I recently published an article titled Work, Save, Invest, Build Wealth, but Never Retire. It was about Financial Independence Retirement Optional (FIRO). I learned that phrase over at Money Scrap.
The article inspired a lot of big thinking from readers here at Dividends Diversify. What were my loyal readers thinking about?
WHAT FINANCIAL INDEPENDENCE MEANS TO YOU
They were thinking about what they will do with their time when financial independence is reality. For a few, it already is. It’s the “retirement optional” part of FIRO. Some of the comments really inspired me. I wanted to share them with you in this post. Fasten your seat belts, here we go…
HEALTH, GRATITUDE AND RESPECT FOR A FUTURE UNKNOWN
FinSavvyPanda: I think it helps along the way when you practice gratitude. It’s more positive and reduces stress along the journey. We try really hard to be appreciative of what we have while trying to achieve something we don’t have yet — freedom.
Seeking Returns: The unfortunate aspect of the journey is all the best laid plans are only as good as your crystal ball. Life throws you a curve at times which in turn forces a reassessment. Or, in some cases a major rewrite of the game plan. Like others have basically said, moderation is not a bad thing but a pause to refresh, to enjoy family, life and to better prepare for the inevitable curve.
Dividend Geek: One needs to invest in health. With all the wealth, if one is not able to enjoy it … what’s the point? My goal is to use most of my investments to create a foundation. The foundation would provide for education and scholarships in a sustainable way. I would like to teach. Math is my favorite subject and I would love to teach math.
A FEW MORE TEACHERS AMONG US
Fully Franked Finance: I have always had a yearning for teaching throughout my finance career, even though I still enjoy what I do. I’m only 15 years in so far, so perhaps I’ll follow in your teaching footsteps one day.
Dividend Portfolio: I would travel a little, but then I would teach dance, hopefully run a local bar and manage the managers who run my real estate portfolio.
Time in the Market: Work on my writing, maybe get another degree and maybe even do some teaching.
SOME MORE DIVERSE INTERESTS
Mr. ATM: In retirement, I hardly sit idle. I’m always doing stuff. From spending lots of time on investment related tasks, to taking care of my health, cooking, being a house husband, learning new hobbies like blogging, playing a keyboard, annoying people on twitter and traveling.
Mr. Robot: I would join the Ocean Cleanup program.
Dividend FIREman: Ideally I would continue with my law practice part of the time. While also spending more time with my children and building up my real estate company. I probably also have a book in me waiting to be born. And there is much more to learn about finance and investing.
Abandoned Cubicle: Travel the world like an idiot, write a blog, or volunteer while remodeling the house DIY style. I intend to do all of those things myself, minus the EXCESSIVE travel.
The Master Mind Within: I’d be helping people and building stuff.
Reverse The Crush: I’m chasing FI to spend more time blogging and investing.
The Rich Miser: I see it as providing the freedom to work on what I want, when I want – a mix of hobbies, passions, “work”, and learning new things.
THE PART TIME WORKERS
Simple Money Man: A part-time job would be fine. And I definitely don’t think I would stop reading or writing because there is always something new to learn and improve upon.
Gen Y Money: I have concluded that the ideal situation is to work part time where you can have some ‘me’ time and productivity time and then some family time.
Defined Sight: After sitting on the beach for about a week, I start to get anxious and want to be productive again. But I’d rather be productive doing what I want to do and when I want do it.
Slightly Early Retirement: I left the corporate 9 to 5 behind over two years ago and now do a few part time enjoyable side gigs that pay extremely well and a few that pay zero but help change people’s lives.
Pursuing Retirement: For me it’s really a retirement from stress and liability. I didn’t have a corporate job to leave, but being a small business owner was time consuming with lots of liability and responsibility. Now I work part time when I have time.
STILL THINKING ABOUT WHAT “IT” IS
Money Scrap: Not ready to retire for sure, just want to do what I choose to do
Balanced Dividends: Overall, I don’t think doing nothing would work for me. I don’t know what it is that I’d do right now, but I’d find out.
Damn Millennial: I will pursue other passions when the W-2 becomes less important.
Frugal Money Man: I envision it as me controlling my time fully, and choosing the type of work that I will want to do.
Dividend Daze: I would love to be to the point where I am just working because I want to, not because I have to.
Dividend Diplomats: Should make for a great deep thinking day for me, keeping this article in mind, when I try to relax.
