The Best Investment - 5 Ways To Invest In Yourself
Investing in yourself can be one of the best investments you could make. Here are 5 ways that you can invest in yourself that could pay off both personally and financially in the future.
Patrick King: What's the best investment that you could make? It's usually investing in yourself. Here are my five ways that you can best invest in yourself for the future, coming up.
Patrick: Hey, everybody. I'm Patrick King with Transformative Financial. Here on this channel, we help people make money, keep money and feel more financially secure along the way. If that's something that you're interested in, I'd love to talk and see if it's a good fit. My phone number is (404) 500-9261. My email is firstname.lastname@example.org.
Here on today's episode, what is the best investment? Usually, it's investing in yourself. I've seen this in several different ways over the years. Here are my five best ways that you can invest in yourself.
First off – number one – invest in a new skill. This can go a couple of different ways. Professional development is, obviously, one that will come to mind first. As you develop yourself professionally, you make yourself more valuable to your employer. You have higher pay, you have more opportunities down the road. Depending on what it is, the ROI can be fairly high. There's a lot of debate about whether higher education, college, given the high levels of student debt these days, is a higher ROI activity. I guess it depends on your major, but it's something that certainly should be considered.
Number two, would be personal development. The ROI [laughs] on doing personal development, which would be part of this number one, investing in a new skill, is a little bit hard to calculate. It will help you expand your mind, expand your creativity, help you network and meet different groups of people. The benefits are maybe not so linear or not so easily calculated, but I've seen this payoff for people throughout the years.
Number two way to invest in yourself is invest in a coach. It could be, obviously, a professional coach. These are things that I've done, hired folks to help me get better professionally, help me serve my clients better over the years. Certainly, for me it's paid dividends. For the folks that I've talked to, they've hired professional coaches too, they echo those sentiments. Hiring a personal coach, same thing.
It maybe is not, again, easily calculated ROI for hiring a professional coach, but you can really help shift your mindset and get you out of bad thinking habits, get you unstuck in your life and moving towards more focus in what you want to do at this time that you've got in this life. That's number two, invest in coaching of some sort. Number three, for me, would be-- I don't know why I just took four fingers out, but number three [laughs] for me would be invest in your health.
Over the years, as I've been doing this, what I've noticed is that those clients of mine that walked in in their 60s came in two flavors. One of people who had really taken good care of themselves. Then flavor too was the folks that maybe did not. There was somewhere along the way, I don't know if it's 30s, 40s, 50s, but they made a decision that they were going to be healthy. Certainly it pays dividends in your attitude, your, certainly, financially. It's expensive to be sick in this country right now unfortunately. [laughs]
For me, when I think about investing in your health, for me, what that looks like is making sure I get plenty of sleep, making sure that my diet is dialed in correctly, and then making sure that I have a base level of fitness, making sure that I stay strong and stay flexible as this whole aging thing creeps up on me. I feel, but we'll talked about that later in another episode. My number four way to invest in yourself would be to invest in your relationships and invest in your network.
Relationships are, and I'm certainly guilty of this too, it's easy to put your personal relationships on the back burner sometimes because we're all busy. Sometimes I try to carve out time to put something into those personal relationships. The same goes with your business network or your professional network too, making sure that you don't blow off some of those meetings where you meet with other folks in your industry and get to circulate, get to meet those folks because that network is certainly going to help you with future jobs and future business opportunities to best not to be neglected.
So, that's number four. Investing in your relationships and your personal network. Finally, number five. Invest in your finances. Predictably, right? Delayed gratification is very difficult, it pays dividends to take care of yourself financially, to invest figuratively and literally because what that does is it buys you additional options, optionality later in life. Could you start a new job, a new business if you didn't have a ton of debt, something to think about there?
What would you act differently if you had enough money to walk away for a certain job or certain prospect? Starting and even if it's a little bit at first to invest in yourself will certainly pay dividends, figuratively and literally again down the road. Then my second part of that last one is, hiring a financial planner, of course. I've seen this quite a bit and Vanguard did a study a few years ago. They call it the Advisor Alpha Study where they showed that working with a financial planner, not just an investment manager but someone who looks at the entire picture, helped their clients grow their investments and their net worth.
An additional 3% net of advisor fees per year, which is a significant number especially compounded over the years. I'll link to that study down below in the show notes. Obviously that's what I do. If you think it's a good fit, I'd love to talk with you. Of course, I'm not a fit for everyone either. If it's not me, make sure that you're out there looking for a real financial advisor. You can find those on the map for website and an XY Planning Networking is also a good source for those fee only real fiduciary financial advisors.
That's it, folks. That's what I got today, my five ways of investing in yourself for the long term. Invest in a new skill, invest in a coach, invest in your health, invest in your relationships and your network. Then finally, of course, invest in your finances. Thank you so much for watching. If you liked this video, please click "like." Subscribe. I'd love to have you subscribed to get more of this type of content. Until next time, I'm Patrick King Transformative Financial. Cheers.
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