Ready to Take Up the Nomadic Lifestyle After Retirement?
Here’s How to Plan for It
REVIVAL OF THE STORE CATALOG You’ve worked hard for years to arrive at this moment: retirement. Now that you’re free of your 9-to-5 job, you have a lot more time for activities you enjoy. That extra time is what leads many people to turn to a nomadic lifestyle after retirement. Touring in an RV, sailing around the world, or even just retiring to a cabin in a remote locale are all popular options for new retirees. If the spirit of adventure is calling you, here are some financial tips to set you on the right path. Downsize Before You Go Some folks choose to sell their home and use the income to fund their travels, staying in apartments and rentals as they go. If that seems too drastic, downsizing to a smaller home is also a good option, especially if you plan to travel in intervals but want a home base to return to. This also gives you the option of renting your home while you’re away and using the money to continue traveling. Ask Other Nomads Crowdsource advice from friends and family members who’ve taken the leap. Lots of other people have shared your dream and made it a reality. Many have turned their experience into books or blogs, like Lynne Martin, who’s been traveling around the world with her husband, Tim, for the last three years. The Martins used the sale of their home to finance Once upon a time, the store catalog reigned supreme in the world of department-store marketing. Then along came the internet, and with it online retailers. They seemed to mark the death of the store catalog. After all, who still uses the postal system as their primary mode of communication for anything? Nevertheless, one recent study done by Harvard Business Review a few months ago showed strong evidence that store catalogs were not only sticking around but also increasing in relevance among consumers. In fact, between 2014 and 2018, response rates to physical, mailed catalogs increased by 170%. In Harvard Business Review’s study, market researchers found that consumers who received a bimonthly catalog along with weekly marketing emails experienced a 15% lift in sales and a 27% lift in product inquiries when compared to another group that just received emails. There’s a number of reasons why, in an increasingly digital age, consumers still get excited about catalogs — even among the millennial generation. One reason for this is that, unlike emails and social media feeds, physical catalogs hang around consumers’ homes much longer, and the products therein are much more likely to stay at the top of their minds. Another reason is that the vivid depictions of products in The Ultimate Marketing Tool Comeback?
their travels. They also take cruises to cut down on travel costs and often dine in to save money. Do Your Research If you have a specific place in mind for your retirement, like Hawaii or Texas, look at rental costs and other lifestyle changes that can affect your budget. For example, Hawaii’s cost of living is cheaper than other popular retirement states, like Florida, but basic commodities may be more expensive. If a boat or RV is more your style, be sure to add repair and fuel costs into your budget. As you go about researching and planning, be sure to consult with your financial advisor so they can help you look at your current situation and make adjustments. With the proper planning, you’ll be living your nomadic dream in no time.
well-designed catalogs can influence consumer behavior more easily. Vividness is especially important for products purchased for fun rather than function. Finally, those vivid product images can help e-commerce retailers with no physical locations make their products seem more real and memorable to their customers. Several name-brand retailers with physical locations, such as Patagonia, Nordstrom, and Crate and Barrel, along with purely e-commerce retailers such as Wayfair, Bonobos, and Amazon, all print catalogs. Could your business benefit from one as well?
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