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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:
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.
Have a money question? Text or call us at 901-730-6373. Or you can email us at podcast@nerdwallet.com. To hear previous episodes, go to the podcast homepage.
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Liz Weston, CFP® writes for NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston.
Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles.
The article Smart Money: Your Money in 2023: Investing in the Stock Market originally appeared on NerdWallet.
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