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Travellers' questions that don't fit anywhere else This is an opportunity to ask any question, and post any notice you wish that doesn't fit into one of the other sections.
Photo by Igor Djokovic, camping above San Juan river, Arizona USA

I haven't been everywhere...
but it's on my list!


Photo by Igor Djokovic,
camping above San Juan river,
Arizona USA



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  #1  
Old 11 Feb 2014
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Is borrowing money to travel a bad idea ????

You know when you just can't wait !

I really really want to do a RTW. But I can't afford it. It will take me probably two years to afford it properly. I don't want to wait. I've got stuff to do in life and I can't do both..

I don't want to do it a bit at a time.. I want to go away for a year... And I want to go away THIS year and will only have £5000 saved up.


I took a £7000, Five year loan out to travel in 2007 and it was a major pain in the ass having that bill every month. I'd always have to be working and make sure I could pay it. I said "NEVER AGAIN"....

But now I'm nearly 34 and I feel like this could be my last chance for a fair few years to do this kind of scale trip. I've got some career plans coming together and I need to get this yearning for a RTW trip out of my system..


Opinions please ??? I have perfect credit and get get a loan no problem. Do I want that around my neck for the next five years though ??
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  #2  
Old 11 Feb 2014
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I am totally phobic to debt and would not enjoy a trip knowing that some or all of it was on tic so would have to wait until I had enough money before departing.

Quote:
Originally Posted by *Touring Ted* View Post
But now I'm nearly 34 and I feel like this could be my last chance for a fair few years to do this kind of scale trip. I've got some career plans coming together and I need to get this yearning for a RTW trip out of my system..
Ha! you think that will get it out of your system, think again.
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  #3  
Old 11 Feb 2014
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Go for it. you'll do the trip and say I'll never get a loan again. If you don't do it you may spend the rest of your life saying I should have done a RTW.
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  #4  
Old 11 Feb 2014
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Having worked in debt collection, I am very much against taking credit, however if you are fairly certain of your future career, then I would say do it. You only live once and you only get older.

I didn't do a RTW trip, but I did travel for a long time and have never once regretted it. I saved before hand but was fortunate in terms of income and opportunities (pre-'crash'). It was by far and away the best thing I have ever done, my only worry is that I'll probably never match it, let alone exceed it.

Do it. Just don't kid yourself that you'll not get urges afterwards to travel again - they just get worse.
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Last edited by danielsprague; 12 Feb 2014 at 00:42.
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  #5  
Old 11 Feb 2014
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I would also say "do it"! When Roynie and I did our first RTW trip in 2001, it was partially paid for with R's pension commutation but, by the time we left, we realised we had massively under-budgeted. We also had good credit, so were able to get a huge temporary spending limit raise on our (joint) credit card. Thank goodness we did, because on top of the planned spending (accommodation, transport, food, fuel, etc.) we also had a couple of mishaps. The result was that we came back we had accumulated a 5 figure debt between the two of us. We didn't have the career prospects that you appear to. I had been an IT administrator and had just turned 40 and R was recently retired after 30 years in the police. We both had to find alternative employment ... and quickly!

But although we had a few scary moments in the months that followed our return - not least our replacement bank cards being stolen in the post and used - we never, for a single moment, regretted doing that trip. It changed our whole outlook on life and gave us the travel bug. We paid off the credit card over about 2 years and have been on several memorable extended trips since.

I think people who are drawn to travel tend to be naturally resourceful. I won't lie and say that toting around for a completely new career was easy for either of us, but it was amazing how many interviewers were keen to talk about our trip!
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  #6  
Old 11 Feb 2014
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It is your life.

I wouldn't do it. But that is me. Do factor in that you may need emergency funds - so you need to be able to get those funds even if you don't have them in the bank - that is you have to borrow them ... above what you already have.

Tha alternatives? A cheaper shorter trip .. only doing hte cheaper cpountries?
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  #7  
Old 11 Feb 2014
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Quote:
Originally Posted by *Touring Ted* View Post
...I'm nearly 34 and I feel like this could be my last chance….
That right there is some funny stuff.

You understand the choice you're making: do I borrow to go right away, thereby insuring that I won't be able to go again anytime soon (because I'll first be struggling to pay back my loan along with fees, interest, possible penalties, etc. etc. etc., then struggling again to save enough to leave on my next trip), or do I wait until I can afford it?

Your choice. Easy credit supported Euro, British and Norteamericano economies for a long time before it all crashed. Easy credit can send you on a fun trip if that's what you want. But don't delude yourself into thinking you're going to do this once and get it out of your system; get real, then base your choices on what's real.

Oh, and don't forget that establishment and strengthening of the neural pathways by which we defer gratification is considered one of the more difficult developmental tasks….of late adolescence and early adulthood. You and I (and many on this site) are already late-bloomers.

Mark
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  #8  
Old 11 Feb 2014
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You already know how you practically handle debt, you've paid it off instead if drowning in it. Sure it's not pleasant but it's a means to your ends which you are itching for.

We thankfully saved enough for our RTW but we were always willing to turn to debt before coming back before we were ready. Like you, we knew we could handle it. The rest is time & effort.
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  #9  
Old 11 Feb 2014
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Travel on credit

I'm with Mark Manley on this one.
You do not finance consumption with credit.
End of story.
Especially an open-end project like RTW - unless you are not coming back!
In my family we have a couple of tragic eksamples of inability to face reality, where conspicious consumption is more important than fiscal reality.

Enough said.