CONCLUDING THOUGHT
I once worked for a gentlemen who would say “we are only limited by the size of our thinking”. So I say to you, continue to think big my friends, think real big! If you can envision it, you can achieve it!
WRAPPING IT UP
Did my good readers miss anything? Do these comments inspire you? Leave your thoughts, join the discussion and let us all know.
Dividend FIREman says
Well, I would say that you kept your promise to “dazzle” with this post, Tom. Nice job, and thanks for mentioning me.
The comments in these blogs are often just as interesting as the posts, and that is especially true with your readers. I think the more intelligent and thoughtful blogs tend to attract the more intelligent and thoughtful readers, who in turn post intelligent and thoughtful comments.
Great work as usual!
Tom says
Hello again Mr. FIREman. I better be careful not to set the bar too high out on twitter! But, the comments on that post were so interesting and inspiring (including yours) I just had to put them together in a post. It was also a good way to link back and recognize everyone that regularly stops by and contributes their thoughts here at DD. I really appreciate the comments, including yours. It makes the blog seem like it has a life of its own. Tom
Mr. ATM says
Yes a very dazzling post with some very diverse set of thoughts on retirement.
I enjoyed reading what everyone thought of doing in retirement, including what I wrote myself.
This post must have been a lot of work looking for all the nuggets across so many different bloggers. I think it’s a RockStar material.
Thanks for all your hard work putting this post together.
Tom says
Hi ATM, You are up early out there on the left coast! Actually, it was kind of fun putting it together. Like I said earlier this week, writing and creating posts is my favorite part of blogging. I just did a little editing without changing anyone’s main point. And, included everyone who left a comment. Glad you enjoyed it. Tom
Mr. ATM says
Yeah, I didn’t sleep that well last night, Probably why I was goofing around on tweeter this morning as my brain wasn’t working all that well. Finally, got a nice nap, but came back to a market maheym on steel tariff news.
Was thinking about selling my bread company FLO and taking the profits + proceeds to reinvest in a few high yielding REITs and Utes today. Almost pulled the trigger but fell asleep and slept through the market closure. Oh well, may be tomorrow.
Tom says
No problem Mr. ATM. Everyone has those mornings after a so so night of sleep. I have had many.
I want to thank you. I just went back to the Dividend FIREman’s blog and saw you softened your stance a bit on his investment approach to GE. I appreciate you doing that. He’s a good dude and very smart one being a trial lawyer. He admits that he is still learning about dividend stock and cash flow investing. You, on the other hand, are a brilliant investor and researcher of dividend stocks. We share many of the same views on investing and I really appreciate you sharing your expertise on dividend stocks with me and the community.
And, as a teacher, I know how you feel. “Why can’t they just get it? It’s so simple. Their homework is crap.” I say to myself. But I have learned not to let my guard down. I have had instances where students I didn’t have much respect for (secretly of course) will come back months later and thank me because I spurred them on to a new job or new endeavor they never before imagined possible. So, I am careful with my investing views even though I totally agree with you on GE. I have learned investing the hard way with some losses I will never get back. It’s the best learning and everyone needs to experience it.
Enough of my philosophy. On FLO, not sure. I have not looked at that company in a long time. I was just working on a sector analysis today on the big food companies for a future blog post. I am a little light in that sector and was trying to figure out if like REITS and utilities it is good place to put some money and if so where. Thoughts?
Have a good night and get some sleep….Tom
Mr. ATM says
No need to thank me Tom. I just don’t want to be a cheerleader all the time. I like to motivate others but at the same time I like to speak my mind and give constructive feedback when relevant. If someone doesn’t like my comment on their blog, they can delete it. They have that power. I know, I would do the same.
Anyway, regarding FLO and your question.
Well if you like eating bread, especially the big brand ones like Dave’s Killer bread or Wonder Bread or Nature’s Own and many more like these. These are owned by Flowers Foods. It’s a bread company and been around since 1919.
I love bread, but I hate other highly processed food. So the only staple food company I could see myself owning is Flowers Food and I still own it and I love their Dave’s Killer brand bread.
Good thing I didn’t sell it yesterday or that would have been a big mistake. Nap saved me from making a stupid mistake. I’ll be building up that position as it is the only staple food company I would own.
As for other big food companies like Hormel, Kraft-Heinz, GIS, they are all quite popular among Div growth investors. But I don’t like any of them, I just don’t like their products or how they market them.
