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Financial runway is something I obsessively focus on.
It first came up on the podcast during episode 2 with Adam Nubern.
Financial runway is the amount of money you have left in the bank to fund your life, business, or travel lifestyle (pick whatever applies to you).
In this episode I talk about:
- The importance of financial runway
- How to calculate it
- 3 ways we’ve been able to extend our financial runway
Links mentioned in this episode:
- Episode 2 on how to save up for longterm travel (even if you don’t make a lot of money)
- How to handle taxes as an RV entrepreneur
- Joe Hendricks photogaphy
Love this podcast! Incredibly helpful 🙂 Thanks, Heath, you guys are awesome 🙂
Thank you very much Sharon 🙂
This is SO important! I love this term and this mini episode was helpful. For sure. My hubs and I thought three months was enough of a cushion when transitioning from military life to civilian life as we moved from Europe back to his home state, Texas. Even as economical living here is? It isn’t free. So here was this man with 15 yrs experience and two degrees while working on his third… being unemployed for 7 months. Too much experience or not the right or needed to start entry etc etc. He went every month applying for jobs lower and lower in annual salary to eventually? Went to be a mngr at a retail store. I found a job quickly but my skills ( started working on my degree later in life) are less valued than his so it paid the bills but no extra till that 7th month. We underestimated. 100%. It made an already stressful time of adjusting back to life in the US, husbands health issues, learning how VA works, dealing with his father’s passing and “normal” day to day….. just, man, so much harder. So those three things you speak of are great and really a package deal. Thanks for this so I now have a term to apply to the fact that I want to save for a year of traveling. Just in case remote doesn’t work..we can at least do our full year in the RV seeing lower 48 while working on remote. Okay enough babble… just this term and episode reminded me of our mistake and learning curve. 🙂
Thank you so much for sharing that story and glad you now have a term to wrap around this mindset. It’s been hugely helpful for us because we never know what life is going to throw our way. Wish you guys the absolute best as you’re saving up for this next adventure.
Hey Heath, take a look at using ezcheckdraft software. I use it for my biz. Allows you to print a check on your customers behalf with no signature required. So you can take checks over the phone, web, or autopay. I’ve had customers write the check out and send me a pic, then I enter it in and print it from my side. Deposit like any other check. It’s awesome. I’m not affiliated with them just a big fan!
1 year to go before we are on the road… Jed
Interesting, we’ll have to check that out! It’s so hard to just convince big companies like Winnebago to pay us through Paypal, so that would be an interesting pitch!
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