Post: #1

Been pondering this lately as I think I may be going down this route before 30 unless my career really changes and I end up waiting longer. With all the global guys on here would be great to get some perspective. The entrepreneurial guys do have the big upper hand but was curious what it would take for you guys to up and leave for 1-2 years? According to Roosh's book it was $35K but he had some online income. Thoughts guys?

Maybe the below makes sense IMHO:

200K net worth can leave at 29 y/o unless you have a new job that clears you ~100K savings a year. If not bounce.

If you have a major good job, maybe it becomes $600K by 34? Again same idea here unless u hit 200+ annual savings then u wait again.

$1M and u should bounce any time.


Always a give and take but wld be cool to get some perspective

Post: #2

I also recommend getting an internet income. I left the states 16 months ago with about $2,000 saved and made my way around the world with just my laptop.

I'm vehemently against the "save up money and spend it abroad" model. Save up $200,000 then go live abroad and you'll drastically cut down your net worth. You'll be moving forwards a little bit while working, then backwards while traveling. You then have to come back and rebuild your savings once you run out of money.

I think the exception is if you can get your net worth to the point where you can earn enough to live on in a foreign country with just your interest. For example, with $500,000 in a 6% interest account will get you $30,000 a year. That's more than enough to live on abroad.

Personally, the two models I like are:

1) Work online and travel.
2) Build a highly successful company, sell it, put the exit money in fixed income / securities and live on the interest.

The model I don't like is "get a job, work at a job you hate for X years, travel for X amount of time (usually much less than you worked,) then repeat." People work for something like 5 years just to be able to travel for 1 year. People work for 2 years so they can travel 6 months. Trading 5 years of misery for 1 year of happiness sounds like a lousy trade to me. So, that's my take - Avoid this model of funding travel and do something else.

Post: #3

Yeah that's fair, I'm in a weird boat then. Roughly speaking every day I work is a day I do not have to work so it's kind of a weird situation. I don't hate my job at all I have no problem doing this for the next decade plus, but the job does not allow 2wk + vacations an I have a major case of te travel big right now. So say I wait 5 yrs that's 5 yrs of travel or 5 yrs of savings so tough call yea?

Post: #4

Sorry, but where are these 6% interest accounts? thats higher than the rate that the stock market averages in gains per yeer which is about 4%. I have in the 500k net worth area and certainly would take advantage of a 6% guaranteed if possible and travel as I'm only 22. However, I imagine in order to get 6% your taking risks. Once you lose 50+k in the stock market in less than a week like i have, you begin to realize there are real risks.[/quote]

Post: #5

I spent 7 or 8 years grinding. I'd need enough that I could return to the "normal" world without having to grind.

That # is going to differ for everyone.

With a million and no kids or wife to support, I could live the life I wanted to live by doing part-time freelance stuff and living off interest.

Post: #6

DareP, what do you do online for money?

What is your average income per month? (if you want to share that)

What is your workload per week?

Post: #7

@ 6% interest question. That one is simple, barbells on treasuries mixed with dividends and 10% allocation to junk bonds nets u 6%. That's if you're not good @ investing.

@ mike 8-9 years? That maths out to 120K a year in post tax savings... U'd have to be clearing 250+ to get there bc u need to live in a real city to net that cash... Plus guessing that 8-9 yr grind would start at age 28ish minimum? Puts you @ 37... Meh?

Post: #8

(04-03-2012 07:52 PM)WestCoast Wrote:  @ 6% interest question. That one is simple, barbells on treasuries mixed with dividends and 10% allocation to junk bonds nets u 6%. That's if you're not good @ investing.

@ mike 8-9 years? That maths out to 120K a year in post tax savings... U'd have to be clearing 250+ to get there bc u need to live in a real city to net that cash... Plus guessing that 8-9 yr grind would start at age 28ish minimum? Puts you @ 37... Meh?

If you go college route, career starts at 23ish. If law school, 26ish. If med school, 30ish.

Times have changed a lot in 10 years. Used to be quite possible to graduate college at 22 or 23, get an entry level sales job, and be earning six figures in your late 20s and low-to-mid in your mid-30s.

Or go into finance.

Was possible to be worth near seven figures in your 30s.

Totally new economy.

Not many guys earning 200K+ in their 30s anymore.

Post: #9

(04-03-2012 06:55 PM)WestCoast Wrote:  Yeah that's fair, I'm in a weird boat then. Roughly speaking every day I work is a day I do not have to work so it's kind of a weird situation. I don't hate my job at all I have no problem doing this for the next decade plus, but the job does not allow 2wk + vacations an I have a major case of te travel big right now. So say I wait 5 yrs that's 5 yrs of travel or 5 yrs of savings so tough call yea?