Peter, in Oslo, rain and slush instead of winter
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  #10  
Old 12 Feb 2014
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My thought is that from the moment you borrow the money you are paying interest. How do you make those payments? Perhaps from the money you have saved. So immediately you are depleting you real cash until you need the loan money. It make take a year before needing the loan money so you've wasted all those payments.
Other method is line of credit style. Where you get preapproved or get an overdraft setup. But what happens if you get far away from home and find out through some glitch they have rescinded the agreed credit?
We humans are terrible for instant gratification, I fight the same demon, it's too in your face nowadays, fun now, pay later.
I heard an ad on the radio last year telling people to buy this item for MothersDay and don't pay for 13 months! That means another MothersDay will come around and you still haven't paid for the last one? I saw "the man" wants us in debt. Keep em' scared, hungry and under control.
Just another thought.
Oh, and good for you for already saving that amount of money. That's great.
Cheers!
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  #11  
Old 12 Feb 2014
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Bad Idea, IMO

Paying off that bastard loan is tough. I hate debt too ... but I do fully get your longing to get gone. But settle down and think it through ...

Is £5000 enough for your proposed UK to Magadan trip?
Why not take a month or two and ride out there? Maybe sell off the bike at trips end if you can get a good price? Fly or Bus it home. Just a thought.

I have no idea how you could walk away from your job and then expect to be re-hired after a year ... by anyone. Time gaps in your resume don't look good to potential employers.

34 years of age? Oh my God! The End Is Near!
All washed up eh! That is funny!

Seriously, I'd guess you've got maybe 30 years of work in you yet? .. and hopefully even more years of bike travel as well. Stay healthy and fit ... you just might make it! (remember that old grumdgeon Gandolphi?)

Like others have said ... the travel bug you've got now probably won't go away. Can be a life long affliction for some. For now, I'd focus on career and getting very good at what you do, become established to the point where your boss figures the operation can't go on without you. Until that time ... you're expendable and you could be ... here today ... gone tomorrow.

It would be nice to be able to get a month or more off and do some shorter trips ... but some jobs don't allow that. A shorter trip is better than none and may not require "cashing in all your chips".

Best keep your nose to the grindstone until a "natural" break comes along and gives you the time to travel ... and hopefully you'll have saved enough money as well, so no debilitating loans and no walking away from a decent job.

I wouldn't do a RTW now. I've seem most of the world and have strong feelings about places that are worth re-visiting and places I'm not fond of. Don't waste time traveling in places you'll not enjoy. Focus on areas you do enjoy and go there. You can see and do a lot in a month. Well planned month or two rides can be great and you may not have to "cut all ties" in order to do them.
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  #12  
Old 12 Feb 2014
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Quote:
Originally Posted by mollydog View Post
become established to the point where your boss figures the operation can't go on without you.
Been there done that. Don't do it .. the boss won't let you go .. even for 4 weeks .. no you cannot go ... In the end you quit. Leaves bad blood behind. You want to be replaceable, or at least seasonal .. so there is the possibility of 'disappearing' for a while and not leaving them missing you too much. Or be in a high demand job .. but anyone with the experience can do it. Accountant, nurse, bricklayer, plumber etc.
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  #13  
Old 12 Feb 2014
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I would not do a credit based extended trip. Save more bucks :-) Credits are expensive - you burn a lot of money with it, who will shorten other trips/travels/rtw`s or other plans in your life later.

The life in not over with 40-50.

I dream of an RTW by car since i`m 16 years old. Did several short trips with rentals in Laos, Thailand, Cuba, Europe.

With 38 i was able to buy that car i dreamed about, was able to test the setup through africa.

Now i`m 40, still saving bucks each month. Still looking for the right timeframe to start for such an trip. The car is there, equipped - now i just top up by budget.

Each month i`m able to save bucks, to extend my trip

Surfy
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  #14  
Old 12 Feb 2014
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Great replies.... Nice one

I know that 34 is not the end of my life haha.

And I know that one big trip is not going to quench the lust for adventure. It will probably just make it worse.

There are a few reasons why I can't wait another two years.

1) I can't settle in my job..... It pays the bills and allows me to save but I'm losing my will to live and spirit to travel. All I do is think about where I'd rather be. I haven't been away since 2012 and that was cut short by a moaning girlfriend.

2) Elderly parent... In another 2-3 years, my mum could be an invalid. It's like the reverse of some people waiting for their kids to grow up... I might not be able to disappear on a long trip with a clear conscience if I wait.

3) Business/Career opportunity. I have an exciting new self-employed venture on the horizon. Not something I would want to just drop for 12 months. It's not feasible. You can't save for travelling when you're starting up a business.


I have no delusion that another long trip will be my last but I think as there are a lot of places I have really wanted to visit that will 'checked off' after a RTW, I will much happier... After that I will be happy with just 2 months a year over the winter. I've just always always wanted to do a long , long trip...


I am no stranger to debt. I have had plenty of loans and credit cards and I ALWAYS pay.

The loan I am looking at is £10,000 with a payment of £190 a month for five years. A lot if you're not working but nothing I can't manage.

Like I say, I'm not one of those who blindly borrows money without really thinking it through.

So... hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
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Last edited by *Touring Ted*; 21 Aug 2020 at 21:25. Reason: Remove ethnic slur. Watch it please, Ted.
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  #15  
Old 12 Feb 2014
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Quote:
Originally Posted by *Touring Ted* View Post
The loan I am looking at is £10,000 with a payment of £190 a year for five years. A lot if you're not working but nothing I can't manage.
That's a good deal

For what it's worth; I wouldn't have done it.
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