Everyone has different financial goals. Whether you want to buy a house or travel the world, turning those dreams into reality typically requires a fair amount of work — including getting help from a financial planner.

And for some people, their financial goals are out of this world — literally.

Over the last few years, we’ve witnessed what’s been dubbed the “Billionaire space race” as entrepreneurs like Elon Musk, Richard Branson and Jeff Bezos have made big-time investments in the space industry. One of the big goals in this new space race? Space tourism — letting ordinary people leave our planet behind, even if just for a short while.

Forget going to the Super Bowl — this really is a once-in-a-lifetime experience that few other people can say they’ve been able to participate in.

If blasting into space like Captain Kirk is your dream, your first order of business is understanding just how much this will cost and how you’ll be able to make that dream a reality. With the help of a financial advisor, you can make it happen.

“A lot of people think that a financial advisor’s only job is to help you retire,” says Leonard Kim of AdvisorCheck. “However, their responsibilities go well beyond that. They could help you plan out your current financial situation, work towards achieving your financial goals (however grandiose they may be) and also help you secure your financial future,” Leonard continued. 

How Much Does Space Tourism Cost, Anyway?

Not all spaceflights are created equal — the type of space tourism experience you are interested in will play a significant role in how much you can expect to pay.

First, let’s look at the most well-known groups in space tourism. Virgin Galactic charges $450,000 for a 90-minute flight to space, with a $150,000 deposit required as part of that payment. Flights launch from New Mexico, and the ticket also includes astronaut training in preparation for the flight. The company hopes to reach its first 1,000 customers in 2023.

The pricing for Jeff Bezos’s Blue Origin flights is a little harder to track, since the company does not list official ticket pricing. However, it is reported that passengers have paid as much as $28 million for their flights — though some have also gotten onboard for free. Based on what is known, it appears ticket pricing is individualized based on a passenger’s social capital and other factors.

Finally, for the ultimate space going experience, there’s Elon Musk’s SpaceX. In 2022, SpaceX took three businessmen for a one-week stay on the International Space Station — a trip that included the rocket ride, accommodations at the ISS and meals. The truly out of this world experience cost a hefty $55 million per person.

However, the “big three” of space tourism aren’t your only options for getting closer to the stars. Worldview is planning to offer balloon-powered flights in 2024 at just $50,000 per seat. This experience uses a balloon to slowly ascend to and descend from the edge of space over the course of six to eight hours. Flights are planned over wonders of the world such as the Grand Canyon and the Great Wall of China.

Space Perspective is planning similar journeys at a price of $125,000 per seat for a six hour luxury balloon-powered flight experience that also includes a behind-the-scenes tour of the Kennedy Space Center in Florida.

How a Financial Advisor Can Help You Reach the Stars

Needless to say, depending on the type of space tourism experience you are interested in, you can expect to pay quite a lot of money! While taking a SpaceX trip to the International Space Station is likely only going to be feasible for the super wealthy, the other space tourism options can still become a reality with the right investing strategy.

Best of all, high-income earners don’t necessarily have to give up on other dreams like home ownership if they want to go to space.

There are several ways that a financial advisor can help you if space tourism is your goal. A Vanguard report indicates that on average, using a financial advisor can increase your net investing returns by 3 percent. That means that you’ll be able to earn more on the money you invest toward space travel. With each dollar you invest going farther, you’ll be able to get on a rocket ship that much sooner.

Part of the reason for this is because advisors use their specific expertise to help you make wiser investment decisions that align with your goals. They can be especially useful in helping you avoid making impulsive decisions, using data to guide your decision making process.

Financial advisors can keep you on track in other ways, too. Budgeting and financial planning assistance can help you identify potential issues that are holding you back. For example, building a strategy to efficiently pay off debt could help you eventually have more available money that you can invest toward space travel.

Finally, many advisors can help you develop an optimized tax strategy that allows you to keep more of what you earn from your investments — which can go a long way in being able to go to space sooner. Imagine that your financial advisor is able to help you save five figures in taxes, year over year. Those savings could immediately speed up how soon it takes to get you to space! 

Crunching the Numbers for Making Space Travel a Reality

So, how are you going to make that trip to space happen? Let’s take a look at how you would be able to save up the money needed for space travel — with or without the help of a financial advisor.

“Whether you’re planning to launch or planning for lunch, it’s crucial to know your end goal and work back to the present,” says Craig S. Johlfs CFP, MBA, a financial advisor at JOHLFS Fiancial Group, securities and advisory services offered through LPL Financial, member FINRA/SIPC, a registered investment advisor. “If your goal is to accumulate $100,000 to go to space, break it down into manageable habits instead of the end goal.  For example, if $100,000 is the target 10 years from now, you need to save approximately $140 per week earning a 6 percent annual return. That’s about $20 per day. Maybe by changing your lunch plan, you can earn your launch plan. Pack lunch and see how far it takes you,” Craig continued.

