Choosing extravagant vacations
Well, I think we all want to travel all over the world and see every single place on Earth, but we can do this even if we choose a low-cost vacation. In fact, you don’t have to spend a fortune to see some places. So, next time when you plan your trip, try to focus on the things that you want to see, not on malls, seven star hotels and restaurants.Â
“The summer after I bought my first home, a studio apartment in New York City that was a great investment, I decided to do a summer share with my friends,” says Bobbi Rebell, financial journalist and author.
“It was $3,000 each and I didn’t have the cash. But I did now have equity in that apartment. So I took out a home equity loan to pay for the summer share that I could not afford. That said, I did pay off the loan—which I still remember was at 8 percent—and I did save up the cash for that next summer’s share! Now if I don’t have the cash for a vacation, I downsize, often by going for a shorter time to fit my budget, or delay until the time is right,” he added.
