1) I can afford to go on a holiday.
2) I can afford going on a holiday.
Are the both correct? Can I switch these?
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I'm not a teacher
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(1) is correct.
Longman - afford:
! Afford can be followed by an infinitive with 'to', but not an -ing form: I can't afford to buy (NOT can't afford buying/can't afford buy) a car.