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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168: Finance Friday: Budgeting Expenses While Living on The Road with Renewable Energy Worker Clayton

168: Finance Friday: Budgeting Expenses While Living on The Road with Renewable Energy Worker Clayton

A big piece of advice given by many wealthy people and real estate professionals is to simply “get started when you’re young”. This is exactly what our guest has done today. Clayton, a renewable energ...

5 Feb 20211h 5min

167: From Fired to FI Couple in 2 Years with Josh and Ali

167: From Fired to FI Couple in 2 Years with Josh and Ali

Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, ...

1 Feb 20211h 42min

166: Are You Burning Out from Over-Saving? Finance Friday with Firefighter and Teacher Couple Nathan and Kristen

166: Are You Burning Out from Over-Saving? Finance Friday with Firefighter and Teacher Couple Nathan and Kristen

Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures...

29 Jan 20211h 14min

165: How 'Finance Ninja" Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan

165: How 'Finance Ninja" Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan

While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English ...

25 Jan 20211h 22min

164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah

164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah

Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be g...

22 Jan 20211h 23min

163: Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths with Steven Hamilton

163: Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths with Steven Hamilton

Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of ...

18 Jan 20211h 29min

162: Finance Friday: High Salary - But Nothing to Show For It. Cutting Unnecessary Expenses with Engineer Tracy

162: Finance Friday: High Salary - But Nothing to Show For It. Cutting Unnecessary Expenses with Engineer Tracy

As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer ...

15 Jan 20211h 27min

161: Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders with The Mad Fientist

161: Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders with The Mad Fientist

He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such ...

11 Jan 20211h 33min

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