Author Topic: After achieving your FI goal, what is your next goal?  (Read 13293 times)

gratefulandfrugal

  • 5 O'Clock Shadow
  • *
  • Posts: 5
    • Grateful and Frugal
After achieving your FI goal, what is your next goal?
« on: March 29, 2014, 03:43:04 PM »
Q_Train's most recent blog post (http://www.livingafi.com/?p=812) talked about reaching the financial independence goal and how "You’ll likely need to replace this goal with something else in your post 9/5 life."

What is your next goal, or that "something else," after reaching FI?

I am in the early years of my FI journey, and having FI as the goal has helped me realize what really makes me happy (good food, staying healthy, and being close to family). Having this goal makes it much easier to say no to things that I know won't make me happy. And having the FI goal has made me realize how gratifying working towards something is.

So I'm curious, after you reach FI, what is your next goal?

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 8768
  • Age: 63
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: After achieving your FI goal, what is your next goal?
« Reply #1 on: March 29, 2014, 03:59:50 PM »
Finish decompressing.. Just about there.

Finish the chores around the house and on the rentals this Summer.

Figure out what I want to do next.. Maybe go get my Phd.. Go to medical school? Work for a non profit.. No real plan yet..:)

Frank

Cassie

  • Walrus Stache
  • *******
  • Posts: 8032
Re: After achieving your FI goal, what is your next goal?
« Reply #2 on: March 29, 2014, 04:04:27 PM »
Mine was to work p.t. for myself. I would have never been brave enough to try it if I had to depend on my ft income to pay the bills.

steveo

  • Handlebar Stache
  • *****
  • Posts: 1928
Re: After achieving your FI goal, what is your next goal?
« Reply #3 on: March 29, 2014, 04:05:30 PM »
I'm not FI but I also have no idea what my next goal will be. I see reaching FI as hugely important however at that point I view myself as having options. Will I keep working so that I can afford a fancy pants holiday or two ? Will I keep working to give my kids a little extra ? Will I keep working to give myself some extra buffer ? Will I just say stuff work and leave it at that.

I don't see myself as being goal orientated. I don't even view FI as a goal. Its more like somewhere that I want to get too but it'll happen it its own good time. If I was going to state what I was going to do when I became FI it would be basically the same stuff that I do now although I might retire somewhere closer to the beach so I can surf regularly.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28299
  • Age: -999
  • Location: Seattle, WA
Re: After achieving your FI goal, what is your next goal?
« Reply #4 on: March 29, 2014, 05:50:37 PM »
Only two come to mind.

- Be a good father and husband.

- Complete as many items from my "bucket list" as I can, starting with the first one, "write a bucket list."

I'm not stressing about figuring out goals for FIRE.  They'll come as they do.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Cottonswab

  • Stubble
  • **
  • Posts: 175
  • Age: 38
  • Location: Boulder, CO
  • Occasional Advice Dispensary
    • My Journal
Re: After achieving your FI goal, what is your next goal?
« Reply #5 on: March 29, 2014, 09:01:52 PM »
Irrespective of financial independence, I think most people would be happier having at least a few non-financial, non-career goals written down.  In some cases, financial independence may be a pre-requistite or greatly facilitate achieving these goals. 

For example, two of my life goals are:
  • Climb "The Nose" on El Capitan in Yosemite by Age 35, without a professional guide
  • Publish a work of fiction by age 65, which people will actually read for entertainment

Make them specific, measureable, and achievable.  Do not be afraid to put due dates on your goals.  For the more difficult goals, make sure that you have a clear execution plan that indentifies the discrete steps that need to be taken to achieve that goal.   

For example, climbing "The Nose" on El Capitan is not something that I am currently capable of doing.  Without a well defined execution plan (which involves making sufficient time available for training), I will never be able to achieve this goal. 


hybrid

  • Handlebar Stache
  • *****
  • Posts: 1688
  • Age: 58
  • Location: Richmond, Virginia
  • A hybrid of MMM and thoughtful consumer.
Re: After achieving your FI goal, what is your next goal?
« Reply #6 on: March 30, 2014, 05:44:05 AM »
Only two come to mind.

- Be a good father and husband.

- Complete as many items from my "bucket list" as I can, starting with the first one, "write a bucket list."

I'm not stressing about figuring out goals for FIRE.  They'll come as they do.

