53 min listen
270: Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary
270: Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary
ratings:
Length:
82 minutes
Released:
Jan 28, 2022
Format:
Podcast episode
Description
Financial flexibility is one of the hidden stages along the path to financial independence. When you hit financial flexibility, you have far more choices than you did before. You can invest more, spend more, save more, and work less if you choose to do so. But, this type of lifestyle can only be achieved by being mindful and proactive about where your money is going, as today’s guest Kevin, knows very well.Kevin’s story was posted on the BiggerPockets Money Facebook Group, where he relived the horror of his credit card being declined at his girlfriend’s birthday dinner. This struck Kevin, since he made a decent salary and was relatively responsible with his money. He contributed to retirement accounts and kept a lean emergency fund, so where was all his money going?In today’s discovery, Scott and Mindy walk Kevin through which parts of his budget need a tune-up, and whether or not aggressive loan paydown is worth it for optimal financial flexibility. So where can you tweak your budget to maximize flexibility while minimizing credit-card-induced stress? In This Episode We CoverHow to pay off bad debt fast and work your way to debt-free status Achieving “financial flexibility” before financial independence and the steps to get there Tracking your expenses and budgeting for spending (every single month!)How to cut food and eating out spending so your stomach and wallet stay happy What to do with extra income once you’ve paid off all your debtThe importance of a strong emergency fund and always having a safety reserveAnd So Much More!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
Jan 28, 2022
Format:
Podcast episode
Titles in the series (100)
#13: Achieving FI Before 40 Despite Breaking Every Financial "Rule" with Tanja from Our Next Life: Tanja reached financial independence (FI) and retired from her full-time, high-stress job at age 38—despite not being a natural saver, having purchased two brand-new cars in the past, and not maxing out her 401(k) in the beginning—pretty much... by BiggerPockets Money Podcast