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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342: Finance Friday: Financially Independent, But Not Feeling “Free”

342: Finance Friday: Financially Independent, But Not Feeling “Free”

Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire ...

7 Loka 202253min

341: Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate

341: Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate

Katie Gatti Tassin from Money with Katie had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gob...

3 Loka 20221h

340: Finance Friday: When Rental Property Investing Doesn’t Make Sense

340: Finance Friday: When Rental Property Investing Doesn’t Make Sense

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in...

30 Syys 20221h 13min

339: From Sociology Major to Seven-Figure Agent Commissions

339: From Sociology Major to Seven-Figure Agent Commissions

Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollar...

26 Syys 20221h 19min

338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought

338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought

Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulder...

23 Syys 20221h 1min

337: College is NOT for EVERYONE: Joining the Military & Become Financially Free

337: College is NOT for EVERYONE: Joining the Military & Become Financially Free

College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and lit...

19 Syys 202256min

336: Finance Friday: Six-Figure Passive Income in Just 4 Years!

336: Finance Friday: Six-Figure Passive Income in Just 4 Years!

Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would t...

16 Syys 202255min

335: The (Almost) Guaranteed Way to 31x Your Investments

335: The (Almost) Guaranteed Way to 31x Your Investments

What do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. ...

12 Syys 202244min

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