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

Avsnitt(743)

431: Women in Real Estate: Closing the “Investing Gap” and Getting Started

431: Women in Real Estate: Closing the “Investing Gap” and Getting Started

The gender investing gap is real, but it’s not due to women lacking capital. More often than not, women are saving their money rather than investing in real estate and allowing it to grow. As successf...

17 Juli 202344min

430: The Secret Way to Save 50% on Your Electricity Bill (EVERY Month!)

430: The Secret Way to Save 50% on Your Electricity Bill (EVERY Month!)

Want to cut your electric bill in HALF? A few secret yet simple hacks can save you hundreds, if not THOUSANDS, on your utility bills. And with energy prices almost double where they were just a few ye...

14 Juli 202348min

429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

First-time home buyer? After this episode, you’ll see the house-hunting process in an entirely new light. Throw out the granite countertops and exposed beams you’ve always dreamed of because making an...

13 Juli 202334min

428: The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates

428: The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates

If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover...

10 Juli 20231h 6min

427: Finance Friday: Building a $200K/Year Portfolio on an “Average” Income

427: Finance Friday: Building a $200K/Year Portfolio on an “Average” Income

A rental property portfolio can replace your job, give you ultimate financial freedom, and allow you to do what you want when you want. But building this massive passive income stream takes time, and ...

7 Juli 202358min

426: The New Path to Financial Independence is HERE

426: The New Path to Financial Independence is HERE

The Financial Independence, Retire Early movement (FIRE movement) is changing. More people are investing, making money, and working from anywhere in the world. Investing education and advice has becom...

3 Juli 202335min

425: Financially Free in 4 Years by Making One VERY Smart Money Move

425: Financially Free in 4 Years by Making One VERY Smart Money Move

If you make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have t...

30 Juni 202346min

424: How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32

424: How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32

Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a ...

26 Juni 20231h

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