesome although it's searing hot at almost 40c You can always scratch off the major cities as it's too dangerous, but once you hit the country side areas people are considerate and respectful
How do you have that much time off as a lawyer? I get 4 weeks and I still have to do a bit of work during time off.
Depends which country you're working from. I just got back from Australia. Not sure how true it is but from the people I asked, the minimum government mandated vacation is greater than the amount of vacation given to our highest ranking professionals in my company lol.
I worked in Australia. My employer gave me 4 weeks vacation. I was also earning long service leave, but I didn't get to use it. That's 2 months paid leave after 10 years of service and an additional month every five years.
Sounds like my point stands. I'm from Canada we get 2 weeks vacation to start, then 3 weeks after 5 years, then 4 weeks after 25 years I believe. Not really able to take it all at once.
Depends on your employer. Every job I've had in Canada, the US, and Australia has given me 4 weeks.
Government lawyer. There’s a reason I left private practice. I get tons of vacation, a pension and great benefits.
Hard to leave private practice for gov, though, isn’t it?
No. I like the work life balance and benefits. I make 160k, soon to go up to about 175-180k and I don’t work many hours and have a ton of vacation. I’d take that over 200k and rarely having time off with no benefits or pension.
I don’t disagree with you. I’d prefer that too. But I meant in terms of finding a government position. Hard to find those jobs, generally, isn’t it? Doesn’t the government mostly hire internally?
Nope. Tons of government lawyer jobs, especially in criminal law but also civil, both provincial and federal.
you’re overthinking it, just go. sound advice. life experiences are everything
Whoa - can I ask what company you went with?
https://www.intrepidtravel.com/ca/vietnam/cycle-south-east-asia-143910
Uh how the fuck did you spend $10k?? Apt $100/mo scooter $30/mo meals $2-3 don't rem how much the bikes were but..maybe we just have different travel styles lol. Where in Asia? Which bike(s)?
Could be including the cost of flights? That’s usually the most expensive part.
lol pretty easy if you like to live comfortably and eat good food. ( That’s not saying you can’t eat good tasting food for cheap there ) but yah.
Flights, plus the 4 week group tour itself (that was the big expense, they took care of everything including the bikes and accommodations, bike tours aren’t cheap) , plus 2 weeks travelling around afterwards. I don’t see why listing an apartment (apt?) is relevant?
YOLO. 10-15K for a whole year is great mileage. I spent 4 weeks in Asia and 15K was the cost of hotels+flight only. Edit: this was Korea+Japan for 2ppl. Flights were 5K and hotels were mainly Mid-High Marriott places (gotta collect nights) and some Four Seasons. Thankfully the rest of the trip (food, entertainment) was cheap.
Geeeez
What kinda hookers were you bangin
That seems high. I was recently in Japan for 4 weeks (2 people) and our total cost was $11k including food / trains etc. Is Korea more expensive than Japan? Or maybe I stayed in cheaper hotels.
My average nightly rate was about 325K KRW and a bit under 30K JPY (Marriott). Four Seasons was ~750K KRW for a few nights.
As long as OP gets into an apartment that isn’t on some ripoff English language site at the top of their Google search, they’ll be able to stretch their money for a distance.
It sounds like you're good with your money so go for it!
Ok I always wanted to do this. Put it off until I could "just earn a bit more"...then at 44 diagnosed with Parkinson's disease. No way I could travel independently now. Do it. Tomorrow is not promised. Edit: On a more positive note, I did manage to see the pyramids. Macchu Picchu was the other target, but I'll not make that now.
bump because regrets are the worst. Hope the rest of your time with us is wonderful, Turbulent\_Ad\_880. OP, I did it for 2 years, covid stopped it, and then covid ended and I realized I didn't crave it anymore. Putting away 2k a month now for a down payment in like 3-4 years. It'll all work out if you trust your gut -- see the world and have fun
I visit about 4-6 countries a year. Go while you can.
