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

This pending recession has thrown our happy family schedule all out of whack.

  • School: Our kid’s school is closed for the next 3 weeks. It’s looking likely that might extend at least 8 weeks and maybe through the rest of the school year.
  • Work: Our President recommends against gatherings of 10 or more so Nicole will more than likely be joining me as we work from home with kids.
  • Money: Although it probably wasn’t smart, I tracked our net worth losses over the past month and we’re down by at least $100,000 (and that is before the crazy stock market activity this week).

I’m sure our situation pales in comparison to other families who may soon be out of work. That’s going to affect a lot of families, small businesses and our country’s economy.

As we figure out what’s next, I wanted to share 5 things our family is doing to deal with the Coronavirus (COVID-19) season. I hope it helps you as you’re planning for your family. 

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Why I Stopped Pursuing FIRE and Early Retirement for a Happier Life Today – with Lisa Harrison

The FIRE movement (Financial Independence, Retire Early), has become a wildly popular concept over the last decade, but it’s also become wildly controversial.

Today, Andy talks with Lisa Harrison, the writer and podcast host behind Mad Money Monster. She’s had her story featured on major media outlets like Yahoo Finance, MarketWatch, and Forbes. She started off in love with the FIRE movement and idea of early retirement but then had a change of heart.

We’ll be diving into how she discovered FIRE, what changes she made to her lifestyle and what caused her to abandon the idea of early retirement altogether. 

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Keep the Mortgage for Tax Savings?

My mother-in-law, my wife Nicole and I were standing in our kitchen the other day catching up on life.  In conversation, Nicole brought up the fact that we’re one year away from paying off our mortgage and we’re excited to see what our life is like when we’re completely debt-free.  Our plans for annual vacations with the kids, starting a business and saving more for retirement all came up.

My mother-in-law was very interested in our decision and asked:

“Don’t you need to keep your mortgage for the tax benefits?”

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