I will use myself as an example. At this point in my life, I think cash flow is preferable.

I will use myself as an example. At this point in my life, I think cash flow is preferable. I do not believe that large and even mid-cap equities are going to return what they have historically, i.e. 11% over long term*. My diversified junk bond fund has returned over 10% a year for last ten years. That is extra-ordinarily high, and I think the reason for that is the gradual realization by investors that equities are not making it: so they turn slowly to "park" the money there. Also, people say (including many analysts) seek equities paying dividends. My ATT pays 4% dividends, but my FAGIX junk bonds pays 5%. I currently earn about $950 a month INTEREST. I figured if I convert my equities to FAGIX (assuming it continues to yield 5%), I can earn another $550. That, of course is $1500 a month. I can live on half that, being a freegan. So that means I can save $750 x 12 = $9000 a year. In just two short years, that will be approx. $20,000 savings. If I reinvest that in FAGIX, I will earn another $1000 a year, or $83 a month, soon approaching $1600 a month in interest. In 13 months, I can start collecting my Social Security at about $1200 per month. That would bring my monthly income to about $2800. With living expenses of $800, I can save $2000 a month or $24,000 a year. If I save $24,000 a year and reinvest it in FAGIX, my INCOME will be increasing by 5% x $24,000 = 1200/ year or 100/month. So the second year, my monthly income increases to $2900 and the third year to $3000.

So, ... If I have a reasonable opportunity to have $3000 a month in income, mostly tax-free, and can live on less than $1000 a month, why would I want to do anything else? My problem becomes what to do with $2000 a month, take a vacation?