Marriage Kids and Money: Personal Finance for Families

Preparing for a Recession: Our Family’s 5 Step Financial Plan

Apr 22, 2025
Guest
Sandra Park
Sandra Park, an engineer and financial coach known for paying off her mortgage in just 41 months, shares her journey to financial independence. She discusses vital strategies families can implement to prepare for an impending recession, including shoring up emergency funds, reducing unnecessary expenses, and maintaining a focus on happiness. Sandra also highlights the emotional and financial benefits of becoming mortgage-free, providing insight on generational wealth and the importance of teaching financial literacy to the next generation.
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ADVICE

Build Robust Emergency Fund

  • Shore up your emergency fund to prepare for financial uncertainties.
  • Review your budget and find extra money to grow your savings.
ADVICE

Invest Through Market Downturns

  • Continue investing during market dips according to your long-term plan.
  • Avoid panic selling; view downturns as opportunities to buy at discounts.
ADVICE

Cut Expenses Without Losing Joy

  • Cut expenses strategically by canceling unused subscriptions and mindless spending.
  • Make food savings fun and sustainable with meal planning and occasional meatless meals.
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