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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160: 6 Income Streams with a W2 Job and 4 Kids: Finance Friday with Cort Johnson

160: 6 Income Streams with a W2 Job and 4 Kids: Finance Friday with Cort Johnson

Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job...

8 Jan 202157min

159: How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt!) with Talaat and Tai from His and Her Money

159: How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt!) with Talaat and Tai from His and Her Money

What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial pict...

4 Jan 20211h 20min

158: Are You Under Leveraging? Finance Friday with Investor and Agent Wayne Loux

158: Are You Under Leveraging? Finance Friday with Investor and Agent Wayne Loux

Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances.  Wayne is like many of our listeners: working a W2 job...

1 Jan 202158min

157: The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

157: The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates! In this...

28 Dec 202057min

156: The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey from Rich On Money

156: The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey from Rich On Money

Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking ...

21 Dec 20201h 22min

155: Retired at 35: How Robert from Stop Ironing Shirts Achieved FI Even During The Great Recession

155: Retired at 35: How Robert from Stop Ironing Shirts Achieved FI Even During The Great Recession

Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. Fr...

14 Dec 20201h 4min

154: Confessions of a Former Spender: How Allison Baggerly Paid off $110K in Loans on a Teacher’s Salary

154: Confessions of a Former Spender: How Allison Baggerly Paid off $110K in Loans on a Teacher’s Salary

Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving. As a big spender in college, Allison didn’t see a real reason to sav...

7 Dec 20201h 15min

153: Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More!

153: Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More!

He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about ...

30 Nov 20201h 5min

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