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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278: Finance Friday: How to Quell Your Money Anxiety (Even as a High Earner!)

278: Finance Friday: How to Quell Your Money Anxiety (Even as a High Earner!)

If you want to know how to save money, just look at your expenses. Odds are, if you’re like most people, you aren't budgeting or tracking your expenses to a tee. But there’s no need to be so hard on y...

25 Helmi 20221h 11min

277: Fighting the “Hustle Culture” That Ruins The Joy of Financial Independence w/ Pete McPherson

277: Fighting the “Hustle Culture” That Ruins The Joy of Financial Independence w/ Pete McPherson

“Hustle culture” has been a term for the past decade or so. It somehow became a badge of honor to prove that you’re working the hardest, longest, and most stressful job around. You can handle it, you’...

21 Helmi 20221h 24min

276: Carl and Mindy’s Spending Summary: Why Did We Go So Over Budget in January?

276: Carl and Mindy’s Spending Summary: Why Did We Go So Over Budget in January?

Emergency funds, frugal experiments, free photons, and “thoughtful spending” were just a few things that came to light during Carl and Mindy Jensen’s January 2022 budget recap. If you didn’t know alre...

18 Helmi 202247min

275: The Most Common (and Rarely Discussed) Money Mishaps w/ David Pere

275: The Most Common (and Rarely Discussed) Money Mishaps w/ David Pere

Lifestyle creep, budget hesitancy, and cash scarcity are problems you’d likely hear from someone just getting into the realm of financial independence/literacy. But, funnily enough, these wealth woes ...

14 Helmi 202254min

274: Finance Friday: What’s The Best Way to Buy Rentals—Partnerships or Solo?

274: Finance Friday: What’s The Best Way to Buy Rentals—Partnerships or Solo?

Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a str...

11 Helmi 20221h 19min

273: Breaking Down Barriers: From Homelessness to Renowned Surgeon w/Dr. David L. Rhoiney

273: Breaking Down Barriers: From Homelessness to Renowned Surgeon w/Dr. David L. Rhoiney

The poverty cycle is a hard one to break out of. For some people, it is near impossible to climb yourself out of the hole that society, family, or unfortunate circumstances have placed you in. But som...

7 Helmi 20221h 22min

272: Finance Friday: Should You Pay Off Your Mortgage Early or Invest?

272: Finance Friday: Should You Pay Off Your Mortgage Early or Invest?

Ahh, the age-old question: pay off your mortgage early or invest? It’s no wonder so many members of the financial independence community have strong feelings about one or the other. With a paid-off mo...

4 Helmi 20221h 9min

271: The 4 Rules of Managing Your Money w/Jesse Mecham from YNAB

271: The 4 Rules of Managing Your Money w/Jesse Mecham from YNAB

You Need a Budget is the expense tracker/budgeter that requires no introduction…but we’ll give it one anyways! In 2004, Jesse Mecham launched this ground-breaking software, allowing money masters and ...

31 Tammi 20221h

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