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Editor’s Note: This story comes from Wealthramp.

The new year has arrived. As we turn the page, this is the ideal time to take a thorough look at your finances and investments, see where you are and plan where you want to be in 2023.

The economy undoubtedly took a beating in 2022, and it doesn’t look like things will be turning around quickly in the new year.

A recession may be shallow, deep, quick or slow to recover. No one can accurately predict where interest rates, the stock market, or gas prices will be six months from now. What we do know is higher inflation and interest rates will inevitably result in a slowdown in the economy.

The question is, how do you position yourself financially?

You can take steps to face the impending recession head-on and set yourself up for financial success in 2023.

Assess Where You Are

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The first step in any good plan for your success is to assess where you stand right now.

Are you contributing enough to your retirement goals? Knowing interest rates have spiked, are you still able to pay down your debts and set aside money for your retirement goals?

The rising inflation of 2022 is expected to persist, maybe even into 2024, so…

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