Navigating the New Waves of Travel with Cheri Smith

In this episode, host Josh Nelson, CFP®, welcomes back Cheri Smith the founder of Wishes and Waves Travel. Dive into the dynamic world of travel post-pandemic, exploring how Cheri turned her passion for Disney vacations into a thriving travel business. Cheri shares insights on the latest travel trends, from the rise in cruising to navigating crowded tourist hotspots like Italy and Greece. Discover her expert tips on planning memorable, budget-friendly trips and hear about her own globe-trotting adventures. Whether you're dreaming of a multi-generational family vacation or an exotic getaway, Cheri's advice will help you turn your travel wishes into reality. 

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Podcast Editing: Tim Leaman/info.primegen@gmail.com

Transcript

Wiser Financial Advisor – Interview with Cheri Smith of Wishes and Waves Travel

Hi everyone, welcome to the Wiser Financial Advisor show with Josh Nelson, where we get real, we get honest and we get clear about the financial world and your money. This is Josh Nelson, founder and CEO of Keystone Financial Services. Let the financial fun begin!

I am happy to welcome back our guest, Cheri Smith, the founder of Wishes And Waves Travel, an awesome travel agent who happens to be our personal travel agent. So welcome back, Cheri.

Cheri: Thank you for having me.

Josh: It’s travel season right now, coming up into summer. We're going to talk about what's the latest in travel, and for a lot of our clients, travel is a big part of their life, either while they're working or with family or maybe part of a bucket list that they're trying to hit in retirement. But what inspired you originally to become a travel agent and to found your company called Wishes and Waves? How did you get inspired to start that business?

Cheri: I don't think I ever imagined myself as a travel agent. I always worked in advertising and marketing, and my family and I had traveled quite a bit. When my son was 3, it felt like every six months or so we were going to Disney. Then friends and family were asking me to help them plan trips. And in the advertising business, when an agency loses a client, they also lay people off. So, I was laid off, and my husband said to me, “You know, you are helping all these people planning Disney trips. You could get paid for that.” And that's how the agency was founded. I called it Wishes And Waves because when I started the agency, I was planning mostly Disney trips and cruises. Those first couple years I was booking a lot of Disney trips, probably 80% of my business. Today, that's maybe 5% of my business. Now, 61% of my business is cruises. So it's changed quite a bit. 

Cruising in general is on the rise, and there are a lot of reasons for that. I'm booking a lot of family and multi-generational trips, and cruising is the best value vacation for your dollar right now. I think that's why it's grown so much. And then the rest of the business is 5% Disneyland, Disney World. A big chunk of what's left is Europe and Asia and then the other portion is all-inclusives. I'm not booking as many all-inclusives as I was a few years ago. A lot of people are moving to cruising and part of that might be cost. Flights are expensive right now, and getting to the Caribbean to go to an all-inclusive, the sticker shock is there. I'm a one-woman show with two assistants, and we get it all done and help hundreds of people every year with their travel needs.

Josh: You've done a great job for us, and it's very obvious that you love what you're doing. You travel extensively yourself, right?

Cheri: I do. In fact, last year was my biggest travel year. I went on four cruises—to Dubai, Germany, and safaris in Tanzania and Zanzibar, Africa. 

So far this year I've been to Amsterdam to the River Cruise Conference. I've been on two cruises. I’ve gone to Ireland, and next week I leave for Bali. Then I come home and have a family cruise. Also, I’ve been invited to the pre-inaugural sailing for Utopia of the Seas, a Royal Caribbean ship, which I'm very excited about. And then in September, I will be going on a cruise to Norway, to a point as far north as you can go before you hit the North Pole for an expedition cruise. So this year will be 5 cruises and three long-haul trips.

Josh: When you're talking to people, it’s  a whole different story when you can say, “I've been on this ship,”  or “I've been to this location,”  as opposed to it just being something you're researching. 

Cheri: Absolutely, it does make a a big difference to be able to talk to a client and talk them through the process. L:ike “If you're going through customs and immigration, this is what it looks like,” or “That particular flight really wasn't that bad,” or “I prefer this hotel; I prefer this region, and this is why.” It does really make a difference in the type of trips that I plan, and it makes a difference for my clients because I've been there, I've done it, and they know they can trust me.

Josh: Yeah. So, let's talk about what trends you’re seeing right now, and we'll get into cost too, because that's one thing that's changed a lot. You started your business right before the pandemic, right? And so it's been crazy ups and downs over the last five years, but yeah, let's talk about what you’re hearing about what people are interested in, and maybe some of the things that you're helping people avoid?

