Your 20s and 30s are a great time to invest in your financial future. A strong financial future doesn't just mean financial stability or a big bank balance. There are other ways you can invest in yourself now to reap the rewards in the future.
But let's also not get it twisted - you don't have to spend lots of money to invest in yourself. This post explores ways you can invest in yourself depending on your budget. If you want to invest in yourself for free or with very little expenditure, then low-cost investments are for you. Medium-range investments should be pursued if you are willing to put a bit of money into it. Then if you want to invest your big bucks - the high-cost investments may be for you.
Low-Cost Investments:
Educational Resources:
Leverage online courses, webinars, and workshops catering to your industry or interests. Platforms like Coursera, Udemy, or Khan Academy offer affordable courses, enabling you to acquire new skills or enhance existing ones. Or if you want to do something IRL, consider joining local meet-ups or networking events to connect with like-minded individuals and mentors.
Financial Literacy Books:
Invest in your financial education by building a library of books on personal finance, investing, and entrepreneurship. There are bestsellers like "Rich Dad Poor Dad" by Robert Kiyosaki, "The Total Money Makeover" by Dave Ramsey, or "Your Money or Your Life" by Vicki Robin that provide valuable insights for a relatively low cost. Reading regularly will not only expand your financial knowledge but also enhance your decision-making skills.
Budgeting Apps:
Track your expenses and manage your budget efficiently with user-friendly resources like Budget Like A Boss. Budgets help you identify spending patterns, set savings goals, and make informed financial decisions whilst tracking. Regularly monitoring your budget ensures you stay on top of your financial game.
Medium-Cost Investments:
Certifications and Short Courses:
Industry-specific certifications or short courses not only help your decision-making but can give your career a boost. Platforms like LinkedIn Learning, Skillshare, or professional organisations often offer reasonably priced courses that can enhance your resume and open new opportunities or allow you to demand more.
Top Tip: Prioritise certifications that align with your career goals and have a tangible impact on your earning potential.
Financial Advisor Consultation:
Consider consulting a financial advisor for personalised advice on your investment strategy, retirement planning, and overall financial health. While there may be a consultation fee, the long-term benefits of sound financial advice can outweigh the initial cost. Choose an advisor who understands your unique financial goals and can guide you through the complexities of investment planning, and most importantly check they are approved or authorised by the FCA.
Networking Events and Conferences:
Allocate funds for attending industry-specific conferences or networking events. Building a strong professional network can open doors to new opportunities, partnerships, and mentorship. Look for events that align with your career aspirations and provide a platform for meaningful connections.
Top Tip: Some conferences or events have bursary funds that you can apply to if the ticket price is over your budget and you meet the requirements.
High-Cost Investments:
Advanced Degrees or Specialised Training:
Why not pursue an advanced degree or specialised training in your field? If you have the funds and the time, this might be the route for you. While this may involve a significant financial commitment, the long-term return on investment can be substantial.
Top Tip: Research scholarship opportunities, part-time programs, or employer-sponsored education benefits to mitigate costs.
Entrepreneurial Ventures:
This high-risk, high-reward option requires a significant financial commitment, but it can lead to financial independence and personal fulfilment. Develop a comprehensive business plan, seek mentorship, and explore funding options like small business loans or angel investors.
Investing in yourself is a lifelong journey. Whether you're making low, medium, or high-cost investments, the key is to align your choices with your unique goals and values. By taking intentional steps to enhance your education, financial literacy, and career prospects, you'll be well on your way to building a robust financial future.
Fempire Finance