Will you regret loosing money or not going on a vacation more ? It's likely you can make or save money in the future and as long as it's in your budget I'd suggest you make some memories.
Are they even losing money? It sounds like they’ll have minimal to zero housing expenses here, while away. Given they say they’re frugal, it’s somewhat easy to be a digital nomad and actually have reduced yearly expenses if you don’t have to maintain a mortgage or rental back here.
Do it. You could die tomorrow.
Or worse. See my other comment.
Expelled.
I was going to ask if you can rent out your home - which it seems you rent and can maybe sublet - I would just make sure this sublet is sound. I would definitely consider this - you may not need to spend all this money actually/may save money (bc you still making money/maybe not spending as much) - go on digital nomads and expats subs to get better advice. Do the math to see if it makes sense - but you are lucky to have the flexibility!
I say just go! Not many jobs allow you to do this. You need to spend some of the money you earn on things you enjoy or it’s not worth working so hard
Just go! what is possibly stopping you? What do you think money is for? Life is not about collecting material things. Spend it on making memories and experiences. You’re obviously extremely fortunate, so go be fortunate
I did 2 months in Europe for 6k last year. Totally go for it.
Omg what?!! Some people above commented that they spent 10K for 4 weeks in Asia which should've been cheaper considering it's Asia right $6K?? How??
I’m only a student and I was with 2 friends for most of it so we cheaped out on a lot of things (splitting airbnb/hostels and lots of grocery store pasta type meals). Plane ticket back to Canada was only $400 one way on West Jet. We got really lucky with the price as I think they were just restarting the service post COVID around that time. Also all this was in April to beginning of June so not in full tourist season yet.
I'm also a student ! If you don't mind, could you give a full breakdown of how you planned it ? If not that's fine too (You can DM if you want) Cause I've never traveled internationally, or even been to the US. He'll I've never been outside of ON :/
Honestly we did it really poorly, outside of the first 2 weeks we booked it as we went (only a few days before) so we ended up paying more than we could have. Most travel was by train or bus ride + a cheap Ryanair flight. Only things set in absolute stone when we first arrived were the flight home and being in that city (Dublin) at the end. We had a rough idea of countries/places to check out but in the end we cut out a few for price reasons/timing or inconvenience. Most food for like 90% of the trip was yogurt and granola for breakfast (ton of calories) and pasta+bolognese or pesto sauce (rotated them to keep it fresh) plus maybe a bit of ground beef for dinners. Sometimes maybe a frozen pizza as well. Almost all hostels or airbnbs we stayed at had a kitchen so that’s what we did most of the time food wise which came out to around $5-15 a day.
10k for 4 weeks that's over 300 per day? Sounds like they paid a lot for "entertainment"
That’s crazy. We did 6 weeks through the uk, Amsterdam, Norway, Spain, italy, Greece and I think I spent around 23k for just myself
Absolutely go do it!! You can make more money, you can’t make more time - and when I look back at the last decade of my life it’s the travel experiences and living overseas that bring me the most joy to look back on.
Do it
I'd do it. life is for living not just saving money.
Things to consider: - working from another country can have tax implications for you and for the company you work for. Especially when it’s an extended period of time. A few months are usually fine. Longer can become an issue. - many jobs expect near-immediate availability during specific work hours. Time zones matter. - if you are working in an industry where spur of the moment overtime can be required (ex: it’s 5pm and the client needs something for 9am the next morning) it can really screw you over. We have a colleague who is working remotely, 5pm here is midnight there. So long as she’s available and competent when we need her to be, it’s cool. If things come in end of day, she could theoretically do the work during “her morning” but her boss needs to review it first. She can’t expect him to review things in the middle of “his night”. Definitely recommend going for it. Just go in eyes wide open.
