Ever wondered how some Instagram accounts seem to showcase endless travel adventures? This week, we explore travel savings insights with Rachel Rudwall, an Emmy-nominated host and producer. She's journeyed across all seven continents, lived in three countries, and visited nearly 70 nations on a budget. With a wealth of airline miles, she's here to share her secrets. In Mailbag, we tackle your inquiries about pensions and retirement savings. Plus, in Thrive, learn how to optimize your travel rewards credit card.
Transcript
Host: (00:07)
Welcome to our latest episode! As vacation season kicks off, the allure of travel is more apparent. Many of us find ourselves asking how some people manage to see the world so effortlessly. Today's guest will help answer that. I met Rachel Rudwall during a talk at Miami University. She's a fantastic storyteller who's been to all seven continents, lived in three countries, and explored 70 nations on a budget. If you're curious about scaling Kilimanjaro or swimming with sharks, she's the expert. Welcome, Rachel!
Rachel Rudwall: (01:58)
Thanks! It's wonderful to connect. If you're not curious about climbing Kilimanjaro or diving with sharks, that's perfectly fine; everyone's journey is different.
Host: (02:08)
I mostly dream of beaches and margaritas. Does that make me unusual?
Rachel Rudwall: (02:14)
I think we all have our preferences!
Host: (02:19)
You've been traveling since before social media took off. How did you start this journey?
Rachel Rudwall: (02:29)
Growing up in small-town Ohio, my exposure to the world was limited. Yet, I was determined to explore after discovering publications like National Geographic. My parents instilled a sense of adventure in me. College was my chance to see the world, and studying international studies helped me study abroad multiple times.
Host: (03:23)
So, you began your travels during your studies?
Rachel Rudwall: (03:31)
Yes, studying abroad often costs the same as studying at home, sometimes even less.
Host: (03:46)
You mentioned you didn't travel much as a child due to costs. Can you elaborate?
Rachel Rudwall: (03:52)
Absolutely! Saving for vacations can be tough. My family struggled with debt, which limited our travel options. As I worked to fund my own adventures, I learned to appreciate every dollar spent on travel.
Host: (04:50)
How did you turn your passion for travel into a career?
Rachel Rudwall: (04:56)
It was an eye-opening experience. I initially envisioned working for NGOs or the UN. However, a travel company internship introduced me to media, and I realized I could inspire others to travel through storytelling.
Host: (05:54)
That's interesting!
Rachel Rudwall: (05:56)
It opened my eyes to possibilities I hadn't considered before. I decided to focus on travel media and hustled to learn everything I could online.
Host: (06:38)
Did you find people willing to mentor you?
Rachel Rudwall: (06:48)
Yes! I reached out to many professionals, expecting only a few to respond. To my surprise, many were eager to share their experiences and advice.
Host: (08:06)
What advice do you have for recent graduates seeking jobs?
Rachel Rudwall: (08:26)
Do your research! Recognize that professionals are busy, and express genuine interest in their work. Craft specific, thoughtful requests for brief conversations.
Host: (09:51)
That's a great approach! Now, let's discuss your current endeavors.
Rachel Rudwall: (10:04)
My journey has taken me to unexpected places, allowing me to connect with diverse cultures and share their stories. I aim to inspire others while fostering understanding of our world.
Host: (11:30)
Before we dive into your travel tips, what's your advice for those wanting to earn money while traveling?
Rachel Rudwall: (11:42)
Be ready to make sacrifices. This path requires hard work, long hours, and uncertainty. You must be passionate enough to embrace the challenges ahead.
Host: (12:42)
How old are you now?
Rachel Rudwall: (12:44)
I'm 33.
Host: (12:45)
As a freelancer, how do you approach financial security?
Rachel Rudwall: (12:58)
Financial stability is a challenge for freelancers. I learned the importance of saving early for retirement, maxing out my Roth IRA contributions, and living within my means.
