Investing In Yourself In Tough Times
Welcome to Friday!
Last week we were talking about recessions and what they are. We've been looking at prices going up and costs increasing for all of us too.
We spoke about how it can be hard to invest when we are struggling financially and when it is so volatile we get nervy to do so.
This brings me back to investing in your greatest asset...yourself.
For many of us, we give up on learning once we leave school or university. Successful people often reference how important learning has been for their journey toward success.
When I put together the 30 in 30 podcast series, one of the most mentioned podcasts was around investing in yourself.?
Investing in businesses and deals seems complicated. It is something that not all of us are familiar with, but I like to remind people to keep it simple.
Start by investing in?yourself.?
That might be understanding your risk tolerance & your stress tolerance. I.e. you might be the sort of person who needs a rainy day fund to feel less anxious when unexpected events happen.?
A rainy day fund is where you put money aside for a rainy day so you know you are covered when it p!sses down. Because it will rain and when it rains it pours.?
Or you might be like ‘I don’t need to worry about that, I’d just use my credit card or ask my parents for help’ for instance.
Two completely different approaches and attitudes toward risk / financial pressure.?
We are all different and that is why we need to work out more about ourselves.?
In the 30 in 30 episode I go through some of the different ways I have invested in myself and explain how they have helped or hindered me.?
?You can check it out here (it is 40 minutes):
Some of the things we discussed are:
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A question for you…do you allocate any of your budget to learning and investing in yourself?
I have a rule that when I see a book that I know I should read, I don't let the price stop me. I know I have wasted $30 to $50 numerous times in my life on things that aren't good for me. I try to remind myself that the knowledge in that book could unlock a new chapter for me, so the $30 to $50 investment has to be worth it.
We often talk to business owners who have a bigger entertainment budget than their education budget and we ask which is more important?
A lot of business owners believe that investing in people is buying them beers and shouting them food. That’s all good and well for some people, but not everyone wants the calories, they want the increased capacity received from learning.??
You are no different in your own life. Remember that you are your greatest asset. If you are not spending time investing in yourself, then who do you expect is going to be investing in you?
My strategy is that a bet on myself will pay more in the long run than any company will on the stock exchange.
Here are a couple of extra points to think about which we discussed last time we looked at investing in ourselves.
You may want to upskill yourself in a different area and consider a new career. This is more possible in this day in age than ever before. Of course, this can look unattractive as we think we are going backward compared to staying in our current role or on that path...but where is that path taking you in 5 or 10 years' time?
I hope the podcast gives you some ideas about how you can invest in yourself.
Next week we will be talking budgets and I'm not talking mine or yours, I am talking a BIG budget. The govt will release their budget on the 19th of May. Hopefully, I can provide some insight for you to help you understand it.
Have a good weekend,
Luke
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Did you know: we were a week early last week. This week, BNZ's head of research?Stephen Toplis said the likelihood of the NZ economy ending up in a recession is "rising by the day".
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