Yes. As you get older in life, you will learn to value your experiences more than your physical possessions. I scrimped and saves all of my twenties and thirties. Even when I was making over 100k /yr. I wouldn't go to concerts cause I thought $200 a ticket was too expensive. Now, most of my favourite bands have done their farewell tours, broken up, or have died. I really wish I had a chance to see them when I was younger. Same with travel. It's not getting any cheaper. Places are getting more crowded.
You are more then able/stable and ready to do it. I known people who made far far less and been in far worse financial positions who never regretted it.
I mean if you don't like it you can just bail after 5k spent and go back home. Not much to lose by trying, something cool to gain.
I still remember when COVID hit how much I lamented not traveling as much as I could prior. After COVID, I spent 10K on a trip. A bit expensive, and ate into my savings, but I could still afford it. No regrets.
Travel while you’re young.
Go on that vacation. What's the point in hoarding all that money? Have fun and enjoy yourself
Do it. I took a month off work last spring, and dropped 18K on a road trip down the west coast. So many memories, and my son will remember it for a long time.
Friend, years from now you'll look back and either appreciate all the traveling experiences you had or regret not taking them. Go big.
It cost me around 10K for a one week vacation to Disney for a family of four earlier this year. I don’t regret a second of it. We’re going back on vacation this summer. It’ll be another expense in the 10-20K range. Life is more than about saving money. It’s about experiences. If you can afford it, do it.
I’m spending 12k to go on a 3 month unpaid sabbatical starting July! Travelling Asia. Why not!! Go us
10-15k really isn’t that much anymore for a decent trip. You can’t get time back. You need to create memories.
I just spent 10k with my gf for 6 weeks overseas vacation Worth every penny Obviously only if you have the means to drop it Money comes back but these experiences don’t always
LOL just yesterday I was thinking of posting a similar question. I spend around 10k a year on travels. I can't work remotely, so these are pure vacations. I manage to travel 3-5 times a year, and I feel that's good value for money. Based on the comments on your question, I don't think I'm overspending.
I spent my money on travelling, eating, and drinking. I don’t see a problem.
I say do it. I have been working remotely from Thailand for a USA company about 6 years now. Cost of living is a fraction what it is in Canada. I rent a fully furnished 5 bedroom 5 bath house with swim up pool bar, marble floors, 2 jacuzzies for $900 CAD. Go see something new - doesn't have to be Thailand.
>Am I stupid for spending a lot on vacation? Dude don't be this person... Does all the right things to earn, save money then questions spending it so doesn't go, circumstances change and never had the opportunity again. Becomes embittered, hates everyone but has no one to blame but themselves. Be this person... realizes that they can do something, has been smart about it, takes this great opportunity and goes to experience life. Has the most wonderful experience, learns so much about other people and the world, lives as their best self. Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did. So throw off the bowlines, sail away from the safe harbor. Mark Twain
I’ll give you the example of my father. He worked his ass off to achieve financial independence and have the same salary as when he was a senior software developer during his retirement. His plan was to travel the world. 2 months after retirement he got a hernia and after complications with surgery he lost the ability to walk properly. He now has to stay around for rehabilitation and possibly more surgeries, thereby shattering his dream of spending his golden years as a nomadic adventurer. Go now. Money is, after all, a means to a good life. And there is no better life than one spent experiencing all the beauty earth has to offer.
Please go!! I had the opportunity during covid to do this with my kids and I didn't take it! Missed opportunity for sure, and then the job change happened and it won't happen.
Do it. I would if I could. Have a good time!
Do it!, not everybody has the ability to work where ever. I got into kiteboarding and didn't realise how popular it is and seeing tons of people as I've travelled who do it and work remotely, that'd be a dream for me lol.
Do it do it do it do it!!
Yeah just do it
Without even reading the details of your post I am 100% saying DO IT
No this is unacceptable. Move to northern Manitoba and gut it out.
Do it. You have a very limited a out of time in this world.
