This is another edition of Q&A with Bailey & Vince!
This week's topic is what we would do if we had $50,000. Thank you to everyone that sent us a question for this Q & A!
If you guys had $50,000 to spend freely - no strings attached - what would you do with it?
I suspect that if you asked Vince and I this question individually, you'd get similar but slightly different answers. Therefore, I will let us both answer separately!
Full disclosure, I'd recommend suspending reality a bit here. I haven't done the math so I don't know if my answer would really total $50,000, but this is all pretend anyway, right? Also, I'm assuming I could just take off work for however much time I needed to burn through this money.
The first thing I'd do is invest $10,000 in a way that will allow me skim off $500 or so each year to put towards more vacations. The longer I can stretch this imaginary windfall, the better.
Next, I'd buy any camera equipment I don't have but would really like to own someday. For the time being, that list includes: - nice camera flash - telephoto lens - extra camera body?
After that, I'd book the most wonderful Bucket List trip for me and Vince. I'll often worry that the most extreme places on our bucket list will close down or disappear before we can see them. (This is partially why we're hiking the Inka trail this summer before they decide to shut it down. These are the things that keep me up at night.)
I'd start our trip in the Galapagos Islands SCUBA diving, then jet down to Patagonia for a week of hiking, then we'd fly over to Bali for a long weekend of pampering before jetting to Nepal to explore Everest Base Camp. We'd conclude our journey exploring Paris for five glorious days before jetting back to reality and planning out next trip.
Again let me stress that this answer is hardly based in reality, but isn't the question also a little far-fetched?
I've always been rather practical with money, so my answer will probably be less exciting than Bailey’s, but practical money management is part of our ability to travel as frequently as we do.
The first portion would be to spend $5,000 on an international trip. Bailey and I love going to new countries to see new sights and visit new cultures. We love being able to see a small portion of the different cultures and see both the differences and the similarities across humanity. My current (it changes frequently) top international destination is Patagonia. I didn’t realize how beautiful Patagonia is until we watched the Top Gear Patagonia Special. Since then, Patagonia has jumped substantially high my travel destination list.
The next portion would be $1,000 for each of our “Fun Money”. One of our favorite parts of our budgeting and finances is what Bailey and I have coined “Fun Money”. This is money that can be spent by each of us separately however we choose. Sometimes we buy multiple smaller items and sometimes we save up a few months and buy a larger purchase.
Finally, I’d invest the remainder in our retirement accounts and then taxable investments. We’re pretty big on saving for both retirement, future travel, and general savings, so a nice supplement from the added money would be very beneficial.