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?

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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney
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Episodes Mentioned in Today’s Show:
Student Loans: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-267-robert?utm_source=youtube&utm_medium=description&utm_campaign=none
Saving Sherpa: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-75-efficient-path-financial-freedom?utm_source=youtube&utm_medium=description&utm_campaign=none
Cutting Your Grocery Bill in Half: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-03-cutting-your-grocery-bill-in-half-erin-chase?utm_source=youtube&utm_medium=description&utm_campaign=none
House Hacking: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-35hacking-life-live-almostfree-craig-curelop?utm_source=youtube&utm_medium=description&utm_campaign=none
Buying Businesses: https://www.biggerpockets.com/blog/biggerpockets-business-podcast-51-business-nigel-guisinger?utm_source=youtube&utm_medium=description&utm_campaign=none
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Read Kevin’s Original Facebook Post:
https://www.facebook.com/groups/BPMoney/permalink/6818731098200770
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Mindy’s Live 2022 Budget/Expense Tracking:
www.biggerpockets.com/mindysbudget?utm_source=youtube&utm_medium=description&utm_campaign=none
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Check Out Mr. Money Mustache:
https://www.mrmoneymustache.com/
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Experienced in the World of Business Buying and Selling? Email Scott:
Scott@biggerpockets.com
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow Scott and Mindy on Instagram:
@scott_trench or https://www.instagram.com/scott_trench/
@mindyatbp or https://www.instagram.com/mindyatbp/

Episode 270

Show notes at: https://www.biggerpockets.com/moneyshow270

0:00 Intro
3:22 Income and Expenses
7:40 Assets and Liabilities
11:06 Financial Goals & Building an Emergency Fund
18:15 Cutting Down Monthly Spending
31:05 Freeing Up Room for Side Income
35:16 Paving Your Financial Runway
45:20 Pulling More Financial Freedom Levers
1:04:56 Reviewing a Plan for “Financial Flexibility”