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

Episoder(743)

504: Early Retirement at 36 by Doing What EVERY Entrepreneur Should

504: Early Retirement at 36 by Doing What EVERY Entrepreneur Should

If you want to reach early retirement, especially in your thirties, you’ll need to take some big risks. Today’s guest turned down what would have been a dream salary to many people, choosing to work f...

20 Feb 202436min

503: How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)

503: How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)

With solid tax planning, receiving an inheritance could provide an enormous boost on your journey to financial freedom. One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. For...

16 Feb 202440min

502: The Money Apps, Habits, and Productivity Hacks That Helped Us Find FI

502: The Money Apps, Habits, and Productivity Hacks That Helped Us Find FI

These personal finance apps, tools, products, and habits helped us reach financial independence, and they can do the same for you. If you’re on the road to FIRE or have finally made it to financial fr...

13 Feb 202429min

501: Finance Friday: When to STOP Investing and Start Saving Cash Instead

501: Finance Friday: When to STOP Investing and Start Saving Cash Instead

Do you have a cash flow problem? You’re not alone! Dan invests in real estate, has a great W2 job, and maxes out his investment accounts. He wants to hit financial independence by forty, but his lack ...

9 Feb 202445min

500: FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More!

500: FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More!

After 500 BiggerPockets Money episodes, we’ve learned a thing or two about financial independence. But, for this special episode, we wanted to find some of the best advice we’ve ever received on the s...

6 Feb 202440min

499: How to Make Money as an Artist

499: How to Make Money as an Artist

Most people pursuing financial independence own businesses or have stable jobs, working as hard as they can to make any extra dollar, throwing their money into the stock market or real estate, and bet...

2 Feb 202441min

498: Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!)

498: Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!)

Real estate investing is a popular path to financial freedom, but if you’re not careful, bad debt can get in the way. Before today’s guest could buy rental properties, she had to deal with the mountai...

30 Jan 202439min

497: Persuasion Secrets and Predatory Practices Businesses Use on YOU

497: Persuasion Secrets and Predatory Practices Businesses Use on YOU

By the time you finish this episode, you’ll be ten thousand dollars richer. Just read this testimonial from a recent BiggerPockets Money listener, “I’m so rich now, I have no idea what to spend all my...

26 Jan 202439min

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