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5 Investments In You That Can Better Your Finances For Life

Financial security in life can feel like an impossible dream. No job is 100% safe, and every entrepreneur knows that sometimes businesses can fail. When you’re trying to teach your kids to make every penny count and plan for the future, it might be a good idea to consider your own investments as well. Some of the investments you should think about aren’t necessarily financial. But they will stand you in good stead for a healthy financial outlook.

Education

Education and qualifications are still considered highly by employers. Beyond this, studying can broaden your horizons. It can deepen your knowledge, and offer insights into other possibilities. Understanding the world around us gives us the toolkit to make smarter decisions in life. This can include your finances, your career, and even your business choices. Of course, those pieces of paper can also offer you a higher salary. An advanced degree still offers the best salary opportunities in employment. And those letters after your name could earn you a few more contracts if you were to go into business for yourself.

Too many people are put off continuing their studies believing it could save them money. Sometimes this kind of investment can reap far more rewards than just a fatter pay packet or position of prestige. For a start, there are many types of online master’s degrees so you might choose one to take your career in a whole new direction. Beyond this, you will gain the latest thinking and research on the topics that could most benefit you in your working life.

It is possible and proven that many high school leavers have financially done very well for themselves. However, it seems to be the exception, not the rule. If you didn’t continue your studies when you entered your career, why not pick up the reins again now? It’s a good example for the kids too. You’re never too old to improve your knowledge and understanding. And continuing professional development is often the only way to keep on track in your career.

Experience

When was the last time you wrote down all of the experiences you’ve ever had? Never? Now could be a very good time to start! Each experience can be considered valuable to an employer. It’s all about how you reacted and responded to each challenge as it arose. And why you chose to take on that challenge is just as important. Gaining valuable life and work experience can offer you more opportunities for your career. You can use it to stand head and shoulders above any other candidate for that job you always wanted.

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Don’t forget – you can continue to gain valuable experience right now. You might choose to take a month or two out of work to volunteer for a project that personally inspires you. Or maybe, there is something exciting developing at work that you could get involved with? There are plenty of reasons to gain as much experience as you possibly can. Perhaps the most important one is the opportunity to network.

The more people you work within different situations, the more people will potentially sing your praises. They might do this publicly through social media or references. Or they might casually name drop to the people that can influence your career. Beyond networking, you’ll gain confidence in your abilities, your skills, and your working practices or methods. You’ll learn more, and you’ll be able to detail your contribution.

Your contribution might be measured in numbers or currency. It’s important you record these details and maintain a detailed portfolio. Chances are someone who can influence your career or your business bottom line might see it. Make every experience count, and be sure to continue adding to it.

Economical

You might already practice frugality and teach your kids the value of it. Investing in your finances today might reap good returns in the future. Perhaps you’ve been looking at your pension pot lately? This is one of the most important savings or investment accounts you have. You can start your kids with a private pension fund now. How is yours going, though? If you don’t think it can fund the lifestyle you were hoping for, then it’s time to invest a little more into it.

To free up more cash for the future, you need to be frugal today. What big plans do you have before you retire? Which of these would you be willing to sacrifice so you can squirrel a little more away for retirement? These can be really tough decisions to make. Some of them might need to be discussed with the rest of the family. Of course, there are other ways to fund your retirement. Have you considered any of them?

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Your home might be the center of the universe for your young kids right now. But by the time you want to retire, they’ll be grown up, moved out, and have families of their own. Downsizing at retirement can sometimes free up a good sum of cash to make life easier at that time of life.

Some people prefer to use high-interest savings accounts to secure their future. There are pros and cons to doing this. The first benefit is that there are rarely any annual fees to pay to keep the account open. Your pension attracts annual fees that can turn into thousands of dollars every year. But your savings pot might be considered an asset, restricting your access to certain benefits and privileges. A pension is rarely considered in this way.

Ethics and Good Health

A good working ethic can be transferred to every part of your life. If you know how to maximize your time and energy, then you might already have a great work ethic in place. This can be applied to your finances and your health too. Working hard is supposed to reap rewards in the end. Indeed, working hard now might boost your career and better your wage packet in the future. This, in turn, could lead to a better pension pot too.

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As for your health? Investing in your health will help you to save money on medical bills in the future. It will also reduce the number of sick days you need to take, making you a preferred candidate for workplace promotion. If you work for yourself, you will suffer fewer losses from days off if you rarely succumb to poor health. Good health takes sacrifice, hard work, and investment. You need to avoid unhealthy foods, exercise regularly, and invest in good quality meals.

It’s not always easy to maintain a good work ethic. After all, we can’t choose our colleagues, and we definitely can’t choose our bosses! But no matter how unpleasant these people might be, it is still as much your responsibility to make the working relationship cohesive. Maintain your work ethics, and you’re less likely to encounter friction with colleagues.

Enterprise

Exploring other avenues can lead to financial gains. It’s important to have a backup plan, even if it is only treated as a hobby. Many people have blogs or sell things they make in their workshop. This is rarely a full-time pastime but instead is something they enjoy doing during their leisure time. However, if things went wrong at work, there is scope to fully monetize these projects and scrape by some income from it.

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It’s not easy to work two jobs at once, and it shouldn’t be necessary. However, it’s worth exploring other avenues to bring in a few pennies. Any enterprise that can become fruitful is worth developing. It’s good to show your kids different ways to generate an income aside from work too. It helps them become more creative with their skills, talents, experience, and abilities. Sometimes all it takes is an idea. Of course, investing heavily in something like this should be carefully considered.

You might not mind making a small loss for something you enjoy doing. After all, leisure pastimes are important for us all. They are worth investing in as well. But if you need to turn it into something profitable, it’s worth using some simple business tools. A simple break-even diagram might be all you need to see if an investment could help reap more rewards. Remember, your time should have a monetary value too.

Don’t forget – you should always be selling yourself as well. You have education, skills, and experience that are valuable to potential employers or clients. Don’t sell yourself short. Instead, detail these achievements on your personal profile. Social media websites like LinkedIn are ideal for this. It gives you a chance to network with other like-minded people and colleagues too. This small investment of time can lead to new jobs and better wages.

Investing in yourself is as important as any business or financial investment you might make. You are the most important asset you and your family have. It’s worth spending the time and a little money in developing that further!

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