If you want to prepare for the immense challenges of traveling around the world you should talk to someone who hasn't done it. Because anyone who has done it knows how ridiculously easy it is once you take the leap and go. That doesn't mean there aren't challenges to overcome, times when things go wrong, and things to prepare before you go.
I'm going to mention some of those things now but don't let them distract you from this:
If you remember your passport and your bankcard you'll be fine and even if you forget them it will probably work itself out anyway. More...Always, of course, there is the issue of money. I spent $20,000 on my year away and that's no small change. In Australia and Europe you'll need about $2000 a month but in much of Asia, Africa and South America you can get by on less than half that. In India I spent $18/day; my overall average for the trip was $58/day.
The first thing to remember when you pack is that virtually anything you might need will be available where you're going and if you're going to a less developed country it will probably be cheaper there anyway. So please, for the sake of your back, underpack. I made it on 5 pounds of clothes: one pair of jeans, one pair of shorts, four t-shirts, one sweater, one polo, four pairs of socks, four pairs of boxers, a swimsuit and pajama bottoms. The pajama bottoms were surprisingly useful.
There are some items that you might not think of but will be pretty helpful: a small flashlight, a pad lock, a kayaking dry sack for electronics.There are some things you might think you need but don't: a power converter (since your computer or camera charger has a built-in converter, you just need an adapter for the plug), lots of cash or travelers checks (since your ATM card will work almost everywhere), or advanced hostel reservations (since you can just walk in most of the time).
If you haven't been to a hostel before it will be a treat. They're a lot like college dorms without the homework. Sleeping in a room with strangers and sharing a communal bathroom might seem strange at first but I've never known anyone who gave it an honest try and disliked it. It's just such a fun way to meet people who are on the same adventure you are and given the choice I personally choose staying in hostels over hotels.
You will find in the weeks before you go that the list of things to do is impossibly long and perhaps the following suggestions will help you knock some concerns off the list:
-If you're bringing expensive electronics get a wire-mesh lock bag from PacSafe and insure them through Safeware Insurance.
-Get travel health insurance to fill in gaps in your U.S. policy, it should be pretty cheap and can save you a big bill if something bad happens.
-Scan your passport and other important documents and e-mail them to yourself and some people at home. Make sure your passport expires more than six months after you return home.
-Check the fees your bank will charge for foreign transactions. I discovered too late that Citibank charged me an appalling 3% on all my ATM withdrawals. Capital One money market accounts have no fees for foreign withdrawals and some other banks only charge 1%.
-Consider adding your mom or dad to your bank account so they can take care of stuff from home if it comes up.
-If you have college loans you can probably defer them while you're away.
-Be sure to check the seasonal weather where you're going, showing up in a month-long monsoon would be regrettable.
Going on your first big trip is a bit like falling in love for the first time and having someone else tell you what its like is as pointless as asking a friend what its like to kiss someone. It won't spoil it if they tell you because their description will only explain what you'll do, not what you will feel. But you'll probably get a sense that it's something you should try.
- Brook

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