My packing philosophy is to go as light and as small as possible. Few sights look as strange, or as uncomfortable, as the backpacker hauling around a 50 lb., 70 liter pack that soars a full foot above the head. The backpack I'm using for this trip holds 23 liters, which is similar to the size of the backpack you used as a schoolkid. Weight including the pack is under 15 pounds, and closer to 13 if I'm wearing my colder-weather outfit. Three techniques make this possible.
First, everything unessential must be removed. It must be a little known fact that 99% of what you buy in the West is also available in Bangkok, Shanghai, Cape Town, and Buenos Aires. If you are in fact invited to a fine wedding, it is far easier to buy a pair of dress shoes and a blazer locally that to haul it halfway around the world "just in case". The general rule is that if you're not using something on a 2-week trip, you're not likely to use it on a year-long trip. For me, this means that sleeping bags, "neck pillows", sleep sheets, formal wear for nights out, and swiss-army knives are out. I never wear sandals at home, so there's no point in bringing them either. In fact, the only shoes I'm bringing are a comfortable pair of black New Balance sneakers.
Second, there are lighter versions of almost everything. My pack weighs 9 ounces. My umbrella is tiny. I'm taking running shorts, not basketball shorts (more on this in a moment), a microfleece vest instead of a jacket, and an UnderArmour style long sleeve jersey rather than a long sleeve shirt. My route doesn't take my anywhere particularly cold, so I don't need to pack for sub-zero temperatures. The only technology I'm bringing is my camera and a computer, but the computer is a tiny, 2 pound, EEE PC 900.
Third, you can find variations of any type of clothing that can be washed in a sink and dried on the side of your bed overnight (or hung if you prefer, but it's not really necessary). Optimally, you can get clothing that a) doesn't begin to smell quickly, b) dries in a few hours, and c) looks like what you wear normally. In general, specialty clothing for long-distance hikers fits this trend (GoLite, Patagonia Capilene and ExOfficio are all good). In the case of pants, I've found "travel pants" to be particularly ugly. A good second option if you're like me is to take polyester pants, or a polyester-wool blend; these are quite light, comfortable in the heat, and quick to dry. In more conservative parts of the world (think Arabia) you can be a bit uncomfortable wearing shorts, so pants that do well in the heat are necessary. Whatever you get, don't bring anything that either white or cotton. I've found that travel-independent.info has some good packing tips, though of course you may have different preferences from that site's author.
My final packing sentiment has to do with "fitting in with the locals". Many travelers specifically dress to "fit in" or to "avoid looking like an American." I hate to be the bearer of bad news, but if you're somewhere fairly touristed, the locals have become good at spotting outsiders regardless, and if you're off the beaten path, there's nothing you could wear that would keep the locals from identifying you. Further, in 2008, the dress preferred by us young American males is more or less universal among young people; you need to be way out in the boonies before you'd offend anyone by wearing a T-shirt. Finally, I don't know why I wouldn't want to be identified as an American - I am one, after all. I would imagine, and have found on previous trips, that this makes me more approachable. Now, this isn't a recommendation that one dress completely gauche - fanny packs, Crocs and a college sweatshirt look bad whether at home or abroad. But in general, I travel wearing a similar style of clothes to what I wear at home, and it's yet to have been a problem.
My final list is as follows ($0 indicates items I owned before trip planning began):
Technology
| Vanguard VS41 Mini-Tripod | $4.67 |
| EEE PC 900 Linux | $530.00 |
| Canon SX100IS Camera + 2GB SD | $231.00 |
| Coby CVE92 headphones/earplugs | $5.88 |
| Travel Alarm Clock | $0.00 |
| Energizer Battery Charger + 2AA + 2AAA | $21.00 |
| APC Universal Plug Adapter | $23.73 |
Clothing
| Ex-officio Boxer Briefs (2) | $33.76 |
| GoLite Aireator socks (2) | $24.00 |
| Black cross-trainers | $52.50 |
| Polyester Blend Pants | $15.00 |
| Coolmax T-shirt (2 pair) | $30.00 |
| Ex Officio Dryflylight Polo shirt | $17.99 |
| North Face Apex Bionic fleece vest | $57.00 |
| Running shorts (2) | $7.00 |
| REI Merino Wool light hiking socks | $0.00 |
| Red Sox Hat | $11.57 |
| Patagonia 2 long sleeve zip neck Capilene | $43.00 |
Other
| Medical Kit | $124.00 |
| GoLite Ion Pack | $49.00 |
| REI XL Multitowel | $0.00 |
| Wash Kit | $18.00 |
| Laundry Drying Sheets (for bag freshness) | $0.00 |
| Maglight Mini Flashlight | $8.00 |
| Pilot P-500 pens (2) | $0.00 |
| Pencils (2) | $0.00 |
| Tiny combo lock for pack | $0.00 |
| Moleskine Plain Sketch Notebook | $21.00 |
| Gluestick | $1.00 |
| Deck of cards | $0.00 |
| Wallet with IDL and ISIC | $35.00 |
| Miniature compass | $0.00 |
| Reading book | $0.00 |
| Samsonite Ultra Mini Umbrella | $16.95 |
| Guidebook | $19.13 |
| Sunglasses | $5.00 |
| Eyeglasses | $39.00 |
| Passport Photos | $8.00 |
| Passport | $0.00 |
| Daybag | $0.00 |
| Tissues/TP | $1.00 |
| Emergency Cash | $0.00 |
Total cost was around $1450. My other major pre-trip costs were health-related. First, I updated my vaccinations, and got shots for Hep A, Polio, Typhoid, the TDAP, Yellow Fever and Meningitis. I already had my Hep B shots. My insurance covered these after I called; they might cover you as well, as long as you somehow convince them your travel is work-related. Otherwise, the shots would've cost $484. A year of health insurance from the well-regarded World Nomads costs around $500. Total pre-trip costs for me, including Flickr and website hosting, were $2000, but this can be plus or minus another 1000 depending on what you already own and what type of insurance cover you have.
For money on the road, a SchwabOne account strikes me as beneficial. Schwab pays your ATM fees (unlike, say, Bank of America, who will charge you five bucks for the privilege of using someone else's ATM overseas!), and more importantly, has a 0% currency fee. That is, you get the interbank exchange rate. Most banks hit you for 1-3% here, which adds up over the length of the trip. Finally, Schwab gives you interest, which is has run 2-5% over the last year. It takes a few weeks to set up the account, so early planning is a necessity.
