When people hear about investing, many think it’s not for them. They may very well think that the stock market can be confusing, IPOs are for Silicon Valley equity funds, and pitches from friends can feel more like charity than money-making opportunities.
But this is the wrong mentality. The best investments you can make are into self-improvement. While the return on investment can’t be measured in exacting P/E ratios and quarterly return statements, it will materialize. Your quality of life, confidence at work and even earning potential can all be elevated through some small investments if you direct them correctly.
There are a wide range of options once you accept this perspective. But the following are most likely to pay off — financially, psychologically and spiritually.
1. New Skills
It’s amazing how easy it is to learn new things today. Whether you want to get into photography, woodworking, computer programming, cooking or video editing, so much of this knowledge can be found and learned online for free. Of course, there are many other courses available for a small fee, like the popular Masterclass, that can take you even deeper into a more structured lesson.
For some, this may be a great opportunity to pony up a few bucks to learn a new skill or improve their work performance. It’s easy to find affordable classes in areas like project management and Excel wizardry. For others, this journey will be more about personal enrichment. Indeed, it’s eye-opening how simply learning some mid-level skills in the kitchen, for example, can open up your life in terms of enjoying your meals, being healthier and saving money.
Regardless of whether you approach the challenge from a professional or individual mindset, you will never regret investing a little money — or even just your time — into learning a new, tangible skill.
2. Wardrobe Quality
Whether it’s falling into shopaholic trends or simply being unable to pass up a good deal, too many people opt for quantity over quality in their closet. While it can feel nice — at first — to have a few more options, you’ll soon feel like you still have nothing to wear.
Stop the madness. Instead, go for some items that look great, never go out of style and will stand the test of time. Especially in colder climates, nothing is more important than jackets. And this is one area where you really do get what you pay for in terms of comfort, durability and, most importantly, warmth.
Specifically when talking about women’s jackets, for instance, trends do come and go. But the classics that have functional and stylistic value can become a staple for the next decade.
3. Financial Improvement
OK, so you’ve spent some of your hard-earned money on classes and clothes. Isn’t this all too much? Not at all! Or at least it doesn’t have to be. Because the final thing you should invest in is a financial education and better planning.
And there’s even better news: It isn’t expensive. Just by reading books from the likes of Dave Ramsey (personal finance) or Mike Michalowicz (for small-business owners), you can make major improvements. Both also have a robust presence on YouTube and podcasts, allowing you to access their content in several different ways. So, see if their perspectives vibe with your philosophies on money.
If not, there are always other great options. But this is one investment that will pay off significantly for years to come. And if you plunk down some cash for a few books or audiobooks, you’ll be empowered to take charge of your finances.
Investing in Yourself
The New Year is almost upon us, and it’s time to start thinking onward and upward. The past is history, and if you want to achieve all your ambitious goals, you need to start investing in yourself. While this may seem impossible financially, smart choices — and just investing time in the right ways — will pay off in the end.
Start by learning something new that will make a genuine improvement in your career or personal life. Stop buying clearance rack clothes and invest in some top-quality outerwear that will prove to be a worthwhile purchase for years to come. And, most importantly, take the time and small cash outlay it requires to educate yourself about personal finances.
If you manage to start doing each of these things, you’ll be amazed at how quickly you can transform your mind, closet and bank account. Of course, you don’t have to be playing the stock market to find newfound financial success. Instead, start investing in yourself now to reap some major rewards.
