The short answer = YES you can.

If you stick to the third world - Africa, Asia then you're £500 will enable you to live almost like a king.

In the first world, your £500 budget is a little on the low side.

Remember even some parts of Eastern Europe have an average wage of less than £200.

In Africa most live on about 2 Dollars a day!

£500 will be easy in those places providing you stay well away from Western style 4/5 star hotels.

Keep to mid-range guest houses and the hotels the locals use (take a cotton sleeping bag inner with you).

If I were in your shoes, I'd be looking at touring somewhere like INDIA - Probably the most interesting place you will find in way of cultures etc. It's big enough to spend years touring on 2 wheels and above all it's probably THE most cheapest country in the world to live in. I have heard Thailand is also dirt cheap?

My advice - go to Goa to start with and get used to the way of life etc. Then start to tour the rest of India. It will take years to take in all the sights worth seeing. The country is HUGE! Most importantly, it's a pretty safe place to travel (stay well away from Pakistan and it's border with India) and in general, the people are very friendly towards Brits & Westerners. £500 there is like £5,000 here!

£500 flight to Goa (return). Buy a Indian copy Baja Honda (100cc) and off you go......

I hope your dream comes true.

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Triumph Bonneville 800 (2004), Yamaha XT600E (1999), Honda XBR500 (1986).

While the desire is admirable, I agree the RTW traveler should have a goal/gimmick in mind. Think of being a pilgrim during the Crusades. Do you want to see the world or experience it? After the trek, will having driven through be enough? From past travelling, what evoked your most pleasant memories?
Think about being questioned in ..... by a policeman who inspects your camp set up. Do you say that I going around the world or do you pull out your camera and show proof of your quest having visited every soccer stadium on the planet?
How much money to bring is a lot like asking, "How much money do you need to get married? It all depends. Do you have any other sources of income or possible emergency stash?
If you are a survivor, you can always get by. Use your language skills to act as a tutor. That might get you a meal or two. Any other skills or what about that watch that granny gave you? Could you pawn it in an emergency?
Just an additional though or two.

Dave

Welcome to the HUBB forum Dave.

First post eh?

Now get posting in earnest........

__________________
Triumph Bonneville 800 (2004), Yamaha XT600E (1999), Honda XBR500 (1986).