Many people strive to maximize their income and diversify their investments so that they can travel the world as and when they please.
With travel featuring highly on many people’s retirement bucket lists, it makes sense that more and more people are looking for ways to make savvy investments and free up time and finances to help support their travel dreams, be it now or in the future.
If you’re looking to plan for travel in retirement or right now, this post will guide you through some of the different ways you should invest to support your career as a current or future globetrotter.
Property Rental
Anybody can see that property rentals have become one of the most sensible and profitable investment ideas, and this isn’t just for people who travel often but also for those who live abroad for long periods of time. Property rental can be a lucrative investment for anyone.
However, if you are traveling now or plan to travel in the future, platforms like Airbnb and VRBO allow you to list your property, schedule renters, and turn your home into a source of income.
Moreover, it doesn’t even need to be your permanent residence; you can pair just about any property and fund a separate property entirely in a high tourist or sought-after location and set it up as a short-term rental option that can bring you money regardless of where you are in the world. This flexibility puts you in control of your investment and travel plans.
The income potential for this type of adventure can vary greatly depending on the type of property you have; however, you have the potential to earn a significant amount, which could help fund global travel. This potential income can be a ray of hope for your travel dreams.
High Yield Savings Accounts
A simple, straightforward option is to put your money in a high-yield savings account. It’s pretty easy to do, and then you can do it all. You need to open the account and leave your money for a certain amount of time, as dictated by the account. With high-yield savings accounts, unlike standard savings accounts, you cannot withdraw before the end of the agreement’s duration, and this lack of flexibility isn’t appealing to everyone. It’s a great idea for future travel plans; however, if you need money on the go to fund current travel options, it might not be worth investing in them now.
Monthly Bonds
Bonds have always been a staple investment in any portfolio, and if you’re looking to diversify your portfolio, there aren’t many safer options to see a decent return on your investment.
It’s important to do your research and understand the different types of monthly bonds so you can find the best monthly income bonds. Not all monthly income bonds are paid out monthly, and the payment may accumulate and be paid periodically, for example, every six months. However, if you are looking for a low-risk and high-reward option, then monthly income bonds could be exactly what your portfolio needs to help you fund retirement travel and ensure a sound investment strategy.
