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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 12-19-2005, 07:29 PM   #1
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so i was supposed to save a bunch of money to go traveling, but then i got bored and moved to DC, and ive made a lot less money.

anyway, im already set to take a trip around the world leaving in March. and even though i only have about 2-3K in the bank, im not going to stop. I plan to try to make some money abroad through work/freelance writing, etc. but im also thinking I should take out a loan.

anyone know how this works? I have no college loans, so I figure 10K won't put me too deep in debt. and i will try to use as little of the loan as possible. im planning to travel for a year, so the 3k won't last me long enough.

thanks!

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Old 12-19-2005, 07:58 PM   #2
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i don't know about the loan thing, i would check how much it would cost you in the long run, like in interest and shit and if u can find a good deal and think u can pay it back, go for it. either way though, the trip looks awesome, although i would recommend seeing more of africa then just egypt.
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Old 12-19-2005, 09:53 PM   #3
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in short form... NO NO NO

Do not ever ever ever travel on borrowed cash. I learned the hard way.
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Old 12-20-2005, 03:00 AM   #4
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Well, IMHO, it really all depends.


Correct me if I'm wrong guys, but I believe that student loans are in forbearance. That is to say that you don't have to start paying them back until you finish school.

A normal loan, from a bank, will have to start being repaid almost immediately like a credit card.


In both cases, the question really is-
Quote:
Do you have the capacity and the discipline to pay it back? All of it.
In other words, are you responsible enough to pay it back when the payments come due?

If you answer-

NO - You will dig yourself a monstrous hole and you'll be fighting an uphill battle all the way to resolve this debt- which could take many, many years.

In addition, you'll destroy your credit and your ability to borrow in the future will be limited and the loans that you may be able to qualify for will be decorated with the highest of all interest rates.

If

YES - Have a ball! Enjoy traveling the world, post tons of pics, and keep us updated, yo!

Word up
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Old 12-20-2005, 04:12 AM   #5
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I always avoid loans even from friends so I'd say no.

Do ye have credit unions in the US? Their not quite a bank and if you explain yourself to your local branch they may work something out for you.
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Old 12-20-2005, 07:08 AM   #6
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I have to go with no also. First of all, I figure if I can't pay for something (other than a house, vehicle and school) in cash, I can't afford it/don't need it. Also, you'll be paying on the loan for a while after your trip is over - by then, you'll probably be ready for another trip. What will you do when you're wanting to pay for one trip while still paying on a past one? You could take the money you'd pay monthly for your trip and stick it in savings. After a while, you'll have built up a stockpile of money that you're only paying to yourself. No interest, no fees, no worries if you can't afford it one month, etc. Anyhow, that's my logic.
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Old 12-20-2005, 07:09 AM   #7
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Yeah I definately say the best way to finance a trip is to save for it. Not to take a loan. The interest rates kill you (ask Jake!!) and it is very hard to dig yourself out of the hole. 3K is a good start. Now just start building from there. The world will still be here in a year!!

If you do decide to go ahead and get a loan, then just remember that it is borrowed money and not to party like a rock star! You will have an amazing time though whenever you do decide to take a big trip!
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Old 12-21-2005, 01:41 PM   #8
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thanks for all the advice everyone!

i consider myself very fiscally balanced. I actually have a decent nest egg in IRA's that my dad set up when i was little, though the fees for removing that money are not worth it, and i wouldn't heat the last of it from my dad. ive never gone into any debt before, and i have two credit cards.

my timetable is, unfortunatly (or fortunatly) set. i can't wait a year because my goal/dream is to work on a political campaign during the 06 cycle, ideally a presidential one.

anyway, i still have 3 months to save up. hopefully i can build a bigger nest by then!
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Old 12-21-2005, 03:26 PM   #9
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goodluck. think about picking up another job part-time or as much as you can that brings in cash. i bartend/wait tables and i think it would help you bring in a very nice sum of money on the side!
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Old 12-21-2005, 10:10 PM   #10
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by a share in a race horse....
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Old 12-21-2005, 10:28 PM   #11
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sell drugs
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Old 12-21-2005, 10:29 PM   #12
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ENTIRELY KIDDING! believe me, its not worth it. a kid in my high school thought that it was cool...now he's in county!h:
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Old 12-21-2005, 10:29 PM   #13
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hey man i sell drugs

i dont really sell drugs...... im just good at savin
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Old 12-21-2005, 10:35 PM   #14
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haha..i guess its cool in other places..theres always been a lure to it, get rich quick, live dangersously and feel like i'm in Scarface but then again in my county they like lock you up for life for havin alot of weed on you
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Old 12-22-2005, 05:55 PM   #15
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Save. End of story.
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Old 12-22-2005, 10:20 PM   #16
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i also helped myself to some boonanza promational hats at work today which i will sell on ebay

www.boonanza.com.au
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Old 01-03-2006, 02:45 PM   #17
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On a similar subject, what about cheap school loans or scholarship/grant sites?

Although, I really hate loans, cuz generally if you ain't got the money to pay for it NOW, how the fvck will you have the money to pay for it LATER? Too often, you won't.

Yes, the exception is possibly with very low interest rate loans, but rates have risen back up lately...
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Old 01-03-2006, 03:13 PM   #18
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I agree with not using loans to finance a trip UNLESS:

1. Low rate
2. It will be the only trip you take for a LONG time (YEARS)
3. You have self control with money

I am financing some of my travels at 2.99% fixed thru American Express. I took out more than i needed so I can make payments while i am gone. It is not a large sum of money though.

Good luck!

Foo

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Old 01-04-2006, 04:57 AM   #19
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Quote:
I actually have a decent nest egg in IRA'
Ah, did you get yourself a cut from the northern bank robbery?
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