As wealthy professionals, business owners and executives, many high-earning women are susceptible to career overwhelm and burnout. In this fast-paced world, finding a level of balance among an endless stream of daily demands is vital. Yet this takes planning. Especially when it comes to travel.
Whether we take time out to explore the many wonders right here on our doorstep in the USA, or explore destinations further afield, travel is the perfect way to step back and re-energize. I speak from experience.
For me, travel opens my mind and gifts me precious time with my family. I plan for a week abroad each year, usually strategically taken around Thanksgiving when my workload is slightly lighter and I can feel comfortable being away from the office for a while.
The tips I share when it comes to travel are, therefore, grounded in my insights as a financial advisor, but supported by personal experience as a busy professional and business owner.
“Travel is the only thing you buy that makes you richer.”
– Anonymous
The Joy of Getting Away from It All
Clearly I am not alone in my passion for travel and enjoying unique places and experiences. According to a 2022 luxury travel market report, an increasing number of wealthy Americans are eyeing bespoke international travel in 2023.
In addition, the report revealed that most wealthy travelers prefer spending on experiences as opposed to goods. This is certainly true of WealthChoice clients, most of whom share the annual goal of travel.
Some of my clients spend more on this passion than others, but based on our in-depth discussions and interactions, and irrespective of the destination in question, getting away from day-to-day demands is a significant priority.
For some, it’s just about having new adventures, experiencing the world on their terms, and enjoying a change of scenery. For others, it’s the health benefits of taking a vacation that inspires them to pre-book time in their schedules each year to get away.
Recharge and Reset
For busy female executives, the health benefits of taking a break are becoming increasingly important. This is particularly true of women working in high-stress roles or in male-dominated sectors, such as tech or the law.
For women fighting battles on all fronts, a vacation can be a chance to relax, reset and reflect. Time in a new environment, away from daily challenges, is often a precious moment to clear the mind and consider new ways of working, new areas for personal development, and opportunities to grow.
Reinvigorated after taking time out, it is quite common for our clients to return to work with a fresh perspective on what is important. As Leonardo da Vinci, the great polymath, once observed: “Every now and then go away, have a little relaxation, for when you come back to your work your judgment will be surer.”
Since travel ranks so high on our clients’ list of personal priorities, it is an important focus area for me and my team. Believe it or not, a financial advisor like WealthChoice has a vital role to play in working with you to prepare for travel (particularly the international, cross-border variety), by providing both financial guidance and ensuring you can go away with the peace of mind that, while you recharge, your financial health is in safe and dedicated hands.
Have Budget, Will Travel
No matter the time frame, be it the standard week-long vacation, or a really indulgent two-week adventure, my clients choose to travel all over the world. Yes, they see travel as a luxury, but it’s one that I encourage them to plan for both financially and logistically.
Even for those in high-earning positions, it is always important to factor in the cost of taking time off – both financially and in terms of personal and work commitments. This is particularly true in demanding professions like law or if you are self-employed or run your own business. Whether it’s the length of your stay, your destination, what kind of accommodation you’re seeking, transport costs or how much you plan to shop while you’re away, I know from experience that it pays to be prepared.
Often travel preparation can be done with the help of your financial advisor who can assist with determining if and how your trip will impact your long-term financial goals and work this into your financial plan. They can also provide guidance on the following:
Let’s Talk Insurance
When visiting distant lands, anything can happen. That’s why trip cancellation insurance is an important consideration. Many of the best travel credit cards also offer some kind of protection for travelers, from baggage insurance to trip delay insurance. Another great resource to compare and buy travel insurance is www.squaremouth.com.
It’s also best to speak to your health care insurance provider about your travels to establish whether they will cover any possible medical costs abroad or if they sell temporary plans. Bear in mind, for instance, that Medicare cover generally doesn’t pay for care in another country, but a Medicare tie-in plan could cover costs incurred abroad. And don’t forget to take all your inoculations, especially if you are traveling to regions such as Africa or Asia.
What Does Estate Planning Have to Do with Travel?
If you’ve been putting off creating a Will or updating the one you have, it’s best to make the necessary arrangements before you travel. The peace of mind that comes with knowing your estate plan is in order ensures you can focus on the business of truly unwinding.
Remember to Combine Cash and Cards
It’s best to use a combination of cards and cash when you’re traveling, especially in Europe. Remember that cash is king so take a fair amount with you in the currency of the country to which you’re traveling.
When selecting a travel card, look for one that has no foreign transaction fees and enables you to seamlessly cash in rewards for travel. Some travel cards also offer a bonus system where you can earn rewards for travel-related purchases.
Investing in a new credit card a few months before your departure may also come with sign-up bonuses that facilitate cheaper travel or high-spend rewards. What’s more, it’s advisable to notify your credit card company of your travel dates so that they don’t block your transactions if they suspect suspicious activity.
High-End Considerations
While the financial and planning advice shared above applies to anyone planning a vacation – and particularly one outside of the USA – for high-earners a comprehensive travel plan might also need to consider making provision for the following:
- Private aviation costs: Since the 2020-2021 pandemic demand for private travel options, such as private jets and even renting out luxury yachts for the summer, has exploded. There are options available for those who chose to travel in style, be it leasing a private aircraft, to fractional ownership of a jet, or even loyalty programs courtesy of well-known aviation companies.
- Exploring bespoke, ‘bucket-list’ experiences: Whether it’s a luxury safari in Kenya or South Africa, leasing a hilltop villa on the Mediterranean, cruising around remote island in Indonesia or along the coast of Croatia, today’s traveler is looking to unlock unique and luxurious possibilities. Vacations of this variety will invariably come with a higher price tag, but if you plan well in advance for such ‘bucket-list’ breaks, they can be magical and even life changing.
- Emerging eco-travel options: A recent report by Virtuoso tells us that some 82 percent of travelers now want to travel more responsibly, and are seeking out more remote and unspoiled locations. They want to engage with local communities and learn about new cultures. Planning vacations of this type, complexity and often distance location, invariably required the services of a travel specialist. They should be treated as once-in-a-lifetime investments.
Live a Life Rich in Experience
Despite the financial outlay from these luxurious vacations, I am always at pains to affirm the travel choices my clients make, and encourage them to reward themselves appropriately for the high-pressure roles they carry off with such grace.
As I wrote in my book, Corner Office Choices: The Executive Woman’s Guide to Financial Freedom: “The first big step in financial planning is examining your passions and pursuits.” Passions are the interests you feel deeply about, such as travel, while pursuits are the particular goals and endeavors to which you are committed.
Without passion, and without reward, what are you working for?
Travel is, for me, an essential experience that both enriches my life and broadens my horizons. It feeds my passion for new, exciting and bespoke experiences. It represents quality time with family and an opportunity to recharge my batteries.
As a result, I find it extremely satisfying to help my clients make their travel dreams come true. Whatever your financial hopes, dreams and concerns when it comes to travel, remember: I’m just a call away.
