122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances

122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances

Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees. They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance. In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of. Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss. This episode will help you get back to your Financial Independence basics, too. In This Episode We Cover: The basics of Financial Independence Spending less than you earn How Scott and Mindy save their money How their spending changed Increasing your income Investing in low cost, quality investment vehicles Creating multiple, passive streams of income Living the life you truly love And SO much more! Links from the Show BiggerPockets Money Podcast 116 with JL Collins BiggerPockets Money Podcast 41 with Kyle Mast BiggerPockets Money Podcast 84 with Kyle Mast BiggerPockets Money Podcast 118 with Kyle Mast BiggerPockets Money Podcast 119 BiggerPockets Money Podcast 120 with Michael Kitces BiggerPockets Money Podcast 121 with Seth Jones BiggerPockets Money Podcast 03 with Erin Chase BiggerPockets Money Podcast 97 with Financial Mechanic BiggerPockets Business Podcast 51 with Nigel Guisinger Mint Something about Food Podcast Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes Real Estate Rookie Facebook Group BiggerPockets Money Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

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558: How to Start Investing for Retirement: 401(k), IRA, Roth?

558: How to Start Investing for Retirement: 401(k), IRA, Roth?

The IRA vs. 401(k). You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer mat...

27 Elo 202436min

557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38

557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38

Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequ...

23 Elo 202446min

556: FIRE in 2024: What We’d Do Differently If We Started Over Today

556: FIRE in 2024: What We’d Do Differently If We Started Over Today

2013 was a pivotal year for our hosts. Scott was fresh out of college and just beginning his journey to financial independence, while Mindy and her husband were well on their way to FIRE and had just ...

20 Elo 202434min

555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE

555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritanc...

16 Elo 202442min

554: Should I Pay Off My Mortgage or Invest? (We Did the Math)

554: Should I Pay Off My Mortgage or Invest? (We Did the Math)

Pay off your mortgage or invest? If you’re on the path to FIRE, you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and y...

13 Elo 202434min

553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge

553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge

Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing tha...

9 Elo 202432min

552: From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS

552: From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS

You can take your time to reach financial independence, but why wait? With a combination of hard work, savvy investing, and additional income streams, today’s guest reached FI by the age of twenty-eig...

6 Elo 202439min

BiggerPockets Real Estate 2.0 - A New Era of the Podcast

BiggerPockets Real Estate 2.0 - A New Era of the Podcast

The BiggerPockets Real Estate Podcast is about to hit a huge milestone—our 1,000th episode! Real estate has changed quite a bit since we started this podcast, so we’re making some changes, too.  We’r...

5 Elo 20242min

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