Quitting a comfortable job and living off savings to travel or to learn a new skill might seem risky. Here's how to save for your sabbatical:
Natalie and Mike Diller are currently on their second extended leave from a life of employment.In mid-August, Natalie Williams Diller, 30, and husband Mike Diller, 37, quit their jobs in the U.S. for a new life in the Italian countryside. The pair, with nothing but two suitcases and a few duffel bags, headed to Europe to live and work underneath a chef for 73 days.
. Today, 16% of companies offer sabbaticals as an employee benefit, with 5% offering some or full pay for the period, according to an annual survey byBut these days, even workers who aren’t lucky enough to qualify for employer paid sabbaticals, are intrigued with the notion of taking an extended period off—before retirement, that is.
Robo-advisors like Ellevest and Betterment can be low-maintenance ways to invest your sabbatical fund in the market. These fintech companies have software that factor in both your time horizon and tolerance for risk while building a recommended portfolio. Aside from offering higher interest rates than traditional savings accounts, these savings vehicles keep funds more liquid than they would be in a certificate of deposit , which might offer higher rates. And, most CDs have high minimums — Sallie Mae is currently offering a 2.55% APY, but requires an initial $2,500 deposit and a one-year commitment.If you want the advantage of a higher APY, but less of a commitment than a regular CD, consider a no-penalty CD to maximize your savings.
Finally, even if your plan is to take sabbaticals in return for retiring later , you can’t ignore the reality that you. So think about how your sabbatical fits into your overall retirement saving. If you’re taking a company paid sabbatical, be sure to discuss details like what will happen to your 401 matches during your time off.Back to the fun part. I first met the Dillers in 2016 while living in St. Petersburg, Florida.
The Dillers, who both previously worked in the hospitality business, are using this sabbatical for a dual reason: to experience other cultures and to scope out where they might want to establish a hospitality business of their own. Plus, they know the traditional idea of work isn't for them
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