Even as you make investment plans for the future, don't forget to invest properly in your best asset: You.
As you prepare for the future, you know that you need to invest. Investing is one of the best ways to build wealth since it's all about putting your money to work for you and taking advantage of the power of compounding returns.
You need to create an investment plan that works for you and allows you to accomplish your goals. However, even as you learn how to invest in the markets, you shouldn't neglect your most important asset: You.
You are Your Best Asset
It's true: You are your best asset. No one can take away the knowledge in your head or the skills you can perform. This doesn't mean you have to pile up thousands and thousands of dollars in student loan debt, either. It's more about making an effort to consider what will help you get ahead and be more effective in life.
When you see yourself as an asset, you can develop yourself in ways that boost your earning power, and that help you better manage your money, make better investing decisions, and even live a better quality of life. It takes effort, but investing in yourself can pay great dividends later — no matter what happens with your finances.
Ways to Invest in Yourself
Don't sell yourself short. You do need to invest in yourself. Figure out what you want to accomplish, and then make it happen. This includes investing time in yourself as well as money. Here are some of the ways that you can invest in yourself:
- Education: You don't have to go to college to get a good education. While I think college can be beneficial, it's not for everyone. I'm talking about lifelong learning. Plenty of free online classes can help you improve your knowledge on subjects from better money management to best home business practices. Keep reading, keep learning.
- Skills: To invest in yourself and boost that return on investment, you must develop a marketable skill. Consider your skill set. Would someone pay you for what you know or what you can do? What could you do to improve your skills so that you do have something that someone else will pay for? And this isn't just “hard” skills related to physical abilities or technical knowledge. Also consider how you can develop your soft skills, which can help you in your career or home business. These skills, which include communication and leadership skills, can be quite valuable.
- Relationships: Take the time to develop good relationships with others. It's not just about networking and finding those who help your career. Good relationships also lead to a happier outlook and a more positive attitude. Plus, supportive people in your life can also mean that you have a system to keep you going if you decide to start a home business or to make further improvements to your life.
- Self-improvement: Don't forget self-improvement for the sake of bettering your own life and situation. Take up a hobby. Engage in meditation. Read interesting books. These are all things you can do to improve your quality of life and make you a happier, more well-rounded person.
- Health: Don't forget about your health. If you can, daily movement is a great way to connect to your body. Get enough rest. Eat foods that nourish. Do your best to promote a healthy lifestyle.
Bottom Line
Investing in yourself can pay dividends in ways that are financial as well as emotional. Think about the person you want to be and what you want to accomplish. Invest in the education and skills that can help you boost your earning power (or at least that help you better manage what you already have), and don't forget to develop in those areas that will improve your overall quality of life.
When people talk about investing they only think about it in financial terms.
But other forms of investing – in your health, in your skills, in your relationships – are far more important.
Great reminder!