The ultimate costs savings plan - don't maintain a household. For the right person, traveling for a living may be the answer to financial worries. The road warrior lifestyle eliminates the overhead of having a residence, freeing up income to pay down debt and bulk up savings.

What Does It Entail?
Industries from IT consulting to sales often send workers from one client location to the next. Business travel overall may be down right now, but there's only so much that can be accomplished via conference call or web meeting. Some work simply requires in person contact.

Organizations touting work/life balance may require travel during the week, returning home on weekends. Others schedule a block of travel for weeks at a time. The ultimate road warrior travels 100% of the time.

The Jobs
Here are some cccupations that may require 100% travel.

  • Consultants
  • Salespersons/Wholesalers
  • Business Developers
  • Regional/District Managers
  • Product Managers
  • Trainers
  • Motivational Speakers

Advantages

  • You can pocket big savings by eliminating housing costs (no mortgage or rent, utilities, property taxes or maintenance fees).
  • Travelers have few personal monthly expenses beyond maintaining car insurance, a cell phone and wireless internet access.
  • Most companies pay travel expenses either per diem or by reimbursing workers for travel related expenses (hotels, car rentals, some meals, etc.).
  • Unreimbursed travel expenses may be tax deductible.
  • You get to see the country or your region.
  • The work is often flexible, allowing for built-in vacations or personal time.
  • Road warriors meet a lot of people and make many networking contacts outside their original town.
  • Travelers rack up frequent flyer miles and affinity points at hotels and car rental agencies. (Are travel rewards as great as they seem? Read Drawbacks Of Travel Reward Programs to find out.)

Disadvantages

  • Mortgage interest income tax deduction is lost if you don't own a home. (You may be missing out on some tax credits. Check out 10 Most Overlooked Tax Deductions.)
  • Travelers spend a lot of time in airports, train stations or on the highway.
  • It's difficult to maintain relationships long distance.
  • Participating in community events must be tediously scheduled.
  • Work often requires traveling into a town, working all day and leaving, without ever really enjoying the new town.
  • The average tenure of road warriors is low (2-3 years).

How Do You Do It?

  • Find the right travel job that matches your skills.
  • Consider the job temporary and plan your next career move in 2-3 years.
  • Sell your home or lease it.
  • Sublet your lease (if allowed) or negotiate with your landlord to release you due to new employment arrangements.
  • Get a post office box.
  • Get rid of your stuff. Put it in storage, sell it, give it away or ask a family member for space in their basement.
  • If you won't need your car, sell it or loan it to a friend for storage.
  • Find friends and family members to visit on those few occasions when you are not traveling for business.
  • Setup wireless communications: wireless internet access, and a cell phone or blackberry service with a robust plan to accommodate travel.
  • Setup an online bank account. Have your check direct deposited into checking or savings accounts.
  • Set up an automatic investment account to put money that would have gone toward housing to work for you. (Read Automating Your Bill Payments to learn how this free service can reduce the stress of paying your bills.)

The Bottom Line
Traveling for a living is easier if you have few commitments (you're single or divorced with no dependents living with you). These jobs are most suitable for autonomous people who enjoy spontaneity and embrace perpetual change. It is the perfect opportunity to escape from household expenses. (To learn about other alternative career options, check out Freelance Careers: Look Before You Leap.)

Follow us on Twitter

Related Articles
  1. Savings

    Best Places to Exchange Currency in Chicago

    Whether you're leaving the Windy City or arriving with a stack of foreign cash, these are your best bets for currency exchange.
  2. Home & Auto

    Understanding Rent-to-Own Contracts

    They can work for you or against you. Here's how to negotiate a fair one.
  3. Budgeting

    10 Ways to Save Money at the Farmers' Market

    Strategic shopping can help your budget as well as your health.
  4. Home & Auto

    Avoiding the 5 Most Common Rent-to-Own Mistakes

    Pitfalls that a prospective tenant-buyer could encounter on the road to purchase – and how not to stumble into them.
  5. Personal Finance

    Worthwhile Rental Websites (Besides Airbnb)

    The world is your accommodations oyster, thanks to a host of new vacation-geared platforms.
  6. Home & Auto

    Renting vs. Owning: Which is Better for You?

    Despite the conventional wisdom, renting might make more financial sense than you think.
  7. Savings

    Traveling Abroad? Get the Best Exchange Rates

    When you exchange currencies, here’s how to make sure you are getting top value on the trade.
  8. Investing Basics

    Explaining Options Contracts

    Options contracts grant the owner the right to buy or sell shares of a security in the future at a given price.
  9. Savings

    6 Ways to Save Money on Back-to-School Stuff

    Those school-supply lists just keep getting longer each year. Here's how to shop smart.
  10. Home & Auto

    When Are Rent-to-Own Homes a Good Idea?

    Lease now and pay later can work – for a select few.
RELATED TERMS
  1. Theta

    A measure of the rate of decline in the value of an option due ...
  2. Derivative

    A security with a price that is dependent upon or derived from ...
  3. Security

    A financial instrument that represents an ownership position ...
  4. Series 6

    A securities license entitling the holder to register as a limited ...
  5. Internal Rate Of Return - IRR

    A metric used in capital budgeting measuring the profitability ...
  6. Venture Capitalist

    An investor who either provides capital to startup ventures or ...
RELATED FAQS
  1. How does a forward contract differ from a call option?

    Forward contracts and call options are different financial instruments that allow two parties to purchase or sell assets ... Read Full Answer >>
  2. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  3. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  4. What is the range of deductibles offered with various health insurance plans?

    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>
  5. How do I know how much of my income should be discretionary?

    While there is no hard rule for how much of a person's income should be discretionary, Inc. magazine points out that it would ... Read Full Answer >>
  6. What are the main risks associated with trading derivatives?

    The primary risks associated with trading derivatives are market, counterparty, liquidity and interconnection risks. Derivatives ... Read Full Answer >>

You May Also Like

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!