Dear Millennials, Do Yourself A Favor: 5 Great Ways to Invest in Yourself
Dear Millennials, before you make any types of financial investment, do yourself a favor: invest in yourself. In today’s world where investment and get-rich-quick schemes are a few clicks away, this piece of financial advice couldn’t be truer.
It’s easy to get caught in the hype and spend our hard-earned money on stocks, ICOs (Initial Coin Offerings) and other investment schemes. Thanks to fear of missing out (aka FOMO). That’s not to say that financial investment isn’t good. In fact, it is quite essential in building and preserving our wealth.
However, if you’re new to investment, it might be good to take a few steps back and invest in yourself first. Don’t get hung up on big short-term returns yet. Build a solid foundation and plant seeds for long term returns first. It all starts with the following 5 great ways to invest in yourself.
The most important investment you can make is in yourself, as the billionaire investor and philanthropist Warren Buffett once said. Let’s learn together!
5 Great Ways To Invest In Yourself
#1 Invest in your mind by reading
“Reading is to the mind what exercise is to the body.” — Joseph Addison
I couldn’t agree more with the English poet. Reading is workout for the mind. It nurtures, expands, and keeps our minds active and sharp. It doesn’t matter if you read fiction or nonfiction or articles. On paperbacks or on mobile devices. Reading fiction boosts your emotional intelligence and makes you more empathetic. Whereas, reading nonfiction or articles makes you smarter and keeps you informed about subjects you’ve read.
Want to be the boss of your own money? Read books about personal finance. Want to learn how to build a startup? Read business books. Read anything you’re interested in. Many successful people such as Bill Gates, Elon Musk, and Warren Buffett read regularly, and so should you. Knowledge and information are powerful. Invest in them.
#2 Invest in yourself by learning new things and developing new skills
Throw your graduation hat as you like, but never throw away your passion for learning. Learning is a lifelong process and doesn’t stop at graduation. It’s the key to stay competitive at workplace and keep yourself up-to-date in your profession. Therefore, lifelong learning is essential if you are looking for success at workplace. There are many courses, seminars, and workshops out there. Go out there and plant seeds for your future.
However, learning doesn’t always have to be paid or for work. With today’s availability of massive open learning courses on the Internet, you can learn anything from Computer Science 101 to Literature anywhere, anytime, and for free. You can pick up a new skill or a new hobby easily with platforms such as edX, Coursera, Udemy, and many more.
#3 Invest in your dream
When you have saved up a considerable sum of money, you don’t always have to invest the money in others (stocks) or keep it in your bank for fixed interest return. Why not invest in your dream? Do what you’ve always dreamed of, on the side?
Start something small on the side. You don’t have to quit your day job right away. Be it opening an online store, starting a blog, or starting a freelance business. If you’re really passionate about it, with the right move, it may turn out to be your second source of income. Your dream may actually come true!
#4 Invest in your future
Don’t just think about short term investment and returns. Although it’s often said that life is short and ‘YOLO’ is the new trend, people generally plan on living a long life. In fact, research found that life expectancy is set to increase in many countries by 2030.
Hence, it’s a good idea to start planning and saving up for retirement early. This is to ensure that you won’t run out of money to live on in retirement. Plan early. Set aside a sum of money every month for retirement savings or investment. Don’t just rely on one retirement scheme. Your future self will thank you dearly.
#5 Invest in both your physical and mental health
Last but certainly not least, invest in yourself by investing in both your physical and mental health. What are retirement and savings if you don’t have a healthy body and a healthy mind to enjoy it all? Health is wealth.
When we talk about investment, we often talk about the risks, the figures, and the returns. Just like when I wrote about investing in Lyft and Uber when they go public in my previous posts. However, investment doesn’t only limit to the financial realm. Taking good care of your body and mind is actually the greatest investment you can ever make. In other words, colloquially, money ain’t no shit if you ain’t there to spend it or see it put to good use.
