Author Topic: Should I go ahead and book a December Vacation?  (Read 2749 times)

1tolivesimply

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Should I go ahead and book a December Vacation?
« on: October 04, 2014, 04:08:55 AM »
Because of my numbers, this question may sound stupid to some, but, I'm seriously debating whether I should go or not based on the fact that I do not "want" to spend the money, while at the same time, I "want" to travel more.

I was just adding up all my YTD contributions to 401(k), backdoor Roth & taxable account, the total is $83K, this is not counting some extra mortgage payments I've made, I'm too lazy to check, but I'm sure they're at least $5~6K if not more, so we're talking $90K or so to savings so far and I still have three more paychecks this year; 90K is about 55% of gross income. Assuming I can save an extra 15K or so in the next three months, I should be able to make it to 60% savings rate by the end of the year.

On the other hand, my goal is to quit this job by the time I turn 35 (3 more years), not to completely retire, but to get into something else, so I'm trying to save as much as I can in the meantime. I also think I've spent too much money this year after I moved to a new house (and rented out the old one). I also spent about $1K on a week in Europe back in May, that's including airfare due to taking advantage of a business trip, which is the same I would do this time. I'm estimating a total cost of around 3K, including airfare difference, accommodation & meals.

Not sure is clear, but the only debt I have are 4 mortgages, 3 rental properties and my primary residence.

So as the title says, should I go ahead and book the trip or should I forget about it? As I said, I would like to, but I'm not sure I want to spend the money, specially around Christmas which, like it or not, I usually spend a lot more than I should.

Thanks!

plank

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Re: Should I go ahead and book a December Vacation?
« Reply #1 on: October 04, 2014, 04:16:36 AM »
The trip would delay your FIRE plans 2-3 weeks at your current savings rate.  Is it worth working an extra 2 weeks in order to take this trip?

hdatontodo

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Re: Should I go ahead and book a December Vacation?
« Reply #2 on: October 04, 2014, 04:38:51 AM »
My rule about many things in life is, if you have to ask, the answer is no.

fb132

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Re: Should I go ahead and book a December Vacation?
« Reply #3 on: October 04, 2014, 05:58:16 AM »
The trip would delay your FIRE plans 2-3 weeks at your current savings rate.  Is it worth working an extra 2 weeks in order to take this trip?

What does FIRE mean, i looked everywhere on this website and google, but I can't find the answer.

plank

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Re: Should I go ahead and book a December Vacation?
« Reply #4 on: October 04, 2014, 06:02:35 AM »
FI = Financially independent

RE = Retired Early


chasesfish

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Re: Should I go ahead and book a December Vacation?
« Reply #5 on: October 04, 2014, 06:17:51 AM »
Where and when are you trying to go?

I have a similar savings rate, target age, and my choice would be to go on the vacation.  Its really a personal choice, like another poster said is it worth working an extra 2-3 weeks later to get the week now?  For me, that answer is yes.

The reason it is yes for me:

- There is a small statistical probability I will not survive until age 35 and I want the experience now.
- I enjoy/desire the break from work.
- Traveling long distances by airplane seems to get less enjoyable each year (maybe its smaller seats, achy body, or general irritability)
- There's a good possibility I'll hit my FI number and not necessarily want to RE.   There are parts of my job/profession that I really enjoy.

Good luck with your decision.

1tolivesimply

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Re: Should I go ahead and book a December Vacation?
« Reply #6 on: October 04, 2014, 07:03:47 AM »
My rule about many things in life is, if you have to ask, the answer is no.

Is travel one of them? When you ask, you can hear (read) many different perspectives you didn't even think about, for example, plank's way of seeing it as an extra 2-3 weeks of work.

Where and when are you trying to go?

I have a similar savings rate, target age, and my choice would be to go on the vacation.  Its really a personal choice, like another poster said is it worth working an extra 2-3 weeks later to get the week now?  For me, that answer is yes.

The reason it is yes for me:

- There is a small statistical probability I will not survive until age 35 and I want the experience now.
- I enjoy/desire the break from work.
- Traveling long distances by airplane seems to get less enjoyable each year (maybe its smaller seats, achy body, or general irritability)
- There's a good possibility I'll hit my FI number and not necessarily want to RE.   There are parts of my job/profession that I really enjoy.

Good luck with your decision.

I agree with most of your points, except #4 because in my case, even though I also enjoy what I do, it is tied to #3, so I definitely would have to change jobs to pretty much eliminate plane travel (except for pleasure of course). I have a list of places I want to visit, however, most of them are cold in the winter, so, for this particular trip I'd be going to Singapore.

The trip would delay your FIRE plans 2-3 weeks at your current savings rate.  Is it worth working an extra 2 weeks in order to take this trip?

Interesting way to look at it, two extra weeks do not sound that bad, however, taking a couple of trips every year would add up :)

fb132

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Re: Should I go ahead and book a December Vacation?
« Reply #7 on: October 04, 2014, 08:25:42 AM »
FI = Financially independent

RE = Retired Early
thank you