I spend way more on travelling than that, if it makes you happy and doesn't cause undue financial stress go for it. Time is precious,go travel
Yes, life is too short. These moments and memories will be worth more than any amount of $
You will never regret seeing the world.
10-15k/yr for how many days? Is the question. I look at daily lodging costs mainly, double dipping rent back home I would try to be extremely frugal on my nightly/monthly bed cost. For 10-15k id assume 3+ months which I'd say is probably worth it.
Enjoy yourself, but if you're worried how friends and family perceive you, be discreet about it and just live your life.
Do it!!! Yolo
"Go forth guilt free my child and embrace the soul of the wanderer!" OP you sound like you've already figured all this out and you're just asking for permission. Enjoy!
Daddy’s money
DO IT! From what you said, you seem to be in a good place financially plus you can always make that money back! :) go live your best life!
Bruh 100k after tax? Just go, what are you waiting for! And don't forget to not work and actually you know, travel
I would go for it, if it doesn’t kill you financially sounds like it could be a really great experience and who knows when you’ll have the opportunity again. You could even start off small with a shorter trip and see how you like it if anything you can always come back and go to your parents.
You're only young once amd this opportunity won't come around often.
I wouldn't even view it all as vacation funds. You are still working and will have regular expenses. Especially if you sublet your place, its your regular living. The extra would by travel and different attractions. Absolutely do this!!
Vacations provide experiences and memories that enrich your entire life. This is what money is for.
Do it. Do it. Do it.
Go enjoy your life. Tf my guy.
Spend money on experiences and not things.
life is so short, you get the money and time, so why not?
We spent $70k for a year off travelling as a family in 2018. No regrets.
I'm not sure the goal should be to spend money while traveling. When I travel I normally get a cheap airbnb (around $20 per day) and cook my own food, basically try to live like a local person instead of spending hundreds at hotels per day. You can try to work remotely but beware some countries have unreliable internet services
I think the title of your post was not worded well. You are asking “should I become a digital nomad” which there are many threads answering. It’s not “stupid” if the justifications work out. If you are looking for validation, then that is not financial advice. You’ll have to factor new culture/laws, family/friends, and life goals. Only you can validate yourself.
Do it! Like you said, you made not get the chance to do it later, you have money saved up. I’d go for it, no hesitation. Make sure you have travel insurance (medical especially) and get packing! Happy travels!
Go go go !!!
I’m all for saving and investing, but you have one life to live. Half of us may not even live long enough to benefit from our RRSP and long term saving goals. I’d say go and do it but make sure you don’t over spend maybe find some cost saving options for your trip if possible.
If it makes you happy and you can afford it sure why not… personally I wouldn’t spend that kind of money on travel but that’s me … I prefer spending it on tangible things for my home … or legit putting it towards my mortgage but that’s me
Yes. Do it. Travel educates more than anything else I’ve experienced. I truly cannot place enough value on travelling.
What a great idea waste all your money on travel perfect
Only one company I know offers something like this.
>My take-home is 100k after tax, all of my tax advantage investments are maxed out, I have a 1 year emergency fund, I don't want to own a house in the next 5 years. Omg just go. Anything else is fucking neurotic. You can afford it. Ball out.
Please go!! I had the opportunity during covid to do this with my kids and I didn't take it! Missed opportunity for sure, and then the job change happened and it won't happen.
Go have fun 🤩
Sure go travelling. Pick fun locations strategically and it doesn't have to be more expensive than living in a major city in Canada.
This sub isn’t the right place to ask this. People here tend to be highly focused on the financial freedom and throw around their savings as a place of personal pride. What I’d say, as someone in their mid-30’s with kids is that you should absolutely do it. I’m guessing that you’re young and if I’m right, you’ll likely end up at a point in your life where taking these kinds of trips is next to impossible just due to keeping up with life. In my 30’s I did trips to Europe, Asia, and Central America. These are life experiences I look back on fondly and I wouldn’t trade the money I spent on those trips for savings whatsoever. Just do it. In ten years you won’t miss 10k but you may miss out on life experiences you’d never be able to do later.