Host: (14:26)
You're sharing vital insights. Let's talk about your best money-saving tips for travel.
Rachel Rudwall: (15:31)
First, if you can manage a credit card responsibly, opt for a rewards card and pay it off monthly. My favorite is the Chase Sapphire Reserve Card, which offers fantastic benefits for travelers, including three points per dollar on travel and dining, a $300 travel credit, and access to airport lounges.
Host: (17:03)
That's a great card! How many airline miles do you have?
Rachel Rudwall: (17:40)
I have millions spread across various airline alliances. I'm closing in on million miler status with Delta.
Host: (18:07)
What's the best way to redeem those miles?
Rachel Rudwall: (18:55)
Booking award travel through Chase's ultimate rewards platform offers 20% off on airfare. I recently helped my brother book a ticket to Romania using points, saving him a significant amount.
Host: (20:45)
Any favorite travel deal websites?
Rachel Rudwall: (20:51)
I love Scott's Cheap Flights. He shares amazing flight deals and error fares that can save you tons.
Host: (21:55)
What about underrated travel destinations?
Rachel Rudwall: (22:15)
Mexico City is a hidden gem with vibrant culture, excellent food, and affordability. It's worth exploring beyond typical tourist spots.
Host: (23:12)
That sounds amazing!
Rachel Rudwall: (23:13)
You can also explore the Valle de Guadalupe for stunning vineyards and incredible culinary experiences.
Host: (24:03)
That sounds perfect!
Rachel Rudwall: (24:05)
It's a dream. I keep returning to discover new things.
Host: (24:06)
Thanks for sharing your insights, Rachel!
Rachel Rudwall: (24:20)
I enjoyed this discussion. Feel free to connect with me on social media for more travel tips!
Host: (24:39)
Thanks for being here!
Host: (24:56)
We'll be back with your mailbag questions shortly.
Producer: (24:59)
Exciting times ahead!
Host: (25:03)
Let's get into those questions.
Producer: (25:05)
I'm ready!
Host: (25:11)
Let's dive in!
Producer: (25:12)
What's our first question?
Host: (25:12)
Let's hear it!
Producer: (25:14)
Ready when you are!
Host: (25:19)
Let's keep it rolling!
Producer: (25:22)
What's our first inquiry?
Host: (25:24)
Let's get to it!
Producer: (25:26)
I'm excited to share!
Host: (25:28)
Let's see what we've got!
Producer: (25:29)
Let's kick things off!
Host: (25:34)
Time for our first question!
Producer: (26:14)
Our first inquiry is from Candace. She and her husband took out a home equity loan after extensive renovations to their home. With a low mortgage rate of 2.67% and a loan balance of $75,000 at 4.5%, they're considering rolling the loan into their mortgage to save on interest. They're currently saving 6% of their income for retirement. Should they prioritize paying down the line of credit or focus on retirement savings?
Host: (28:41)
Great question! It seems they have an adjustable-rate mortgage and a home equity loan. Refinancing could lower their interest rate significantly, and I recommend doing that while also maximizing retirement contributions.
Producer: (30:34)
Especially since there are no matching programs at work.
Host: (30:42)
Exactly! It's crucial to save at least 15% of your income for retirement.
Producer: (31:01)
Next, we have a question from Addie. She and her partner contribute to pension funds but wonder if they should also save in voluntary retirement programs and at what rate.
Host: (31:32)
Good question! Pensions can be beneficial, but it's wise to supplement them with additional savings. Understanding how much of your income the pension will replace is critical.
Producer: (32:31)
Finally, we have a message from Jennifer. After her divorce, she has kept finances separate from her new husband. At 48, she worries about retirement planning with only $87,000 in her IRA. How can she ensure a secure retirement?
Host: (33:16)
Jennifer, it's important to assess your individual retirement needs and what you'll require in retirement. Consulting a financial planner can help you establish a clear path forward.
Producer: (35:41)
Thank you for all your questions! You can reach us at info@savinghunt.com.
