If you are a millennial or know any millennials, then you know how important experiences are to this particular generation. One of the biggest experiences that millennials gravitate to is travel experiences. Being able to experience the different foods, languages, and entertainment of different cultures is exactly what millennials are looking for when it comes to what they spend their money on.
It’s the millennial generation that shows how 20 somethings spend more on travel than on traditional types of investments, like a downpayment on a house. They, of course, need a place to have a roof over their head but because they would much rather travel, finding a location to rent works better for them than buying a home. Some would prefer to even stay with their parents a little while longer if it meant that they’d be able to go on a trip they’ve been wanting to go on for quite some time!
To give you a better idea of a millennial’s travel lifestyle, think of it like this… millennials are the generation where they may travel to India and love it so much that they decide to live there for an extended period of time… for other generations, it might seem like a hasty move but for them, it’s the life experiences that matter the most.
It’s Not Just A Vacation…
When millennials travel, you can put away the thoughts of your typical vacation packages where you have unlimited drinks and never have to leave the resort because it’s all-inclusive… no, millennials look for specific types of adventures. They jet-set to off-the-beaten-path adventures seeking memorable and authentic journeys… it’s these memorable and authentic journeys that millennials will spend their money on.
The Experiences That Matter Most
They Want to Feel Part of the Culture
A huge sign that times are changing is that millennial travelers aren’t jet-setting off to Europe or Brazil just to party anymore… millennials are now traveling to these foreign destinations specifically for authentic travel experiences. Culture immersion is their idea of truly experiencing the destination you’re visiting.
To experience the culture also means eating the local cuisine there too. You won’t see a millennial traveling out of the country and dining at chain restaurants there. In fact, that’s a general traveling sin wherever you go, whether it’s in the U.S. or abroad… you always want to be open-minded enough to at least try the local food of that destination.
They Travel To Find Their True Self
Self-discovery is also a huge part of why millennials travel abroad. They might be in college or finishing up college… they might even be getting their first start in the working world… wherever they are in their lives, they feel that traveling the world will help them find out what they really want out of life.
Traveling to a different country sometimes forces you to adapt to a new way of living and that has the power to make you realize that you’re actually capable of more than what you may think. Being able to realize that will allow you to carry that on into your everyday life once you return from your trip… it’s realizations like that, that millennials look for when traveling.
How To Get Those Experiences And Pay For Them Later
Now we’re getting to the “nitty-gritty” of how to get those wonderful travel experiences first and pay for them after the trip, based on how millennials do it.
The Wonderful World Of Credit Cards
Say what you want about the age of millennials but millennials are some of the most financially responsible individuals. In fact, CNBC states that millennials are a more financially responsible generation than Baby Boomers and Generation X!
Millennials have the travel experiences at the forefront of their minds so they typically use credit cards to fund their entire trip and then make larger monthly payments to pay their balances off or down. They’ll use their credit cards to pay for their round-trip flight, transportation, food, and accommodations… This might sound financially irresponsible to some but trust and believe, the financial moves that millennials make are very planned out and strategic… millennials embody the work ethic of working smart and not hard, meaning that they have various sources of income coming in.
The Business Of Having Your Own Business
Another thing that other generations get wrong about millennials is that they are excellent business minded individuals. There are several millennials that have their own businesses and are very successful in their business endeavors. They know that travel is a huge part of their life so they know they need a job that will allow them to travel and still make money while doing it.
If travel is a passion of yours, then you should take notes from the millennial generation and look into starting your own online business. You can take your business with you whether you’re in a coffee shop or sipping margaritas in Mexico… your travel experience might be different than that of a millennial but the main thing to take away is how to have an added source of income whether it’s to fund your travels or to pay for something else.
Millennials will also use the earnings from their business to pay down or pay off that credit card debt they accumulated from the plane tickets and travel accommodations as well as money from their primary job, so don’t let the age of millennials fool you on the level of financial responsibility they have… in fact, we could all stand to take a few notes from them!
The Perks Of Blogging
Millennials are big on blogging these days. They will create their own website and once their website starts to get a large enough following, different companies and other sites will reach out to them to post ads on their website. In order to do that, these different companies will have to pay to have their product or service advertised on their website.
The money millennials receive from paid advertisements is another source of income that they use to pay that credit card debt to get ready for their next adventure, all while raising their credit scores! So again, don’t discredit the millennials and their financial capabilities… take notes instead!