From renovating run down properties to investing in the stock market, there are so many ways to grow your wealth over time. However, if you’re looking for a rewarding long term investment minus the risks, why not invest in yourself?
Self improvement is something you can do at any stage in your life but by making a conscious effort to be the best possible version of yourself when you’re in your twenties, you can set yourself up for a really strong financial future.
Unconvinced? Let’s take this blog of mine as an example of how self investment can pay off. Starting my own money saving blog is perhaps one of the best things I’ve ever done in my life. Investment wise, it’s up there with my degree and MA as one of the greatest investments I’ve ever made. Although this blog is very much still a hobby rather than a business, it’s helped me practise my writing skills, it’s blessed me with new friends, it’s helped my CV stand out from the crowd, it’s opened up job opportunities, it’s allowed me to speak on numerous radio stations (and be on TV), it’s given me the confidence to negotiate my salary, it’s helped me find profitable side hustles and it’s enabled me to build my very own ‘personal brand’. I have no idea how many hours I’ve put into this blog (hundreds and hundreds) but I consider this to be an investment. It’s helping me become a better person and get to where I want to be in life.
Keen to invest in yourself but unsure where to start? Here are just a few ways to get started…
Take up a new hobby
Not only are hobbies enjoyable, they can also be worthwhile investments that send you on a voyage of self discovery and improvement. You could take up blogging, as I have, but you could do something completely different entirely such as painting, upcycling old furniture, gardening, sewing, photography or making your own jewellery.
Over time, you could get to a stage where you can make money from your hobby. This could involve selling your services (selling upcycled furniture, gardening for others etc). Your hobby might also make you money by boosting your CV or catching the attention of a potential employer.
Gain an education
Studying a degree has long been considered the ultimate way to set yourself up for a profitable future. However, thanks to sky high tuition fees and the likelihood of lifelong debts, many are turning to other forms of education in a bid to make themselves stand out from the crowd.
If you don’t already have a degree and you know that university isn’t for you, why not consider an apprenticeship? You’ll probably start off on a low salary but you’ll be learning on the job and improving your career prospects without getting into debt. In most cases, there’s nothing stopping you getting a part time job alongside your apprenticeship for extra money.
Learn a new skill
Learn to play the guitar, take Spanish lessons, teach yourself to code, train to become a hairdresser, read books about SEO. Whether you opt for skills that will help you in your day job or simply ones to make you a more well rounded person, there are countless skills to improve your value and better yourself as a person.
If you’d like to learn some new tricks online, I’d really recommend signing up for Lynda.com. It is a membership based website so does come at a cost but since you’re allowed a free trial, you may as well binge learn something before deciding whether to start paying for it.
If you enjoy your trial, ask your employer if this is something they’d be happy to pay for. You’d be surprised how many employers are happy to pay for this sort of thing on employees’ behalf.
Alternatively, you may choose to invest in an online course. I’ve purchased four online courses in the last year and, although they were expensive, I’ve learned so much from them.
Listen to the experts
Whether you read books, listen to podcasts or subscribe to blogs, try to soak up other people’s wisdom whenever you get chance. Learning from your own mistakes is an important part of life but learning from the mistakes of others can often be equally valuable.
If you’re struggling to find time in your day to learn about other people’s successes and failures, why not make the most of your commute? Here are 6 ways to make your commute more productive.
Volunteer
If you have a few hours to spare each week, volunteer. You’ll learn new skills, meet new people, boost your CV and improve your job prospects. You’ll also be helping a worthy cause, obviously.
I volunteered at a charity shop for a few months last summer and it was well worth my time. It was interesting to see how charity shops are run and to learn a little bit about the business side of things. It gave me plenty of ideas for my blog and even opened up a few writing opportunities for other websites.
To start volunteering, contact the charities and causes you care about directly or visit Vinspired, NCVO, or Do-it trust.
Save money
Even if you can only afford to save £20 a week, just do it. Start today. Put as much money as you can afford to save into a high interest account every time you get paid. The beauty of having a healthy savings fund is that it gives you the freedom to make choices in your life that you wouldn’t otherwise be able to make. Want to quit a job that’s making you miserable? You can if you have a healthy emergency fund. Want to leave your partner and live on your own? You’ll struggle if you’re financially dependent on them. Having a savings account can allow you to do anything from taking on your dream job that comes with a low starting salary to travelling the world.
So where should you save? If you only have a little bit of spare cash each month, a high interest current account could be a good option for you. If you’d like to save for a home, consider a Help to Buy ISA. And if your employer offers a pension plan, get saving for retirement with their help right away.
