BiggerPockets Money Podcast

445: Can’t Afford to Travel? Nomadic Matt Says You’re (Probably) Wrong

Aug 28, 2023

Matthew Kepnes, the travel expert who made travel his full-time job, shares secrets to travel hacking. He discusses the most cost-effective way to travel, the importance of getting a travel rewards credit card, and the cheapest countries/areas to stay in. He also talks about hostel horror stories, free activities, and the significance of travel insurance.

44:47

Episode guests

Matthew Kepnes

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Highlights

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Episode notes

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Quick takeaways

Strategically using credit cards and earning travel points can fund travels while minimizing costs.

Choosing lower-cost regions to live and exploring nearby destinations can make long-term travel more affordable.

Deep dives

The Benefits of Travel Hacking and Living a Nomadic Lifestyle

Travel hacking and living a nomadic lifestyle provide opportunities to explore the world on a budget. By strategically using credit cards and earning travel points, individuals can fund their travels while minimizing costs. It is important to choose the right credit card with higher interest rates and ensure timely bill payments. When traveling, it is essential to differentiate between vacationing and living in a new place. Staying in hostels, taking free walking tours, and seeking recommendations from tourism boards can help discover inexpensive or free activities. It is also crucial to avoid burnout by taking breaks, staying in one place for longer durations, and recharging before moving on to the next destination.

What to Expect in Terms of Expenses When Traveling Nomadically

00:55

Inexpensive or Free Activities to Do When Traveling

01:16

Introduction

2min

Favorite Travel Destinations and Content Creation Evolution

10min

Taking the First Steps to a Nomadic Lifestyle by Getting a Handle on Your Finances

3min

Managing Expenses and Planning for Long-Term Travel

10min

Planning and Budgeting for Affordable Travel

21min

The Importance of Travel Insurance

3min

Travel hacking allows you to see the world for less than you spend at home. That’s right. If you took your rent or mortgage payment in the US and traded it for traveling abroad, you could live off far less money and do far more than you do back in the States. But you’ll need to know how to work the system before you take off on your flight, or else you might come home happy and full but broke.

Matthew Kepnes, better known online as Nomadic Matt, made travel his full-time job, documenting how much he spent, saved, and enjoyed along the way. Matt has spent more time outside the US than most Americans will in their lives—and he has some secrets to share. Matt goes over EXACTLY how to start travel hacking, from credit cards to cheap activities, hostels, hotels, and horror stories you should try to avoid.

Matt also shares why so many Americans spend WAY too much money when they’re abroad and what you can do tomake your trip last FAR longer IF you follow a few essential tips. So, if you want to finally take the year off and wander around Europe, Southeast Asia, or Central America but don’t think you have the funds to do so, Matt is here to prove you wrong.

In This Episode We Cover

The most cost-effective way to travel and why you MUST “travel like you live”

Why smart spenders MUST get a travel rewards credit card NOW

Geographic arbitrage and the cheapest countries/areas to stay in for weeks (or months!)

Hostel horror stories and why it ISN’T all partying and bunk beds

Free activities you can do in ANY city and where to find them

Matt’s top travel websites and apps to find hotel and flight deals for cheap

And So Much More!

Links from the Show

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