When it comes to money, investing it wisely and consistently is key to growing your wealth. Just sitting on money in a savings account only offers you wasted years of financial freedom or early retirement.
And people who do invest money, take various avenues.
Many people choose the stock market, others choose real estate, others may choose to invest in businesses. What you invest in is a matter of what your life goals are, the money you save to invest and understanding how to make your money work for you.
But there are tons of examples of people who have succeeded in all those areas, so your path with investing does not need to be the exact same as others.
While there are differences, there is one asset we all have in common that everyone should invest in first: yourself.
For your financial investments to succeed or anything for that matter, you need to be invested in four key areas that apply to you.
This is a relatively short post from what I normally write, but felt compelled to share.
[bctt tweet=”The best asset you should invest in first is yourself. Here are 4 key areas of yourself that you should invest in starting today #Invest #Yourself #Success” username=”investedwallet”]
Invest Your Time
If you want to succeed in finances, money, and investing you first have to understand how to invest your time. Time is limited and what you do with it and you manage it is critical.
By not understanding how to best organize your time for maximum ROI, you may be wasting your efforts on things that add little to no value.
So many people want to be rich overnight, think having a $1,000,000 retirement portfolio is impossible to achieve, or figure that learning about investing is too hard.
Those are pretty common among a lot of people I know, but it’s because they do not understand how to invest their time.
- Getting rich overnight could technically happen, but extremely unlikely
- Compound interest, starting right away, and staying consistent will get you to a solid retirement portfolio. It can also get you to a million dollar portfolio.
- Learning about finances and investing is not too hard, but you have to willingly spend some time to learn.
All three of those scenarios relate to time and all pertain to various degrees of it. Master your investment in time, understand it, value it, and manage it.
You alone control how to spend your time and it can make all the difference in your life and financial future.
Invest in Knowledge
After a long day of work, family, and other adulting things, sometimes the last thing you want to do is study or learn. Netflix, Hulu, video games, and other forms of entertainment can help you unwind.
And I’m with you because I certainly can fall into the rabbit hole of binge-watching The Office or some other show.
But in order to succeed in a better financial future, you have to dedicate yourself to expanding your knowledge. Why?
- Schools are not heavily teaching investing or finances.
- The media can give you mixed signals and false information.
Without investing in your knowledge, you are blindly following information and can easily make costly mistakes.
Learn to invest in your knowledge, what books or blogs to read, and improve your mind.
Some quotes I found interesting from highly successful and wealthy people:
Elon Musk (when asked how he learned to build rockets): “I read books.”
Oprah Winfrey: “Books allowed me to see a world beyond the front porch of my grandmother’s shotgun house…[and] the power to see possibilities beyond what was allowed at the time.”
Bill Gates: “Reading is still the main way that I both learn new things and test my understanding.”
Related: These are some of the best personal finance books related to money, finances, entrepreneurship, and investing that have helped me get on the right path. I have no doubt they can do the same for you.
Invest in Your Physical Health
If you want to be around to enjoy financial freedom and see the results of your investments come together, your physical health is very important.
This means exercise, eat well, have routine doctor visits, and generally pay attention to your body.
It’s easy to fall behind and out of a groove on this one.
Compared to a few years ago, my workout regime is now pretty weak. I’m slowly getting my act together, especially as I recently crossed into the 30’s. Getting old ?.
But start investing in your physical health, as this can greatly affect your attitude and choices in financial investing.
Money is important, but it is not greater than your personal well-being.
Investing in physical health allows you to feel better, be motivated in life, and ensure you don’t become a potato on a couch.
Invest in Your Emotional Health
Just as important as physical health, you should first be investing in your emotional health too.
While working hard and learning are important for your future, none of it matters if your emotional state is in distress.
This means while you want to invest in your time, knowledge, and physical health, you also need to relax, reduce stress, and find some “you” time.
Get the proper sleep, take a step back if you feel overwhelmed, meditate, anything that can help you find a balance. Find a routine that works for you and lets you find inner peace.
Emotions also play a big role in decisions you make financially (especially investing in the stock market) and by not having clarity, it can lead to some pretty rash and poor money decisions.
It’s good to have emotion but know how it can affect your mind and decisions in life.
Note: There is more to it than above as mental health is a huge challenge and there are greater discussions needed in the world about it. It’s okay to seek help and a great first step in improving your mental and emotional health. More information on mental health here.
I find that the above four areas are the most important investments that you can make during your lifetime, but also where you should start.
Investing in yourself first is key to helping you improve financially, but it has to start with YOU.
Of course, unexpected situations can come up that may stall or affect any of these areas above. No one is perfect nor will everything always stay balanced. Life happens and things can change in an instant.
But, valuing your time, investing in knowledge, and improving your physical and emotional well-being are key to a happy life and ensuring a stronger future you.