Just about everybody would agree that making a lot of money can transform your life. Though, it can sometimes seem out of reach when you have debt piling up or work too hard at a dead end job to ever be able to get rich. And those that do decide to go for it, usually try to learn things like investing in real estate or “how do I buy stocks?”
While those financial decisions are very important if you want to be financially successful, there would be a different and more fundamental approach. And that means investing in yourself first and then figuring out the financial aspect later.
Often, we discount the things that help us grow as people and that will cause you to stunt your financial growth. It may not seem logical, but investing in yourself is one of the most profitable investments you can ever make.
In this article, we will go over exactly what it means to invest in yourself and how it pays dividends later on.
Go back to school
Technology is causing a lot of disruptions in many different sectors besides just the tech industry. No matter what field you work in, there are many ways that what you learned earlier has become obsolete.
If you want to stay relevant within your field, or are finding that your field is shrinking, then you need to study again. Having another degree that is more focused and specialized is a good way to make sure that you are able to always be employed and sought after for your expertise.
You don’t have to do anything radical like get a degree in something completely different than what your vocational experience is. Unless of course, your industry is looking like it won’t even exist later on. If this is the case, then you will need to study something more relevant.
For instance, if you are working for a major corporation, then going to business school for your master’s degree can help you rise up within the ranks in your company or even find a new job somewhere else.
This will pay off in many different ways and is never money badly spent.
Find a coach
Getting ahead in life in both a personal and professional way is not easy if you don’t have an example to follow. Not that every situation is the same and you can follow somebody else’s exact footsteps, but having a rough guide can help you avoid some common pitfalls.
Think of this like a sport. If you are learning to play soccer, then you can’t do it on your own. You wouldn’t even know where to start. And if you did manage to find yourself on a team, it wouldn’t be every man for himself. You would have a coach there to make sure everybody knew what they needed to do. After all, they have the experience so they can come up with a strategy based on that.
It’s the same with your professional life. If you want to have a strategy to advance your career or to build yourself up to succeed in other ways, then having somebody to guide you will pay off big later.
You should look into hiring a life coach that has expertise in the area that you wish to improve. They often don’t come cheap, but being able to follow their advice due to their experience will pay off later in big ways. Whether it is from getting you that promotion and a raise, or finding the career that you were actually meant to do.
Create multiple income streams
The more money you have coming in, the better your decision making. When you don’t have to think too much about the financial repercussions of your decisions, then you have a lot more freedom to make decisions that will help you.
The best way to do this is to make sure that you have extra money coming in from other sources.
This can mean several scenarios. For instance, you could take up a second job so you can use that extra money to invest. You could buy a rental property and earn income from that. And there is even the possibility of earning passive income by building an online business like an ecommerce store.
With all of the possibilities available to make extra money, there is no reason to struggle financially. The time and money spent gaining the knowledge to start these types of activities will pay off big time with the extra income earned over a lifetime.
The best part about this is that you can even find a passion in your life that you can monetize. That way it never feels like doing work and it also fills your wallet.
With this money, you can invest it to make even more money. It’s like sending out little minions that bring in money without you even needing to get out of bed.
Take care of yourself
You should also invest in yourself physically so you are able to take advantage of all of these opportunities. You needn’t, and shouldn’t work yourself into the ground to get ahead.
You may be tempted to give up on your sleep to get extra work done, but being well rested will ensure that you are in good shape and health to be able to work better instead of just harder.
Going to the gym will give you a lot more energy to use the time you have more efficiently. And taking vacations helps to clear your mind and allow you to think about things more clearly. Recharging your batteries is essential to keep yourself from burning out.
Investing doesn’t always have to be financial as you can see. By making yourself a priority you can reap the rewards in so many ways with financial success being one of the biggest ways.
Take care of yourself and lots of other things will fall into place.