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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode is all about investing in 2023.

Check out this episode on any of these platforms:

Our take

Investors likely had a wild ride in 2022, depending on how much they let the swings of the stock market get to them. And that’s one takeaway from last year: Don’t let the day-to-day ups and downs worry you too much. Acting from a place of fear can lead to decisions you’ll regret later. And trying to time the market is not a sound investing strategy. 

Many financial advisors will say that as long as you are making regular contributions to your accounts through the highs and lows — a strategy called “dollar-cost averaging” — you are on track to build wealth over the long run. And if the stock market continues its erratic streak in 2023, consider not looking at your retirement accounts too often to avoid feeling anxious. 

If you’re new to investing and want to get started this year, start by knowing your goals and what accounts can help you meet them. For many newcomers, that means setting up a retirement account. Workplace accounts, like a 401(k), are an accessible option for many. So are individual retirement accounts, both Roth and traditional. 

Our tips

  • There’s nothing wrong with being boring: A simple, well-diversified portfolio has more reliable gains than an investment strategy where you try to time the market.
  • Think about the long term: Markets go up and down, so focus on your time horizon to avoid getting caught up in the swings of the day. Time horizon just means how long before you’ll need to use the money invested. 
  • Take one step at a time: If you’re new to investing, explore your options — including retirement accounts, brokerage accounts or robo-advisor accounts — to know which can help you meet your investing goals. 

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