BiggerPockets Money27 Apr 2020

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!

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