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If you've been talking to a lot of long term travelers, you've no doubt heard of something called an around the world ticket.  You might be wondering what a round the world ticket is, and why they are so popular with many travelers.  Quite simply, a round the world ticket is a chain of one way tickets from an airline or airline alliance that takes you around the world in a certain period of time.

The advantage of getting a ticket like this is that the cost of the combined ticket is typically significantly  cheaper than buying individual tickets is.  Because of this, round the world tickets are extremely popular with long term backpacker travelers,  as there is simply no cheaper way to see the world.  You can cover multiple continents over a span of time for a little more than the cost of a round trip ticket to a remote destination.

A round the world ticket is typically purchased from an airline alliance.  Star Alliance, One World, and SkyTeam airline alliances all offer their own around the world ticket programs.  Typically, you will visit the website for the alliance's around the world program, and construct a loose itinerary.  You can submit this itinerary and get a quote.  By playing around with different times and destinations, you can get better deals.  These tickets reward flexible travelers with lower prices.

While around the world tickets are a popular choice with many travelers, there are some downsides.  Since you will be on a relatively fixed itinerary, you will be forced to leave a location when your next flight comes up, even if you are really enjoy where you are.  If you hear about a cool destination that isn't on your ticket, you won't be able to change your route to go there.  Those who buy single one way tickets are able to enjoy a single destination for as little or as long as they want to, and leave for wherever they want.  However, for many travelers the lower cost of the round the world fare makes up for the lack of flexibility.   Also, some providers will allow you some flexibility on the dates, but almost never on the locations.  Something to think about for sure.

So, if you're looking to see as much of the world as you can for the lowest possible price, give round the world tickets a good, hard look.  You might just find that they fit your needs perfectly, allowing you to see the world for lower costs than you ever thought possible.