122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 27 April 2020

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	The goal for financial independence is not, I gotta quit my job.
0:03.6	And I think that a lot of people kind of lose sight of that.
0:06.9	So the goal should be financial independence so that I can then live the life that I truly love.
0:15.0	That can be volunteering.
0:16.2	That can be starting a business that employs other people and you don't really make that much money,
0:20.0	but you don't care because it's your lifelong passion.
0:22.8	Just set a goal.
0:25.4	Hello, hello, hello, and welcome to the BiggerPockets Money
0:27.9	Podcast, episode number 122.
0:30.6	My name is Mindy Jensen, and with me as always is my getting ready for a
0:34.1	reset co-host Scott Trench. Oh wait that sounds bad that sounds like you're
0:37.7	getting like resetting something big but you know finances are big so I'll stick
0:42.1	with that. Welcome Scott.
0:43.8	How's it going Mindy? I'm having a great day. How are you doing?
0:47.6	I am doing fantastic excited to talk about money and get back to I think kind of a more longer term focus here.
0:54.4	So we've talked a lot about coronavirus recently. We'll talk a little bit about it today, but it's time to get
0:59.8	back on track for the long term things that work in any environment.
1:03.0	I couldn't say it better so I won't.
1:05.0	Scott and I are here to make financial independence less scary.
1:09.0	Less just for somebody else and show you that by following the proven path,
1:12.0	you can put yourself on the road to early financial freedom and get money out of the way so you can lead your best life.
1:18.0	That's right, whether you want to retire early and travel the world, go on to make big time investments in assets like real estate or start your own business,
	...

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