So let's break down the math for each of the space trips.

* Example 1: Starting with an initial investment of $100,000, followed by yearly additional investments of $50,000.

We’ll use Virgin Galactic’s $450,000 flight as a goal for this example, since it sits in the middle ground between the more affordable balloon flights and the extremely costly SpaceX flight.

For this example, we have a relatively high net worth individual who is able to invest a significant amount toward their space travel goal each year. Assuming an average rate of return of 7 percent, here’s what those investment totals will look like:

•   In 1 year: $158,925

•   In 3 years: $287,502

•   In 5 years: $431,834

•   In 6 years: $510,503

In this example, it would take nearly six years before you had earned enough from your investments to pay for that Virgin Galactic flight. Now that is if you are a really good investor who doesn’t lose all their money in the market making erratic investments.

Now, keeping in mind that working with a financial advisor can increase your returns by three percent, here’s what your investments could look like with a little help and a lot of professional guidance.

•   In 1 year: $162,750

•   In 3 years: $304,705

•   In 5 years: $471,817

By the time you reach the five year mark, you should already have enough for the flight. While one year may not seem like a big difference, it means you can travel to space that much sooner — and start saving for your next experience. Not to mention the additions in income that could come from significant tax savings as well. 

* Example 2: Starting with an initial investment of $5,000, followed by yearly investments of $3,000.

For this example, we’ll look at investing for a $50,000 Worldview flight. This example would be for someone who doesn’t have as much to invest toward space travel because of their income level, or because they don’t want to sacrifice other important financial goals (like a house).

With an average rate of return of 7 percent for a really good investor who is managing their own portfolio, here are your results:

•   In 3 years: $16,061

•   In 5 years: $24,575

•   In 7 years: $34,133

•   In 10 years: $50,709

As you can see, it would take 10 years to reach that $50,000 threshold — but after accounting for taxes, you would likely see less than a $50,000 return. You would need to continue investing for another year or two to have enough for the flight.

Here’s how the numbers look with a financial advisor increasing your average rate of return by 3 percent:

•   In 3 years: $17,005

•   In 5 years: $26,805

•   In 7 years: $38,343

•   In 9 years: $51,925

As you can see, after nine years, you would have a larger ROI than you would be able to get in over 10 years on your own. If you are able to invest more annually based on increases in income, you’d be able to reach that goal even faster! Not to mention the stress that is taken off of your shoulders by having a professional manage your money, as opposed to doing it on your own.

As this example shows, even those with less available to invest could still make space travel a reality — even if it would require a bit more patience. With a financial advisor, reaching the goal of space tourism a little sooner would then allow you to put investment dollars toward other financial goals, helping you gain more compounding interest toward goals like a home or retirement.

Blast Off With the Right Financial Advisor for Your Needs

There’s a lot of work that goes into making a rocket capable of escaping the Earth’s atmosphere. Many different components must work together in perfect harmony to ensure that the rocket accomplishes its mission and returns safely.

A similar mindset is true of your finances, especially if space tourism is on your lifelong bucket list. Affording this type of experience is going to require making some significant investments — and ensuring that those investments deliver a good return. With a quality financial advisor who understands your goals and can devise an effective strategy, this dream can become a reality.

So, how to find an advisor that can take you to the moon? With AdvisorCheck’s Advisor Search service, you have an easy and reliable method for finding advisors that match your investing goals. Our comprehensive database can help you better understand an advisor’s experience, the average value of their client portfolios and even whether they have any disclosures on their record. With a free AdvisorCheck membership, you will also be able to compare and save advisors through your working relationship with them, to make sure that they continue to be on par to hitting your financial goals. 

By finding an advisor whose methods align with your goals, you too can go to space.

If you like our content, please give us a like and subscribe as it really helps us to continue to provide relevant information.

Written by Lucas Miller, Entrepreneur Magazine Contributor

Fact checked by Billy Quirk

Reviewed by KJ Kim

Disclosure

The information provided in this article was written by the research and analysis team at AdvisorCheck.com to help all consumers in their financial journeys, by providing the resources and the insights to help improve one’s financial health, make it through recessionary and inflationary periods of time, and save their earnings to use them towards building a secure financial future. 

Unauthorized reproduction or use of this material is strictly prohibited without prior approval. Any parties interested in content syndication, references, interviews, or PR, please contact our marketing team at marketing@aimranalytics.com

AdvisorCheck.com is an independent data and analytics company founded on the principles of helping to provide transparency, simplicity, and conflict-free information to all consumers. As an independent company providing conflict-free information, Advisorcheck.com does not participate, engage with, or receive funding from any affiliate marketing programs or services. To become a free AdvisorCheck member, visit advisorcheck.com/signup