There are several contributing factors that are making a recession in 2023 likely to occur.
“No one is predicting a recession now, they’re predicting, or some are predicting there may be a recession in 2023. I’m concerned about it,” said President Joe Biden.
While this is the last thing anyone wants to hear, financial planner Jeff McDermott says there’s no need to panic. He suggests now is a good time to start saving up. “Probably the first thing to think about is to sure up your balance sheet a little bit and take care of those emergency reserves. If you keep three or fourth of months of reserves available maybe extend that a little more. If you don’t have much cash on hand you may want to think of putting some of that away,” said McDermott, CEO of Create Wealth Financial Planning.
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