I like the candid reply here. I have a small bucket list of mostly trivial, worldly things I would like to experience, but truth be told I haven't planed that far ahead yet.

zataks

  • Bristles
  • ***
  • Posts: 348
  • Location: Silicon Valley
Re: After achieving your FI goal, what is your next goal?
« Reply #7 on: March 30, 2014, 06:00:12 AM »
I've only just begun the process of FI so it's planned at 15ish years from now.  As now, the general idea is spend copious amounts of time with those close to me, doing outdoor activities that I already love (whitewater rafting, surfing, hiking, camping, rock-climbing) and hopefully discover some others. 

NearlyThere

  • Bristles
  • ***
  • Posts: 252
Re: After achieving your FI goal, what is your next goal?
« Reply #8 on: March 30, 2014, 06:07:23 AM »
Only two come to mind.

- Be a good father and husband.

- Complete as many items from my "bucket list" as I can, starting with the first one, "write a bucket list."

I'm not stressing about figuring out goals for FIRE.  They'll come as they do.

Really love this!

To enjoy life until FIRE and not let it dictate but direct choices = have fun, but not too much fun

NearlyThere

  • Bristles
  • ***
  • Posts: 252
Re: After achieving your FI goal, what is your next goal?
« Reply #9 on: March 30, 2014, 06:13:10 AM »
Also just realised I've never been in the Southern hemisphere. That will happen!

Thegoblinchief

  • Guest
Re: After achieving your FI goal, what is your next goal?
« Reply #10 on: March 30, 2014, 06:26:47 AM »
Not really a big list or goal person, but my one goal outside of enjoying the crap out of family time, would be to get a novel published. I'm hoping this happens long before FI, but if it hasn't by then, I'll double down on my fiction.

TomTX

  • Walrus Stache
  • *******
  • Posts: 5344
  • Location: Texas
Re: After achieving your FI goal, what is your next goal?
« Reply #11 on: March 30, 2014, 06:42:23 AM »
Huh? I don't see "goals" as being a problem after FI.

Clear through the backlog of 50+ projects around the house
More time to focus on martial arts
Tons and tons of books to read
More time to go spend enjoying nature
Get more involved in local politics
Get back in practice with shooting - I used to be in competitions.
Ooh! Finally start doing my own reloading!
Think about getting a rental property or two.
Travel! Pack up the car and go visit friends and family across the country
Really get going on family genealogy

Etc, etc.

SnackDog

  • Handlebar Stache
  • *****
  • Posts: 1260
  • Location: Latin America
Re: After achieving your FI goal, what is your next goal?
« Reply #12 on: March 30, 2014, 07:02:19 AM »
FI is sort of like saying "my goal is to have no goal".  Goal-driven people tend to have long careers.  If they leave or retire from one job, they typically jump into the next one before long.

cdttmm

  • Stubble
  • **
  • Posts: 249
Re: After achieving your FI goal, what is your next goal?
« Reply #13 on: March 30, 2014, 07:34:55 AM »
Achieving FI and/or ER aren't the only goals that I'm currently pursuing. Some of the other goals include:

1) earning a black belt in Tae Kwon Do
2) running a 100 mile race

These are both goals that take most people a fair number of years to accomplish so there was no chance I was waiting until after FI to get going on them. If everything goes according to plan, I'll earn my black belt in June and run my first 100 miler in September. I first started studying TKD in 1992 and got close to earning a black belt, but my life took a turn and I had to set that aside for a number of years. I picked up my training again in 2009. I first started endurance racing in 1995, but didn't shift to running ultras until 2004. For me, these goals are just part of the life experience. Why would I wait to be FI before living life?

soccerluvof4

  • Walrus Stache
  • *******
  • Posts: 7168
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: After achieving your FI goal, what is your next goal?
« Reply #14 on: March 30, 2014, 07:36:36 AM »
Live a simple life with modest things and travel to hopefully see my 4 kids in college and beyond. And live somewhere outside of whats become the Arctic Midwest (preferably NC right now)  Spend a lot of quality time with the DW that we have given so much of (just the 2 of us) since are lives are so consumed with the kids needs etc.....

ShortInSeattle

  • Pencil Stache
  • ****
  • Posts: 574
Re: After achieving your FI goal, what is your next goal?
« Reply #15 on: March 30, 2014, 11:31:26 AM »
After FI my goal is to rent out our primary residence for a few years and travel the world.  Perhaps a year traveling the US, then a year bouncing around Europe, a year around South America, and a year in Asia.

After that, who knows?


