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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358: Giving Tuesday 2022: Which Charities Will Use Your Money Wisely?

358: Giving Tuesday 2022: Which Charities Will Use Your Money Wisely?

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a l...

29 Nov 202247min

357: Budgeting for a Baby: The Costs EVERY New Parent Should Expect

357: Budgeting for a Baby: The Costs EVERY New Parent Should Expect

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Coul...

28 Nov 202257min

356: Finance Friday: First Down Market? Here’s How to Stop Stressing

356: Finance Friday: First Down Market? Here’s How to Stop Stressing

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns. But, afte...

25 Nov 20221h 5min

355: All the Money Hacks We WISH We Had Known About

355: All the Money Hacks We WISH We Had Known About

Travel hacks, spending hacks, medical hacks. If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over six...

21 Nov 202257min

354: Frank Advice on What to Do When a Real Estate Investment Goes Wrong

354: Frank Advice on What to Do When a Real Estate Investment Goes Wrong

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put...

18 Nov 20221h 1min

353: Ask the Money Experts: Debt, Diversification, Retirement, and Real Estate

353: Ask the Money Experts: Debt, Diversification, Retirement, and Real Estate

What should retirement planning look like? How can I invest if I am still paying off student loan debt? What makes a perfectly diversified portfolio? And when is the right time to pay off my rental pr...

14 Nov 20221h

352: Common Money Fears That Are Costing You BIG

352: Common Money Fears That Are Costing You BIG

With so much going on—a recession, rampant inflation, rising interest rates—overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re ...

11 Nov 20221h 5min

351: Does the 4% Rule Hold During 2022's Stock Market Crash?

351: Does the 4% Rule Hold During 2022's Stock Market Crash?

Stock market crashes aren't good news for anyone. For retirees though, this dip in prices can feel like a death wish, as active income is no longer an option. Have the hopes and dreams of financial fl...

7 Nov 20221h 10min

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