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)

456: The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024

456: The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024

Many real estate syndications are facing absolute failure in 2023. But, even if you aren’t investing in any, this could be a learning experience like no other to help you build your wealth in the futu...

6 Okt 202357min

455: REITs: How to Make Real Estate Money WITHOUT Owning Rentals

455: REITs: How to Make Real Estate Money WITHOUT Owning Rentals

Want passive income? Well, DON’T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build weal...

2 Okt 202351min

454: Finance Friday: We Spend $12K a Month...Can We Still Retire in 10 Years?

454: Finance Friday: We Spend $12K a Month...Can We Still Retire in 10 Years?

Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses...

29 Sep 202358min

453: How to Conquer Financial Trauma & Develop a HEALTHY Relationship with Money

453: How to Conquer Financial Trauma & Develop a HEALTHY Relationship with Money

Financial trauma is an extremely common roadblock on the journey to financial freedom. In fact, most people deal with this issue on some level, even if they aren’t aware of it. Whether your trauma pat...

25 Sep 20231h 5min

452: The 6 Investment Accounts You NEED for Financial Freedom

452: The 6 Investment Accounts You NEED for Financial Freedom

If you’re new to personal finance, investment accounts can seem complicated. The terms, the lingo—HSA, Roth, IRA, 401(k)—these may seem like letters in an arbitrary order, but using these retirement a...

22 Sep 202343min

451: The 9-Step “Stairway to Wealth” That ANYONE Can Use to Become Rich

451: The 9-Step “Stairway to Wealth” That ANYONE Can Use to Become Rich

This “financial order of operations” could be your ticket to financial freedom. If most Americans followed these steps, they would find themselves debt-free, with full retirement accounts, passive inc...

18 Sep 202351min

450: The “Middle Class Trap” That’s Keeping You in Debt

450: The “Middle Class Trap” That’s Keeping You in Debt

The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 an...

15 Sep 202355min

449: Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings

449: Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings

People spend much of their lives grinding to Coast FI, but the truth is that you’re only ever one big financial swing from achieving your FI goals much faster. Despite starting out with very little, t...

11 Sep 202349min

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