Risk it for a biscuit??

I love popcorn!

Not sure of this belongs in the travel or financial advice section!

Whats your thoughts....

My husband and I are in our mid 30's, have steady jobs and a decent pot of savings. We're now trying to figure out what to do with this lump sum, would you do the sensible thing and reduce your mortage (or something along those lines) or quit your job and blow most of it by travelling around the world for a year?

How do you decide?
Once in a lifetime experience Vs coming back with most of our money spent, no jobs...in the current climate , and a mortage still hanging over us (its not too bad though @ <150K)

gustafo

only you can decide this really, i have done it twice just packed everything up here and went off travelling, the 1st time was when i was 23 and stayed away for 2 years and the 2nd time was when i was 30 and stayed away for 3 years, now i'm back just over a year and starting to get itchy feet again so hopefully will go again in the new year.

I left fairly stable jobs also to go travelling but this time hasn't been the best time coming back here but i'm so glad i did it.

dory

No one can say only you, but I think you should go for it. It's a once in a lifetime thing! Which you regret more - not paying off a mortgage or not going on a fantastic trip?
You should read some travel blogs that are out there. I can't think of any off hand but I've read loads over the years of people who gave it all up to travel and they never looked back.

Cavehill Red

You've posted this in the independent travel section. Expect answers endorsing independent travel.

If you posted this in the economy section, you might find answers endorsing paying your mortgage.

I suspect that you want to travel rather than pay your mortgage and wish to hear from people supportive of that view. However, it is a major financial decision you are on the verge of taking either way, and I would suggest that what would really be of benefit to you is to hear some dissenting views rather than views that endorse your existing perspective (confirmation bias.)

Tigerandahalf

I'd say most people would say you are mad to even be thinking of it. You are both in steady jobs. Will they be there when you come back? You don't give a huge amount of detail so it's hard to expand. Are you thinking of emigrating or just travelling for a year. If just travelling are you prepared to come back to Ireland and both of you on the dole with a mortgage to pay. Another thing, I'm not sure if it's great travelling as a couple over a long period of time. Again, different things suit different people. Would you consider saving together and maybe taking extended holidays and seeing a few places over a couple of months. Also, how will the mortgage be paid if you travel. You'll have to give more details.

I love popcorn!

Thank ou all for your input: to answer some questions/comments...

Of course I expected some bias but I take heed to what you say and will post the same questions in the finance section to get some alternative views

Jobs: it is unlikely that my employers will allow me to take a year long career break. To date, they have occasionally (rarely) given 3 month stints to employees but its a once off. I’m an accountant so would hope that my prospects wouldn’t be too disastrous in the jobs market on returning but you never know
Husbands – 70/30 chance he could return to the same job

Purpose: We’re not thinking of emigrating, just travel and see the world for a year

Age: We are too old for working holiday visas

Just the 2 of us: Granted it’s not always easy travelling with just one other person, but what other option is there? We are married so I should certainly hope we could survive each others company! We did spend 6 months on our own in NZ many years ago and managed to get through it

Alternatives: Extended holidays are not really an option in our current employment, could possibly take a 3 week holiday once per year. I would think this is a long drawn and jet lagged way of seeing the world. Also, you would have no other days off from work for the remaining 11 months of each year…that’s tough going

Mortgage: Would look to rent the house but would still have a safety net of 6-12 months re-payments stored away.

Timeline: In the next 18-24 months, sounds ages away but it’s to get as much safety funds together as possible