NearlyThere

  • Bristles
  • ***
  • Posts: 252
Re: After achieving your FI goal, what is your next goal?
« Reply #16 on: March 30, 2014, 12:09:16 PM »
Richard Branson is living his bucket list as we speak

NSFW btw - http://www.sickchirpse.com/richard-branson-kite-surfing-naked-girl/

Allen

  • Stubble
  • **
  • Posts: 244
Re: After achieving your FI goal, what is your next goal?
« Reply #17 on: March 30, 2014, 12:20:43 PM »
Perfect my ippon seoi nage.
« Last Edit: March 31, 2014, 10:28:33 AM by Allen »

Mortgage Free Mike

  • Stubble
  • **
  • Posts: 129
  • Age: 40
    • Save on Almost Everything
Re: After achieving your FI goal, what is your next goal?
« Reply #18 on: March 30, 2014, 12:45:25 PM »
Give away money like never before! #PAYITFORWARD

katie

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: After achieving your FI goal, what is your next goal?
« Reply #19 on: March 30, 2014, 12:52:43 PM »
I am not worried about not having enough to do after I am FI.  I am more worried about how to fit it all in. 

Some of the things on my list:

Become a master gardener so I can stop killing my own garden every year (and I really want to grow produce to donate to senior center's, etc)
Either become a yoga instructor or just get really good at it myself.
Be the best mom I can be to my children.
Support my husband in his wants/projects/hobbies.
Travel.
Be more involved in my extended family, whom I currently live far away from (I am the odd one out).

waltworks

  • Walrus Stache
  • *******
  • Posts: 5875
Re: After achieving your FI goal, what is your next goal?
« Reply #20 on: March 30, 2014, 01:01:09 PM »
I find this an interesting topic as I basically can't think of much I would change. There isn't much I would want to buy (and I don't particularly like traveling except under my own power), so my goals are basically just to keep hanging out with my family, spending lots of time outside riding bikes and skiing and exploring, playing with building stuff out of metal, etc. I already do a lot of all of those things, so while I couldn't quit what I do today, I also wouldn't want to.

Do I want to be FI? Of course. Do I want to make myself miserable or work more to accomplish it a couple years quicker? Nah. I actually struggle with spending too much time thinking and stressing about money when I don't really need/want to optimize every tiny detail of my spending to get to FI quicker.

I guess the biggest thing for me would be feeling free to keep doing my work and just straight up donating the proceeds to causes I like. My skills aren't ever going to cure cancer or get humanity established in other parts of the solar system or build self-replicating machines (ok, maybe the singularity isn't a "charity"...) but I'd love to set up a scholarship or grant program for folks that might.

-W

brewer12345

  • Handlebar Stache
  • *****
  • Posts: 1381
Re: After achieving your FI goal, what is your next goal?
« Reply #21 on: March 30, 2014, 01:20:55 PM »
I pulled the plug in mid-January and did so without much in the way of goals, plans or a bucket list.  So far I have found that I have some deep-down, ground-in tiredness combined with not really knowing how to deal with not having some imperative project that needs to get done.  I take this to mean that I need a bunch of time to recover and reset my own mental processes to my new mode of life.  I have a few things I am doing (taking up beekeeping, doing a long road trip this summer, etc.) that have been waiting for me to have time and I am planning on making this a very memorable summer with the kids, but that is about it.  The goals and big things I will want to do will come, but in the meantime I am trying to consciously give myself time to unbend out of the mental and behavioral crouch I have been in for the last 20 years.

Nords

  • Magnum Stache
  • ******
  • Posts: 3460
  • Age: 64
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: After achieving your FI goal, what is your next goal?
« Reply #22 on: March 30, 2014, 01:56:59 PM »
It took me 20 minutes to find my list, and I'm happy to say that I haven't updated it since 2005.

When I started the list in late 2000, I broke it down into four ranges from "very short range" to "life".  (Hey, I'm a nuclear-trained submariner and qualified in the Navy's Planned Maintenance System.)  Ironically after I retired, my sense of time began to expand.  Those ranges began to stretch out and then I eliminated one of them.  Short-range went from "one year" to "within three years" and medium-range went to "three to five" while "very short range" is now "See your ToDo list".

The good news is that in the last nine years (when I haven't been updating the list) I've somehow managed to complete everything on the short-range and medium-range categories.

