119: Coronavirus: Is it Time To Give Up On Financial Independence?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 6 April 2020

⏱️ 111 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing. Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects. Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown. Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans. The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too! And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times. These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate! Is it time to give up on Financial Independence? Nope, not even close! In This Episode We Cover: How Andy's life changed after his last interview in this podcast Andy's feeling about his decision on quitting his job and build his own business Andy's financial position before he leave his job One thing he wished he would have done differently before he left his job Amy and Tim's after retirement plan How they do their withdrawal on their stock portfolio to sustain their lifestyle What their plan right now Amy and Tim's advice for people who want to follow their footsteps How prepared Brandon was Brandon's opinion on the 4% rule What does he recommend having cash buffer Brandon's definition of a cash buffer Brandon's advice for people who are in the journey to Financial Independence Bryce and Kristy's cash cushion Their travelling routine Their advice Continuing to invest their money on stock market The reason why Doug is not concerned about the recession How prepared Doug was Doug's advice And SO much more! Links from the Show: How to Access Retirement Funds Early - Mad Fientist BiggerPockets Money Podcast 34 BiggerPockets Money Podcast 57 Determining Withdrawal Rates Using Historical Data BiggerPockets Money Podcast 55 BiggerPockets Money Podcast 55.5 Airbnb Fear And Despair In The Time Of Bear Markets - Military Guide Raising Your Money-Savvy Family For Next Generation Financial Independence Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pocket's Money Podcast show number 119,
0:04.4	where we are bringing back four previous guests.
0:07.8	Andy Hill from Marriage Kids and Money,
0:09.6	Amy and Tim from Go With Less,
0:11.4	the Mad Fianist,
0:13.4	and Kristi Shen and Bryce Leung
0:15.4	from millennial revolution.
0:17.3	We're also throwing in a new and future guest
0:19.5	Doug Nordman from the military guide.
0:21.4	Why are we having all these people on the show?
0:23.4	Because they are all retired from traditional employment and are all going to
0:27.6	share how this market is affecting them and shaping their future spending,
0:31.2	saving, and investing.
0:33.3	So I think financial independence right now is more important than ever.
0:37.2	So I ask our audience, how are they feeling?
0:39.6	And anyone who's already financially independent, we have people who just pull the plug on their careers within the past one or three months.
0:45.6	That's huge and they're more excited than ever and I think that it's a very worthy path because even just the pursuit of financial independence gives you options.
0:54.4	You don't have to be at the quote unquote end goal to have reached the rewards.
0:59.2	Even if you are halfway there, you would still have so many more options and you would have if you are
1:03.6	at zero percent of the way there. Hello hello hello and welcome to the
1:07.3	BiggerPuggets money podcast my name is Mindy Jensen and with me as always is my
1:11.4	go with the flow champion co-host Scott Trench.
	...

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