I am not an economic indicator expert so I will not delve into inflation and interest rates across central banks around the world.
However, quite a number of financial experts have predicted doom for most economies of the world.
Financial Post and others have predicted that inflation will slowly and fairly steadily decline in 2023: We will likely get back to the range of three to four percent by the end of the year across the world. The declines may not be as fast as we hope, but the reduction in inflation will be welcomed on many fronts and will certainly relieve some of the pressure on interest rates.
Most developed economies will be falling in and out of recession like the yo-yo game. [ A yo-yo (also spelled yoyo) is a toy consisting of an axle connected to two disks, and a string looped around the axle, similar to a spool. It is played by holding the free end of the string known as the handle (by inserting one finger—usually the middle or ring finger—into a slip knot), allowing gravity (or the force of a throw and gravity) to spin the yo-yo and unwind the string (similar to how a pull-string works). The player then allows the yo-yo to wind itself back to the player’s hand, exploiting its spin (and the associated rotational energy).]
In other news, religious elders have predicted some bad, and some good news with respect to wealth transfer and the emergence of witty inventions even in the midst of financial economic chaos.
Pastor Enoch Adeboye, popularly called Daddy GO, the general overseer of the Redeemed Christian Church of God predicted and stated that “Few balloons will be deflated this year. There will be a bit of wealth transfer. “Generally, 2023 is a year of many opportunities; wonderful.”
Also, Bishop Oyedepo of the Winners Chapel predicted there shall be a rise of global solution providers and globally ranked financiers among us in the year 2023.
A few months ago I wrote about how to prepare for or avoid a recession. One of the critical ways is to create an emergency fund is through savings. A recession is not a time to take on any high-risk investment. Savings will help you to plan ahead and discipline yourself from reckless spending.
I remember the story of Joseph and the famine in Egypt. During the reign of Pharaoh Siptah, Egypt had a powerful vizier from the Levant named Baya, who dominated even the Pharaoh. Archaeological records and climatological studies show that this was right in the middle of a lengthy famine that affected the entire Mediterranean. Genesis 41 recorded the lengthy famine that lasted for seven years.
The famine was so deadly that people had nothing to eat, not only in Egypt but in the surrounding lands as well. Egypt, however, survived the famine because they had stored extra grain from previous good years, and all the neighboring lands went to Egypt to buy food.
Hence the reason why the wise women of the women, wealth, and wills community have embarked on a 12-month savings challenge. As a community, we are braving it out by separating an amount of money monthly to put in the savings challenge. I have personally joined the savings challenge myself.
Feel free to brace up for the new year and join other women to take the right steps early, so these predictions will not take you to an unknown destination. [my Gen-Z friends will say let these predictions not take you to where you “no know o”].
As your financial advisor, my word for you is to “Save” now to “Save” your life. Enjoy the benefit of having a community that will drive you to achieve the discipline to save, so you can smile all through the year.
I look forward to hearing from you this week. Enjoy the rest of the week and Happy New Year to you and your family.
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