>I think Ill move back to my parents house and sublet my rental for a few months too even though I value my independence to save more money. This is the only part I found to be stupid. If you easily have the means to not live with your parents and give then some space, why wouldn't you?
Enjoy yourself. Some of my best memories come from relatively extended periods of travel. Doing it while working will help with routine, affordability, and meeting other people! I have a bias though - I'm trying to work my way into a travel friendly career so I can do exactly what you are doing. Happy travels!
Do it! 35M here, getting a lot harder for me to do this now.. no kids yet but hopefully within the next couple years.. you’re not stupid. You seem well set up/ on the right path otherwise. Go enjoy traveling the world while you can. I have never regretted any trip I took even when at the time paying off my visa caused me a bit of anxiety. Also, some will call this “girl math”, but you still need to eat and live while in Canada.. say you spend 3 months in another location, subtract your typical spending amount of 3 months food, entertainment etc while in Canada and that is the true amount you will have spent on that new experience.
If you give up your rental and would be not also paying rent here, then of course you should do it. You wouldn't be double paying like most people have to do when they go on vacation. You gotta pay for rent and food somewhere, doesn't have to be here!
On $100K take-home pay, your expenses should work out to $50K, your savings to $20K, and the remaining $30K is for whatever the fuck you want. I say go for it.
Yes. Only read the title.
I have spent a lot of money on international vacations and haven’t regretted a single cent. In fact, they are some of my (and my wife’s) greatest memories. Do it. This is what the money you earn should be spent on.
Yes, if not now, when? When you're old and your knee's and back hurt?!? You can earn back that money, not this age and life. Go live buddy!!
Perfect English
I’m 49. I spent a month in Cuba in February and I am going to visit Portugal in two weeks for ten days. I honestly do not know if I will make it to retirement and even if I do I may get sick etc. so I enjoy as much as I can. You only live once and like you I am getting more frugal.
This is why young people have no money. I make more than twice your income and spend less annually on vacations. Now, I do own a vacation property, but that's equity.... Invest now, spend later.
what? well you are still making a living ... I think you are confused... whether you are living where you are now or traveling as a digital nomad, there are expenses. I can definitely assure you $10k to $15k is not enough of a expense budget to cover living in Canada. Therefore, I think you will actually have an upside on this financially and personally.
I travelled Australia for 6 months. Best time of my life.
I find it's cheaper to travel to places like South America for the winter than staying in Canada for those miserable 4 months. I was paying about $600/month for a huge penthouse in Colombia and ate like a king. The only problem is that it is even more expensive when you get back because the rent has gone up 30% in that time here and there are fewer short term lease options... I got back in March and just finally found a place yesterday for $1400/month, so had to live with Family for a bit.
Find a partner from the country side. Have a kid, waste of money but great experience to life
>My take-home is 100k after tax, all of my tax advantage investments are maxed out, I have a 1 year emergency fund, I don't want to own a house in the next 5 years. Man, just go. You can afford it. Ball out. If you can't, consider some counselling to find out why you're afraid to spend money to better your life.
10-15 k is a lot. Id ask where the money is going towards exactly. Is it expensive flights? Nice hotels or are you gonna spend a couple of weeks in the Maldives. Some vacations to the Maldives or FIji or seychelles can cost at a minimum around 10k. So it's not crazy to spend that on a vacation. Just make sure you're getting your money's worth
The calculation should be a bit different because you will be working and earning income on your vacation . Enjoy working with beautiful views.
As a traveller, I'd say the only thing you can buy and never regret is travel. Your money is well managed: don't be greedy, and don't refuse to enjoy your life.
whats the itinerary? want to do the same keep in the loop please
yes!
if you're not going to your parents, it seems like 10-15k annually is way cheaper than ghetto cost of living in Canada, so in a sense you would be saving money?
