Spontaneous gap year--how to fund?

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Hello everyone!So I recently took a bit of a leap, and am now taking a gap year before I go off to college. My reasoning for doing so is I want to achieve a dream of mine Iíve had for years; travelling. I want to be able to explore a bit before I have to enter a rigorous college program and go straight into my career. I know it was a bit of a risky decision, but it's one I took regardless.However, Iíve only just started working last spring, and though I worked a lot in†three jobs; you can imagine I donít have a lot of money, especially since it was a spontaneous decision.†My plan is to take out a loan, but I have almost no knowledge on how finances work.So my question is--How would I go about this in a financially smart way? I know taking out a loan to travel is never a smart idea in general, but seeing as it is my only option, and my mind and heart are set on travelling, Iíd like to do it in a way that wonít completely screw me over. If anyone has any tips, advice, or walk-throughs on how to go about this, Iíd so so greatly appreciate it.Thank you so much!

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Don't remember ever seeing anyone over 30 working at the GAP.

atikovi (Sep. 06, 2016 @ 6:57p) |

I think this is your best bet. †I know people who have done this. Work hard.... as many hours as you can...... save ever... (more)

terryann56 (Sep. 07, 2016 @ 11:18a) |

I did both. Worked 10 years, saved up, but still traveled cheaply and still have monies.

BingBlangBlaow (Sep. 07, 2016 @ 12:03p) |

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Do you have good credit? Are you currently employed?

With all due respect, borrowing to travel at such a young age seems like an even worse idea than borrowing for school. †I'd only consider it if you were already admitted to some kind of lucrative program like medicine.

And if you do borrow, it will likely be unsecured debt on terrible terms. Think 18% interest.

whateveridontevencareanymore said:   Hello everyone!So I recently took a bit of a leap, and am now taking a gap year before I go off to college. My reasoning for doing so is I want to achieve a dream of mine Iíve had for years; travelling. I want to be able to explore a bit before I have to enter a rigorous college program and go straight into my career. I know it was a bit of a risky decision, but it's one I took regardless.However, Iíve only just started working last spring, and though I worked a lot in†three jobs; you can imagine I donít have a lot of money, especially since it was a spontaneous decision.†My plan is to take out a loan, but I have almost no knowledge on how finances work.So my question is--How would I go about this in a financially smart way? I know taking out a loan to travel is never a smart idea in general, but seeing as it is my only option, and my mind and heart are set on travelling, Iíd like to do it in a way that wonít completely screw me over. If anyone has any tips, advice, or walk-throughs on how to go about this, Iíd so so greatly appreciate it.Thank you so much!

user ID: whatever i dont even care anymore

posts: 1

first question: i don't know anything about finances, but how do i shoot myself in the foot at the age of 18 with FWF's help?

answer #1: TROLL

answer #2: †TRY HARDER

whateveridontevencareanymore said:   am now taking a gap year before I go off to college. My reasoning for doing so is I want to achieve a dream of mine Iíve had for years; travelling.
††
Do the travelling AFTER college when you don't get a job after graduation with your liberal arts degree. You can skimp on college expenses, and then you can use your leftover student loan money, and you'll have a 6-month deferment before the payments start.

Maybe OP is a trust-fund kiddy.

ZenNUTS said:   Maybe OP is a trust-fund kiddy.
† Wouldn't be worrying about a loan to pay for a year-long vacation.

ZenNUTS said:   Maybe OP is a trust-fund kiddy.
† I'm assuming the OP is 18 and broke. Borrowing against a substantial but illiquid net worth would be a whole different matter.
I shouldn't be too hard on him though. I'm kind of on a gap decade.

whateveridontevencareanymore said:   My plan is to take out a loan, but I have almost no knowledge on how finances work.So my question is--How would I go about this in a financially smart way? I know taking out a loan to travel is never a smart idea in general, but seeing as it is my only option, and my mind and heart are set on travelling, Iíd like to do it in a way that wonít completely screw me over.
The short answer is that this doesn't reconcile - if you don't want to screw yourself over, you don't borrow for a spontaneous year-long vacation. And if you insist on the vacation traveling the world, you have to accept that when it's over you are going to be pretty screwed going forward.

Clearly there's more to the story, as you've spontaneously made this decision right as school is starting - explain this, and you might get better advise for the upcoming year. Generally the best response to being cut off from school would be to work for a year and save all you can, so that you require fewer loans when you start school next year. Adding to your debt before even starting to pay for school is almost never the correct answer.
††

TravelerMSY said:   
ZenNUTS said:   Maybe OP is a trust-fund kiddy.
† I'm assuming the OP is 18 and broke. Borrowing against a substantial but illiquid net worth would be a whole different matter.