Here's what's left in the long-range ("life") category:
Be a good spouse
Be a good parent
Net worth higher than lifetime earnings (done)
Collect more retired Navy pension than active duty salary
Great Barrier Reef & Pacific atoll diving
Spend a month in Thailand
Join the top ten on USNA AA's "Oldest Living Alumni" list
Join the "Centenarian Sailors" list on BUPERS' "Shift Colors" magazine

I pulled the plug in mid-January and did so without much in the way of goals, plans or a bucket list.  So far I have found that I have some deep-down, ground-in tiredness combined with not really knowing how to deal with not having some imperative project that needs to get done.  I take this to mean that I need a bunch of time to recover and reset my own mental processes to my new mode of life.
Sounds about right, and that's exactly the way to handle it.  You'll find your stride.

You're smart to get maximum quality time with the kids before they turn into teenagers (which happens at approximately age 11).  Now that our daughter's 21 years old, I think we're about out of the woods...

Silvie

  • Stubble
  • **
  • Posts: 212
  • Age: 39
  • Location: the Netherlands
Re: After achieving your FI goal, what is your next goal?
« Reply #23 on: March 30, 2014, 02:57:34 PM »
Check out www.dayzeroproject.com if you need inspiration for goals. I am on my second bucket list currently. Love the site.

Dr. Doom

  • Bristles
  • ***
  • Posts: 466
  • Age: 48
  • Location: East Coaster
Re: After achieving your FI goal, what is your next goal?
« Reply #24 on: March 30, 2014, 03:53:24 PM »
So far I have found that I have some deep-down, ground-in tiredness...

Great description to explain the accumulated residue of work-related gunk that builds up over time. 

My first year I'm labeling a 'gap' year and plan to do very little in terms of serious projects or goals.  If kids can do it between HS and college, I can do it too.  I suppose my goal is to become accustomed to not having major goals.  I don't want to feel like I have to continually complete tasks in order to be satisfied.   

In other words, I want to remove the disgusting 'achiever' bits of myself that have somehow sprouted up over my working career and replace them with, hopefully, contentment with the way things are.  I have a vague memory of a summer vacation back in high school where time sort of lost meaning and I just did what I wanted with my days, which ended up being a lot of running and reading during daylight hours, and hanging out with friends at night.  I didn't think too hard about where I was going to be in 5 years, or how I was going to make money, and I certainly didn't care about the well being of any corporation the way that we're all expected to as adults.   Things were just fine as-is.  I'd like some more of that, please.

I will also be spending a lot more time with family and friends.  Beyond that, I'll work it out when I get there.



DoubleDown

  • Handlebar Stache
  • *****
  • Posts: 2138
Re: After achieving your FI goal, what is your next goal?
« Reply #25 on: March 30, 2014, 05:30:21 PM »
I pulled the plug in mid-January and did so without much in the way of goals, plans or a bucket list.  So far I have found that I have some deep-down, ground-in tiredness combined with not really knowing how to deal with not having some imperative project that needs to get done.  I take this to mean that I need a bunch of time to recover and reset my own mental processes to my new mode of life.  I have a few things I am doing (taking up beekeeping, doing a long road trip this summer, etc.) that have been waiting for me to have time and I am planning on making this a very memorable summer with the kids, but that is about it.  The goals and big things I will want to do will come, but in the meantime I am trying to consciously give myself time to unbend out of the mental and behavioral crouch I have been in for the last 20 years.

Same here brewer. I ER'ed in November with no plans other than to decompress and see what develops. Like you, I've caught up on some different activities, but no grandiose goals, and that's just fine with me. And I'm sure everyone's different; some people may be raring to go on some new, big adventure right away, and others not so much. I'm doing the same thing as you, consciously letting myself take all the time I want and seeing what develops. And you sounded particularly fed up with the daily grind of your soul-crushing job as your ER date was approaching, so it sounds like a good idea to take all the time you want to decompress. Personally, I think being a dad and "cultivating one's garden" is plenty ambitious enough for me.

Mr Mark

  • Handlebar Stache
  • *****
  • Posts: 1229
  • Location: Planet Earth
  • Achieved Financial Independence summer 2014. RE'18
Re: After achieving your FI goal, what is your next goal?
« Reply #26 on: March 30, 2014, 08:28:50 PM »
With sympathy to OP, I guess its hard to restrict comments  using just a post title. Speculation is unavoidable.

My goal since joining MMM a while ago was as stated: FI by summer 2014.

Thanks to a great real estate deal that has just closed and the US market lately, I think (touch wood) can say im there in a mustashian definition: net worth over the mill and a paid house on top. No debt. No issues.

So, what's my "next goal"?

