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)

398: How to Change Your Financial Life with a Money “Reset”

398: How to Change Your Financial Life with a Money “Reset”

For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now im...

3 Apr 202354min

397: Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

397: Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss ...

31 Mar 202343min

396: The Investments That Will Give You COMPLETE Time Freedom

396: The Investments That Will Give You COMPLETE Time Freedom

You want to retire early, but odds are, you think that you can’t. Whether it’s a high-stress job, a business that requires your full attention, or just the belief that you MUST be working, most Americ...

27 Mar 202354min

395: Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45

395: Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45

Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income strea...

24 Mar 202352min

394: Ask the Money Experts: Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor

394: Ask the Money Experts: Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor

Retirement investing, bad debt, backdoor Roth IRAs, bonds, and starting a business. If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest fir...

20 Mar 202349min

393: SVB's Risky Bailout and The Bank Run “Domino Effect”

393: SVB's Risky Bailout and The Bank Run “Domino Effect”

Both SVB (Silicon Valley Bank) and Signature Bank have crashed and burned dramatically over the past week. What once was a few large customers making withdrawals quickly turned into a bank run of epic...

17 Mar 202342min

392: Kevin O'Leary: Ultimate Investing Advice from Mr. Wonderful

392: Kevin O'Leary: Ultimate Investing Advice from Mr. Wonderful

Kevin O’Leary (AKA Mr. Wonderful) might be the world’s favorite (and most outspoken) investor. You’ve probably seen him on Shark Tank, where he’s doing deals with startups, putting overconfident entre...

13 Mar 202345min

391: Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS

391: Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS

Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow thei...

10 Mar 202359min

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