It sounds like a big word only for adults who are already wealthy, have made massive leaps on their career, and are already driving the cars of their dreams. It conjures up images of a man or a woman wearing suit, carrying a briefcase as he or she walks towards a car parked somewhere in Wall Street.
It looks intimidating but that’s not all there is to investments. Confining it to that sort of definition will limit our thinking that investments are a catch-22: investments need lots of money to make money.
That’s not true. In fact the best investments you can make right now don’t cost a fortune… if you know where to look.
In this episode, well point you to the right direction so that you can make the best investments that you should be making today.
Here are the best money investments today
Look at yourself: It all starts with you
Truth is, the best investment is an investment in yourself, because you are an unlimited potential. You only need to shape yourself in to the best version possible.
According to Warren Buffet, one of America’s wealthiest people:
“The most important investment you can make is in yourself. Very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization for many people…The best asset is your own self. You can become to an enormous degree the person you want to be.”
Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you. They can run up huge deficits and the dollar can become worth far less. You can have all kinds of things happen. But if you’ve got talent yourself, and you’ve maximized your talent, you’ve got a tremendous asset that can return ten-fold.”
You see, the reason why Buffett is so rich today is that he invested in self-education and he did it early in his life, and even does it until today.
Invest in education
Education is considered the ticket to a brighter tomorrow, as it lands you the job to make a stable flow of income. Having a college degree is even better, as college degree holders earn much higher than high school graduates.
Formal education, which earns you a degree, starts at school but it doesn’t have to end there. Education should be a life-long journey!
After school, you could still educate yourself on any new thing you want to learn. Whether that’s public speaking, creating and launching websites, or making wines, this informal education is the sort of education that has catapulted thousands of self-made millionaires into the life they have always wanted. Like what they say, “formal education will get you a job. Self-education will give you fortune.”
Developing your skills
Improving your skills does not necessarily mean you have to go back to school, give up a promotion, or reduce your work hours. It can take a lot of different forms and it does not have to be a formal one. A certificate saying you complete this course or that is not even needed!
You can take postgraduate classes in community colleges, attend trainings offered by your employer, or simply do it yourself on your free time. The last option would even force you to manage your available time properly and make the most of it. That, in itself, is already a form of personal growth.
Nowadays, with the resources available on the web and the power of the Internet, you can find free webinars, books, blogs and articles that will give you information on something you want to learn. No need to spend for a trip on a seminar to Europe. Use these resources to improve your knowledge and skills on your current job and it might just land you on a promotion. Use them to create something that people will pay for, be it a product or a service. You might just strike gold and make it big in business. You can never tell how far self-education will take you in the future.
Personal financial education
You could make a lot of money in your lifetime but without financial education, you could still end up broke. Have you heard stories of company CEOs that are receiving huge monthly salaries but have massive debts? That’s because it’s not so uncommon!
Shaquille O’Neal, the popular former NBA player, upon receiving his first pay check as an NBA star spent $1M dollars in just thirty minutes. His banker called to tell him that if he kept doing it, he’ll end up broke just like the other former athletes. O’Neal decided to back to school and study MBA. Aside from learning about business, he learned proper financial management, and now he owns several restaurant chains in the U.S. Had he forsaken his financial well-being, he’d be another story of financial regret.
Investing in relationships
Investing in relationships can pay off big time. Individuals land on jobs because of connections with other professionals. Business deals are closed because of strong relationships between suppliers and businessmen. Corporations are built because of solid partnerships between associates. Think Steve Wozniak and Steve Jobs who founded Apple. Or Larry Page and Sergey Brin who started Google. Amazing what relationship can do, right?
If you want to invest in relationships, go for something that will not only be fun but also help you grow as a person. Hang out with people who have the same vision as you do. Instead of getting jealous, make friends with those who are already where you want to be. You’ll be surprised at what it can do to inspire you even more.
Taking care of your health
All too many wealth warriors work so hard for money yet forget to take care of their health. Some of them just end up using the money they have accumulated to fix their health.
If you are working to becoming a rich person, don’t forget: health is also an investment. If you lose your good health, you might also lose your money, or worse, your ability to create wealth.
Getting out of debt
It may not sound like your typical investment advice, but getting out of debt is actually an investment that pays dividends not just in your pocket but also in your physical and mental well-being. As you might have experienced, debt compounds quickly when you keep it around like a pet. A $2,000 debt could easily grow ten-fold if you only pay the minimum and pay often late. When debt starts growing at an alarming rate, you will then be needlessly paying more interests than your actual debt amount. Income would feel like it’s always short, and you’ll be stuck in a paycheck-to-paycheck cycle. All these result in stress and makes you think about your debt often in the day, which gives you even more stress: an endless cycle that can only be broken by totally getting out of debt.
The good news is that there are available options if you really want to totally get out of debt. If you think your debt is too huge for you to make a dent in it, know that there have been individuals in your exact same situation before. With the help of debt relief programs, they were set free from perpetual debt slavery.
These are just a few of the best investments that you can do right away. Which one do you think is the investment you need today?
Pick one and do it as soon as possible. It will not be easy but we promise, it will be worth all the time and effort you will spend.