A lot of personal finance is focused on what you do with your money. Some of it is focused on how to make additional income, such as a side job or business. A topic that is not focused on nearly enough is personal and professional development, which is why I want to share five ways to invest in yourself.
1) Formal Education
The most obvious way to invest in yourself is through gaining more education and credentials. Many people get their undergraduate degree and then stop there. While some graduate degrees do not pay off, on average you can make more at your job if you get an masters or some other graduate degree.
With that being said, furthering your education does not have to mean getting another degree or spending years in a graduate program. It can be as simple as signing up for classes being offered at a local community college. Whether you want to learn a new language or gain/develop some other skill, they can be relatively inexpensive (and smart) investments.
2) Books and Online Training
I have to laugh (or cry) when people spend thousands upon thousands going to college and then all of a sudden a $40 book that would help develop your skills is “too expensive.” Investing in yourself should not end once you have a college degree in hand. I have personally invested in a number of Microsoft Excel books that have drastically improved my productivity at work. This was a relatively small investment that has paid off dividends.
There is an unlimited number of websites out there that are made specifically to help you develop your skills. While some of the better ones cost money, there is lots of free how-to guides and blogs out there that can help you learn just about anything. Spending time on these sites and gaining knowledge is rarely a waste of time.
3) Fitness and Nutrition
Photo by Jennifer C.
Being fit and eating healthy takes at least some time and effort, but most people agree that it’s worth the sacrifice. Joining a gym and working out regularly can actually save you money long-term because you will be at a lower risk for heart disease, stroke, and a number of other costly health conditions. Beyond simply being in better health overall, working out and eating right helps you have more energy and feel better.
Thankfully there are ways to eat healthy on a budget. There are also ways to stay fit for less. Instead of getting a personal trainer, you could invest some time into researching workout plans online. Regardless of how you choose to go about getting better health and nutrition, realize that it will take a decent amount of time and effort, if not money, to pursue better health.
4) Participate in Groups and Organizations
Participating in organizations and groups can be a very rewarding skill, both for your personal and professional life. There are groups that have meetups that cover every area. I recently participated in a Minnesota Personal Finance Blogger meetup, which shows just how specific groups and meetups can be. If you give speeches (or ever anticipate having to do public speaking), joining a Toastmasters group can be beneficial.
Some groups are essentially virtual, such as groups on LinkedIn that focus on various topics. There is a lot of great knowledge and information shared on the various Excel groups. An added benefit of LinkedIn groups is that people tend to post job openings.
5) Upgrade your Wardrobe
Photo by Victor1558
Some people will disagree that buying new clothes is an “investment.” In reality, so much rides on how you present yourself to the world that spending time and money on your wardrobe can actually pay off.
Think about interviewing for a new job; so much rides on first impressions. Feeling comfortable and looking your best can weigh on how well your interview goes. I recently got a suit tailored and as many people know, quality tailoring is not cheap. I figure it will pay off over time, though, because I will have at least one suit that fits great and that I feel comfortable in for interviews or other events.
_____________
What do you do to invest in yourself? How do you plan to invest in yourself in the future?
____________
Check out some of our favorite personal finance resources:
Are you getting the best credit card rewards? Check out the top cash back credit card offers (updated daily)
Make extra money: 15 ways to make money from your computer
Get the First Chapter Free!
Join our online community and get the first chapter of the book Student Loan Solution absolutely FREE!
I would like to do some more leadership training this year as well as do my MBA. Honestly I don’t think I will have time, but it is good to keep those goals in mind.
@MonsterPiggyBank Leadership training is always good. I’m actually going to a leadership conference at our church next Saturday. Went last year for the first time and there was some really good stuff.
Here’s to finding time for your goals!
I love to read books, so I will probably continue to invest in that way. Also, I’m going to take some vacations. I would consider that an investment as it is a positive way to invest in my mental health.
@GregatClubThrifty Great point. I haven’t taken more than a couple days of vacation since our honeymoon in September of 2011. Thankfully we have a cruise in a couple weeks here where I hope to disconnect and finally relax a bit.
I definitely need to work on my wardrobe. I can be extremely lazy on some days.
@SenseofCents I’m so comfortable in my current job that I haven’t really worried a ton about keeping my work clothes new/up-to-date. I did make a huge step by going to the tailor on Friday to make sure I have at least one suit that fits well ;)
I’ve definitely purchased clothes in the past few years for work, but I also just recently invested in a great accountability circle. There are 6 of us women who own small businesses and we’re keeping each other motivated. It’s really great!
@BudgetBlonde Accountability is so important, that’s really sweet that you found a group that can hold you accountable and vice versa. If I ever “took the plunge” and worked a small biz full-time, I would definitely want an accountability partner or group.
