If you’re thinking about how to make more money and grow your portfolio, chances are, you’re looking at real estate, stocks, and various other business ventures. I bet investing in yourself wasn’t top of mind, right? But you know what, it may be the single biggest investment you’ll ever make!
The good news, though, is that you’re on the right path and your thinking is right on track toward becoming super rich! Entrepreneurship isn’t for everyone, and I’m guessing you’re reading this because you are an entrepreneur or are thinking of becoming one. Either way, it means you’ve probably realized that something about a typical 9-5 doesn’t sit right with you.
That’s perfectly fine!
Just like entrepreneurship isn’t for everyone, neither is a 9-5; whichever path you choose needs to make sense to you. But, I digress. Back to making more money and investing in yourself.
In a nutshell, investing in yourself means making your money work for you by spending it to learn a new skill or something that will enable you to make more money. While typical investing is great, personal development and investment is even better. You become more confident and capable, and it allows you to be more adaptable and flexible.
These are traits any entrepreneur needs to adopt.
Why you should invest in yourself
The very nature of entrepreneurship is uncertain. You could be thriving one minute and then suddenly, market conditions change and your business takes a turn for the worst. You’re then forced to… wait for it… PIVOT. Now there’s a word a lot of us were first introduced to in 2020.
Basically, you can’t be a one-trick pony. You need to have varied skill sets and be able to join the dots, even in situations that don’t quite make sense! That’s what investing in yourself does for you – it opens you up to different perspectives and ways of doing things.
Most importantly, investing in yourself allows you to remain up to date with the way things are done and the direction in which things are moving.
Let me paint a picture for you. Imagine that you started your business way back in the 80s, before the advent of social media. The smart thing to do would then be to invest in a digital marketing course so you’ll be able to reach a wider audience and potentially make more money! At the same time, you’d be saving because you don’t have to pay anyone to do it.
What female entrepreneurs get wrong about investing in themselves
1 – It’s a waste of time
As a female entrepreneur, you’re probably juggling a thousand and one balls, not just in your business, but in your personal life too. In between the kids, home, work, and extra-mural activities, you already barely have time to do your hair or go for a spa treatment. So, feeling like you don’t quite have the time to invest in yourself is normal. But it’s wrong!
When you’re committed to investing in yourself and becoming the best version of yourself, you’ll make time to. As people, we always find a way to fit in the things that really matter to us.
If you think watching YouTube tutorials in between all your other commitments is the better option, that’s a pretty flawed view if you ask me. Plugging in your earphones while you carry on with other things won’t get you very far. Not only is your attention span divided, but you won’t learn much from something you’re not fully focused on!
In fact, you’ll probably save a lot more time – and potentially make a lot more money – when you set aside specific time to invest in yourself.
2 – A bigger sense of accomplishment comes with being self-taught
I know, you like to think of yourself as a certified self-starter, a self-made boss, an “I can do it all” kind of female. You probably are, but you can’t be an expert at everything! Whether you’re self-taught or received some guidance and help along the way, the two most important questions are, “Can you do it” and “Can you do it right?”
3 – The main goal is to make more money
Running a business can be an extremely demanding but equally rewarding thing. All you want to hear about is the bottom line and why your business isn’t making more money this year than it did last year. You want to use each and every second possible to make more money.
Hold it right there.
Investing in yourself and signing up for a course doesn’t immediately feel like it will generate money fast enough. False. Depending on how you go about it, it can be really beneficial to not just your personal growth and development, but your business too!
You’re probably thinking, “Why not just listen to a podcast or watch a training video online?” I’ll tell you why. Because when you pay for something, you want to get as much value from it as possible. You become more accountable and want to make sure that you see how your money is working for you.
On the other hand, you’ve probably listened to several podcasts and webinars and thought about how amazing they were, but chances are, they didn’t really get you to take that next step. But if you’re actually paying your hard-earned money to get that knowledge, you definitely feel the need to financially benefit from it and put it to good use.
That right there is what they mean when they say you need to spend money to make money!
By now, you should know that things change. If you want your business to be able to weather the storms and for you to make it to the other side, then you absolutely need to be committed to constantly upskilling yourself. As with any other investment, your steps need to be well-thought-out and strategic. Otherwise, you’ll just be throwing money down the drain.