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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374: Private Equity: Passive, Profitable Investments You’ve Probably Never Heard Of

374: Private Equity: Passive, Profitable Investments You’ve Probably Never Heard Of

Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will stru...

16 Tammi 202355min

373: The Money Show’s Guide to Personal Finance for Beginners

373: The Money Show’s Guide to Personal Finance for Beginners

Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably, ret...

13 Tammi 202344min

372: Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

372: Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesse...

11 Tammi 20231h

371: Bitcoin: Investing Fad or Final Bullet to Fiat Currency?

371: Bitcoin: Investing Fad or Final Bullet to Fiat Currency?

Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or...

9 Tammi 20231h 10min

370: Finance Friday: How to Build a Six-Figure Business (in Your 20s!)

370: Finance Friday: How to Build a Six-Figure Business (in Your 20s!)

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas lig...

6 Tammi 202350min

369: The Capitalist Cult: How MLMs and Pyramid Schemes Trap Average Americans

369: The Capitalist Cult: How MLMs and Pyramid Schemes Trap Average Americans

Multi-level marketing companies (MLMs) operate in secrecy. They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. Th...

4 Tammi 202353min

368: Lynne Twist’s “Want Less, Obtain More” Philosophy All FI-Chasers Should Follow

368: Lynne Twist’s “Want Less, Obtain More” Philosophy All FI-Chasers Should Follow

Lynne Twist’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “what world am I making with the money I have?” For ...

2 Tammi 20231h

367: Finance Friday: Tips to Build a House Hack STACK in Your 20s

367: Finance Friday: Tips to Build a House Hack STACK in Your 20s

Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who c...

30 Joulu 202254min

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