What does it mean to invest in yourself?
Investing can also refer to your “time” and “energy” spent, not just a monetary contribution. Chances are you’re already unconsciously investing in yourself by reading this article. However, investing in ourselves is not often something we budget for or make a priority.
The time and effort you put into yourself today will have a significant impact on your quality of life. Some of the most successful people attribute a lot of their success to dedicating time for their personal growth and development. Here are some simple ways to start investing in yourself.
Invest your time
How many times have you got home from work, put chores off for “tomorrow”, and chose to binge watch Netflix instead? If you want to succeed in any area of your life, you first have to understand how to invest your time and spend it wisely.
There are so many people who want to get rich overnight, think investing is too difficult, or people who simply do not want to put the work into thinking about financial freedom. These are common excuses for people who do not choose to invest their time wisely.
Time is limited and how you manage it is critical. So while you should be indulging in self care moments with your favorite show, think of other ways to maximize your time on the couch. Wouldn’t it be nice if you were watching Netflix while your money was working for you?
One way to maximize your time and money is by understanding the power of compounding interest. The growth of your money can accelerate over time as your interest continues to earn interest on itself. With compound interest, time is everything. The sooner you can start investing or saving, the longer you give your money to compound over time. This is why it’s important to start as soon as possible. If you do it right, the majority of your nest egg can potentially be grown through compounding interest.
Invest your knowledge
Another great way to invest in yourself is to keep learning throughout your life. Many of us weren’t taught how to invest and save in school. As an adult you’re basically on your own. With extra time spent at home, consider learning a new skill, expanding your knowledge, or learning about different ways to generate passive income streams.
If you’re just starting out, there are plenty of resources on the internet to learn about how to save and invest your money wisely. Consider learning new skills to enhance your career, taking courses to learn a new trade, or stay up to date on market trends and updates in your industry.
Bill Gates: “Reading is still the main way that I both learn new things and test my understanding.”
Learning a new skill not only keeps your mind sharp, but will also help you adopt the right mindset to stay motivated. Reading books is better for your brain than reading newspapers or magazines because it forces you to use critical thinking skills and make connections from one topic to the next. You will become a product of what you choose to consume. If you spend most of your time on social media, try following blogs or successful people who will inspire you to reach your goals. If you’re not into reading books, Youtube different skills that can teach you step by step on how to do something. The more we learn, the more we realize that we have a lot more to learn.
Invest in your future
Thinking about what your life will look like in 20+ years and retirement can be scary and confusing. If we don’t take the time to figure things out now, you’ll run out of time and you’ll lead yourself to a pathway that’s filled with regret.
Before even thinking about investing and saving, make sure you have the rest of your finances under control. Debt is no fun at all and can drag you down for years. Until you’re debt free, you’re not actually in control of your finances. Paying down debt is one way to control your finances so your debt doesn’t control you. Once you are in a comfortable position with your finances you can start stashing away to fund your future. No one is too wealthy not to invest or save. Plus, not putting your money to work can potentially cost you more than you think in the end.
Placing priorities in investing in yourself can determine the quality of life you live both now and in the future. Do you want to be more confident? Make more money? Move up in your career or start a business? You can do all of these things. All you have to do is get started and invest in yourself.