Why Investing Money on Skills is Important
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Investing in yourself is the key to building sustainable wealth because you are your most important source of wealth. We often think of wealth in terms of how much money we make or have in the bank accounts, businesses, real estates, paper assets, golds, silver, and other commodities.
Have you ever considered what happens when you lose all these assets? Think of what happens when you lose your job, your business, or other investment vehicles you may have. How do you start again? Can you easily find your feet? What happens next?
If you struggle to find answers to these questions, it is time to start investing in your most important financial asset – yourself. True wealth is sustainable wealth. It is not enough to achieve wealth without having built the capacity to sustain it. The best gift you can give to yourself is to invest in yourself.
Set goals with a focus on personal growth and learning new skills. It's no secret that when it comes to investments, one of the best you can make is in yourself. But all too often, investing in ourselves falls low on our list of priorities and becomes something that we put off until we have more money, more time or more motivation.
This is a shame because learning new skills and developing ourselves enriches our personal and professional lives and helps us grow into the best that we can be. Failing to recognize the real value of investing in ourselves can hold us back from reaching our goals, fulfilling our potential and turning our dreams into reality.
There are many reasons why you should invest in yourself. Here, we have outlined some of the most compelling reasons why investing in yourself should move to the top of your priority list:
The key is to continuously learn and diversify your skills. Do not just learn or know one thing the same way, learn how to do things differently, and also learn how to do different things.
Knowledge and Skills Don’t Change Regardless of the Economy
Investing in yourself, in acquiring knowledge or skills is the most important investment you can make for your financial future. This means investing in your education to increase your knowledge and improve your skills.
In today’s world, you can lose your investments. At the same time, you can lose your marketability, employability, or your competitive edge as your skills become outdated and obsolete.
Employment
If you are more inclined to being an employee, your minimum pay is determined by the level and relevance of your knowledge and skills. The more relevant your knowledge and skills are the higher your earning potential.
The more diversified your skills are, the more value you bring to your employer, and the more competitive you become.
Think of it this way, if you happen to lose your current job, your knowledge and skills remain with you. You don’t lose them. Because you are competitive, it becomes easier to get another job.
Your knowledge, skills, and experience remain with you even when you have lost everything. Investing in yourself, in diversifying skills that you can pick up and use at any point in time, no matter what direction the economy moves.
Invest in Assets
You may prefer to own your own business, real estate, and other asset categories. Whatever it is you do, investing in your knowledge and skills ensures that no matter what direction the economy moves, you will have the capacity to sustain your wealth.
Let us assume that you own a real estate business. How much do you know about real estate? What if the real estate industry crashes? Do you crash with it? They never crash with the economy and you shouldn’t too.
To achieve sustainable financial success, don’t make the mistake of investing only in diversifying your portfolio of assets that you can possibly lose. You are your most important source of wealth.
Your Personality and Attitude Matters
Your personality and attitude are very important for your success. It is not enough to acquire all the skills and knowledge, but what do your personality and attitude say about you?
How are you able to work with your team members? How do you get along with your co-workers, business partners, your customers, or your clients?
How do you look when you go for business meetings and when you meet your customers and clients? How do you talk to them or negotiate with them? These groups of people are your source of money.
Your professionalism, confidence, and energy speak volumes about yourself and how you represent your employer or your business brand.
This can potentially make or break a business relationship, or cost you a job or promotion opportunities. Your personality and attitude also reflect on your attitude towards risk and investment objectives.
Investment returns are positively correlated with risks. This means that high return investments have high risks. So your attitude towards risk affects your investment objectives and your returns.
Your networking Ability
Your ability to network is as important as your skills and knowledge. The importance of this statement comes when you consider the opportunities that get closed off when you remain stuck in your own little ideas or opportunities that get opened up when you share and receive ideas.
Association
You cannot succeed financially if you surround yourself only with those who see nothing good about what you do, or who discourage you from making any positive effort.
The journey to financial freedom requires commitment and consistency. You are more likely to meet financial failure if those around you are only those who encourage you to spend all you earn.
However, surrounding yourself with those who hold you accountable, who give you meaningful ideas, and those who encourage your efforts gives you that confidence and the energy to stay consistent and committed to your goals.
To succeed in building wealth, surround yourself with those who think and build wealth. Distance yourself from the negative energy around you, and you will be on your way to achieving financial success.
You also need to invest in your relationships. Networking is most successful when you approach it with a reciprocal mindset that sees benefits for both parties, rather than just focusing on what’s in it for you.
When you lose your job, your business or other investments, a strong connection you made may be your key to jumping back on your feet. If you are not leveraging the power of networking, now is the time. However, be strategic and do it with purpose.
Networking Ability
Your ability to network gives you the opportunity to market your skills, knowledge, and your products or services.
Networking opens up doors to financial success and can connect you to potential employers, or potential markets that you never thought existed for your products or services.
Go out there and meet people. Communicate, share ideas, and follow up on your contacts. Ideas and inspiration can come from anywhere. One idea from one person can open up several other ideas.
Signing up for a new course, workshop or activity will help you grow your network and meet like-minded people. These relationships can turn into business opportunities or collaborations.
Boost Your Confidence
Investing in yourself will boost your confidence in your own abilities and have a positive impact on your self-esteem.
As well as equipping you with new knowledge and skills, focusing on your personal development will help you get to know yourself better.
You will become more aware of your unique set of strengths, values and passions and how you can use these to achieve your goals.
Spending 5 hours or more on learning each week is most likely to make you feel that your life has purpose and meaning, which in turn increases your overall happiness and wellbeing.
While technical skills and academic qualifications are still important, the top skills that employers are looking for now include creative thinking, communication skills and emotional intelligence.
New Career Opportunities
Taking the time to invest in yourself will bring immense benefits to your career. You are your greatest asset and, developing your skill-set will boost your market value, whether you are seeking a promotion from your current role or applying for a new job.
Most employers look for candidates who are self-starters and being able to demonstrate motivation, and willingness to learn new skills will set you apart from the competition.
Adapt to Change
Expanding and updating your skill-set will ensure that you are ready to adapt to new changes in technology and work culture. People with transferable skills are viewed as more flexible, motivated and forward-thinking.
Embracing lifelong learning will also help you achieve a growth mindset and build the resilience needed to navigate life’s inevitable challenges and adversities.
While relaxation is beneficial for tackling fatigue and calming the mind, developing new skills in the workplace acts as a buffer against stressful situations.
A Healthy Mind
Continuous learning promotes brain health and lowers your risk of mental health problems, Alzheimer's and dementia.
Mental stimulation provided by challenging yourself to learn new skills can help limit the adverse effects of aging on the memory and mind.
Learning something new reduces work stress more than engaging in relaxing activities such as meditation or exercise.