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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248: Finance Friday: I Just Got a Big Raise, What Should I Do With the Money?

248: Finance Friday: I Just Got a Big Raise, What Should I Do With the Money?

Your late 20s through early 30s can be a financially troubling part of life. You aren’t making the most money you ever will, but you’re tackling big expenses. A wedding, a down payment, and trying to ...

12 Marras 20211h 27min

247: Turning 31 Years of Financial Disaster into Ultimate Freedom w/ Alex Felice

247: Turning 31 Years of Financial Disaster into Ultimate Freedom w/ Alex Felice

There are few people on this earth that can make Mindy laugh as much as Alex Felice. He’s been around the block with BiggerPockets a few times, appearing on episode 301 of the BiggerPockets Real Estat...

8 Marras 20211h 21min

246: Finance Friday: I Want to Cash Out My 401k Early, Should I?

246: Finance Friday: I Want to Cash Out My 401k Early, Should I?

“Should I cash out my 401k?” That’s a question you never want to ask in an online financial independence forum. It’s been a well-known rule to never cash out retirement accounts due to withdrawal pena...

5 Marras 20211h 16min

245: High Income, New Cars, Profitable Businesses, and $190k in Debt

245: High Income, New Cars, Profitable Businesses, and $190k in Debt

Brad Finn was raised with a strong work ethic that follows him to this day. He always knew he should be working hard, and that’s exactly what he did. Brad worked throughout high school, college, and s...

1 Marras 20211h 31min

244: Finance Friday: Why a $1M Retirement Goal Isn’t Far Fetched For Late Starters

244: Finance Friday: Why a $1M Retirement Goal Isn’t Far Fetched For Late Starters

Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the 401k, the Roth 401k, your employee pension plan, or solely invest in stocks and...

29 Loka 202158min

243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together

243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together

If you’re part of the FI community, you’re probably a saver. Heck, if you’re listening to this podcast you’re probably a saver. While we all are busy optimizing our budget, reinvesting dividends, and ...

25 Loka 20211h 32min

242: Finance Follow-Ups: Short-Term Rentals, Safety Reserves, & More Cash Flow

242: Finance Follow-Ups: Short-Term Rentals, Safety Reserves, & More Cash Flow

A few weeks ago, Mindy was asked by a listener of BiggerPockets Money, “when are you going to do a Finance Friday follow-up?” Well, listener, your wish has come true! Today we talk to three past guest...

22 Loka 20211h 5min

241: The Keys to Free College, Graduating Early, & Retiring with $10 Million

241: The Keys to Free College, Graduating Early, & Retiring with $10 Million

Amber Porter has one of the most optimized retirement plans we’ve ever seen. Seriously, she could give Mindy and Scott a run for their money! Amber grew up in a neighborhood that was anything but rich...

18 Loka 20211h 8min

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