While society's "do the right thing until 60 and retire" line is a lie, so is the, "Have fun in your 20s" line.

If you duck out at 26 for two years, who's going to hire you at 28?

Professions move really quickly these days. Two years is a long time.

Plus, economic growth, such as it is, might not last.

Make that money while it's there to be made.

Grind in your 20s while you have the energy.

You can travel when you're in your 30s. If you take care of yourself, you'll have as much fun as in your 20s.

Just don't catch a kid.

Post: #10

Exactly... I'm in the 6figure finance boat but know the 200 range isn't in sight over the next decade so thinking about pulling the trigger before I am too old for the hostel route

Post: #11

(04-03-2012 08:02 PM)WestCoast Wrote:  Exactly... I'm in the 6figure finance boat but know the 200 range isn't in sight over the next decade so thinking about pulling the trigger before I am too old for the hostel route

If you're in the gym 4-5 days a week, not getting fat, and eating healthy foods, avoiding toxins, you'll be in hostel shape for a long time.

Grey hair (and hair loss) is genetic. Other than that, how you age is largely (50-75%) your choice.

My dark-skinned friends have aged even better.

It's all about how you take care of yourself.

Unfortunately there's no way to live off the interest of your body. You're always hitting principal. Slow degrading.

With the right lifestyle, you can slow the burn rate by 5-10 years.

Post: #12

Hmm yeah... I am def fit hit the gym 6 days a week sleep 7-8 hrs a night and go out 2x a week with 1 month off of 0 alcohol. Sds like I shld just continue toughing it out till I get fired or promoted and if I am good to go in early 30's just move on.

Post: #13

(04-03-2012 08:13 PM)WestCoast Wrote:  Hmm yeah... I am def fit hit the gym 6 days a week sleep 7-8 hrs a night and go out 2x a week with 1 month off of 0 alcohol. Sds like I shld just continue toughing it out till I get fired or promoted and if I am good to go in early 30's just move on.

In finance a lot of times it's "up or out." So if you're not going to make the real cash, maybe you'll be invited to leave (with some severance).

Plus, you're on the West Coast. There's travelling under your nose.

After all, people travel from all over the world to hit LA, SD, and SF. I got my Brazilian flag at Ruby Skye.

Just as we think Argentina or wherever is so fucking special: Well, that's how the rest of the world views Cali.

Post: #14

(04-03-2012 07:00 PM)lavidaloca Wrote:  Sorry, but where are these 6% interest accounts? thats higher than the rate that the stock market averages in gains per yeer which is about 4%. I have in the 500k net worth area and certainly would take advantage of a 6% guaranteed if possible and travel as I'm only 22. However, I imagine in order to get 6% your taking risks. Once you lose 50+k in the stock market in less than a week like i have, you begin to realize there are real risks.

[/quote]

You're 22 and you have around 500k in savings? Thats serious hustling for your age. If you dont mind me asking it, what do you do for living?

Post: #15

Dont want to offend the dude but that's likely inheritance bc that Linda cash would be a $1M sale of company or Internet ad set up that hit the right product line or a year (otherwise shld have great financial knowledge). But either way good for him he should hire a few based financial advisor and just live it up and clear 25K minimum a year nearly risk free. Hell I have had annualized returns of 21% over 4 years now but I am also knee deep in info on finance all day no doubt we should all be envious of his position but happy for him as well as he hasn't lost it in some divorce!

Post: #16

I've gained a solid set of skills that allow me to make a lot of money in a short time frame. Next month, I'll have $50K saved up from working 6 months, with a substantial tax return coming in next year, probably $15K. So, $65K for 6 months on the job, which provides housing and food. If I budgeted for $1500 a month, that gives me roughly 3 years, airfare and fuckup's included. I consider that a good trade off.

So it's not the coveted location independent 4 hour work week, but I work with heavily traveled professionals, and get good networking in. I just met a guy that can get me into high level guv connections in S. America. The kinds that can produce a permanent work visa.

So my advice is to work hard during your youth to acquire skills that are in demand, so you can always work a spell to put away a lot of cash in a short time frame.

Post: #17

Mostly inheritances. But I do have a firm job that will pay well over 100k when I graduate law school in 2 years + 1 year articling. I do have a business background from undergrad but I really didn't take much interest in finance. I have invested in real estate and made good returns or what atleast I thought were good returns. 6% yearly would be nice though. I'll have to look at that after I finish exams or when I get back from vacation in September.

Post: #18

You can travel nicely in SE Asia and many other places for 20k per year or less. If you can save 100k by age 30 or even 50k it is worth taking a year off to travel. You will still have enough when you come back to survive until you find another job.

