Unlocking Mini-Retirements

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In 2017, I stood at a crossroads.

I recently finished reading Tim Ferriss' book The 4-Hour Workweek and was fascinated by the concept of the mini-retirement.

I quit practicing law full-time for a career with a significantly better work-life balance.

And while I did travel (a week here, two weeks there), I wanted to take full advantage of most of my paid time off.

Spending a month (or more) in a European city (or cities) seemed ideal.

The idea of a mini-retirement beckoned, promising a break from the grind and a chance to continue exploring a part of the world I explored in my youth.

However, I was still saddled with a mountain of student loan debt.

The dilemma: how can I take a month-long European mini-retirement without accumulating even more debt, especially credit card debt?

It seemed impossible until an idea surfaced: credit card reward points.

After some research, I applied for two specific credit cards: Chase Sapphire Reserve and Chase Freedom Unlimited.

This decision opened up a world of possibilities for me.

I decided to apply for these cards because, at the time, Chase Sapphire Reserve offered a bonus of 100,000 credit card points, provided I met a specific spending threshold within a defined time frame.

I paid my rent using this specific card to earn those bonus points.

The points I earned by using Chase Freedom Unlimited allows me to combine the points from both cards into a pool of points.

And that’s how I funded, in part, my first mini-retirement.

These cards are now integral to funding my mini-retirements.

I use these cards for everyday purchases, accumulating and combining points to fund future adventures.

Consider this:

A recent NerdWallet survey reveals that 84% of U.S. adults plan to go on vacations involving flights or hotel stays in 2023, with an average expenditure of $3,916 on travel expenses.

During my most recent mini-retirement, I spent less than $3,000 to spend 2 weeks in Vienna, Austria, and 2 weeks in Budapest, Hungary.

I used credit card reward points to pay for round-trip airfare valued at ~$1,000.

I typically have a reserve of points left over as Chase reward points do not expire.

I last paid for airfare (using cash) in 2017.

I will admit that using credit cards to fund mini-retirements (at first) was challenging.

Despite using credit card reward points to purchase airfare, I did accumulate credit card debt.

I did not (initially) use these credit cards responsibly.

So, along with struggling with student loan debt, I added credit card debt to the mix, which is like walking on quicksand.

And let me tell you, nothing is worse than knowing the money you use to pay down debt can be used for many other positive things and experiences.

So what did I do?

I devised a plan to reduce this debt and vowed to use credit cards responsibly.

I'm happy to report that I haven't had any credit card debt in a while.

Additionally, I've fine-tuned my approach.

One of my annual non-negotiables is a cross-country road trip from New York City to Wyoming.

On cross-country road trips, a specific credit card, my M1 Owner's Reward credit card, allows me to earn 5% cash back on gasoline purchases.

I also use this card when making Airbnb reservations (for mini-retirements), in which I earn a 2.5% cash back bonus.

Small yet impactful rewards that add up over time.

To those of you who yearn for more from life, who dream of experiences that transcend the ordinary, consider this: a mini-retirement is within reach.

With strategic (and responsible) credit card use and a clear plan, you can break free from the shackles of your everyday routine and embrace a life rich in experiences.

Remember: the path to a life well-lived is paved with bold decisions.

And if you don’t need to use credit card reward points to help fund your travel adventures…even better.

Interesting reads:

“Do you want a new car? Or do you want to house in France?”

Lawmakers take aim at credit card interest rates and fees as cardholder debt tops $1 trillion.

You can find the collection of my favorite financial tools & resources by clicking here.

Thanks for reading!

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