If you’re looking to grow your wealth, there are a number of things people will advise you to invest your money in. Whether it’s real estate, stocks, or IRAs, it might be hard to invest in these things when you’re living on a tight budget. But these aren’t the only things you can sink your time and resources into when you want to improve your financial outlook. It might be time to start looking at how you can invest in yourself.
When you put the time and effort into developing your own skill set, you can improve your chances of earning a promotion, landing a higher-paying job, and putting yourself in a better position to succeed.
Here are five ways to invest in yourself.
If you’re looking for some extra income and the opportunity to refine a new skill in an actual work setting, a side hustle can be a great way to do both. This may even lead to an opportunity to start working for yourself full-time or launch your own business.
Depending on what side hustle you’re looking to dive into, there may be some upfront costs to take care of. Maybe you need to take a class or sign up for a workshop to learn a new skill, or maybe you need to pay for hosting fees to start a new website. Either way, a side hustle may be just what you need to invest in yourself and start developing the skills that can lead to your dream career. And the extra income doesn’t hurt either!
If you’re looking to land a higher-paying job, you may have to start looking outside the usual public job boards that you normally visit. A lot of open positions aren’t necessarily made available to the public, so you’re going to need to start making personal connections within your industry. A great way to do this is to start going to social outings, conferences, and networking events with other people in your industry. This should give you an opportunity to develop the personal relationships that might be crucial to landing your next gig. These events may be expensive, so you might want to mark them on your calendar as far in advance as possible and start saving. After all, it may be unrealistic to attend every event possible, so pick the ones that are affordable and that you think would be most beneficial.
Sometimes these networking events may not be nearby and taking time off work to travel for a conference might not be in your budget. When this is the case, look through Facebook and LinkedIn groups geared to your industry to see if there are any local meetups, or even for an open webinar or forum. You may also want to check out meetup.com to see if there are any events going on in your area.
If you’re looking to improve your value in the work sphere, either developing a new area of expertise or refining your current skills can help boost your professional worth. Adding to your toolbelt by learning a new skill could help you score that promotion you’ve had your eye on, or even lead to finding a higher-paying job at a different company.
If you’re running a business, diversifying your skillset can only help when it comes to acquiring new business and retaining your current clients. The more you can offer them, the more likely they are to stick with you.
To get this process started, take a look at what courses are being offered at nearby community colleges, or try to find workshops being offered by local experts. If you don’t want to travel to a physical location, a quick search for an online workshop or tutorial should help you find what you’re looking for. You may even be able to find free online tutorials depending on what skills you’re looking to learn!
It’s one thing to try to add a relevant skill or two, it’s another to try to pivot into a completely new and unfamiliar career path. If this is your aim, you may want to look for a more intensive course or mentorship program to help you out. As much as you may want to save a buck and go it alone, you risk squandering your valuable time and money aimlessly reaching out in the dark, trying to learn something you have no experience with. A mentorship program may be more expensive, but it’ll give you the guidance and assurance you need to be sure that when you invest in yourself, your money is well spent.
Running around to different workshops, going to networking events, working on your side hustle, and trying to balance all of this with your already hectic life can be tiring. It’s even harder when you’re not taking care of your health and wellness. A 2017 study done by the University of California shows that participants were able to increase their productivity by 10 percent when they were able to improve their health through exercise and a healthy diet.
This may not seem so simple if you can’t afford a pricey gym membership or expensive “superfoods”. But you don’t need to break the bank just to get into better shape! There are plenty of ways to get an effective workout in without joining a gym and eat healthy without straying outside your food budget.
Your health may not be the first thing that comes to mind when you’re thinking about how to invest in yourself, but if you’re able to feel healthy and focus at work or when you’re learning a new skill, you can increase your chances of success. This is especially important when you’re trying to land a promotion, get a raise, or start developing a new skill.
In an episode of Game of Thrones, Tyrion Lannister says that, “a mind needs books like a sword needs a whetstone”. While swords may not be as relevant in the real world as they are in Westeros, reading is still just as viable for anyone looking to educate themselves. This is especially true if you’re looking to broaden your knowledge on a particular subject without breaking the bank. Whatever skill you’re trying to refine, look through your local library or find a free ebook on the subject.
Podcasts are an even more accessible way of consuming information on the go, and they usually won’t cost you a dime. Do a quick search online to find podcasts that may be able to help you refine whatever skill you’re looking to learn, and you’ll have an opportunity to continue your education wherever you go! These are both really simple and inexpensive ways to invest in yourself.
There are a lot of things that you could invest your time, money, and energy into, but none of these things are as valuable as self-improvement. Whether you’re taking courses to learn new skills, going to networking events, or starting up a side hustle, some of these things may require some upfront costs. But as long as you’re effectively using your resources and putting in the effort, these things can go a long way in helping you improve your financial situation.
Do you have any insights on how to invest in yourself? Share below!