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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448: The Average American’s Guide to Investing $10K–$100K

448: The Average American’s Guide to Investing $10K–$100K

Want to know how to invest $10K, $25K, $50K, or even $100K? The average American household has $41,600 saved. While that’s a decent chunk of cash, it’s not working very hard for you by sitting in a sa...

8 Syys 202358min

447: How to Use Your Financial Fears to Build Wealth Better

447: How to Use Your Financial Fears to Build Wealth Better

Financial fear is… a good thing!? Fear is an uncomfortable feeling we often try to ignore or suppress. But what if, like other emotions, it exists for a specific purpose? What if following it could he...

4 Syys 202347min

446: FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

446: FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

The FIRE community is notorious for chasing early retirement at all costs. Many search for creative ways to earn more money and spend less of it, only to end up hating the journey. If you’ve ever felt...

1 Syys 20231h 2min

445: Can’t Afford to Travel? Nomadic Matt Says You’re (Probably) Wrong

445: Can’t Afford to Travel? Nomadic Matt Says You’re (Probably) Wrong

Travel hacking allows you to see the world for less than you spend at home. That’s right. If you took your rent or mortgage payment in the US and traded it for traveling abroad, you could live off far...

28 Elo 202344min

444: Financial Advisor Fees, LLCs, and Stock Investing 101 | Ask Mindy and Scott

444: Financial Advisor Fees, LLCs, and Stock Investing 101 | Ask Mindy and Scott

Financial advisors are supposed to look after your money, but sometimes, their profits come first. We’ve had many questions about which type of financial advisors to use, which aren’t worth the fee, a...

25 Elo 202336min

443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger

443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger

A “wife-FI,” semi-retired finance blogger? It sounds like an exciting life, but what does it entail? Today’s guest didn’t arrive here overnight and doesn’t recommend it for everyone. What he does reco...

21 Elo 202349min

442: Finance Friday: Planning for a Family Costs More Than I Thought…

442: Finance Friday: Planning for a Family Costs More Than I Thought…

Knowing how to budget is one thing. Knowing how to budget for a pricey pregnancy and future family is another. So, how do you smoothly go from a couple used to saving thousands of dollars every month ...

18 Elo 202339min

441: Foreclosures Are Rising Across the Nation, But Who Should Buy Them?

441: Foreclosures Are Rising Across the Nation, But Who Should Buy Them?

Foreclosure can be a sensitive topic. After the embarrassment of falling behind on payments, there’s the fear of losing your home and having no place to live. Rather than preying on someone who feels ...

14 Elo 202351min

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