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Come on; this is basic finance 101
This is the life story of many, though. Most people invest in the now versus then. It’s easier to live in the moment than to consider our future selves.
The Only Time To Use Investment Money For Travel
The only time you should use investment money to travel is when you are:
Not in debt
On track for retirement
On track with your savings goals
On track with your investment goals
Have a fully stocked emergency fund
If you don’t fall into any of these categories and are trying to use your savings and investment to travel, what are you doing?
Ask yourself this question right now.
The Problem With Living In The Moment
You can’t respond and say, “I’m living in the moment because tomorrow isn’t guaranteed.” This right here is a cop-out excuse. We all should live in the moment, but we shouldn’t sacrifice our present and future financial well-being to live in the moment.
Observe the masses of people who live in the moment.
What do you notice about them all?
One thing pops to mind immediately; they all are in debt, have little savings, have no plan for retirement, live paycheck to paycheck, and never have enough money. Furthermore, many make a profound effort to show off what they have to the world, leading them further into debt.
Is it worth it? 100% of the time, it’s not unless you desire to live broke your entire life, which most people do.
Living in the moment is not a sound financial strategy. It’s probably one of the worst strategies to implement because it never leads to wealth unless you already have it.
If You Want To Travel, Plan
While saving for everything else (e.g., retirement, emergency fund, and other savings), save for your vacations; by doing this, you never have to concern yourself about being off track with your other goals – everything remains appropriately aligned.
You should never sacrifice your actual savings, though, for a vacation. You should never use credit cards to fund your vacations if you can’t pay them off before the monthly statement rolls around.
As long as you’re alive, vacations will always await you. Not every vacation needs to be an absolute luxury. And remember, you can vacation on a budget to make memories and meet your financial goals all at once.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.