Federal Reserve interest rates

As the New Year gets underway, it’s good to set goals and make plans – but it’s also important to review the biggest threats you face.

Here are the top 5 threats to your financial future in 2023…

Threat #1: 2023 Recession

If you had money in the stock market, you know how bad 2022 was. The S&P 500 lost nearly 20%, and the average 401(k) lost 22.9%. Seeing one-fifth of your life savings vaporize in a single year is a hard pill to swallow.

And after having the worst year in the markets since the 2008 financial crisis, it’s only natural to want to put that behind us and move on. However, what we want to happen and what is happening are two different stories. Economists surveyed by Bloomberg see a 70% chance of a recession in 2023 – which means it’s very likely things will get worse before they get better.

Threat #2: High-Interest Rates

Two-thirds of Americans intend to make a financial New Year’s resolution for 2023, but only 20% are confident they’ll be able to keep their resolution.

That’s according to a new survey from The Ascent, a Motley Fool service. It’s not surprising why. It’s been a very challenging year, and everybody’s got a case of the financial “icks.”

In a year that many would just as soon forget, a few of the “low lights” include…

Inflation hit a 40-year high
Americans have gotten themselves into a savings crunch with mounting piles of debt
The Federal Reserve continues raising interest rates at a dizzying pace, and market volatility has spiked as investors try to second-guess the Fed’s next move
The stock market entered its longest bear market since the 2007-2008 crash
The once-hot housing market has fallen off a cliff
The crypto bubble has popped
The war in Ukraine has gone on longer than anyone expected, impacting supply chains and more

The 5 Biggest Financial Threats You Face in 2023

Threat #1: 2023 Recession

Threat #2: High-Interest Rates

The Secret to Eliminating Your Financial “Icks” in 2023

In a year that many would just as soon forget, a few of the “low lights” include…

A Majority of People Worry about Money Daily, and Many Lose Sleep Because of It