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BiggerPockets Money Podcast

30: How to Cut Expenses for a Faster Route to Financial Freedom

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 23 July 2018

⏱️ 68 minutes

🧾️ Download transcript

Summary

We’ve interviewed more than 30 people for the BiggerPockets Money Podcast over the course of this year — and we’ve got a LOT more people to interview! We’ve heard from so many  listeners: “I’d like to get started on the path toward financial freedom, but I don’t know where to begin." Today, Scott and Mindy share EXACTLY how you get started with tracking your spending, and how to make SIGNIFICANT cuts in your budget to move you down the path faster. Looking to become financially free? THIS is the episode you need. Links from the Show BiggerPockets Forums Mr. Money Mustache Mad Fientist Biggerpockets Money Show Waffles on Wednesday Mint Personal Capital Bureau of Labor Statistics Envelope System ChooseFI – Episode 09: Travel Rewards BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick BiggerPockets Money Podcast 06: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pocket's Money Podcast Show Number 30.

0:03.4

My net loss was like probably $500 on this $10,000 investment where it could have been an $1,800 gain.

0:10.9

But that $1,800 gain wasn't even meaningful to my position at all in the first place.

0:16.0

I should have been focusing instead on saving money and trying to earn more money.

0:20.6

It's time for a new American dream, one that doesn't involve working in a cubicle for 40 years,

0:26.0

barely scraping by.

0:27.0

Whether you're looking to get your financial house in order, invest the money you already have, or

0:31.1

discover new paths for wealth creation. You're in the right place.

0:35.4

This show is for anyone who has money or wants more. This is the Bigger Pocket's Money Podcast.

0:41.3

How's it going everybody? I'm Scott Trench. I'm here with my co-host Miss Mindy Jenson. How are you doing today?

0:45.2

Scott, it's just another great day as always. How are you doing today?

0:48.4

I'm doing great. I'm very excited for today's episode. Today it's just going to be me and you talking about

0:53.8

money and in this case saving how to cut back on your expenses it's a philosophy

0:58.4

of cutting back on your expenses why you should cut back on your expenses and

1:02.3

how that can help you move towards

1:04.6

financial freedom. And then next week we're going to follow up with a episode about increasing

1:09.3

your income and investing for financial independence.

1:13.0

Yep, that's going to be a really great show too.

1:15.0

You know, this show came about because I get a lot of emails from people,

1:19.0

Money at bigger pockets.com, and people are are asking me how do I get started. I love this

1:25.4

concept of financial independence. I want to be financially free but I don't know how

1:29.6

to go about it. So what is the first step? What do I need to do first right off the

...

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