The New FIRE? Why Time Freedom Beats Early Retirement
Digest
This episode introduces Brian Harriet and his concept of "Time Freedom," an alternative to the traditional FIRE (Financial Independence, Retire Early) movement. Brian shares his personal financial journey, including early mistakes and a life-altering event that shifted his priorities. He explains his "Time Freedom Formula" (Lifestyle Expenses = Investment Income + Flexible Work) and discusses how it can be achieved through various means, including entrepreneurship, consulting, and even W-2 employment with strong saving habits. The conversation also touches on managing healthcare costs, the challenges of liquidity in investment portfolios, and the importance of defining personal goals for a fulfilling post-work life. Brian contrasts Time Freedom with CoastFIRE, emphasizing active engagement and growth. The episode concludes with resources to learn more about Brian's book and a recap of key takeaways.
Outlines
Introduction and Financial Tools
The podcast begins with sponsor acknowledgments for Monarch, a personal finance tool, and Found, a business banking platform. The struggles of small business owners with finances are humorously highlighted, positioning Found as a solution. Audible promotes its well-being collection.
Introducing Time Freedom vs. Financial Independence
Guest Brian Harriet is introduced, and the concept of "Time Freedom" is presented as a challenge to the traditional FIRE approach, emphasizing control over time now rather than solely focusing on early retirement.
Brian's Financial Journey and Life-Altering Experiences
Brian recounts his early career mistake with whole life insurance and his path to financial independence through saving and investing. A significant turning point was his wife's double lung transplant, which led to a re-evaluation of life's uncertainties and priorities.
Milestones, Market Crashes, and the Birth of Time Freedom
Brian details reaching his first million dollars, the emotional impact of the COVID-19 market crash, and a costly mistake of selling during the downturn. This experience led him to realize his desire for "meaningful freedom" – control over his work – thus birthing the concept of Time Freedom.
The Time Freedom Formula and Lifestyle Design
Brian introduces his "Time Freedom Formula": Lifestyle Expenses = Investment Income + Flexible Work. He discusses spending habits, self-investment through authorship and speaking, and the importance of defining what early retirement truly means beyond just quitting a job.
Time Freedom as a Lifestyle and Investment Strategies
Time freedom is presented as an integrated lifestyle, not a sabbatical. Brian explains how this approach allows for more aggressive investing and building flexible businesses, contrasting it with the "CoastFIRE" concept.
Navigating Retirement Savings and Liquidity
The potential "trap" of inaccessible retirement funds for early needs is discussed, along with scenarios for beneficial early withdrawal. Brian reflects on personal liquidity challenges despite significant assets and how transitioning to independent consulting improved his financial flexibility.
Entrepreneurship, Income Generation, and Healthcare
The episode explores how professionals can leverage expertise for higher incomes through consulting or fractional roles. It clarifies that Time Freedom is achievable for W-2 employees and addresses the critical issue of healthcare costs, with Brian sharing his strategy of using a small business for insurance.
Current Financial Picture and Future Planning
Brian outlines his current financial situation, including income streams, property ownership, and investments, emphasizing an efficient work-to-income ratio. The complexities of modeling hybrid FIRE approaches with variable income and expenses are discussed, along with the counterintuitive idea that working longer at enjoyable jobs can lead to greater freedom. Resources for Brian's book are provided.
Keywords
Time Freedom
A concept prioritizing control over one's time and work schedule now, emphasizing meaningful work and flexibility over complete cessation of work, as an alternative to traditional early retirement.
Financial Independence (FI)
The state of having sufficient income or assets to support oneself without actively working for money, often associated with accumulating a large investment portfolio.
FIRE Movement (Financial Independence, Retire Early)
A lifestyle movement focused on aggressive saving and investing to achieve financial independence and retire much earlier than traditional retirement age.
Flexible Work
Work arrangements offering greater control over when, where, and how individuals work, including remote work, flexible hours, or project-based employment, aligning with the Time Freedom concept.
Lifestyle Expenses
The costs associated with an individual's standard of living, managing and potentially reducing which is key to achieving financial and time freedom.
Early Retirement
Retiring from one's career significantly before the traditional retirement age, requiring substantial financial planning and savings.
