Money Lessons Learned While Traveling Around The World

Money Lessons Learned While Traveling Around The WorldTraveling is fun. You can take a journey for leisure, vacation, business, or whatever reasons. Whatever the purpose, there are certain significant money lessons you would love to hear.

Over the decade, I’ve embarked on a fun-filled, yet financial mistake(s) coated journey around the world. I’ll never be able to fix these mistakes but, I’m assured and confident that my experiences would protect my financial life for ages to come.

Financial security is key, and these money lessons would also serve as leverage to securing financial security.

 Most of these lessons were either learned from my travel experiences around the world or others’ experiences away from home. Money is a universal language. Although countries’ monetary units differ, one thing is certain. Everyone values money. And almost everyone uses money.

I thought these money lessons (below) would be of interest to you whether you are about to take a journey away from home, across the continent, or around the world. Plus these money lessons are also important if you stay in your home town.

9 money lessons for traveling worldwide

Strap yourself in as we prepare to learn money lessons from around the world.

1. Insurance

I have encountered three types of people.

People who are…

  • ignorant of what insurance is and the benefits of insurance
  • quite aware but remain adamant about having insurance
  • eager to get insurance but for certain reasons (usual ignorance) do not have insurance

Insurance is a means of protecting you, your family, business, and properties from financial loss.
According to the review of Cover Trip, insurance is a means of protecting you, your family, business, and properties from financial loss.

And through my experiences, I’ll sum up the benefits of insurance into four categories.

There’s insurance which…

  • complies with legal requirements
  • manages cash flow uncertainty
  • pays for your loss (most important benefit)
  • promotes risk control uncertainty

When traveling or at home (with your family or not), you need insurance – but mind you, the right insurance. I was once one of those who knew what insurance was but was undecided and reluctant. Eventually I took the right insurance for me, my family, properties, and business – and I’ve never felt better, relieved, and stress-free. So don’t hesitate to contact an insurance company and find the right policy for you, your family, properties, and your business.

2. Spend On What You Love, Don’t Spend On What You’ll Later Regret

Miles away from home, my eyes, my tongue, and my entire senses always wanted to feel something different; sometimes I let my body control me, I buy what I don’t love or need and end up regretting so, a lesson from me to you is to spend on what you love, be thoughtful before pulling that bill from your purse or wallet or sliding your card.

Regret is never fun. 

Most times (to date), I practice the twenty-four hour rule when I want to purchase something (aside from food and other necessities). This rule has been a lifesaver. And most times I find out that what I thought I wanted to buy twenty-four hours ago – is not really as needed as originally thought. So don’t be controlled by your urges. Spend on what you love.

3. Earn Extra/Multiple Streams Of Income

Whether you are home or on a journey, endeavor to earn extra and multiply your stream of income. Making money from different streams comes with a bigger package; you have more money or capital to spend, invest or save. Multiple income streams guarantee your peace of mind, and you don’t have a persistent fear of job security or the inability to continue living comfortably.

So focus on making extra money, and you will never regret this.

Here’s a bonus for those traveling away from home:

Focus on the possibility of having a stream of income away from home. I’ve done this (here with my personal development ebooks and here with my life improving video courses). And it’s been a big benefit for me financially and emotionally.

4. Emergency Fund

Build a fund, a financial plan to fall back on during emergencies. Health crisis, global pandemic, job loss are uncontrollable factors that should drive everyone to build an emergency fund. This is an important financial tool that has saved hundreds of people, and you can never save enough but having something, no matter how small, helps to feel more financially secure. Building an emergency plan is possible through a voided check; this would help you automate your payments; you could employ this feature for your emergency plan; voided checks are always handy for record-keeping.

5. Autoresponder 

This lesson is very helpful to business owners and entrepreneurs. An autoresponder is a software that automatically responds to or answers messages or emails sent to it. When away from home, on vacation, or a journey, it is advisable to employ an autoresponder. Leaving a customer or client waiting is not advisable, so do not hesitate to get one for your email.

Autoresponders help you to keep your business active even when you are far away.

6. Find People With Similar Interests That Can Help You Achieve Financial Success

My experience across the world has brought me closer to diverse people with different personalities. I have realized that it’s ok to say no to people who don’t have me in interest. These people can never help you achieve your financial success. Be open to those with similar interests who can help you achieve financial success. People with similar interests would discuss financial goals with you and challenge you to get better. Wherever you are, wherever you go, remember, find people with similar interests, and you are set to achieve financial success.

7. Keep Track Of Money

Wherever I go, keeping track of money has become a habit, checking account statements, creating an accurate budget,  employing budgeting and an expense-tracking app, and setting savings goals are ways you can keep track of money. This would save you from loss, despair and guarantee your financial security. 

8. Live Within Your Means, Prioritize Your Spending

Prioritize your spending, spend on what you love. It might appear difficult, but with time, your willingness, and learning, you would be able to balance your priorities. Create a healthy spending and saving budget, don’t push yourself over your budget. Be wise.

9. Be Open To Learning

Change is continual, and the financial world is changing, the industry is changing, policies changes and diverse opportunities are waiting to be explored. Wherever you are, explore, learn and network with others. There’s no one with adequate financial knowledge, so always be ready and open to learning, learn from mistakes (your mistakes and others), when it comes to money, you just have to learn, learn.

These are just several lessons that would be helpful to you – and save you from mistakes. So when you travel or when at home, don’t hesitate to employ these lessons for financial stability, freedom, and security.

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