Why It’s Time to Invest in Your Brain
The following is adapted from Defining Wealth for Women by Dr. Bonnie Koo.
People sometimes balk at the cost of coaching, but it’s a terrific example of paying for results rather than hours. I’ve seen a $2,500 program completely change the trajectory of someone’s life. I have a friend who spent $50,000 on a mastermind program who later told me that saying no to that initial investment in herself would have been saying no to the multimillion-dollar company she now runs. Here again, the socialization women get not to be greedy or spend money on themselves can form a formidable stumbling block. Most of us have no trouble spending multiple six figures on our kids’ education, but we balk at investing in our own, especially beyond the traditional college and grad school degrees.
It can feel grandiose to invest heavily in improving your own performance or starting a company doing something you enjoy, but there are few things with better possible returns. People who are actively investing in their own businesses and contributing to the world by creating value in it almost seem to glow with energy. They no longer feel only as significant as they’re paid to be. Their employers don’t determine their value. They have a strong sense of purpose and direction and, even if their businesses wobble, they’re frequently able to feel proud of their efforts.
Purpose, in fact, is one of several things that make life worth living. Growth is another. Even if you’re not at a place in your life (or simply have no desire) to start your own business, investing in your personal growth will pay dividends in life satisfaction. Investing in your brain is betting on yourself. It’s investing in an asset that will never stop yielding dividends (unless you die or something terrible happens, but that’s what insurance is for!).
Flex Your Mindset
Get creative! Brainstorm ways you can leverage your expertise, education, and specialized knowledge to create additional income streams. Shoot for ten, but don’t stop until you’ve found at least three.
Acquiring and growing assets is the only way to become wealthy. It pays to add legs to your asset table.
A New Definition of Income
Most people impose an income ceiling on themselves without realizing they’re creating limits even on what they let themselves want. These limits are often based on the incorrect belief that a salary is the only way they have to make money. But money is simply a way of measuring value, and you have more than time that’s worth something. Your ability to produce results, your expertise and creativity, are all of value if you can turn them into income streams.
Understanding that money comes from value, not just from time and effort, also unlocks the one rule of wealth. Very few people get rich simply by trading time for money. They get rich by acquiring and growing assets. It’s my opinion that of all the assets you can invest in, your brain is the best and safest one.
Turning Insights into Action
- How much money do you want to make? What are your thoughts about how much time or sacrifice (or anything else) you’d need to reach that number? Do you believe you’re allowed to make that much? If not, try deliberately imagining yourself earning your new number.
- How many legs does your asset table have? Make a list of your current asset legs. Then brainstorm additional ones to explore. List at least ten.
- How will you invest in your brain next? In the same way that investing in your health can be as affordable as a free walk around the block and as expensive as a home gym and visiting personal trainer, there’s a brain-building investment for every budget from free library books to $50,000 mastermind programs.
Old Myth: Everyone works for money. I just need to double down and work harder for longer. Eventually, I’ll earn enough to make whatever I think my income ceiling is.
New Mindset: Rich people don’t work for money. Because they use it to buy and grow assets, their money works for them.
Now that you have a better understanding of where wealth comes from, it’s time to do the same kind of overhaul on how you think about debt.
To learn more about financial freedom, you can find Defining Wealth for Women on Amazon.
Dr. Bonnie Koo is a dermatologist and certified life coach passionate about helping Type-A, successful women with personal finance strategies. While facing her own financial struggles after completing her medical degree at Columbia, Bonnie decided to educate herself and make her money work for her. Now, she hosts The Wealthy Mom MD Podcast and provides women with the cognitive tools they need to create wealth through her workshops and interactive programs. For more information, visit wealthymommd.com.