Well, for a start, I must challenge the restrictive nature of the question. FI should never be an all consuming goal. Life is waaaaay too complex for that. Hell, lets face it, you could die while reading this ( especially if you happen to be driving, fyi)

I think circumstance dominates in this stage. Are you healthy? In a loving relationship?  Family? Safe? Nice location you really want to be at?

In my case, I really have an awesome job. I love it. It pays really well. It allows me lots of non working time, because I work >> 40hrs a week for a while, and then get to take that time back. I love most things about my life, and continuing to work right now has lots of other benefits and side benefits, family wise and future business wise.

So in the sense of your question, my next goal is setting up a nice RE opportunity in a few years. But as  per MMM, I don't believe I will ever stop doing things occasionally that are both awesome fun and that ill get paid to do.

Im also starting to set up the transition from on paper FI net worth, to a sustainable portfolio to support long term FIRE. Its essential to include some kind of real estate rental a la MMM I think, and you should seriously worry about rock solid robustness to long term inflation combin3d with the possibility of a sustained bear market. This is not the same portfolio as when in accumulation mode.

So thats my next goal, in the sense of your question, to set up for a nice pleasant transition to RE, and keep ticking off the important stuff wrt happiness and contentment - relationships,  children, parents, siblings, experiences, travel, friends,  good food, health ( a biggy), etc etc

Meanwhile,






happy

  • Walrus Stache
  • *******
  • Posts: 9457
  • Location: NSW Australia
Re: After achieving your FI goal, what is your next goal?
« Reply #27 on: March 31, 2014, 03:01:53 AM »
After FI, I plan to retire.

sleepyguy

  • Pencil Stache
  • ****
  • Posts: 669
  • Location: Oakville, Ontario
Re: After achieving your FI goal, what is your next goal?
« Reply #28 on: March 31, 2014, 10:04:53 AM »
Basically just chill and be a great dad/partner.

I'll probably still be a part-time/consultant for a few years just to see how that goes.  No bucket list and anything like that.

EscapeVelocity2020

  • Walrus Stache
  • *******
  • Posts: 5232
  • Age: 51
  • Location: Houston
    • EscapeVelocity2020
Re: After achieving your FI goal, what is your next goal?
« Reply #29 on: March 31, 2014, 11:17:23 AM »
This is one of those kinds of questions where I read all of the different replies and drive myself crazy.  It's really hard to get much out of what other people are saying because we are all so different.  Different ages, different backgrounds, work experiences, distances from our number...  I could answer this very generally, as Arebelspy nailed, or I could whip out my detailed itemized list that I have been working on (because it's fun to dream, even if I don't manage to publish a novel, build a tree-house with my son, try out new sports, etc.). 

But neither will really answer the question.  Maybe it's because I've been at my number for a while now that I feel as though I'm still not done.  I had an interesting revelation as I get ready to 'retire', that I'm really not going to 'retire' until I'm older.  I still have kids to raise, a portfolio to manage, and countless things I want to do, they just won't include driving to work and sitting at my desk.  I call this next phase of my life exploration, not retirement, so my 'next goal' will still be retirement, and I look forward to it when I'm done exploring.

phred

  • Pencil Stache
  • ****
  • Posts: 500
Re: After achieving your FI goal, what is your next goal?
« Reply #30 on: March 31, 2014, 01:43:20 PM »
After reaching FI I can now show others - with show & tell proof - how they can free themselves.  Works with friends, not so much with relatives (sigh)

Frankies Girl

  • Magnum Stache
  • ******
  • Posts: 3722
  • Age: 87
  • Location: The oubliette.
  • Ghouls Just Wanna Have Funds!
Re: After achieving your FI goal, what is your next goal?
« Reply #31 on: March 31, 2014, 02:16:55 PM »
So far I have found that I have some deep-down, ground-in tiredness...

Great description to explain the accumulated residue of work-related gunk that builds up over time. 

My first year I'm labeling a 'gap' year and plan to do very little in terms of serious projects or goals.  If kids can do it between HS and college, I can do it too.  I suppose my goal is to become accustomed to not having major goals.  I don't want to feel like I have to continually complete tasks in order to be satisfied.   

In other words, I want to remove the disgusting 'achiever' bits of myself that have somehow sprouted up over my working career and replace them with, hopefully, contentment with the way things are.  I have a vague memory of a summer vacation back in high school where time sort of lost meaning and I just did what I wanted with my days, which ended up being a lot of running and reading during daylight hours, and hanging out with friends at night.  I didn't think too hard about where I was going to be in 5 years, or how I was going to make money, and I certainly didn't care about the well being of any corporation the way that we're all expected to as adults.   Things were just fine as-is.  I'd like some more of that, please.

