“I need a vacation!”
Growing up, these are the words I used to hear from my parents when the inevitable stresses and pressure of work, kids, and life would get to them. As a child, I loved to go on vacation, whether it was up to northern Wisconsin or down the East coast to a beach. Some of my greatest memories are from those vacations. Going to the beach, enjoying a campfire, and running around Disney World with my siblings are experiences that I will never forget. Now that I’m older (much older!), I have the ability to go on vacations that I hope will have the same impact on my children. So, why, when they have the means to do it and there are so many benefits to them, is it so difficult for some people to actually take that big vacation? I find myself having this conversation with clients routinely, and there are several reasons that I have found.
According to the Oxford English Dictionary, the first appearance of the word “workaholic” occurred in the Toronto Star in 1947. Many Americans have a hard time actually taking the time off due to an inability to “shut out” their work. They find their identity in what they do, and it becomes an addictive, singular focus. I routinely work with people who have a tremendous amount of unused, “banked” vacation time that they plan on taking as a lump-sum when they retire, instead of using it to take paid rest and relaxation or a trip to a place they’ve always wanted to go. They lament not taking vacations in the prior years, but when it comes to the future, it’s one of the first things they want to incorporate into their financial plan in retirement. Often, they carry the same habits into retirement and find a myriad of excuses as to why they can’t or shouldn’t go on vacation. They fear the cost, their lives are too busy, and sometimes, I hear those dreaded words, “We are going to go NEXT year.” At that point, I like to remind my clients that this is something that’s going to be a good thing for them, something that we have planned for, and that it’s important to execute on that dream we discussed as we laid out their plan. I’ve even gone so far as to retain a travel agent to help facilitate a “planned-for” vacation when I sensed the clients hesitation. Upon returning, they let me know that it was one of the best, most memorable experiences of their lives.
According to Project Time Off, a survey from the United States Travel Association (USTA), there are 768 million unused vacation days in America. As financial planners, we work with clients who are currently working, planning to work longer in their careers, and retirees. The topic of vacation is generally one we put into the “goals and dreams” category, but there are several studies indicating that people who regularly take vacations, or even staycations, lead more productive and happier lives. It’s no accident that vacationing creates memories, whether you go on a sabbatical by yourself or take a vacation with your family and friends. When you have a daily routine, the brain tends to go on autopilot, collecting fewer memories. It’s the unusual instances, the aberrations we remember and store for life. Planning for and executing on taking a vacation can be difficult, but we find it to be worth the work.
If you have worked with us, we have more than likely had the conversation about planning for your goals and dreams. Since vacations can have a high financial cost and commitment, let us help you to incorporate them into your plan as well as prioritize those goals. We have resources that can project what the future costs will be, what taking the big vacation now will do to your long-term goals, as well as trusted resources in the Madison community to help you plan your trip. If you feel like you “need a vacation”, or want to plan for the ones you’ll be taking in the future, we can discuss it when we meet. All we ask in return is that you share some of the great stories, happy photos, videos, and memories that will last a lifetime.