You won't get any younger. Traveling in your early 30's will be much different (and better in some ways) than traveling when you are 40+. For one it will be easier to party with 22 year olds.

When you are old you won't remember working but you'll remember taking a year off to travel.

And some of you guys have really WILD expectations for saving money and investment return. It is not easy to save 100k a year for instance, or get a 6% return consistently. You need to have a really good job just to be able to save 50k. Take doctors and bankers clearing 150k, some of those dudes don't even save 50k because they have so many other expenses just living life in NYC or LA or wherever. And they have student loans a lot of times.

Post: #19

I am currently in the midst of setting this up at the moment as I am off in January. I'm 26 years old.

I am building a bankroll of circa $100k this year + a couple of online endeavours and a return on property investments. Here in Australia, 6% is easily obtained in a general savings account.

As with others (Aliblahba etc) I am also in the resources industry and can therefore fall back on getting work in many places abroad, often in a tax free region. I figure with my initial savings, property investments I currently hold and periodical contract roles (if need be) with tax free income, I can stay on the road comfortably for as long as I see fit.

Post: #20

I'm planning on saving up $10k and having a recurring $4k income at least. If not more. I want to travel for 2-3 weeks. Then return each month for maybe 1 week and handle business matters. I think I might end up doing that.

Note I'll still be working during traveling, but I'll be getting connections and having fun while I'm at it. Where will I travel? Well i want to go to Europe this summer but I think I'm going to hit up U.S. cities after for the next year. Just hit up everywhere. And do business in each city. I got some big plans that require me to "take a break" from college.

This is a possibility. I may end up just finishing college right away but I'm still figuring this out.

Post: #21

I think a realistic approach for many people is something like what Aliblahblah mentioned above. it's also somewhat similar to what I do. The idealised version of this stratagy goes something like this:

1) Go to university or trade school to get a useful qualification in a well paying field.
2) Spend a few years working hard in this field full time in order to get solid experience.
3) If you are not there already move to the primo-city of the country you are in (e.g. London, NYC)
4) Ideally, and this is the only step that may be beyond a lot of peoples reach, purchase a small (1 bedroom) centrally situated apartment in this city. Ideally owned free and clear.
5) After X years change the scope of your job to contract work, rather than a standard full time job. Ideally a 6 month contract.
6) Now, work for 6 months on a contract or consulting basis every year while living in the apartment. The other 6 moths travel the world as a real or wannabe international playboy while partially living off income generated from your apartment which you rent out for the 6 months, and partially off savings generated during the 6 months you worked.
7) Repeat every year untill it gets old.

Also, as Aliblahblah alluded to, there may be tax benefits to doing this. Without going into the mathematics too deeply, if you live in a country with a "progressive" tax structure it is likley that you will get a sizeable tax refund if you only work 6 months of the year. It depends on how much you earn and what other income you have, but the general principle of "progressive" taxation is that no good deed goes unpunished. The more you work, the higher the percentage of tax you must pay. The less you work (like only for 6 months) the lower the percentage of tax you pay.

Post: #22

The most I could travel around the world without getting bored out of my brains is 6 months. Why waste all that money on just skipping from one destination to the next?. I need to work and grow at the same time, If I did my backpacking all over again I would get involved in some charity work

Post: #23

loc independent income is all that matters. forget saving up for somethting..hustle for a year or two and build somehting you can do from anywhere. freelance eriting is great, so are things like web dev. while its optimal to go 4 hour workweek and get a semiautomatic biz running, that is difficult. getting a freelamce gig or three is mucn easier.

model out a budget for your destination and transportation and see what it would take each month to live the dream. make sure you kill all recurring expenses back home or youll just be wasting money. car payment, mortgage/rent, etc. are all going to hold you down.

the only thing tnat matters is income while abroad. get that, and youre fine.. without it, youll be slaving and saving only to deplete it.

Post: #24

All very interesting comments. Believe for the majority the freelance stuff is right but i'm not in the camp where I believe 40K a year on ur own > 150K Ina corp job. Think for my situation Mike is right and I'm just being a pussy about not wanting to work harder for another bonus increase. So long as markets rip no reason to leave I'd be leaving 30+K in annual savings post tax on the table. Would be idiocy

Post: #25

For those who don't have the cash all set

It seems to me that it makes sense to combine a strategy of getting a job (such as teaching english) whilst out of the country...

and doing things to create passive / internet income in your spare time... that way you can go without delay, and will have the motivation to get the internet income rolling, which will make the plan sustainable long-term.

If you can get over $1000 a month coming in, you can live in places like Colombia indefinitely, giving you all the time in the world to grow that number.