Man, I need to get on this “Linked in ” thing like ASAP! I’m seriously leaving opportunities at the table :(
@iHeartBudgets You definitely should set one up! It can’t hurt and it doesn’t take a long time to do.
The clothes part is really true. Buying a few classic pieces can go a long way. So many people where I work dress like completely slobs. This is good for me, because I have a natural aversion to dressing up, but barely have to put in any effort to be better dressed than most here :-)
The books point about being too cheap, after paying for school, is great.
@Ugifter Haha that’s great. My work is similar, though the more comfortable I become the more I neglect updating my wardrobe :/
Great point on the affordability of books and training guides. A very affordable way to further your education and training.
@KyleJames1 It’s worked well for me, and I prefer self-learning vs. class setting.
I love these, DC. Updating your wardrobe doesn’t have to be expensive, either. It can be as easy as changing one or two pieces a month.
@AverageJoeMoney Yep if you neglect it it can be expensive to update. I need to be better about slowly updating.
You’re killing my no buying clothes challenge! No, I agree. If I had to go to any sort of an interview, I’d have to buy a new suit or dress. Looking put together helps you attitide and makes you look like you know what you’re doing even if you don’t!
Excellent post! I completely agree with the continuing education. I use to attend a lot of evening adult education courses, some for fun, like cooking classes, and some for work, like PM classes.
And whenever I had an interview, like you, I always invested in a nice suit. The thing about a conservative suit is that it will last you a long time and you can easily switch out the shirt and in your case the tie, and look like you have another brand new suit.
I am all for numero 3 – good standards of fitness and health changes everything!!!
@SavvyScot1 Definitely agree. I’ve been really focusing on health in 2013 and hope the trend lasts ;)
It’s high time for me to start working on number three. I’ve always done organized sports leagues (softball, volleyball, basketball), but I haven’t found any to join since moving. I need to find a workout that takes 15 minutes. I just can’t imagine committing an hour every. single. day. to working out. I just don’t think it’s in me. If I can figure out a better way to get three things done while I workout, I’m all in. :)
@Johnny @ Our Freaking Budget I run half the time and work on the elliptical half the time. While I’m on the elliptical I am able to do a bit of reading (basically the only time I read books) or read tweets. So I do try to kill two birds with one stone, but for the most part working out has to be working out.
This is a GREAT post! Definitely not talked about nearly enough in the personal finance world :)
I agree with the wardrobe but only in some jobs. It might work great in a professional setting like a CPA firm but wear a suit to a manufacturing industry job (even in accounting) and you’ll likely get weird and dirty looks from many people you work with.
@Money Life and More I wasn’t suggesting you start wearing a suit to work…just suggested it makes sense to have an updated wardrobe in case an opportunity comes along.
@DC @ Young Adult Money Ah, I thought you meant interview plus any other time. For an interview it definitely makes sense.
Great tips about investing in yourself. I think many people forget about this because they are worried about other things. Take some time, especially in the new year and get yourself together.
@DebtRoundUp Good words!
A great way to invest in yourself is to improve your communication skills. I have to say that my business communication class really helped with how I present myself. Public speaking, writing and learning how to talk to co-workers can be a great way to help your career.
@JustinatTheFrugalPath Those are the exact skills that I really need to improve.
I think I pretty much do only one of those things right now, which is health and fitness. I guess in some ways I’m learning new skills like wordpress and tips about blogging which can hopefully help me generate income, but most of that is thankfully free advice!
@Beachbudget Learning about WordPress and blogging definitely counts as skill development!
I like your idea about investing in formal education by taking community college classes. On a similar note, I know in my community there is also an adult education program that hosts assorted classes. You may have inspired me to look into them a bit more!
I definitely buy courses to further my learning, and will continue to do so even more when I’m out of that pesky student loan!
I really NEED clothes. Not want, NEED. I’m determined to lose more weight before I ‘invest’ though but have to get on it, I have been avoiding social situations b/c i have nothing to wear, I wish I was kidding. I literally have one pair of non-pj pants that fit me. Even pre-baby wardrobe is bad, maybe 4 total…
I’m investing my time in learning more about investing! I’m also planning on attending a personal finance seminar next week that my financial advisor told me about. I have never attended one before, so I am hoping I will learn something new and interesting about finances and the economy.
I really need to upgrade my wardrobe. You know you need new clothes when your black dress pants look a little faded and are not as black anymore! Haha. Although I am female, I don’t enjoy shopping. I almost would be willing to hire a personal shopper to clothes shop for me.
I totally agree about the importance of exercise and good nutrition. With healthy foods and daily physical activity, you reduce stress, have more energy, and get sick less often.