January 26, 2023
When it comes to managing your money, I am rooting you on to great progress. Always.
But the truth is, the surest way to build long-term financial security is to have a strategy for how you will get by if things don’t go as well as planned, or a major curveball comes bearing down on your household finances. There is plenty we can’t keep from happening, but we can be ready if it does.
Hope for the Best, Plan for the Worst
You’ve heard me say that plenty, right? It is so very important to take this to heart for 2023. I am not in the prediction game of what will happen to the economy or inflation. But I think it’s obvious there is a lot going on right now that suggests 2023 could be financially shaky.
Yet a recent survey of consumers by the Federal Reserve Bank of New York strongly hints that most households think 2023 is going to be better financially than 2022.
I sure hope that’s how things play out. And I am not telling you to hope for anything different. But I am telling you right here and now, that being prepared for a worse outcome is so very important in 2023. There is just so much economic uncertainty in our economy, and the global economy.
I am asking you to be both optimistic…and prepared.
Here’s how to be prepared for whatever may come your way:
And if 2023 turns out to be a great year, you just win more by having planned for a rockier time. You will simply feel great that you have more savings set aside, you likely will have put yourself in line for a promotion/raise at work by upping your game, and you will have made new professional connections or nurtured ones that you had let wane. Sounds like a win-win to me, no matter what 2023 brings for us.