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how to start investing in 2023

How to Start Investing in 2023

Ready to start investing in 2023 but not sure where to start? In this post, Clo Bare breaks down how to start investing in 2023, so you can get started right away.



It’s 2023, which means it’s time for new goals and resolutions whether that’s with your finances, health or what not. 


And if you haven’t started investing yet? 


Then now is the time. 


Let’s break down how to start investing… even if you have no idea where to begin.



Read Investing 101 to learn more about retirement accounts.

How to Start Investing in 2023

1) Get your employer match.


Got a 401(k)/403(b) or another employer account that provides you with a match? 


You better be taking advantage of that my little chicken. If you are taking advantage of it, congrats! You’re already investing. Way to crush those 2023 goals! 


But if not— why do you hate free money?! 


Your 401(k) match is essentially part of you total compensation so take advantage of it. It’s an easy win.


Getting confused on what a 401(k), 403(b) is? Check out this post.

2. Consider an IRA or Roth IRA

Individual retirement accounts aka IRAs are a great way to start saving for retirement because they save you money on taxes.


Often folks go straight to the taxable brokerages of the world, but then they’re missing out on tax-deferred or tax-free growth.


Taxes are ALL of our biggest expenses, so why not try to save a bit on them… legally.


Why We All Love Roth IRA Accounts


Now, you’ll notice in the finance creator industry, most of us favor the Roth IRA because you get tax-free growth.


That’s right, tax-free.


So if you put in $6,500 into a Roth IRA (the maximum for folks under 50 in 2023), and it grows to $100k?


Then congrats! 


You just made $93.5k completely tax-free… as long as you don’t access the money before 59.5 years old.


For IRAs, traditional and Roth, you can contribute $6.5k in 2023 and if you’re over 50 years old you can do an extra catch up contribution of an extra $1k.




3. Open an Account and Connect Your Bank Account

Now the next thing you’ll want to do, is when you open an account, whether a Roth IRA, taxable brokerage, or IRA– is you’ll want to fund the account.


You can do this in a few ways.


The most common way is to connect your bank account, and transfer money into your investing account.


But other times, you may be rolling over an old account into this. new account. You’ll see those different options when you’re opening this account online, and you’ll choose whatever makes the most sense for you.



4. Buy Investments

Now, after you’ve made your transfer and connected your bank account… it may take a few days for the money to settle into your account.


Then, when the money becomes available?


You need to buy investments.


This is the MOST important part! So many people don’t realize they have to take this step and think that just because they’ve transferred money into an account.. they’re invested.


But that’s not the case.


Think about an account like a suitcase. Your IRA, it’s just an empty suitcase waiting for you to fill it with investments.


If you don’t buy investments, your money won’t grow.


SO many people stop at step three and think– YAY! I’m invested! 


But in reality they have money sitting in a settlement account.


If your “holdings” say SPAXX or some type of money market fund/account, like you aren’t actually invested… so go check.


5. Investment Options.. When You Don't Know What to Buy

Now I’m sure you’re wondering, cool… what do I invest in? 


Well, I can’t tell you what to buy but I can give you a few things to look into. Let’s talk about it.


Learn about ETFs, Mutual Funds, and more here.


Target Date Funds

Target date funds are great for folks who are like… WTF do I invest in???


When you buy a target date fund, you select a fund with a date that coincides with your target date, aka the date you plan to access the money.


For example, if you want to retire in 2060, then likely you would select a 2060 target date fund.


Now, here’s the cool thing about target date funds.


They’re a pre-made portfolio of a bunch of different investments that will automatically adjust the closer you get to retirement.


What that mumbo-jumbo means is you can theoretically select the target date fund, and let it chill until your target date, in this case 2060.


You don’t have to do anything.


Just keep investing in the target date as you get closer to retirement.


I personally like Vanguard target date funds. From what I’ve seen, they have some of the simplest funds that invest in the entire stock market, and they have the lowest fees. But of course, always do your research.


Robo Advisors

Robo advisors are essentially algorithms that will manage your portfolio for you, without a human financial advisor. 


They’ll take information from you and create a custom portfolio based off your needs and time frame.


Similarly with target date funds, you can theoretically invest with a robo advisor and be pretty hands off. 


It’ll pick ETFs on your behalf, and smooth sailing from there.


Things to be aware of– expenses.


Most robo advisors charge around 0.25% of your entire portfolio, which is about a fourth the cost of a human advisor.


These Options Can Help Get You Started

Now, neither of these options are perfect, but they’ll get you started. 


With both target date funds and robo advisors, you have limitations on customization, which may or may not be a problem for you.


But as we know with investing?


Time is our most important resource, so these can be great tools to get you started, while you’re still learning.

Ready to start investing in 2023?

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how to start investing in 2023 with Clo Bare Money Coach

Please keep in mind that anything on is not to be taken as financial advice. I am not a financial advisor– just a finance enthusiast who loves to educate folks on the basics. Always do your own research and if you have questions about your own scenario, consult with your financial professional. 

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