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I have a lot of goals in 2023. One of them is more than doubling the amount of money that I have invested. There are two ways to increase the amount of money that I can invest. One of them is by achieving a higher income which I definitely will do. The other is by spending less money which is harder but I also will do. If I can cut down on my expenses, then I will have more money to invest.
I have 4 different investment accounts which are my 401k, Roth IRA, Acorns, Individual Investment Account. My 401k is a percentage of my income. If I can make more money, more money gets put into it. That's really all I can do concerning that. With my Roth IRA, I can only invest $6k a year into it. The first thing I try to do every year is max out my Roth IRA. Since I can only invest $6k into that account this year, I can't really increase my investments concerning that. Acorns is a robo-investor that I invest into every week and it puts it into a collection of ETFs (exchange traded funds) for me. I don't invest a large portion of money into Acorns, but I like to have it as a passive way to invest my money. One of the first things I intend to do is double the amount that I normally invest in here. Lastly, there is my individual investment account. This account is all just stocks that I believe in. It's an active investment account, and most of my blog posts are concerning that account. There are quite a few companies that I have written about on this blog that I bought stock in that I really want to increase my holdings of. I plan to grow that investment account as much as possible because I want to own as many shares of these companies as possible.
Those accounts are where I plan to put my money into this year. To hit my net worth goal this year, I need to both increase my income and decrease the amount of money I spend. One of the ways that I plan on doing this is by looking at what I spend my money on and finding cheaper alternatives. I also want to build out an actual budget as well.
I'm very excited for this year. Join my email list down below so that you never miss an article!
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