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Do you know what isn’t fun? Budgeting. Saving. Sacrificing everything you want right now, and delaying gratification until later. Investing. Why? Because those things take time to understand, perfect and turn into consistent habits.
But I have good news! There’s a simple investment that
- is not confusing and,
- is not the most unfun thing on the face of the planet.
What is it?
Ourselves! The best investment you can make, is in yourself. Here are 5 steps to invest in yourself and watch your life change.
1. Get out of debt
Start now! Debt is no fun at all and it is dragging you down — I should know, I have a bunch of it. Until you are debt free, your money is not truly yours.
Eradicating your debt — especially credit card debt — is your first step in controlling your finances so they can’t control you. Then you’ll become less stressed, sleep better and have more peace.
If that’s not investing in yourself, I don’t know what is.
2. Save some cash
Whether you call it a Freedom Fund or a Dream Fund, you need to save up some cash. Why? To give you the freedom to quit a job you despise or move overseas — no big deal.
Actually it is a big deal. It’s a HUGE deal!
Having extra cash for both emergencies and possibilities is an amazing investment in yourself. For starters you can improve your financial profile by opening a tax-free saving account.
Those dreams you shelved when you accepted a life of financial chaos can become realities with a little financial planning, budgeting and self-control. Sounds awesome, yeah?
3. Invest and earn in style
Our generation is thinking of money and starting to invest much sooner than the generations before us. Mostly due to the fact that we’re more tech-savvy and have access to awesome products and services that make our financial better.
One example of this is Betterment, which is the online investment service I use for my Roth IRA and retirement savings. You open a free account, transfer your first $10 or $25 and you’re on your way to building wealth.
You can set up automatic withdrawals from your checking account into the Betterment investment account each month, or you can simply watch your money grow through occasional deposits. It’s as simple as that!
4. Find a financial planner
Your path to investing in yourself doesn’t have to be a solo trip. Find yourself a good financial planner to help you wade through the aforementioned confusing acronyms of investing so Future You can sleep easy and doesn’t curse Current You under their breath.
A financial planner will often have your best financial interest at heart, and can direct you towards a future of wealth and stability.
5. Get a business coach
A business coach is a person that will help turn your business into what you want — a successful and thriving venture.
When you work for yourself, you need someone on your team, who can figure out what’s working and what’s not, what’s valuable and what’s not. A business coach can be your biggest advocate!
Most importantly, they will help you figure out how to make your dream business a reality. I know it’s difficult to part with your hard earned cash but a business coach may be the very best investment you can make in yourself and your business.
I’m telling you, it will pay for itself quickly.
Bonus Tip: 6. Insure yourself
Insurance is totally boring, I know. Like I’d rather get a root canal boring. However, it is also necessary. While assuming the best is a great way to live, preparing for the worst is the prudent way to live.
The basic insurance types everyone should have includes — life (for those with dependents), auto (provided you have one), homeowner’s/renter’s, and medical. Some of which only costs a few dollars a month.
You’ll want to protect yourself, and your family, should Murphy come knocking things over.
An investment in yourself is the greatest one you can make.
Invest in yourself for a happier present and a brighter future!