It’s easy to try to save money simply by spending less and less and less. But sooner or later
another variable has to be introduced into any wealth building strategy. By investing in yourself, you’ll find that you have greater earning potential, more knowledge with which to spot opportunities, and renewed experience and confidence with which to make the most of your
financial life moving forward. Don’t cheat yourself out of greater ability to build a better financial future, simply to save money in the short term. It may be a hard first step, but spending smart money on yourself is going to pay off big someday. Here are some of the best ways to do it.
Education. You don’t have to acquire an entirely new, expensive degree (but you can do that if
you want). Education is available in many forms, from watching educational YouTube videos to
getting a doctoral degree. Whatever the case is best for you, don’t avoid further education
simply because there is an upfront cost that you have to deal with before you start to improve
your earning potential. Henry Ford is said to have invested in himself for many years before he started to worry about wealth acquisition. If you give yourself the right experience and skills, you’ll find that building wealth comes much faster down the road.
Doing What it Takes to Protect What You Have. It’s easy enough for people to avoid taking
precautions they think are unnecessary. One of the best examples is life insurance. While
you’re young, life insurance may seem like an unnecessary extravagance, even if you have a
family. But if a terrible accident were to occur, much of the work you’ve done would be wiped
out as your family struggled to cover financial expenses, maintain their lifestyle, and deal with the grief of losing you. Life insurance companies have affordable products available for people just like you, so pay a little extra money to make sure that the hard work you’ve done will pay off, even if you aren’t there to enjoy it.
Diverse Experiences. People are the product of their nature, their knowledge, and their
experiences. If you don’t have much in the latter two categories, you’ll find that you don’t have the tools necessary to find exactly the kind of life you want to live. Half of wealth is the satisfaction you can generate using your money to live the life you want. Much like education, diverse life experiences such as travel expand the way you see the world, and yourself in it. They may not earn you money specifically, but they’ll help you use your money for a much greater purpose if you have them.
Many people try to live lives of frugality without ever truly investing in themselves. This may be an efficient way to use the money you have, but it’s not a vibrant way to expand your wealth and enjoyment of life in the long term. Finding a balance between frugality and self-investment is important for many people who get money in the long run.