If you are feeling stuck at your desk, it can be tempting to walk out of your job and take that round-the-world trip. However, if you are a bit older, it can be worth putting some in some planning before you head off so that you can keep on track with your long term financial goals.
Look at how to earn money from your home.
If you own your own home, you can feel free to rent out your house on a long or short term basis. It can often be good to try short-term rent initially in case your travels don't go entirely to plan. Generally, you can enjoy some of the benefits of being an investor, including negative gearing while still enjoying the primary home capital gains tax exemption if your travels are less than a year. To confirm what you need to maintain records and organise rentals that maintain your capital gains tax exemption, it's well worth discussing your career break plans with a financial advisor.
Maintain your professional network.
While you are away, make sure to keep in touch with your professional contacts so that you can maintain the option of re-entering the professional workplace. You can often find casual work while away through these colleagues, and it's always useful if you need to find a reference later on and need to know where your previous co-workers are now working. Online professional social media networks are an ideal way to keep a track of peoples' professional movements while you are away and not plugged into your industry gossip network.
Manage financial risks.
If you are travelling overseas, it makes sense to check how you will manage financial risks, including becoming ill overseas and needing medical treatment or if you run into a situation where you need to compensate someone else, such as being in an accident. Choosing appropriate insurance can mitigate this risk, and in some commonwealth countries you may enjoy reciprocal rights to social welfare and medical treatment as you do in Australia. Meeting up with a financial advisor can help you to clarify what risks you have in your planned travels and the best way to manage them. You don't want to spend the rest of your life paying off a large credit card bill from an unplanned medical evacuation.
Meet with a financial advisor and work out how to turn your travel plans from daydreams to reality!Share