If you don't remember at the end of the post I asked you all the following questions.
(1) When do you project you will reach your crossover point?
(2) What's your plan when you reach your crossover point?
(3) Which option do you think I should go for?
First off congratulations to the 5 of you that have already reach financial independence. As well as the 11 of you that expect to hit your crossover point within 1-5 years. You're in the home stretch now.
One thing to remember is it's hard to really compare where you're at compared to other people. We all started our journey at different times and have varying requirements for expenses. Some of us have a full household to support and others are single. Don't get discouraged if you fall in one of the 10+ year categories because your life circumstance is likely much different from others.
The majority of you lie in the 10-20 year range which is great. You're most likely early in your journey to financial independence and the biggest thing I can emphasize is to come up with a plan and stick with it. While it might seem like there's still a long way to go you will eventually get there and most likely faster than you expect. Keep up the good work and stay focused!
Almost 70% of you plan to retire early in order to pursue other interests. Personally I think that will be my main goal but I'll still continue my blog and hopefully be able to earn at least a little side income from that. I haven't ruled out part time work but there's so much more that I want to learn and explore and who knows maybe one of the hobbies I'd like to spend time learning will also lead to some side income potential.
I was actually quite surprised at how many of you, about 21%, plan to continue working at your current job. Although I imagine you'll start stressing a lot less about the work once money isn't an issue. Changing careers is also another option for me. There's two possible careers that I have in mind for myself and that's teaching and something finance related. I think changing careers, or at least the financial freedom to do so, is a huge perk to being financially independent. You can try working at start-ups since your own financial house is in order or you can go work in a profession that you're more passionate about.
I have to admit that I was a bit surprised to see how close the votes were for the last question. The percentages don't add up to 100% because some people chose not to vote in this question. But 56% of the votes went for Option 1 which was to continue working at my current job until full financial independence. That means that 44% of you thought that Option 2 was the better choice which was a modified FI where I work my current job for 5 more years or so and then scale back my work schedule. I go back and forth between both choices as some days Option 1 seems better and other days I can't wait for Option 2. I honestly expected Option 2 to be the higher selection although that might have been because it was at a time when I really didn't want to be at work. I'm not sure which road I'll eventually go on because Option 2 would require anywhere from 3-5 more years at a minimum. While I'd love to scale back my work right now it's just not realistic at this time to do, so all I can do is continue saving and investing to build up my dividend stream.
Thanks to all of you that participated in the poll. It's pretty cool to see where we, as a community, sit in regards to our financial independence plans. One thing thing that question two reinforces is that financial independence is all about freedom. It's the freedom to go and spend time with family all day. Or continue working at your current job. Or change careers. Or go back to school. Or dedicate time to all those hobbies that you never had the time for. Freedom is what we're all searching for and the most comfortable way to do so is through reaching financial independence.