When we consider money lessons, many of us instantly believe that “spending = evil” and “saving = good.” We were taught from an early age the importance of saving money and that the more we save, the more secure our future would be.
Rethinking Spending vs. Saving
“Spending wisely” or “spending less” is often the first fundamental financial lesson we ever acquire. Thus, when faced with the option between spending and saving, we tend to see one as beneficial and the other as detrimental. Spending makes us feel bad, regardless of how necessary the purchase is, since we always believe that money is better off locked away in a savings account or invested to generate interest.
However, on a similar note, shouldn’t you consider investing in yourself in the same way? After all, investing 1,500 pesos in a Web Development Fundamentals Course or a Bread Making Workshop results in the acquisition of a new talent that you may use to your job or company. For workers, the more skilled you are at your job, the more pay you may expect. For entrepreneurs, the more skilled you are at business, the more money you can generate.
This implies that self-improvement improves your economic potential and overall quality of life.
Invest in increasing your earning ability and improving your life
As well-known business speaker Francis Kong phrased it, “Live within your means while increasing your means.” Rather than just spending less, spending intelligently should entail a consideration of the consequences of our actions.
When it comes to “expenses” such as learning a new skill, developing yourself, or obtaining new useful experiences, it’s wise to ask yourself!!
“What am I getting out of this that can contribute to my future?”
How to invest in yourself wisely
1. Establish a goal
A goal provides a focal point for our efforts, ensuring that we do not squander our energy and limited resources (ehem, money) on frivolous pursuits. Want to boost your self-esteem? Why not enroll in a communication skills course? Would you want to live a more active lifestyle? Consider picking up a new sport.
2. Consider short-term or long-term returns
As with any other investment, investing in yourself may provide short- or long-term benefits, depending on the activity you choose. While enrolling in a Presentation Skills training course may not instantly result in a promotion, it will undoubtedly boost your confidence and skills…which will offer up many possibilities for development in your career and personal life. The bottom line is that you must continue to improve yourself in order to attain your desired outcomes.
3. Use your time wisely
Of course, investments do not have to be monetary — particularly if you have little or no extra cash (ouch…we feel you). However, since “time is the most precious thing a man can spend,” if you’re searching for chances to improve, there are many free online courses available. You just need to devote a few hours each day to learning.
Finally, some reflections
Savings remains critical for long-term financial stability. Each cent you save is an investment in your future — as is each penny and minute you spend on personal development.