Preparing for a Recession: Our Family’s 5 Step Financial Plan
Marriage Kids and Money: Personal Finance for Families
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Show Notes
A recession may be headed our way. How can we prepare? I'm walking through our family's 5 step financial plan to prepare for a recession.
Second, we’re back with our Mortgage Free Family segment! This month we’re featuring Sandra Park from Texas. She’s going to share how she paid off her mortgage in his 40s and how it allowed her more cash flow and the ability to help her son pay for college.
Last, we're sharing the Good Word once again. My son Calvin and I are sharing the latest World Happiness Report, how the United States ranks, and how service to others matters.
EPISODE RESOURCES:
- Sponsors + Partners + Deals
- Sandra Park: https://engineerherpath.com
- Good Word Story - CNBC: https://www.cnbc.com/2025/03/19/world-happiness-report-2025-finland-is-the-happiest-country.html
CHAPTERS
00:00 – Intro
01:50 – Step 1: Shore Up Your Emergency Fund
04:35 – Step 2: Continue Investing According to Your Plan
05:50 – Step 3: Reduce Expenses, Not Your Happiness
11:30 – Step 4: Earn More Without Burning Out
13:55 – Step 5: Be Generous Where It's Needed
16:40 – Mortgage-Free Family: Interview with Sandra Park
17:45 – Sandra's Mortgage-Free Journey
20:00 – Budgeting, Downsizing, and Mindset Shifts
29:00 – Post-Mortgage Life and Financial Freedom
32:50 – Generational Wealth and Lessons for the Next Generation
38:00 – Good News Segment with Calvin Hill
46:35 – Shoutout of the Month
MKM RESOURCES:
- MKM Coaching: Want 1-on-1 support with your family finance journey? Book a time with me today.
- Make My Kid a Millionaire Course: Want to build generational wealth and happiness for your kid? Learn more about my course!
- Coast FIRE Calculator: A free calculator to help you find out when you can slow down or stop investing for retirement.
- Mortgage Payoff Calculator: A free calculator to help you see how fast you can become mortgage free.
- YouTube: Subscribe for free to watch videos of these episodes and interviews.
RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES):
- Monarch Money - Best Budget App for Families & Couples
- Empower - Free Portfolio Tracker
- Crew - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link
- Ethos - Affordable Term Life Insurance
- Trust & Will - Convenient Estate Planning
HOW WE MAKE MONEY + DISCLAIMER:
- This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products.
- Opinions are the creators alone.
- Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice.
- Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
CREDITS:
- Podcast Artwork: Liz Theresa
- Editor: Johnny Sohl
- Podcast Support: Nev Maraj
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