Borrowing against a substantial but illiquid net worth is a whole different matter than being the broke adult-age offspring of some rich parents. †Good chance both parents have to die for offspring to see a penny, and that could take 50 years. †Also, there could be other beneficiaries, and/or the parents could cut this particular beneficiary out of the inheritance. †There's also a chance the parents lose it all. †A lot can happen in 50 years.

Most gap year kids either have rich parents or got a modest advance and get jobs along the way. Especially Commonwealth citizens who have streamlined work visa channels in other Commonwealth countries.

I'd do my gap year as an airline employee if I could. That is, still living with my parents but working the ramp at the airport and traveling for free as much as my schedule allowed.

TravelerMSY said:   Most gap year kids either have rich parents or got a modest advance and get jobs along the way. Especially Commonwealth citizens who have streamlined work visa channels in other Commonwealth countries.
† Most of them plan for it and don't decide on it "spontaneously."

I swear these threads are some kind of FWF clickbait. It's always a new user with the Dave Ramsey call-in story.

Oh no, don't borrow money for this, that takes all the fun out of the experience. Grab a bag full of your clothes and whatever cash you got for graduation. Get in your car if you have one or buy a bus ticket if you don't. Then figure out how to make money, where to sleep, how to get food, etc. Keep flying by the seat of your pants until the year is up or until you get sick of it. Think of it as the ultimate classroom - the real world.

Definitely. I'm not at all suggesting he shouldn't do it. Just not to borrow money for it.

I'm actually being serious, go join the circus. You'll make about 300 a week and be in a new city every week. You'll work your ass off on stage crew and that'll motivate you to go to college. The average burnout is shy of a year anyway. You'll live in a roughly 4 foot by 7 foot room, but it's doable. You won't need to borrow a penny, you'll get a lot of great stories for parties.

Full story:
I deliberately unenrolled because I realized I wasn't going to the college I wanted to, I wasn't studying what I wanted to, and I wasn't where I wanted to be. I was intending to go for a year and transfer to another college anyway, so this way I'm just not going and taking a gap year, but still following through with my plan and applying to different colleges. (I have decent grades and etc. Nothing about me getting kicked out.)

I have no credit and I currently work two jobs. I work about 35-40 hours a week.

How would you suggest I go about it without borrowing money?

Also; I intend to get accommodation and food by working away. I already have places set up. The real problem right now is the cost of transportation.

I suggest a gap "two year". One year during which you work 60+ hours a week and spend as little as possible (sorry, no Starbucks), then travel like a dirtbag in year two. I don't really give a damn what your little heart is set on sonny, you're an ass if you borrow money so you can YOLO around. Sheesh, kids these days. Oh, and get off my lawn.

Step 1: Work
Step 2: Save Money
Step 3: Take gap gear when you can afford it

I know it can be complex, might want to reference this video:

http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/n120...

The section on buying things with money you save would be especially useful in this case.

mrf18 said:   Also; I intend to get accommodation and food by working away. I already have places set up. The real problem right now is the cost of transportation.
††
Is this within the US or overseas?

If the real problem is transportation then what kind of transportation you looking at?†† Without knowing where you are going to and coming from we'd have no idea what you need, could be a greyhound bus ticket or a ~$1000 plane ticket.

What is your income going towards now? If you're living with your parents it wouldn't be hard to save up a few thousand bucks working full-time, even at minimum wage.

mrf18 said:   Full story:
I deliberately unenrolled because I realized I wasn't going to the college I wanted to, I wasn't studying what I wanted to, and I wasn't where I wanted to be. I was intending to go for a year and transfer to another college anyway, so this way I'm just not going and taking a gap year, but still following through with my plan and applying to different colleges. (I have decent grades and etc. Nothing about me getting kicked out.)

I have no credit and I currently work two jobs. I work about 35-40 hours a week.

How would you suggest I go about it without borrowing money?

1. Save some money
2.†Travel until it runs out
3. Return home
4. Repeat from #1 as necessary

ETA: Had this open in a window for a while before I hit submit and didn't see vegas4x4s post before I did. Glad to see we're on the same page. Ha!

If the bank of Mom & Dad won't loan you the money, go back to working or go to school. A gap year may be fun, but a terrible financial decision.

RealEstateMatt said:   If the bank of Mom & Dad won't loan you the money, go back to working or go to school. A gap year may be fun, but a terrible financial decision.
† A gap year is a great idea for some people, but it is a luxury. If it's not funded, don't do it.

I always thought a gap year meant you worked at the Gap for a year before going to college. No?

