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Travel as Investment Research?

Travel as Investment Research?

| October 03, 2022
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“Write what you know,” is what experts say about creating great stories. When looking at investments, I say the same holds true—put your money in what you know. 

Why not get the most out of your travel dollars by using your next vacation to learn as much as you can about the $1.46 billion leisure travel market?

Hotels, restaurant chains, and casino investment opportunities abound as more and more people spread their wings after being grounded by COVID-19. 

Fall is a great time to snap up deals, as kids return to school and the hot summer season that includes leisure travelers cools down. It also means thinner crowds, which will hopefully make air travel more reliable and less expensive. There are all kinds of great destinations out there for a wide variety of travelers from families to teachers to bicyclists and more.

So break out those sweaters and head to the New England mountains to see the leaves turn. Or pack up that suitcase and book a flight to a Caribbean resort. Take out that bucket list and check it off with a dream trip to Europe or Asia, Canada or South America. Personally, Argentina is a favorite of mine at any time of year.

Prioritizing travel as a financial goal 

Including your travel goals within your financial planning ensures that you are actively working toward making memorable trips a reality. A convenient way to incorporate travel savings goals into the bigger picture is to map them out within an online goal-setting tool. At Treece Financial, our clients and friends have access to AdviceWorks, which enables users to set travel savings goals within the context of their overall financial picture.

Here are my top 3 tips for growing your travel funds:

Make a Budget

Give yourself a clear goal for your trip and remove the anxiety by budgeting. Pick the place, research the hotel, the restaurants, day trips, souvenirs and more and break down the cost of all the big-ticket items. Make sure to create a miscellaneous line of dollars for the unexpected like an extra scuba dive or Broadway tickets to Hamilton in the front row opening up. 

Travel Account

Open a separate account just for travel. Make it a direct deposit account so there is no excuse for not depositing money regularly. Determine a set amount, maybe 5 percent of your salary, and check it frequently so you see it grow. This will motivate you to deposit even more money to build your travel stash.

Travel Points

This is an easy way to reduce cost by doing some of the things you do every day already. Look into your existing credit card perks or sign up for a new one with plenty of travel points. Also, sign up for hotel websites and you will receive emails featuring discounts and travel points that can go toward making your trip more affordable. When you travel and stay at these hotels, you get even more points for your next trip.

If you want to discuss how you can best incorporate travel into your financial future, please schedule a consult with me.

I am here to help, and I can’t wait to hear where you may be headed next!

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Related Resources:

Treece Talks Travel

Pay Yourself First and Put Your Money to Work

Learn More About AdviceWorks

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Photo by Centre for Ageing Better on Unsplash

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