119: Coronavirus: Is it Time To Give Up On Financial Independence?

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing. Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects. Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown. Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans. The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too! And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times. These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate! Is it time to give up on Financial Independence? Nope, not even close!  In This Episode We Cover: How Andy's life changed after his last interview in this podcast Andy's feeling about his decision on quitting his job and build his own business Andy's financial position before he leave his job One thing he wished he would have done differently before he left his job Amy and Tim's after retirement plan How they do their withdrawal on their stock portfolio to sustain their lifestyle What their plan right now Amy and Tim's advice for people who want to follow their footsteps How prepared Brandon was Brandon's opinion on the 4% rule  What does he recommend having cash buffer Brandon's definition of a cash buffer Brandon's advice for people who are in the journey to Financial Independence Bryce and Kristy's cash cushion Their travelling routine Their advice Continuing to invest their money on stock market The reason why Doug is not concerned about the recession How prepared Doug was  Doug's advice And SO much more! Links from the Show: How to Access Retirement Funds Early - Mad Fientist BiggerPockets Money Podcast 34 BiggerPockets Money Podcast 57 Determining Withdrawal Rates Using Historical Data BiggerPockets Money Podcast 55 BiggerPockets Money Podcast 55.5 Airbnb Fear And Despair In The Time Of Bear Markets - Military Guide Raising Your Money-Savvy Family For Next Generation Financial Independence Learn more about your ad choices. Visit megaphone.fm/adchoices