Episode 205

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Published on:

9th Sep 2026

The Missing Piece of the FIRE Formula | E205 Brian Herriot

For decades, the formula for financial independence has been remarkably simple: earn more, spend less, invest the difference, and build a portfolio large enough to cover your expenses forever.

It's a strategy that's helped thousands of people retire years, even decades, earlier than traditional retirement.

But what if there's another way to create freedom?

Instead of replacing 100% of your income with investments, what if you also redesigned your work so you actually wanted to keep doing it?

In this episode, I sit down with Brian Herriot, author of Time Freedom, to explore why flexible work may be the missing piece of the FIRE formula. Brian introduces his Time Freedom Formula, explains why meaningful work doesn't have to end at retirement, and shares a practical roadmap for building a lifestyle business that creates income, flexibility, and purpose.

Whether you're pursuing Coast FI, full FIRE, or simply looking for more control over your time, this conversation will challenge how you think about work and help you discover another path to freedom.

Key Takeaways:

  • Discover the missing third lever of financial independence
  • Learn how flexible work creates freedom before full FIRE
  • Understand Brian's Time Freedom Formula
  • Explore lifestyle businesses that prioritize freedom over growth
  • Build work you enjoy instead of escaping work entirely

Other Episodes You’ll Love:

How to Reach Financial Independence in 10 Years | E201 Chris Luger

Retiring Before 50? Here’s What You Need to Know | E196 Jesse Cramer

Tiny Quits That Build Toward Full FI | E194 Jess, The Fioneers

Guest Summary:

Brian Herriot is an entrepreneur, speaker, and author of Time Freedom. After questioning the traditional path to financial independence, Brian developed a framework that combines investment income with flexible work to create meaningful freedom sooner. Through his writing and financial planning, he helps people build lifestyle businesses and redesign their careers so they can enjoy more flexibility, purpose, and control over their time long before traditional retirement.

Connect With Justin

Email me at Justin@FIMinded.com or connect with me on LinkedIn.

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About the Podcast

FI Minded - Financial Independence, Early Retirement & Lifestyle Design
Achieve Financial Independence & Have Fun Doing It
Pursuing financial independence, financial freedom, or early retirement often leads to the same questions: How do I become financially independent? How much should I save? What happens after I reach FI?

FI Minded helps you use money to create more freedom, without turning your entire life into a financial optimization project.

Host Justin Peters explores the decisions behind building a flexible, work-optional life, from reaching financial independence and navigating Coast FI and Slow FI to spending your money, changing careers, stepping away from work, and figuring out what comes after FI.

Each episode combines practical personal finance with conversations about early retirement, lifestyle design, work, spending, healthcare, self-employment, and life after financial independence. The goal isn't simply to reach FI as quickly as possible. It's to make progress toward financial freedom while actually enjoying your life along the way.

On FI Minded, you'll learn how to:
- Reach financial independence without burning out
- Build a flexible, work-optional lifestyle
- Navigate Coast FI, Slow FI, and other paths to FI
- Make smarter decisions about spending and saving
- Prepare financially and emotionally for early retirement
- Figure out what life can look like after financial independence
- Think through the tradeoffs behind major money and lifestyle decisions
- Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), Maggie Tucker (Inside Out Money), Cody Berman (The Financial Independence Show), Joe Saul-Sehy (Stacking Benjamins), Doug Cunnington (Mile High FI), and and others helping you rethink how to approach financial independence.
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