“Time is the only currency you can’t earn back—invest it wisely.”
–Anonymous
You might know my story.
I was a medical device sales consultant.
Back then, I worked with a few doctors who made $3 million a year each.
However, they were working 60 to 80 hours per week.
In my opinion, that wasn’t real financial freedom.
They couldn’t take days off.
When they went to work, they got paid.
When they didn’t go to work, they didn’t get paid.
To me, financial freedom is not the equivalent of Scrooge McDuck.
He literally swims in a pool of gold coins.
That’s not really freedom.
Time freedom is way better than financial freedom.
As I’m writing this, I’ve already gone on six international trips this year.
I’m writing my second book and spending more time with my family.
These are things that time freedom allows me to do.
Vacations especially are proven by studies like these to improve overall well-being.1
Let’s jump into it!
1. Wealth Without Time is a Trap
If you could make $10 million a year, but you had to work 150 hours a week, would you do it?
You might be inclined to say yes, but how long would you really last?
There are only 168 hours in a week, so that’s most of your waking time.
Maybe you could do a year or two, but any more than that might kill you.
You couldn’t stay awake that long without proper sleep.
But this is the trap a lot of professionals are in.
Many doctors, lawyers, and business owners make millions, but the business owns them.
If you can’t take time off, you’re not able to enjoy your wealth.
People are living to work rather than working to live.
Another point is taxes.
In California, high earners pay 39% plus another 13%.
Sometimes, they add self-employment taxes.
If you’re a high-earner, it can total over 60%.
Even if you don’t earn millions, you’re still paying a lot of your income out in taxes.
Wealth without time really is a trap.
I’d rather make less money and have more control over my time than make a lot of money and not have any control.
2. How to Calculate Your “Time Freedom Number”
What is your time freedom number?
The first measure of financial freedom is the total of your current living expenses.
When I did this a few years ago, I found out my living expenses were about $6,000 per month.
$60,000 to $70,000 a year was enough for me.
Your number might be much higher.
But what’s important is that you find out what that number is.
Once you achieve that number, work is optional.
Then you can think about what you want to do.
A lot of the time, people go to work.
However, according to this Gallup poll, 60% of people say they’re not engaged at work.2
They’re not excited about their job.
It’s kind of a tragedy.
We only have so much time on this earth.
It’s a shame people are doing things they’re not passionate about because of financial obligations.
What if we could do something we actually enjoyed?
What if we actually worked where and when we wanted?
In general, I don’t aim for big financial gains for the sake of money alone.
I want to achieve my goals in a way that lets me get closer to what brings me joy.
With this strategy, I might make less money, but I’m going to experience more of what makes me happy.
To me, that’s the most important thing.
3. The True ROI of Time Freedom
Like I mentioned earlier, I’ve gone on six international trips this year.
I’ve gone to Portugal, India, Mexico, and the base camp of Everest.
I also spent some time with my daughter on a camping trip this summer.
It’s important to create fun adventures and get into your purpose.
My big goal (or my “why”) is to end modern day human slavery in the world.
That’s a pretty audacious goal, I know!
I’m still figuring out how to achieve my goal aside from giving money to causes I believe in or volunteering.
But the fact that I have the time to even try is huge.
To sum up what we’ve talked about: True freedom doesn’t come from the size of your bank account.
It comes from the flexibility to live life on your terms.
In America, we take the least number of days off per year.
In 2015, the average American took off 16 days off a year in total, including sick time.3
In Italy, they take an average of 42 days off per year. Yes, they are entitled to a minimum of 20 days off per year, but many take off more depending on the position they’re in.4
That’s a lot more potential days off than we have here.
Overall, we live to work rather than work to live.
We should really aim to do the ladder.
Working to live is a much healthier mindset.
You need to create for yourself so you can have time to do what you’re on Earth to do.
Now I want to hear from you!
What will you do with your time freedom?
Let us know in the comments.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.
Works Cited
1. J. de Bloom, J. Nawijn, S. Geurts, U. Kinnunen and K. Korpela. “Holiday travel, staycations, and subjective well-being.” Journal of Sustainable Tourism, 25 (2017): 573 – 588. https://doi.org/10.1080/09669582.2016.1229323.
2. Harter, Jim. “Employee Engagement vs. Employee Satisfaction and Organizational Culture.” Gallup.com, April 13, 2017. https://www.gallup.com/workplace/236366/right-culture-not-employee-satisfaction.aspx.
3. AbigailJHess. “Here’s How Many Paid Vacation Days the Typical American Worker Gets .” CNBC, July 6, 2018. https://www.cnbc.com/2018/07/05/heres-how-many-paid-vacation-days-the-typical-american-worker-gets-.html.
4. Buswell, Gary. “Labor Laws in Italy.” Expatica Italy, August 7, 2024. https://www.expatica.com/it/working/employment-law/italy-labor-laws-80107/.
