The Simple Formula that Equals a Year Off

A Year Off might seem like an impossible thing to pull off. You might think you’re too far in debt or don’t make enough money. Maybe you’re in a relationship that you don’t think you can get out of. Or perhaps you’re worried about the effects on your career.

But I think a Year Off is possible for many people. And I’ve come up with a simple formula that I believe will lead to a successful Year Off.

Money + Time + Purpose – Expenses = Year Off

First you create the money by getting out of debt and saving. Then you create the time through a leave of absence or by quitting your job. Then you develop a theme or purpose to your Year Off. And finally, you remove your monthly expenses. This all equals the opportunity for a successful Year Off.

Let’s break the formula down piece by piece…

Money

You need money saved to take a Year Off work. And I highly recommend you get out of debt beforehand. You should have no student loan debt, no car debt, and no credit card debt. I think it’s important to have a good start on your retirement savings as well. And you need the money saved to finance your whole Year Off, everything from food and lodging to fun and the pursuit of your dreams.

This part of the equation is arguably the most difficult to carry out. It can take years to accumulate the amount of money needed. And it can take some drastic lifestyle changes along the way. But through delayed gratification, cutting your expenses, maximizing the amount of money you earn, and avoiding consumerism, I believe many people can save the large amount of money needed.

Time

In addition to the money, you need to create the time for a Year Off. You accomplish this through either a leave of absence or by quitting your job. It’s preferable to arrange a leave of absence with your employer ahead of time so you have a job to return home to. But be ready to quit if your employer says no to a leave of absence.

There is never a perfect time for a Year Off. There will always be some circumstance or reason why now is not a good time. But you will need to make some tough decisions and temporarily step away from some commitments you’ve made. It’s inevitable. To make things easier, start anticipating the decisions you will need to make early in the preparations for your Year Off and make those tough decisions ahead of time.

Purpose

It’s important to develop a purpose or a reason for your time away. Otherwise, you’ll aimlessly wander around the world and you won’t accomplish anything. You should center this purpose around a dream you’ve always had. This might be a childhood dream or a dream you’ve developed as an adult. And the purpose should have specific goals and outcomes.

For example, my main Year Off theme was outdoor exploration. I wanted to gain experience in the mountains and canyons and national parks out west and abroad. The main outcome I wanted was the knowledge to safely backpack through wilderness areas. And I wanted to teach my new skills to other people.

Start thinking about your purpose early in the planning stages. Know what you want to do while away, and this will help with delayed gratification. If you have a good purpose for saving money, then you are less likely to spend it on something that doesn’t help you reach your goal of a Year Off.

Remove Expenses

Once you’ve gotten out of debt, saved up enough money, created the time, and developed a purpose, you have only one thing left to do: remove all your monthly expenses. Move out of your apartment and stop your rent payments, utility bills, cable and internet bills, and car bills if necessary. Remove any recurring monthly payments so you only spend money on food, shelter, and the pursuit of your dreams while away.

This simple formula equals a Year Off.

Your Year Off is all the extra time you’ve ever wanted to accomplish your big life goals and your dreams. It is the time to do more of what you love doing and less of what you need to do. It’s the answer to the question “why do you want to get out of debt?” and it’s your reward for putting in the extremely hard work to do so.