Cheri: As we came out of the pandemic, we saw what industry insiders were calling “revenge travel,”  where people were taking these big bucket list trips and spending a ton of money. But coming out of COVID, prices were lower. Hotels and flights were looking to attract people, and it was just less expensive to travel. Personally, I have not really seen a slowdown in the amount of trips people are taking. I’m still seeing those bucket list trips. But I'm also seeing prices rising. I wouldn’t characterized this as revenge travel. The world has changed and people have changed, and they realize that tomorrow is not promised and they're taking these trips. 

When you look at our country, you see that a lot of retail is suffering. People aren't spending as much money at retail. I'm not seeing that in travel. People are still spending a good amount of money. Some of it's because it's more expensive and some of it's just because they want to do it and they're going to take that trip now. So I think people are shifting spending their money to travel. I don't think prices are rising because hotels or airlines are being greedy. It's all supply and demand. The demand is so high that the prices are rising and it is just more expensive to travel. I'm seeing people wanting to go on longer trips, farther away, more unique destinations, more of what we call “bespoke itineraries.” They want private tours; they want a very unique experience, and they're willing to pay for it. Pre-COVID, I only had a couple years under my belt. I was not booking a lot of first class tickets. These days, I book more first class tickets than any other kind of ticket, and people don't balk at the price. 

Josh: We had some clients a number of years ago who went to Europe for a kind of celebration—I think they had a big birthday or retirement or something like that. They said “Alright, we're gonna go first class.”   And when they got back, they said, “We'll never go any other way.” So, once you've had that experience, especially on the long haul flights, it makes a big difference. That first day that you're there, you don't end up exhausted.

Cheri: Right. My family and I have a rule that when going on an overnight flight, we'll fly first class or business on the way there and then economy coming back, to try to mitigate some of that cost. But there are things you can do. We buy a main cabin ticket and then we'll use miles to upgrade to business or first class. A lot of the airlines are calling it business class now with the lay-down bed. You have to look at the plane that you’re on and understand what business or first class means, but a lot of times it's cheaper to buy the main cabin ticket. Just make sure there's no restrictions, and then upgrade to business or first. Even if you do it both ways, it's less expensive than buying into first class or business.

Josh:  We're hitting travel season for the US, with kids out of school and people in that travel mode. So, what are the trends that you're seeing of what people want to do? I'll be chaperoning on an Italy trip here in a couple of weeks. We talked about this before, that there are certain destinations that are a little crazy because everybody wants to go there. So what are you encouraging people to avoid just so they don't have a bad experience? They end up some place that they're just in complete chaos with crowds. What do you recommend?

Cheri: For the last couple of years, we've seen over-tourism in Italy and Greece in particular. In Venice, they're imposing a day tax. So, people not staying in Italy pay a tax to get into the city. And part of that is to combat some of the over-tourism. For my clients asking for Italy and Greece, we have real conversations about what that is going to look like. I ask if they want to be at the Trevi Fountain with 1000 other people at 10:00 AM, because that's the reality of what they’ll experience. Or maybe they’re OK with getting up at 6:00 AM and getting to the fountain before it's really crowded. Are they OK standing in line for two hours to get into the Vatican? Because even if you have skipped the line tickets, so have 100 other people, and they're waiting to get in. And are they willing to pay for more private tours to get to the front of those lines? If they say “no,” then I think the best thing to do is look at an alternate destination. 

I'm seeing a lot of people going to Croatia. Croatia has definitely been under the radar for a while, but growing in popularity. The beaches in Croatia are incredible and it’s relatively inexpensive to rent a yacht for a couple of days and island hop. It’s a less crowded experience. I'm also recommending people go to Portugal or Spain instead of Paris this summer. Everybody wants to go to Paris, and not everyone realizes that the Olympics are going to be in Paris in a few weeks, so you cannot get a hotel in Paris this summer, because  they’re booked out. So, what about going to Buenos Aires? The architecture is the same. You're getting some of that same taste of culture that maybe you were looking for in Paris. 

Because it's all over Instagram, everybody wants to go to the Maldives, which is a nation of islands in the Indian Ocean. The Maldives are expensive, and a lot of people don't realize where they are. 

Josh: That's on my on my bucket list.