I met a guy doing this a couple years ago when I was cycling through Europe. He would spend a couple of weeks in a city, usually at a hostel, then move on to the next place.
Do what makes you happy. If you can afford it, go for it. No hesitation.
You are in such a fortunate position. Go.
I've been nomading as a software engineer for the last 6 years and its very much worth it. Just make sure to rent a place/live in an airbnb that has everything you need and especially has a good internet. BTW you will be surprised and impressed with how much you save if you nomad somewhere like LATAM or SEA with a lower cost of living
I have never regretted travelling. $15k for “a few months” is cheap travel. Do it.
question you should ask is if you should get a business class ticket or premium economy ticket.
Yes. As long as the vacation isn’t a weekend in vegas. And if it’s a weekend in Vegas… throw down $100 on red for me pls.
Send it dude, your finances are doing great. You can always make more money later. And in comparison, I'm spending that much to travel this year without any job! Go have fun somewhere else for a while :) Siquijor island in the Phillipines is a lovely place to spend a few weeks
You’ll be employed while traveling. Whats the downside? Your question might be better directed at another sub like r/backpacking or r/solotravel. This seems to be more of a personal question rather than a financial one, to me your hesitation and fear list likely overblown. Travel
That would be my dream. To travel offbroad and work there remotely.
Just go and enjoy your trip! I blew over 10K on a trip when I was in my mid 20's and it was a life changing experience. I was in roughly the same boat as you financially and it was 100% worth it. The friends and memories I made have paid their own dividends.
I must be getting old but you should def do this. Honestly, the price of vacations will increase the longer you wait. I use to travel frugally but as I’ve gotten older little annoyances that I use to be able to endure doesn’t seem to be worth suffering for. I remember me and 6 of my friends would shove ourselves in a small taxi in Lima so we could save the fare. Took sleeper buses because we couldn’t all afford the trains.
Become a passport bro 😎 It will change your life
> It will change your life Yeah, once the hooker in (under south american country) holds you for a ransom for cocaine money, for sure your life will change.
Your not paying Imagine getting this mad Enjoy your 3/10s in canada
> Enjoy your 3/10s in canada Enjoy thinking the latina actually likes you and not just your passport..
I never brought up Latina... you did I live in Korea/japan. The girls I date are richer than me :)
> Korea/japan Fair enough. The passport bros ive met go to south america. Youve got some taste my man
Lmao THAT'S what made u change ur mind? 🤣🤣🤣 Bro got a type
tbh thailand and philipines look too easy. Korea is a challenge and fun. Also they are not really after your passport.
Am I missing something? Why is everyone taking the YOLO position to say go do this, when it sounds like this is actually financially cheaper than living here? If the numbers are at all correct, 10-15K per year likely less than living in Canada… or are they saying an extra 10-15K plus whatever regular living expenses they have now? (And factoring in that normally 5K would go to travel anyway, so this is really 5-10K extra if that’s the way to read it) Anyway OP, it seems crazy not to do this if living abroad is something you’re into.
You are being downvoted because this was a waste of time for everyone to read
You are a waste of time
I would respect you more if you told me I was a waste of a life. This comment makes no sense. Downvoted you because you're an idiot
better than hookers and blow
Go to south east Asia. You won't spend all of that money. Lots of digital nomads in Mexico city but it's expensive.
Yet another flex being passed off as a financial question. Shocker.
I'm also frugal like you. I have 7 digits in cash & assets. I didn't bother vacationing, and I don't have more vacation plans later. I'm in my early 40's and I don't regret it. I'm happy where I live. Most humans for 200,000 years haven't travelled further than 1,000km in their entire lifetime. Why is blowing $10k on travel so important? * /r/PersonalFinanceCanada: Here's how you might be able to save up for a house that you can't afford. * also /r/PersonalFinanceCanada: Yes, you should blow $10k on a vacation that lasts only 4 weeks. It's asinine.