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 IndependenceSpending less than you earnHow Scott and Mindy save their moneyHow their spending changedIncreasing your incomeInvesting in low cost, quality investment vehiclesCreating multiple, passive streams of incomeLiving the life you truly loveAnd SO much more!Links from the ShowBiggerPockets Money Podcast 116 with JL CollinsBiggerPockets Money Podcast 41 with Kyle MastBiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Money Podcast 118 with Kyle MastBiggerPockets Money Podcast 119BiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 121 with Seth JonesBiggerPockets Money Podcast 03 with Erin ChaseBiggerPockets Money Podcast 97 with Financial MechanicBiggerPockets Business Podcast 51 with Nigel GuisingerMintSomething about Food PodcastWaffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 MinutesReal Estate Rookie Facebook GroupBiggerPockets Money Facebook Page