I will also be spending a lot more time with family and friends.  Beyond that, I'll work it out when I get there.

I like that - both brewer's description of how it feels (definitely identify with that) and the idea of a gap year. I'm closing in on pulling the trigger within a year, and I've a feeling it's going to be a bit like walking out into the sunlight after being down in a cave... I'll need the time to figure out just how to be, and then decide what all is on my unofficial to-do list for the rest of my life. There's lots of stuff I could add, but mostly I just need to take some deep breaths and de-stress.

Oh, and really like your writing style, Q-Train. Bookmarked your blog. :)

Bookworm

  • Guest
Re: After achieving your FI goal, what is your next goal?
« Reply #32 on: March 31, 2014, 08:18:22 PM »
I'm really not sure what my goals are for after FI.  Actually, for me, I think half the point of FI is so that I can wake up in the morning, have no clue how I should utilize my time, and not have to feel the least bit guilty or stressed about it.

brewer12345

  • Handlebar Stache
  • *****
  • Posts: 1381
Re: After achieving your FI goal, what is your next goal?
« Reply #33 on: March 31, 2014, 09:39:28 PM »
I'm closing in on pulling the trigger within a year, and I've a feeling it's going to be a bit like walking out into the sunlight after being down in a cave... I'll need the time to figure out just how to be, and then decide what all is on my unofficial to-do list for the rest of my life. There's lots of stuff I could add, but mostly I just need to take some deep breaths and de-stress.

Many moons ago before all the stuff on my plate killed any thoughts of such activities, DW and I were active in beagle rescue.  One of the things we did as part of a rescue organization was take custody of 5 or 6 dogs that were raised in a lab for the purposes of vaccine testing (they were through with testing and otherwise would have been euthanized).  In order to maintain the testing protocol these dogs had never been outside, never been in a home, etc.  We fostered one and passed the rest on to other volunteers who spread them out and eventually our foster was adopted by a friend and neighbor.  She had never been around, say, a dishwasher and would either freak or be very curious about what our other beagles ignored.  The new world of being out of the cube is a little like what that dog must have been going through.

Cassie

  • Walrus Stache
  • *******
  • Posts: 8032
Re: After achieving your FI goal, what is your next goal?
« Reply #34 on: March 31, 2014, 11:40:24 PM »
Brewer this is the same thing that puppymill dogs go through and it is horrible. It is really hard to socialize & help them become regular dogs. Much of it depends on how many years they were in this situation. For the mill dogs it is usually their whole lives until about ages 8-10.  So glad to hear you are doing Beagle rescue- we actually do puppymill rescue & try to educate people so they do not buy dogs from mills.

NewStachian

  • Stubble
  • **
  • Posts: 216
  • Age: 41
  • Location: DC
    • VarsityFinances
Re: After achieving your FI goal, what is your next goal?
« Reply #35 on: April 01, 2014, 05:43:12 AM »
I think the biggest difference between pre and post FIRE goal planning is pace. Most of us on this forum are cut from the same cloth. We are budget optimizers and know full well that every $1 we save reduces the time to FIRE. It's a race that we're in with ourselves and we want to win as soon as possible. But, once FIRE happens, and there's this big sign of relief, what then? I am not FIRE, but am approaching it more rapidly than I originally thought I could. Here are a few thoughts on how I do goal planning now and how I think it would shift post-FIRE:

My DW and I have 3, 5, and 10 year goals kept in a shared Google doc that we review quarterly. Here are a few things I've learned about goals which I think would translate well to post-FIRE goal planning:

- Mix up the serious and the fun. "FIRE" and "brew beer" are both on our 5-year list. We also added "Have a Kid" and "Trip to Europe" to our 3-year list (although probably not in that order!). I think once you reach FIRE, the financial side of your goals should be more on maintaining your FI with some potential sources of side income you're interested in investigating.

- Don't worry about implementation or feasibility when writing your goals (at first). Once you're done brainstorming your goals, sit down and crunch some hard numbers to see what you have to do to meet your goals and see if they're even achievable. I wrote down "FIRE in 5 years" not thinking it possible until I started doing the math and realized it's not completely out of the realm of possibility with a good plan. "Billionaire in 5 years" would probably make it past the brainstorm phase, but would get scrapped in the implementation phase. Post-FIRE, I would think that your brainstorm list would be even larger since your free time is so much more abundant. Add everything and prune until you've got a focused list to work on. Change this list whenever you want to. It's YOUR goal list.

