Summer travel season is in high gear, and if you’re anything like us, you’re dreaming of your next getaway. But for a lot of us, international or luxury travel can come with a hint of worry. What am I not thinking about? Did I forget to pack something? Will my money or bank accounts be safe? Will I be safe? So, we sat down with Singer Xenos’s resident travel expert and veteran globetrotter, co-founding partner Marc Singer, to hear about some of the things most important to consider when traveling, that we may or may not be thinking of.
1. Should I be worried about my financial security at home while I’m out of the country?
These days, traveling really shouldn’t impact the security of your financial life. Your bank accounts and financial life should be secure, regardless, before you leave for any travel. This is important whether you travel overseas, across the country or to your backyard. In the online era, the risk of digital crimes is the same whether you’re at home or abroad. When it comes to your investment portfolio, remember, we’re thinking in long-term strategies, so there’s no need to worry.
2. Should I purchase travel insurance?
In short, no. It’s usually a waste of money. But if you’re over 70 with health problems, it would be wise to consider travel cancellation insurance. Medicare will not cover you outside of the US, so check with your provider to make sure that you are covered. If not, make sure you get something that would have you protected.
3. What financial planning tips do you wish your clients knew about traveling?
I’m constantly trying to talk my clients into flying business class when traveling on long flights. Most clients wouldn’t have gotten to where they are today without a little frugality, so many of them are not used to spending so much money on a flight. But, if you’re travelling over 10 hours on a plane, there is no other way to go.
4. Do you have any other financial planning tips for smart spending when planning an overseas trip?
– Don’t use a travel agent – everything is available online that we used to pay travel agents to do. Just be an intelligent consumer.
– Price is more important than loyalty when flying business class. If you’re flying coach, the frequent flyer points might pay off, but always compare all of your options.
– If you need a cell phone while abroad, get a global sim card or add international coverage to your plan before you go. Data or calls that are not planned for can get expensive.
– It’s important to have a credit card that doesn’t charge an international surcharge. Some banks and cards carry a 1-3% surcharge when you purchase something in a foreign currency. That adds up! When in need of cash, go with an ATM. They tend to have the best conversion rates – airports and banks have the worst.
Marc is our resident globetrotter, and he is always happy to talk travel. As a financial advisor to individuals, retirees, entrepreneurs and more, he’s familiar with the challenges that money brings and knows how to manage it in all situations. When it comes to trip-planning, he is full of useful info (and stories!) from his travel experience – so give him a call, he’d be happy to give you tips for financial planning on your next excursion!
Marc Singer is co-founding partner of Singer Xenos Schechter Sosler Wealth Management, and a lifelong Miami Beach native. Marc holds a Masters of Business Administration and is a Certified Financial Planner™. With an esteemed reputation within the industry, he serves both as a financial advisor and a member of the SX Investment Committee. Marc is proud to have helped hundreds of families in the region create financial security and wealth, assuring a high quality of life for them for generations to come.