Besides most of them are lagging behind the trend of healthy eating and cause for a push back in their stock price.
GIS just bought a pet food company. They paid a lot for it, while still struggling in the area they have dominated for decades. On valuation and yield basis, they look pretty good though.
But again,it’s General Mills. That’s “General” in the name. I’m allergic to anything that is General. It just sounds old and lagging and outdated.
I think HRL is probably the best stock/company in that space and may be Smuckers (SJM). But I’m no expert in them.
I think there will be more consolidation in the staple foods space, the only way they would be able to compete with private labels.
Tom says
Thanks for your thoughts Mr. ATM. From the food sector review I was working on yesterday I think you are correct that HRL is the likely standout in the crowd. I own KHC and GIS and will hold for the foreseeable future. I may do some more analysis of HRL and put it on my watch list.
I don’t smoke and try to eat healthier foods than what these companies put out, but I don’t let it get in the way of my investments. I think you stick more to your personal beliefs and convictions in putting your money to work than me. And that’s okay. Investing in companies you know and believe in is an important fundamental investing principle. Tom
Mr. Groovy says
Thanks, Tom. Those are some damn good thoughts your readers shared. I feel better about the world now.
Tom says
Thanks Mr. G. The comments made me feel better too! Tom
Mr Defined Sight says
Tom, brilliant post and thank you for the inclusion! Some of my very favorite bloggers in your list. Pretty neat that we share a common goal but take different paths to get there.
I’d say you lived up to the hype! 🙂
Tom says
Thanks for the kind words Mr. DS. Glad to have you on board. Tom
p2035 says
Nice post Tom. You got me wondering why im doing it 🙂 Its a fundamental part that I have lost on the way. Well my dream to become financialy independent move out to live in a beutiful countryside, have a vinery there and grow +5 something kids there 😀 damm it Tom you got me thinking real deep… Basicaly touching what is the meaning of life for me 🙂 this is something I little bit lost track. Thanks for reminding!
Tom says
Hey p2035, Glad I got you thinking. The same thing happened to me. When I was in my 20’s, I thought about it all the time. I also lost track for a number of years but came back to thinking about “it” in my 40s. That’s when I really started to put my future plans in place. Tom
fin$avvy panda @ finsavvypanda.com says
Hi Tom!
This is a very inspiring post! And as always, thank you for the shout.
A lot of great comments from your readers — I love them all!
I know it’s easily to get derailed (which is okay!), but we all need to focus in that one common goal that we have in mind in order to reach our destination.
Great post of putting these comments together! 😊
Tom says
Thanks Ms. Panda. I am glad you enjoyed it and found some inspiration in the comments as well. Tom
Steve says
Hi Tom,
Thanks you for including me on the list of comments. I enjoyed reading all the comments. It’s cool to see how everybody is on a similar path at different stages of FIRE or FIRO. Great post, thanks putting these comments together!
Tom says
You are welcome Steve. Nice to have you on board the good ship FI. As I have thought about it more today, it seems we all get there in a similar fashion (work, save, invest, etc). But once we arrive, everybody has a slightly different idea about what “it” is. Tom
Miguel (The Rich Miser) says
Hey Tom,
Thanks for the mention and for putting this together, it’s extremely interesting! I love how everyone has such interesting passions and pursuits. I think a common thread is the freedom to choose to do what one wants.
Tom says
I think you hit the nail right on the head Miguel. Thank you. Tom
HP @ Full-Time Dollars says
Cheers to everyone making it to the FIRE or FIRO land they are seeking. I was thinking today how I’m not the type of person to plan to a tee anymore because as the saying goes, “Life happens when you’re making plans.” I’m not waiting for $1,035,132.67 to pull the trigger. It’s all about redefining my life away from the 9-to-5.
Tom says
Good point HP. It’s as much about the process as it is about getting to the destination itself. Tom
timeinthemarket says
It’s clear that a lot of us aren’t just doing this because we want to sit around and watch TV all day. That’s certainly part of it but there’s so much other stuff to do out there that could be done if one didn’t have to spend 40+ hours a week going to and being at work.