- Setup your goals aggressively and don't stress about not meeting them 100%. If it takes you an extra few months or a year to reach a goal, who cares? You're succeeding if you're making forward progress toward each goal and can look yourself in the mirror knowing you're trying your hardest. This is especially true of aggressive financial goals since we can't know what the market will do any given year. Revisit goals frequently and tweak them as necessary. They are not set in stone. For our example, having a kid may significantly affect our ability to FIRE in 5 years since we will probably go single income. However, we're still full steam ahead on FIRE in 5 years until another goal takes priority.

happy

  • Walrus Stache
  • *******
  • Posts: 9457
  • Location: NSW Australia
Re: After achieving your FI goal, what is your next goal?
« Reply #36 on: April 01, 2014, 05:50:02 AM »
After FI, I plan to retire.

I'm probably having a bit of an abreaction after a hard day at work, but what I basically meant was I plan to fuck To Do Lists, and fuck Goals. I might do something and I might not. If I don't do something today it can be done tomorrow. I don't usually cuss on line…maybe I'm just having a grand vision of Unworking.



Also I noticed the autocorrect doesn't try to correct fuck. (duck, luck, tuck?)

Dr. Doom

  • Bristles
  • ***
  • Posts: 466
  • Age: 48
  • Location: East Coaster
Re: After achieving your FI goal, what is your next goal?
« Reply #37 on: April 01, 2014, 06:57:06 AM »
I think that it's terrific and completely awesome that a lot of people (myself included) are planning on just relaxing for a while after unplugging from the office matrix. 

Just wanted to add a bit of context to the quote the OP pasted.   When I said in my blog post that you'll likely need another goal, I was hinting at the loss of an overarching sense of purpose that comes with moving toward something as awesome and powerful as FI.   For folks who list spending time with family as a driver behind FI -- particularly those with young children -- there is no hole to fill, because the kids automatically provide this purpose.

For people without it -- well, I just think that eventually you're going to need some other purpose.  I wasn't thinking specifically about bucket lists or, god forbid, getting another job.   (I can't imagine ever getting another standard work-a-day office drone gig unless I'm forced by someone carrying a thermal detonator.)  It's pretty well understood that we all feel better when we feel like we're going somewhere, and there's forward momentum in our lives.  Maybe religion or politics or volunteering or writing or being in a band or training for ultramarathons with good friends will help do it -- discovering your individual sense of purpose(s) is sort of like a meaning-of-life question:  there's no one-size-fits-all-answer.

What I do know for sure is that sitting around for decades is going to make anyone depressed after a while, and that's all I meant, really.  There's got to be something you're retiring to other than not work.  Although absolutely, not work will do nicely for a while.

@Frankies Girl, I'm really glad you're enjoying bits of the blog, very cool and thanks!  Lots of good blogs from MMM readers on the blogroll
https://forum.mrmoneymustache.com/mustachianism-around-the-web/the-mmm-readers%27-blogroll/

happy

  • Walrus Stache
  • *******
  • Posts: 9457
  • Location: NSW Australia
Re: After achieving your FI goal, what is your next goal?
« Reply #38 on: April 01, 2014, 07:04:45 AM »
Hey Q_Train, I read your blog the other day also, and really liked it. Will add it to my growing list of blogs to check. 

Cassie

  • Walrus Stache
  • *******
  • Posts: 8032
Re: After achieving your FI goal, what is your next goal?
« Reply #39 on: April 01, 2014, 05:47:59 PM »
I rested for about 6 months & then had to find something to do. It feels good at first to do nothing but then it gets boring.  Of course if you have kids they will keep you busy.

RMD

  • Stubble
  • **
  • Posts: 159
  • Location: Overland Park, KS
Re: After achieving your FI goal, what is your next goal?
« Reply #40 on: April 01, 2014, 06:36:02 PM »
Be a more hands on mom as DS hits the tween/teen years.  It's harder than I thought it would be balancing work with him in school (kindergarten)...for some reason I thought it would be easier when he was out of preschool and daycare.  Not the case.  He's really testing boundaries that he didn't test before...including announcing to the class that the phonics song they were learning in class was dumb.  Not cool.

Then I'd like to volunteer at the local library.  I'm already involved with a couple other community groups and would be able to continue.  Then there's all the books I want to read, gardening I want to do, traveling to visit my sister and brother and other family. DH wants to do some traveling...but he's not sold on this yet, so I've kind of made my plans without him.  I will say, he's always said he values my independence!

