{"id":6794,"date":"2020-04-28T06:50:08","date_gmt":"2020-04-28T06:50:08","guid":{"rendered":"https:\/\/sallybzhao.com\/?p=6794"},"modified":"2024-01-24T22:36:52","modified_gmt":"2024-01-25T06:36:52","slug":"bpmoney122-financial-independence-basics","status":"publish","type":"post","link":"https:\/\/sallybzhao.com\/bpmoney122-financial-independence-basics\/","title":{"rendered":"Getting Back to Financial Independence Basics &#8211; Using Lockdown to Reset Your Finances"},"content":{"rendered":"\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h6 class=\"wp-block-heading\">Notes for BiggerPockets Money Podcast 122<br>Audio time: 55 min<br>Read time: 1 min<\/h6>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Basics of Financial Independence (FI)<\/h4>\n\n\n\n<h5 class=\"wp-block-heading\">Spend less than you earn<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Track your spending (ex. Mint)<\/li>\n\n\n\n<li class=\"\">By tracking his spending, Scott was able to identify his biggest spending categories (housing, transportation, food)\n<ul class=\"wp-block-list\">\n<li class=\"\">House hacked to get rid of housing expense<\/li>\n\n\n\n<li class=\"\">Reduced car travel<\/li>\n\n\n\n<li class=\"\">Can splurge on food because above two categories are minimized<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<!--more-->\n\n\n\n<h5 class=\"wp-block-heading\">Invest aggressively<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Invest in assets that appreciate and cash flow<\/li>\n\n\n\n<li class=\"\">Low-cost index funds instead of actively managed mutual funds<\/li>\n\n\n\n<li class=\"\">Real estate investors can consider themselves retired when they can spend less than their total cash flow. Similarly, for regular investors, when they spend less than their dividends<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Increase your active earned income<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Hard to increase wages at this time (coronavirus) but it\u2019s still possible to increase your worth\n<ul class=\"wp-block-list\">\n<li class=\"\">Listen to podcasts, read books, learn something new that you can take with you when this period is over<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Create assets<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Real estate in light of coronavirus: market slowdown, less competition, more days on market\n<ul class=\"wp-block-list\">\n<li class=\"\">This would be a good time to familiarize yourself with your market if you haven\u2019t done so already<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">If you\u2019re thinking about starting a business, owning a business, or anything business related, listen to BiggerPockets Business Podcast 51<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Live the life you truly love<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">What life do you want? How do you want to live?<\/li>\n\n\n\n<li class=\"\">It will be difficult to write a 5-year plan and execute that perfectly, so start with a plan that generally sounds good and evolve that over time<\/li>\n\n\n\n<li class=\"\">You can\u2019t do all of the above (steps 1-4) if you don\u2019t know your WHY of FI<\/li>\n\n\n\n<li class=\"\">The goal of FI is not to quit your job, the goal should be so you can live the life that you truly love<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Notes for BiggerPockets Money Podcast 122Audio time: 55 minRead time: 1 min Basics of Financial Independence (FI) Spend less than&#8230;<\/p>\n","protected":false},"author":2,"featured_media":6832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[121],"tags":[],"class_list":["post-6794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - 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