Tom says
Well said Time. I’m not a cable cutter yet. I have dozens of channels, but there is nothing on? Better to find something more productive to do like you say. FI and watching TV just do not mix well! Thanks for your thoughts. Tom
Reverse The Crush says
Awesome post, Tom! Thanks for taking the time to put this together. It’s really cool to see on the different perspectives from that FI/blogging community. Like you, the best part of blogging for me is writing and putting posts together. It’s one of the reasons I am chasing FI in the first place. I can’t wait to have more time. I would just love to set up my weekly schedule for writing, commenting on blogs, and just taking the time to really blog to the best of my ability. Otherwise, I’d be reading books, earnings reports and investing. Very cool! Thanks for sharing!
Tom says
You are welcome Graham and right a lot of great thoughts through the comments. Tom
Money Professor says
You’re very lucky to have a great, diverse range of readers and commenters. I love some of the ideas about financial independence. For me, being financially independent is to have freedom. Freedom to work, freedom to live, freedom to enjoy life. Great post!
Tom says
Hello Professor (I like that name!). I am lucky to have such a great group of readers. They make blogging worth it and have many great thoughts to share. Tom
Mike @ Balanced Dividends says
A lot of good thoughts captured here. Thanks for bringing them all together, Tom.
Tom says
Hi Mike, Hope you enjoyed it and thanks for being one of the contributors to the post. Tom
Frankie @ Fully Franked Finance says
Fantastic wrap up Tom, and great idea for a post, well done! I love the diversity of ideas and interests from everyone – isn’t it interesting that despite plenty of ‘productive’ comments, no-one said ‘work in a cubicle from 8am to 6pm, all day every day’, when that’s what the vast majority of people actually do? I can envision a beautiful world one day when more people are living a life more closely aligned with their interests and dreams….
Tom says
I don’t have any kids Frankie, but if I did and one of them said to me “I want to work in a cube for 50+ hours per week when I grow up” I would have to question my parenting skills. Tom
Caroline says
Love the way you put this post together, very nice:) And thank you for the shout out.
FIRO was fun but we need to come up with something for reaching Financial Freedom, FFRO doesn’t sound that great, any suggestions?
Tom says
You are welcome Caroline. I will have to give that some thought. Tom
Sean @ FrugalMoneyMan.com says
Thanks for the mention Tom, and kudos to you for compiling all of these thoughts together in one post!
I still don’t know what I will do once I reach financial independence because in all honesty, my mind changes constantly as I grow…1 1/2 years ago I thought I was destined to be in a life at sea in the Navy. Now I am “educating” about personal finance. I am sure my mind will continue to grow and expand as I gain more knowledge, so I will continue to grind and worry about it more in the future!
Tom says
Hi Sean, There is no question that one’s priorities change over time. I think that’s just part of being a human. Tom
Dividend Portfolio says
Awesome post Tom. It’s nice to see what others plan to do if they ever have the option to retire. Thanks also for the mention.
Tom says
DP, My pleasure on the mention. Most importantly, thanks for your contribution. Tom
Charlie says
Can’t add any additional wisdom to these comments so I’ll just say good post and thanks for the shout out.
Tom says
You are welcome Sir. Thanks for checking it out. Tom
GYM says
What a great way to summarize everyone’s thoughts about FIRO, somehow you made it sound like even me has something interesting and wise to say!
(Basically I am trying to say thank you for quoting me to sound like I am wise haha)
Tom says
GYM, I think you are wise beyond your years. Don’t sell yourself short. You are welcome. Tom
Cubert says
Now that I’m back from a trip to a warmer, sunnier place, I’m beginning to reconsider the “travel like an idiot” option. I could almost envision being a wandering RV maniac, hugging warmth and sun during the winter, and cool mountain streams in the summer. We’ll see….
Tom says
It’s a good thing to let your priorities evolve. No need to get trapped into one way of doing things. Having flexibility is what financial independence is about. Glad you had a nice trip. Tom
SMM says
Thank you for the mention and for compiling this great set of ideas! It appears many of us still will have a hunger to learn and that’s something to look forward to in and of itself. It’s the freedom to spend 8 hours of day the way we choose while still improving ourselves. 🙂
Tom says
Absolutely. You got it SMM. Thanks for checking it out. Tom
Sir Budget says
Hi, thanks for that great collection of insightful comments and ideas! I just started working, so retirement is so far away from me. But still, great inspiration and I think working part-time sounds just great.
Tom says
Hello Sir, For someone years away from financial independence early retirement, an important thing to keep in mind is to just enjoy the journey. Tom