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)

286: Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn

286: Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn

It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months ...

25 Mar 20221h 24min

285: The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins

285: The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins

When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secu...

21 Mar 20221h 20min

284: Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again

284: Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again

Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time...

18 Mar 202239min

283: 8+ Income Streams as a Single Mom and Money Master w/ Tiffany Grant

283: 8+ Income Streams as a Single Mom and Money Master w/ Tiffany Grant

Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream...

14 Mar 20221h 3min

282: Finance Friday: Got a Late Start? Here’s How to Ramp Up Your Passive Income

282: Finance Friday: Got a Late Start? Here’s How to Ramp Up Your Passive Income

Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But wha...

11 Mar 20221h 7min

281: Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig

281: Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig

Inflation can be a detriment to any early retirement plan. At first, you may think you only need a certain amount of money to retire, and maybe you’re adjusting for inflation when you do these calcula...

7 Mar 20221h 12min

280: Finance Friday: Who Should (and Shouldn’t) Be Investing in Real Estate

280: Finance Friday: Who Should (and Shouldn’t) Be Investing in Real Estate

Investing in real estate is a proven way to build wealth, produce more cash flow, and retire early. But, not everyone is cut out to do every type of real estate investing. Some strategies take dramati...

4 Mar 20221h 2min

279: Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/Amy & Tim from GoWithLess

279: Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/Amy & Tim from GoWithLess

Health insurance for early retirement? Is that even a thing? If it is, it doesn’t seem self-evident in the United States. For most early retirees within the USA, you have a couple of options for healt...

28 Feb 20221h 15min

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