Why Spending Your Kids’ Inheritance Is Good For You

Leaving something behind for your family is an important consideration for many, but with smarterfinancial.com.au describing Australia as “on the cusp of the biggest intergenerational transfer of wealth it has ever seen”, it is not surprising that more and more parents are choosing to splash out and fulfil their long-held dreams.

Now we’re not talking about picking up a new TV or replacing some kitchen appliances. Oh no. It’s time to dust off the passport because a study from Cornell University found that spending on experiences is far more rewarding than buying physical items and when you think about it, it makes sense.

If you buy yourself a new flat screen TV, you’ll quickly become accustomed to having it around and soon start to compare it to other TVs in terms of price and quality. Whereas with an experience, like a holiday, you come home equipped with memories that are so uniquely yours, it’s difficult for others to draw comparisons and diminish your enjoyment.

So where to spend your hard-earned, well-saved dollars? We’re glad you asked. Here are our tips on how to spend your kids’ inheritance (or at least a small part of it) on unforgettable experiences.

Step 1: Identify your dream destinations

We’ve all been there. Sat on a commuter train or stuck in traffic daydreaming about being in faraway lands. You may not have realised it, but you have been subconsciously planning a trip over years of travelling to and from work.

Maybe you pictured yourself walking along peaceful sections of the Great Wall or drifting down the Irrawaddy River sipping on a cocktail. Perhaps you imagined exploring every nook and cranny of Angkor Wat’s ancient ruins or peering up at the world’s highest mountain at Everest base camp. The possibilities are endless and the choice…entirely yours.

We’d recommend considering your options carefully, preferably with a large map and a glass of wine/cup of tea in hand.

 

Step 2: Find your travel companions

Once you have a destination in mind, it is time to see if there are any like-minded travellers you’d like to take along for the ride. Discovery loves company, but heading off abroad by yourself is not a problem either, as special solo departures are available where you can meet new people who are keen on exploring the same parts of the world you are.

Step 3: Find the ideal itinerary

It could be a city or sight important to you that drives the itinerary decision. Or a multi-country tour that encompasses several attractions. From short trips that whisk you to the must-see destinations to epic journeys that allow you to really immerse yourself in a region, there are hundreds of itineraries to choose from.

If you have the time, you may want to consider back-to-back tours or adding on an extension to one end of your trip, allowing you to tick more destinations off your list. It also pays to plan ahead, take advantage of early booking offers and secure your holiday early.

Step 4: Book in confidence

Choosing an experienced holiday supplier with a great service record is essential. No one wants their trip ruined by poor operators who don’t deliver the kind of quality that allows you to make the most of your time abroad. It also helps to go with a company that lets you book in confidence, secure in the knowledge that you are paying the lowest price for your trip.

Step 5: Prepare for your trip

Before you go, you’ll need details on visas, health precautions, travel insurance, travel money, packing lists and more. Nailing the preparation means trouble-free travels for most, with smarttraveller.gov.au leading the charge on travel advice for Australians.

 

Step 6: The trip itself

It’s time to get busy adventuring as your trip finally arrives. Enjoy, make new lifelong friends and collect the kind of memories you’ll be telling people about for years.

Step 7: Share your photos

Post-trip bragging is one of the best things about travelling, putting your diligently angled photos to good use as you spread envy amongst your friends. You can also share them with the Wendy Wu Tours travel community by emailing them to info@wendywutours.com.au or posting them on our Facebook page. Who knows, your photos may even end up in a brochure!

Step 8: What’s next?

You’ve returned home, your washing is done, your photos are arranged and you’ve had the full debrief with the friends and family. So what’s next? If you’re anything like us, you’ll probably be thinking about another adventure.

And we all know sharing is caring so if you recommend one of our tours to a friend who goes on to travel with us, we will send you a hamper full of goodies to enjoy. We find this hamper also makes for great travel-planning sustenance.

 

Still not convinced?

You don’t have to take our word for it. Hear from some of our customers on our Product Review Page. They treated themselves to a memorable experience and perhaps it’s time you do too. You’ve earned it.

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