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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302: Finance Friday: Can I Live in Flip My Way to FI at 55 Years Old?

302: Finance Friday: Can I Live in Flip My Way to FI at 55 Years Old?

Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early...

20 Maj 20221h 22min

301: Why You’re (Probably) Wrong About Prenups

301: Why You’re (Probably) Wrong About Prenups

Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it...

16 Maj 20221h 6min

300: Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

300: Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a fa...

13 Maj 20221h 12min

299: Food Spending Eating Away at Your FI Plans? Here's How to Eat for Cheap

299: Food Spending Eating Away at Your FI Plans? Here's How to Eat for Cheap

Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expen...

9 Maj 202253min

298: The April Stock Market Slump | Mindy & Carl’s Budget Review

298: The April Stock Market Slump | Mindy & Carl’s Budget Review

Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re ridi...

6 Maj 202226min

297: How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt w/Robert Farrington

297: How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt w/Robert Farrington

The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, ...

2 Maj 20221h 13min

296: Finance Friday: How Do I Get Out Of This Cash Flow Crisis?

296: Finance Friday: How Do I Get Out Of This Cash Flow Crisis?

Everyone has experienced negative cash flow. If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may ...

29 Apr 20221h 7min

295: Fueling Early Retirement at 36 with Just 4 Rental Properties w/Antoinette Munroe

295: Fueling Early Retirement at 36 with Just 4 Rental Properties w/Antoinette Munroe

Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By hi...

25 Apr 202256min

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