How to make your travel dream a reality

Many of us dream of the nomadic lifestyle, discovering everything that the world has to offer by travelling long term, but how possible is the dream? Potentially more than you might think! If you long to give up the classic 9-5 lifestyle and take to the road, here are some of the things you'll need to think about.

Can I afford to be a long-term traveller?

This is probably the question that's first on the lips of anyone daydreaming about travelling and it's probably the thing that holds most people back too, so let's dive a bit deeper into this one by thinking about how you might fund this sort of lifestyle.

Do you have a lot of savings or a passive income?

It may be that you are in the very lucky position of having a vast inheritance or family wealth that you can live on while you travel in which case, well done you! For most of us, this isn't a reality, but it could be that you have regular income from investments, explained more on Investopedia, or perhaps property that you rent out. This can be a great way to provide an income while you travel.

Can you work on the go?

Most people won't have the luxury of not having to work at all if they want a permanent nomadic lifestyle, so you'll need to think about how well your current work could adapt to being on the road. If you work full-time for an employer then you've probably got a little less flexibility here, but if you're self-employed and your work can all be done online then there's no reason why you can't make a living without a permanent address. 

What should I do with my house?

If you currently rent your home then this one is easy, but if you own your house then it's something you'll need to think carefully about. On the one hand, owning property makes a lot of sense as it's a great investment and you can get a regular income from renting it out. On the flip side, you might find that after tax and management fees, (you'll most likely have to pay a property management company if you're not there yourself), you aren't left with a huge income. 

You might prefer to sell up completely and use the capital to fund your travelling, at least partly. In this case it will come down to timings - whether you want to put your house on the market and see what happens or whether you'd prefer to sell to a company like Sold for a quick, guaranteed price and get the cash in the bank as soon as possible.

Can I cope with the lifestyle?

This is a question only you can answer! Will you get lonely and miss friends and family or are you perfectly happy in your own company? Do you feel confident being in new places on your own and chatting to new people or does the idea of embracing a new culture on your own leave you feeling daunted?

The truth is that you may not know until you try, so all you can do is give it a go.