Business Banking Platform
Financial service providers offering solutions for businesses, including expense tracking, invoicing, and tax preparation, such as the platform "Found."
Personal Finance Tool
Software or applications designed to help individuals manage their money, including budgeting, tracking expenses, and monitoring investments, exemplified by "Monarch."
CoastFIRE
A variation of the FIRE movement where individuals save enough to cover basic retirement expenses, allowing them to "coast" into retirement with minimal further savings.
Investment Portfolio
A collection of financial assets held by an investor, crucial for achieving financial goals like independence or time freedom.
Q&A
What is the core difference between "Time Freedom" and traditional "Financial Independence, Retire Early" (FIRE)?
Time Freedom prioritizes controlling your time and work schedule now, focusing on meaningful work and flexibility. Traditional FIRE emphasizes accumulating enough assets to stop working entirely, often decades earlier than standard retirement age.
How does Brian Harriet define his "Time Freedom Formula"?
Brian's formula is: Lifestyle Expenses = Investment Income + Flexible Work. This highlights that financial goals can be met through a combination of passive income from investments and active income from flexible work arrangements.
What was Brian's initial financial mistake, and how did he overcome it?
Brian's mistake was purchasing expensive whole life insurance that consumed 20% of his early salary. He overcame this by discovering personal finance principles and aggressively saving and investing.
How did a life-altering event influence Brian's perspective on financial planning?
His wife's double lung transplant at a young age made him acutely aware of life's uncertainties, prompting a re-evaluation of saving for the future versus living in the present, ultimately shaping his approach to financial freedom.
What is the "retirement savings trap" discussed in the episode?
The trap occurs when retirement funds are inaccessible for early needs, potentially forcing individuals to stay in disliked jobs longer than desired. It highlights the importance of liquidity and accessible funds for flexibility.
Can someone with a W-2 job achieve Time Freedom?
Yes, Time Freedom can be achieved by W-2 employees by focusing on being a good saver and investor. Alternatively, reducing lifestyle expenses or finding employers offering some flexibility can also contribute.
How does Brian manage healthcare costs in his Time Freedom lifestyle?
Brian runs a small healthcare consultancy with four employees, allowing him to secure comprehensive health insurance through a business plan, which is a significant expense but a necessary budget item.
What is the significance of the "CoastFIRE" concept, and how does Brian differentiate it from Time Freedom?
CoastFIRE involves saving enough to cover retirement basics, allowing one to coast. Brian prefers "Time Freedom" as it emphasizes active engagement and growth, not just coasting, and aligns with his desire for meaningful work.
How does Brian's approach to investing differ for Time Freedom compared to traditional FIRE?
With Time Freedom, Brian suggests a more aggressive investment strategy and a focus on building a business that provides flexibility. This flexible work acts as a buffer, reducing reliance solely on portfolio withdrawals.
What advice does Brian give regarding defining personal goals for early retirement?
Brian stresses the importance of asking oneself "What does early retirement actually look like for you?" before pursuing it. Understanding personal desires beyond just quitting a job is crucial for a fulfilling transition.
Show Notes
What if financial independence isn’t about retiring early — but about controlling your time right now?
In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with Brian Herriot — millionaire in his 40s, now managing a $3 million portfolio, and author of Time Freedom — to talk about redefining what financial independence really means.
Brian shares how he built wealth, why he shifted his focus from net worth to time control, and how entrepreneurship, investing, and spending habits all play a role in designing a life you don’t want to escape from.
They dive into:
- The mindset shift from “early retirement” to “time freedom”
- How Brian grew from $1M to a $3M portfolio
- The life events that reshaped his financial goals
- Why flexible work can accelerate financial independence
- The connection between entrepreneurship and freedom
- Investing strategies that align with your life vision
- The overlooked importance of relationships in business
- Health insurance, risk management, and real-world FIRE challenges
- Work-life balance and building a sustainable version of success
If you’re pursuing FIRE, building wealth, or questioning whether early retirement is actually the goal — this conversation will challenge how you think about money.
To go beyond the podcast:
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Connect with Brian Herriot:
Website: https://timefreedom.life/
Buy Brian’s New Book ‘Time Freedom’: https://timefreedom.life/book/
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