Cheri: It's a fantastic experience, no doubt, but you’ll go via Qatar or Dubai, which from the Midwest is a 16 hour flight. From Denver, you're probably looking at 20 hours or more and then  taking another flight to the Maldives. There are other islands. Tenerife is someplace that is not as popular. It’s up the coast of Africa, kind of near Morocco. I'm going to Bali in a couple weeks because it's one of the last of the exotics. The flight there is 30 hours, but when you get there, it is a very inexpensive destination where you get culture and beaches. Madeira, off the coast of Portugal is an easy flight.  You're flying into a little island, which is a little scary, but you can be in a tropical paradise in 8 hours from the East Coast. 

So, it’s helpful to be flexible and work with someone or do the research to know that these places are not what you see on Instagram. That can make the difference in your vacation. Maybe put off Italy or Greece for a couple of years when they lose popularity. If you look historically, these cities in Europe in particular are cyclical, so certain countries are hot for a few years and then drop in popularity because everybody went there. Then other countries rise in popularity. 

It's knowing where to go and it's also knowing the season. I mean, Italy in August is brutal. Greece in August is very hot. So, go in October. The prices are less and there are less people.

Josh: Social media over the last couple of decades must affect trends as far as causing some of these surges to certain locations.

Cheri: Yes. There are certain influencers who have very large followings. I'll get calls saying, “Ooh, what about this resort?” And I Google it and think, Yep, that's why everybody's asking about this. Don't believe everything you see on social media. A lot of these influencers are paid to go to these locations, and they're not giving you what it's like and what it costs. You’re better off looking at alternatives and really understanding what they're posting about.

Josh: I recommend working with somebody like you who knows what they're doing and hopefully has actually experienced it. So what about budget-wise ways that people can still travel right now? Because inflation has been a real thing. So when people come in with a budget and say, “Alright, we're gonna spend X number of dollars,” is that your starting point?

Cheri: Absolutely. Usually when I have a call with a client, we talk about where they want to go and why they want to go there, and what they want to see. That helps me understand whether there is an alternative that I can present. And what is the budget? Sometimes, people will say, “Well, I don't really have a budget.” Then I will come back and say, “OK, so you're fine with spending $30,000?” No, no, no. Everyone has a budget. It helps me select locations and form a trip. 

If you want four people to go for a week to Italy, and your budget is $8000, then you're going to be staying in 2-star hotels and you're not going to be having private tours and you're going to be roughing it. The budget is a big part of the trip. If people have a smaller budget, we can work with that, but those people will not be planning a last-minute trip. The best thing to do is plan early.  The earlier you book, the better pricing you get. I already have cruises on the books for spring break of 2026—because I have a lot of clients who love to cruise but they can't afford to do it every year. So we plan spring break cruises every other year. Not only do they get the best pricing, but then they're able to make payments on it. I have quite a few clients who pay a deposit and then once a month make a payment for $100 or $200. In 2 years, they've paid that trip off. They're able to afford an experience that  would not have been possible if they would have tried to plan last minute. 

The nice thing about cruises is you can reprice them. I go in periodically when sales and  promotions change, to spot check them. And when you're able to reprice those cruises, I can shift thousands of dollars off a trip, which makes a huge difference. But booking early is key and the same goes for flights. Flights are expensive right now, and there's just no way around that. I booked flights for you just last week but instead of booking a round trip flight, I booked the same flights one way, and saved about $800.00. I know what to look for to save you money.

Josh: Absolutely. I appreciate that. But yeah, it's kind of a game, right? But the common person doesn't have the time and the experience to understand the rules of the game, so tricks like that—for the same flight, the same seats, and $800 cheaper, who would know?

Cheri: And I think you know, that's the beauty of working with an experienced travel agent. You're able to tell me what you're looking for, and I'm able to make it happen at the best possible price. Does it always work out like that? No, sometimes things are just expensive. But I know what to look for to see if I can get it for you cheaper.

Josh: That's one of the things that we definitely appreciate about you, is that you have an opinion and you're not just an order taker. In other words, the advice part of it is huge as far as the value that you provide.

And I think you're right, people are willing to spend the money to go to Mexico, do an all-inclusive, bring all the family together. It's a shift in perspective from before COVID because back then you could just travel whenever you wanted. Then all of a sudden, that was taken away. So, maybe it's not revenge, but I think there's still kind of a pent-up attitude in people's minds, of wanting to get out there and have these experiences.

