Stay Fly. This Week's Focus is on Travel
Updated: Oct 10, 2021
This week's focus is on travel. ______________________________________________________ quote of the week: “Travel is the only thing you buy that makes you richer” level 1: mask off.
ready to"switch states, touch down, foreign plates"? It's summer 2021, and things we once took for granted like airlines, hotels, and resorts are back in full effect. And it feels so much sweeter now. It's crazy what a little vaccine, good weather, and 18 months of cabin fever can do. As travel (even cruises) revs up, recall the chaos of the height of the pandemic as motivation to 1) keep emergency funds up and 2) use the 50/30/20 rule for income: 50% to needs, 30% to wants (travel) & 20% to savings or to pay debt. Here's what you need to before joining the fly-life:
Where: Here is a state-by-state and a country-by-country status guide for what's open, so you know where the coast is clear (see what we did there?)
When: Here are predictions on how long cheaper pandemic fares will last. Most airlines (even international) have axed change fees (list by airline).
How: Some travel investments are worth their weight in gold, like global entry, non-stop flights, and joining AARP today (yep, you read that right).
level 2: open.
Silk Sonic said it best...the door is open... What's wealth? Is it simply our net worth (assets minus liabilities)? Nah, it's not that simple. We think true wealth is health, happiness & financial well-being. The fast-growing"Digital Nomad" movement embraces location-independent, tech-enabled living where folks travel & work anywhere. This epitomizes "rich living" for travel lovers but isn't an option for many. What else can we do? Strategic travel moves:
Work Trips: Travelers are 7% happier than non-travelers. Even happier are those who milk their work trips for max personal gain (i.e., miles & points).
Speak Up: Stepping up your public speaking game is already a good look, but booking international is next level. You might even find a superfan.
Go Remote: The remote work boom creates an opportunity, especially for minorities, to rethink our setup and ask our bosses to go fully remote.
Take a Sabbatical: Burnout is real. Mental health is real. Sabbaticals can be the ultimate travel break. Here's how to take it and help your career.
Ultimately, however you do it, travel is key to a rich life (def more so than IG flexing). Think about it-- even a bad experience makes for a good story.
level 3: pay when it counts.
drop big cheese to cheese big.
Wealthy folks tend to spend money on experiences over things. Of course, choosing boils down to personal preference, but here are a few pro plays: Strategic splurges for hitters:
Go VIP: Pay Disney $450 -$700/hr (min 7 hrs) to skip hours of long lines & planning. Combine a party of up to 10 to make it an "economical flex."
Boat Life: Charter a yacht for $25K to $1M+ a week for that celebration, or stretch out your getaway with a 132-night world cruise for $74K a person.
Go Suborbital: To be one of the first 1000 humans to travel to suborbital space will hit you for $250K+, but the memory will last a lifetime.
We've already made it crystal clear that tax laws are made to benefit investors and entrepreneurs the most. This is especially true for travel. Tax-advantaged travel plays:
Hit the Scene: Write-off conference travel expenses by mixing business & pleasure for whatever floats your boat (from AfroTech to Davos).
Buy Abroad: Write off travel costs by owning property in another country you love. Here are 20 countries to explore and their RE investment ratings.
Cop the Jet: Due to the 2017 Tax Cuts and Jobs Act, even "PJs" ($2M to $100M+) are immediately 100% tax-deductible. Big biz = big tax breaks!
And there you have it. Just remember that you need to be handling LEGIT business matters and keeping STELLAR receipts to finagle these tax benefits. join the conversation: Join hundreds of others discussing wealth strategies, investing approaches, and investment opportunities in the gravy Slack & LinkedIn groups. Want a gravy spotlight? Want to share an investment power move you've made or how you've applied a gravy tactic? Hit reply and let us know! gravy reads:
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Yours in wealth, gravy.