But...my pie in the sky goal?  I want to thru hike the AT. It would be awesome if DS would want to do it with me...but if not, that's okay.

waltworks

  • Walrus Stache
  • *******
  • Posts: 5875
Re: After achieving your FI goal, what is your next goal?
« Reply #41 on: April 01, 2014, 08:02:47 PM »
http://en.wikipedia.org/wiki/Hormesis#Effects_in_aging

You don't want to just sit on your ass. Even recreating a lot probably won't do it - IMO without a goal/engagement/responsibility to someone else, you're setting yourself up for faster decline/aging. That doesn't have to be answering to the man, of course.

To put it another way - I hear a lot of people saying what they DON'T want to do. FI serves as a positive goal, but once it's gone, I feel like the danger is that you'll end up as the dog that caught the car. If FI is the all-encompassing focus of your life, that's probably not going to be healthy in the long run.

-W
« Last Edit: April 01, 2014, 08:05:38 PM by waltworks »

Mr Mark

  • Handlebar Stache
  • *****
  • Posts: 1229
  • Location: Planet Earth
  • Achieved Financial Independence summer 2014. RE'18
Re: After achieving your FI goal, what is your next goal?
« Reply #42 on: April 01, 2014, 08:59:52 PM »
Well said. FIRE is a journey,  not a destination.  Whether pre or post FI, its about every day.

EscapeVelocity2020

  • Walrus Stache
  • *******
  • Posts: 5232
  • Age: 51
  • Location: Houston
    • EscapeVelocity2020
Re: After achieving your FI goal, what is your next goal?
« Reply #43 on: April 01, 2014, 09:13:05 PM »
That's why we should call this next phase of life Exploring instead of 'Retiring'.  I know it's a heavy load to imagine actually doing something when all we want to do is not do more of what we have done, but eventually we could turn this 'ER idea' into a positive thing, if we turn the perception of ER  toward the idea of exploring what our natural talents are best suited to now that we are no longer beholden to a lifetime of chasing the all-mighty Dollar.  We just might be surprised by the value and inspiration that it can produce . 
« Last Edit: April 02, 2014, 05:57:55 AM by EscapeVelocity2020 »

Dr. Doom

  • Bristles
  • ***
  • Posts: 466
  • Age: 48
  • Location: East Coaster
Re: After achieving your FI goal, what is your next goal?
« Reply #44 on: April 02, 2014, 06:04:34 AM »
Even recreating a lot probably won't do it - IMO without a goal/engagement/responsibility to someone else, you're setting yourself up for faster decline/aging.


I think this is particularly true for people who aren't exercising.  Daily physical activity for extended periods is a must.  And honestly finding a routine that works shouldn't wait until you leave your job.  Exercise and fitness make it easier to cope with the work grind IMO, making you somewhat less tired.

I highly doubt that anyone who is very active physically is going to decline faster just because they don't have any other daily responsibilities -- My personal belief is that exercise itself is going to provide the stress that the body and mind need. 


Thegoblinchief

  • Guest
Re: After achieving your FI goal, what is your next goal?
« Reply #45 on: April 02, 2014, 07:04:05 AM »
Exercising is awesome. I can't wait until my DW learns this.

She knows it mentally, but not yet emotionally/physically.

My motivation to hit FIRE faster is partly so that we could slow travel with the kids while they are in high school. I am jealous of the various bloggers slow traveling with young kids. Such a fantastic idea, and those kids are so lucky.

SwordGuy

  • Walrus Stache
  • *******
  • Posts: 9069
  • Location: Fayetteville, NC
Re: After achieving your FI goal, what is your next goal?
« Reply #46 on: April 02, 2014, 04:49:32 PM »

Die on my 120th birthday, shot by a jealous husband.


And have lots of fun while being a good person, husband, and father along the way...

(My wife is 10 years older than I am, so I can reasonably expect not to be married by age 120.  But if we're still married, I can put off my final goal a few more years. :) )

FunkyStickman

  • Pencil Stache
  • ****
  • Posts: 525
  • Age: 51
  • Location: Louisiana
    • Living Outside the Box
Re: After achieving your FI goal, what is your next goal?
« Reply #47 on: April 02, 2014, 06:02:10 PM »
My goal in 10 years from now, I'll be around 50. My on-hold to-do list:

  • Finish writing my adventure/fantasy book series
  • Record an album or two or three
  • Do a bike tour across the country (Northern Tier)
  • Build a tiny house for my wife and I to live in