Cheri: And I’m definitely still seeing the trend of multi-generational travel. I have a handful of families, sometimes 4 generations, who have decided they're no longer doing traditional Christmas, and the Christmas present is to themselves to travel together. Most of the time that's cruises, but sometimes it's all-inclusive, sometimes it's taking a Disney trip or going to Europe. It’s because you can't get the time back, and it's really special. I know we've had a podcast about this before: Traveling multi-generationally is just a special experience. And if I can share a personal story about your family, you're personally traveling with both your parents and your in-laws next year.

Josh: Yeah, absolutely.

I had a conversation with your father-in-law—a good 15 to 20 minute conversation, when he was telling me how special it was that you invited them to go with you on a cruise. They only get so much time with their grandchildren. On your cruise, you don't have the phone interruptions, you don't have the TV interruptions, all of these different interruptions that we have in life. You’re isolated from that, if you want to be, so  you can have that quality family time.

Josh: Yeah, you're right. I'm a big fan of investing in experiences and memories as opposed to stuff. I like stuff too, but what's more valuable? In the end, it’s the time you get with people. And as people get older, you don't know how much time you're going to have left. You and I don't have any idea how long we have, right? But having those memories and being able to be intentional about getting people together, I call the pre-heritance. I’ll ask clients, “Do you want to leave a big inheritance at the end?” If we’re doing our job right and being prudent, then there's probably gonna be some inheritance assets. That's all good. But maybe  if we invest in more experiences with the family, they would appreciate the time and the experience more than getting more money when probably the kids are retired and don't necessarily need money. So yeah, I call that a pre-heritance, to give a gift of an experience and making those memories.

Cheri: And I think we see cruise lines understanding these multi-generational trips. When I was at the River Cruise Conference in Amsterdam earlier this year, a lot of the river cruise ships are understanding that. Twenty years ago, river cruising was for old people. That's not the case anymore. Now they're making family suites because they understand there's that need. River cruising takes you into the cities that you can't get to on the ocean liners.  Even resorts in the Caribbean are doing more suites with more rooms that accommodate multiple families.

Josh: My parents have gone on a river cruise with friends. It’s cool that they're opening that up for families. We haven't done that; we've just been on the big ships. But yeah, they've had a great time, and when they talk about their next travel, they're saying it's a river cruise.

Cheri: If you want to visit multiple places in Europe, it's much easier than traveling over land to multiple cities because you're not having to go from hotel to hotel or fly or take the train between places. Talk about over-tourism, navigating the train system with suitcases in Europe can be hairy. I've done it multiple times and even as an experienced traveler, I'm looking googly-eyed at some of these train lines. By going on a river cruise, you unpack once and hit multiple cities. While you're not in the city for as long on the river cruises because they're smaller ships, they're able to dock in the heart of the city. So you're able to quickly get off and really have some amazing experiences.

Josh: So those are some of the more common things to do. What are a couple of really exotic, out-there things that you've booked for people? 

Cheri: Well, places that a few years ago were more exotic are becoming more of the norm, like the Maldives. Bali, Tahiti, Bora Bora are still pretty big bucket list trips. Part of that has to do with Instagram. Everyone's showing those over-water bungalows. But I've been getting a lot of requests for Iceland. Part of that I think, was the volcano that erupted there last year. That on the news always brings curiosity.

I would say the places today that seem a little more exotic, five years ago would have been super exotic. Now they’re a bit more mainstream. If we're looking towards the future, I think in the next couple years we're going to see a real resurgence in Asia. They're just opening up really from COVID now. Japan is probably the number one tourist destination this year. People want to go places where their friends haven't been.

Josh: Hmm. Yeah. Very good. Well, thank you for taking all your time and certainly thank you for helping our family. You've been just a huge resource to us and again, it's not about the money as much as it's about the experiences of getting to do stuff together, but also to have things go a little bit smoother, smoothing out the rough edges of what could be stressful. Thank you for that. How do we find you?

Cheri: Absolutely. So we’re most active  on Instagram. My handle is there.goes.Cheri. My agency is Wishes And Waves Travel. I'm on Instagram with my agency as well, but I'm more active on my personal site where I share my adventures. My website is www.wishesandwaves.com and you can send me a message there.

Josh: Thank you so much. Appreciate your time and I hope you have a great trip to Bali.

Cheri: Thank you. I'm excited.

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This episode has been prepared for informational purposes only and is not intended to provide or should not be relied upon for tax, legal or accounting advice. You should consult your own tax, legal or accounting advisors. Investment Advisory Services offered through Keystone Financial Services, an SEC registered investment advisor.