Tynan

Life Outside the Box

EdwardCash hasn't filled out their bio yet. Just figuring all of this out..
EdwardCash
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To those of you who travel full time

Do you have any debt? How did you tackle your debts? Do you live 'on the road' because of debt? 

Tynan, Maneesh Sethi, the Faliaphotography girl, and Colin Wright have me literally obsessed with travelling now.  I'm working on condensing my possessions down to nearly nothing, but I have some student loans hanging over my head.  Fortunately, they are very minuscule compared to many, but it's still more than I can afford right now as I'm currently unemployed with few marketable skills it seems.


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Tynan hasn't filled out their bio yet. Creator of SETT. Adventurer.
Tynan
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You've got to kill your debt first. If I had debt, it would be all I focused on. Literally. I would eat the same food every day, and it would be lentils, brown rice, squash, and kale. Simple and very cheap. I would never eat out or spend anything on entertainment. I would sell everything I had that was worth anything and couldn't make me money. If you have $12k in debt and make $3k a month, you could have that nailed in 5-6 months and then be free.

You said your unemployed. If I were you, I would take ANY job. Try to find the best one you can, of course, but work at McDonalds if you have to. This will probably be a good experience, will (very slowly) pay off your debt, and will leave a lasting anchor associating debt with having to suffer. It doesn't sound like you were very irresponsible, but the problem with debt is that creating it feels good. It's instant gratification. 

If your student loan debt is really low, like under 5%, I wouldn't actually pay that off. I would save up an equivalent amount, invest it in Lending Club, and use a portion of the monthly income from that to pay of the debt. 

Hope this is helpful and not preachy. I hate debt (actually, I mostly hate not having a buffer of money invested) so my reaction is probably stronger than normal.

Jason Martin hasn't filled out their bio yet. Hi, my name is Jason! My philosophy for life? Don't settle, let go, no obligations, single-task, and deliberate practice.
Jason Martin
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I don't think your response was preachy; it rings true to me for sure.

Credit card debt is the devil, 25%+ APR is insane (coming from a guy who has 10K of it currently, I know all too well). Mortgage & student loan debt, like you said under 5%, isn't as bad — you can actually make more money investing elsewhere; paying off these kind of debts is more of a mental benefit, but from a pure mathematical standpoint, it often makes more sense to invest elsewhere instead of paying off the mortgage/student loan all at once.

zerek hasn't filled out their bio yet.
zerek
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I'm in the same boat. I'm currently sitting at about $40k student loan debt. The common advice of "pay off your debt first" means I'll get to start traveling in a decade or two.


Jason Martin hasn't filled out their bio yet. Hi, my name is Jason! My philosophy for life? Don't settle, let go, no obligations, single-task, and deliberate practice.
Jason Martin
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There are always other options :)

I'm sitting at about 10 grand of credit card debt, and 240 grand of remaining mortgage debt for my Condo. How to solve this, as quick as possible?

This is my solution: Keep my current job where I make about 4K a month net, rent out my condo (so it can build equity for me, not on my dollar), move into my RV fulltime (bought a 1995 Rialta FD for ~15 grand)...instead of paying between 2-3 grand a month for Mortgage and Bills, I can now pocket this money; I can pay off my entire 10K credit card debt in just about 3 months with this strategy, whereas if I were to work full-time and live in my condo, it would most likely take YEARS.

John Wes hasn't filled out their bio yet. '95 Rialta-dweller, VFR800-rider, builder of cool things
John Wes
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Zerek, you can pocket $40k in 5 months in any entry level oil field position; make it happen.


foote hasn't filled out their bio yet. schemer
foote
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I have never traveled full time but will be making the leap in about 6 months.  Paid off the last of my student loans about a year ago and am 100% debt free.  I absolutely HATED having that debt in my life, finding it influenced all of life's major 'what comes next' decisions more than anything else.  If you carry $X debt and lose everything you still need to earn $X dollars just to be broke.  Not fun.

I would make a plan to pay off your loans first, then see how travel fits around that plan.

Side point: If you figure out how to make high quality wool jeans I will add to your revenue stream personally :)

JohnCaptain hasn't filled out their bio yet. Local NYC bodybuilding legend and writer of "Work out, lose weight, and stop being single"
JohnCaptain
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Edward, start a blog!  I think the easiest way to make money on the internet is with amazon associates.  Just ask some of your friends, or even your parents to use your blog site for their amazon purchases.....I have 2 friends using mine and its really easy money...

Peter Park hasn't filled out their bio yet.
Peter Park
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Pay off your debt. You won't be able to enjoy anything (or at least not for very long) while traveling.

I'm not sure being penniless and traveling is a good idea either, but I've definitely meet enough people who moved to a new city with nothing and established themselves. But that's a bit different from perpetual travel.


EdwardCash hasn't filled out their bio yet. Just figuring all of this out..
EdwardCash
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My debt actually isn't all that bad compared to what I have just read... It's only around 12k total with everything. 10k being student loans.

As far as the pants go from the other topic. I'm tempted to order a pair of these and test out dying them with Rit or Dylon dye, but I'd hate to have these things fade on me if I really start to like them.  

I'm definitely planning on paying debts before making any rash decisions.  I hate the thought of being enslaved by debt.  I was admittedly careless with my life for the past few years, but I guess mistakes must be made or I wouldn't be the person I am today.  

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