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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406: Finance Friday: Why FORCING Your Way to FIRE Isn’t The Way

406: Finance Friday: Why FORCING Your Way to FIRE Isn’t The Way

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching...

28 Huhti 202351min

405: Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals

405: Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals

Healthy meals that taste great AND save you money? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle, she made it...

26 Huhti 202345min

404: How to Build Wealth in Three Simple Steps

404: How to Build Wealth in Three Simple Steps

The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three ...

24 Huhti 202349min

403: Finance Friday: Stay at Home with Kids or Work to Hit FI Faster?

403: Finance Friday: Stay at Home with Kids or Work to Hit FI Faster?

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to ...

21 Huhti 202354min

402: Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS

402: Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax sa...

17 Huhti 202342min

401: The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

401: The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects...

14 Huhti 202358min

400: Mindy and Scott’s Money Stories and Why They WON’T Retire Early

400: Mindy and Scott’s Money Stories and Why They WON’T Retire Early

Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, l...

10 Huhti 202351min

399: Financially Free in 10 Years by Using Real Estate the Right Way

399: Financially Free in 10 Years by Using Real Estate the Right Way

Want to retire early in your 30s? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hou...

7 Huhti 202349min

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