I took a gap year and it was great. Worked for half of it to fund the other half. With hindsight, I think it can be advantageous to arrive at college a year older than most, having traveled and had real world experiences.

mrf18 said:   Also; I intend to get accommodat not haveion and food by working away. I already have places set up. The real problem right now is the cost of transportation.You work 35 hours a week and do not have enough money to pay for one-way transportation ? Where you going, Antarctica ?

ganda said:   I took a gap year and it was great. Worked for half of it to fund the other half. With hindsight, I think it can be advantageous to arrive at college a year older than most, having traveled and had real world experiences.
† Agree! My gap year turned into a 5 year employment overseas, gave me direction towards career and college. Being much older than most students in college and having worked in the field, was advantageous and i was able to focus on my studies on totally different level than a party minded teenager away from home for the first time.
But as said here, you need to have money or willing to work. Taking a loan for it means you should not do it.

MommyOfHAndK said:   
ganda said:   I took a gap year and it was great. Worked for half of it to fund the other half. With hindsight, I think it can be advantageous to arrive at college a year older than most, having traveled and had real world experiences.
† Agree! My gap year turned into a 5 year employment overseas, gave me direction towards career and college. Being much older than most students in college and having worked in the field, was advantageous and i was able to focus on my studies on totally different level than a party minded teenager away from home for the first time.
But as said here, you need to have money or willing to work. Taking a loan for it means you should not do it.

††
I never said I didn't party like a mofo

xoneinax said:   
mrf18 said:   Also; I intend to get accommodat not haveion and food by working away. I already have places set up. The real problem right now is the cost of transportation.
You work 35 hours a week and do not have enough money to pay for one-way transportation ? Where you going, Antarctica ?

† Right, he/she should be able to afford a basic ticket to almost anywhere, probably including Antarctica...

PS. I am probably the only one, but I always read the word "AntarctEEka" in a high pitched voice


.†..

PS2. Why did a video preview appear? Can't I just have a link?

I hope they won Video of the Year for that. †Such choreography.


See the world and get paid for it.
Join the Navy......

xoneinax said:   I hope they won Video of the Year for that. †Such choreography.
It wasn't an actual video of the song (there wasn't one, it wasn't even a single). It was an appearance on a Canadian TV show in the 80's. I guess the effect was cool back then?
For their actual videos most people my age or older usually remember "safety dance".

But, yeah, let's not get too far OT, even if it is possibly a troll thread...
woowoo2 said:   See the world and get paid for it.
Join the Navy......

††
And they can pay for your school as well if I am not mistaken?

I love to travel too, worked for about ten years, saved up, and then took my 'gap' year. Much nicer hotels and trip that way, and as long as you manage commitments (read house, family, etc) its very doable and just as rewarding. Bonus is I didn't borrow from anyone.

pitflyer said:   I love to travel too, worked for about ten years, saved up, and then took my 'gap' year. Much nicer hotels and trip that way, and as long as you manage commitments (read house, family, etc) its very doable and just as rewarding. Bonus is I didn't borrow from anyone.
††
Isn't it more of an experience doing it when broke? I learned, for example, if you're sleeping on a beach at the southern tip of Spain you encounter Moroccan drug smugglers at 4AM† Do you get that life lesson at a Westin?†

Although a middle age gap year sounds awesome.

ganda said:   
pitflyer said:   I love to travel too, worked for about ten years, saved up, and then took my 'gap' year. Much nicer hotels and trip that way, and as long as you manage commitments (read house, family, etc) its very doable and just as rewarding. Bonus is I didn't borrow from anyone.
††
Isn't it more of an experience doing it when broke? I learned, for example, if you're sleeping on a beach at the southern tip of Spain you encounter Moroccan drug smugglers at 4AM† Do you get that life lesson at a Westin?†

Although a middle age gap year sounds awesome.

† Don't remember ever seeing anyone over 30 working at the GAP.

ganda said:   I took a gap year and it was great. Worked for half of it to fund the other half. With hindsight, I think it can be advantageous to arrive at college a year older than most, having traveled and had real world experiences.

I think this is your best bet. †I know people who have done this. Work hard.... as many hours as you can...... save every penny.... and take off. †You're done when you only have enough to get back home.

Borrowing money for travel is not the way to start out your adult life. †

Edited to add: †I still think this is troll-ish.

Skipping 1 Messages...
ganda said:   
pitflyer said:   I love to travel too, worked for about ten years, saved up, and then took my 'gap' year. Much nicer hotels and trip that way, and as long as you manage commitments (read house, family, etc) its very doable and just as rewarding. Bonus is I didn't borrow from anyone.
††
Isn't it more of an experience doing it when broke? I learned, for example, if you're sleeping on a beach at the southern tip of Spain you encounter Moroccan drug smugglers at 4AM† Do you get that life lesson at a Westin?†

Although a middle age gap year sounds awesome.

† I did both. Worked 10 years, saved up, but still traveled cheaply and still have monies.



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