Today on episode 64 I’m excited to welcome Priti and Jeff Wright, two accomplished young professional alpinists from Seattle, WA. In 2020, Priti, a software developer, and Jeff, a mechanical engineer at Boeing, embarked on a year-long sabbatical to travel across the globe and climb alpine objectives in Patagonia, France, and Pakistan, finishing by the beach in Hawaii.
The trip was wildly successful, even amid the raging pandemic, including ascents of the Cerro Torre, the six classic North Faces of the Alps in a single season (including the Eiger North Face in winter), culminating in the first ascent of K6 Central and the third ascent of K6 West—both 7000+-meter peaks—in the Karakoram Range of Pakistan.
In contrast to early retirement, Priti and Jeff make the compelling case for a traditional career peppered with sabbaticals. This episode is filled with lifestyle and career philosophy, planning concepts, detailed financial considerations, and just a damn good time. And they are even planning their next sabbatical in 2024, which will look drastically different than their trip in 2020. You won’t want to miss this one.
Topics Discussed with Jeff and Priti Wright
- 2020 international alpine climbing sabbatical: highlights, achievements, and unforeseen circumstances
- Careers in software development and mechanical and aerospace engineering
- FIRE vs sabbatical lifestyle model
- Differing thoughts on early retirement versus a traditional career with sabbaticals
- Sabbatical as a way to test retirement
- Sabbatical vs vacation mindset
- Why I’m considering a sabbatical as an “early retiree.”
- The now vs later dilemma of the adventurous and active lifestyle
- Life satisfaction vs financial security
- Why home ownership was an emotional decision
- The benefits of homeownership for long-term travel
- Detailed planning, budgeting, and spending strategies for a sabbatical (hierarchy of spending and saving buckets for short-term savings goals)
- The risks of investing for short-term savings goals
- The importance of the sabbatical manifesto
- The benefit of traveling over a calendar year
- Roth conversions during a sabbatical
- Risks to career stability by taking a sabbatical
- How to get time off from work
- Career longevity necessary for a sabbatical
- Other considerations: Mail, insurance, vehicles, living will, storage, etc.
- Jeff and Priti’s 2024 sabbatical plans
- The art of the smash-and-grab trip
- So much more!
Get in Touch with Jeff and Priti Wright
Related Content
Jeff and Priti Wright on the Cutting Edge Podcast
EP 60: What You Need to Know About Financial Advisors with Chris Mamula
EP 50: Key Pillars of the Meaningful Life
EP 48: The Anticipation Of The Thing Is Greater Than The Thing
EP 34: Eric Horst: A Climber and Creator for Life
EP 20: Steve Bechtel: The Glass is Already Broken
Should I Buy a Home? Part 2: Opportunity Cost
EP 2: Value Spending: A Damn Good Start
EP 16: The Boring Guide to Successful Investing (Part 1)
EP 19: The Boring Guide to Successful Investing (Part 2)
I Bonds: A Novel Way to Save Cash
The Bold and Beautiful Roth Conversion Ladder
Here is a link to all Clipping Chains posts.
Sabbatical and Travel Resources
Ted Talk: Stefan Sagmeister: The power of time off
Books
Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones (James Clear)
Logical Progression, Second Edition: Building Training Programs for Year-Round Climbing Performance (Steve Bechtel)
Training for the New Alpinism: A Manual for the Climber as Athlete (Steve House, Scott Johnston)
Down: The Complete Descent Manual for Climbers, Alpinists and Mountaineers (Andy Kirkpatrick)
Running in the Family (Michael Ondaatje)
Espresso Lessons From The Rock Warrior’s Way (Arno Ilgner)
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Thanks for another great podcast! Couple comments.
Regarding IRAs. If you plan a sabbatical around a tax year (and are not making any earned income during that year), I don’t think you can technically contribute to an IRA. Only earned income can go into an IRA. In reality, this will only be an issue if you get audited, but probably good to know upfront. Second, why not just contribute to a Roth IRA via the backdoor during working years assuming you make enough that you can’t contribute directly?
With regards to chasing yield for short term savings, I think money market funds are a great option. More liquidity than CDs or bonds. If you are in a higher tax bracket, you can invest in a municipal money market fund which is federal tax exempt, and then easily switch money into a more traditional MMF during periods where your tax bracket is lower. You have to run a quick calculation comparing municipal MMF vs non-municipal MMF vs high yield savings account to see which one is giving highest real yields at any given time based on current rates and your current tax situation, but this is easily done and get help maximize cash investing while essentially maintaining the liquidity of cash.