I took 8 months to backpack around during University and definitely do not regret it.
I noticed that in Australia though we mostly dealt with other backpackers. A lot of the people working in hospitality on the traditional backpack route were backpackers themselves. We had work permits for Australia but never ended up getting jobs there partly for this reason. A lot of the people working there were making terrible money and really only enough to live the backpacker lifestyle with less alcohol and responsibilities. We turned an 8 month Australia trip into a 3 month trip with 5 months traveling SE Asia and Europe and definitely enjoyed the later portion more than the former.
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