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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Debate: AUM vs Flat Fee Which is Better?

Debate: AUM vs Flat Fee Which is Better?

In this episode of the BiggerPocketsMoney podcast, Mindy Jensen and Scott Trench host Ryan Sterling, CEO of NerdWallet Wealth Partners, to discuss the nuances of different financial advisor compensati...

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How We Built a $1M Net Worth by 32 (Step-by-Step Breakdown)

How We Built a $1M Net Worth by 32 (Step-by-Step Breakdown)

Trevor and his wife reached a $1 million net worth by age 32 and are on track to achieve financial independence well before 40. In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen a...

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The 4% rule has a major flaw: it doesn't account for healthcare costs. If you're planning to retire early, health insurance premiums will rise sharply as you age—from your 30s through your 60s before ...

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The Major MONEY Milestones To Hit By EVERY Decade!

Are you on track to achieve financial independence? In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench outline the essential financial milestones for your 20s, 30s, 40s,...

27 Jan 47min

The Proven Path to Financial Independence by 44

The Proven Path to Financial Independence by 44

Should you retire the second you hit financial independence, or is there value in working just a little longer? Steven faced this exact decision at 40 and chose to work four more years. The result? He...

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How to Negotiate Your Salary and Reach Financial Independence Faster | Paula Pant

How to Negotiate Your Salary and Reach Financial Independence Faster | Paula Pant

Want to reach financial independence faster? The quickest path isn't extreme frugality—it's earning more. And that starts with salary negotiation. Paula Pant from the Afford Anything podcast joins Mi...

20 Jan 1h

Reached FI at 60: How to Switch from Accumulation to Drawdown with Bill Yount

Reached FI at 60: How to Switch from Accumulation to Drawdown with Bill Yount

You've hit financial independence—now what? How do you actually start spending the money you've spent years accumulating? Bill Yount reached FI at 60 after a 10-year journey, and he's figured out the ...

16 Jan 53min

Broke and in Debt at 50? How to Still Retire On-Time (Step-by-Step Plan)

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You're in your 50s, $50,000 in debt, and retirement at 65 feels impossible. We made this episode for you. Today, Mindy and Scott spell out the exact step-by-step plan to go from $50K in debt to a mill...

13 Jan 1h 8min

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