By Cheri Sicard
In the video at the bottom of this post, we join Bob Wells and Brian Gifford of CheapRVliving as they discuss financial considerations for hitting the road and how to prioritize RVing costs and expenses when living a nomadic lifestyle.
The video shares critical insights from their wealth of combined experience, emphasizing the importance of maintaining an emergency fund while striking a balance between comfort and freedom.
Having an emergency fund is essential
In the video, they discuss essential financial considerations before buying a vehicle and hitting the road. Above all else, Bob stresses the importance of always having an emergency fund. Although he acknowledges that viewers of the video will be from a wide range of income levels, an emergency reserve is essential for all.
Bob also stresses that you should live below your means. Even if you are on the low end of the economic spectrum, living frugally will help you build up a big enough emergency fund to handle the rough spots that always come with RVing.
Watch the video as Brian and Bob discuss the very different ways they started full-time RVing and the very different financial circumstances they had to work with for their nomad lifestyle.
Watch the video if you’re considering this lifestyle
The video is helpful for anyone contemplating this lifestyle, but especially those who might have a limited number of other choices. If you fall into that category, then be doubly sure to watch, as Bob’s sage advice could save you a lot of money and trouble and keep you from making some costly mistakes during a vulnerable time of life.
This leads to an important examination of wants versus needs and how to know the difference. Take care of the needs—in other words, shelter, water, and food—before the wants. At least until you have that vital emergency fund built up.
The other factor to weigh is comfort versus freedom. The guys start covering this at the 8-minute mark in the video.
I like that they don’t try to tell others what to do, as no one answer is suitable for everyone. However, Bob and Brian will give you important points to consider when making the right choices for your nomad lifestyle.
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