Wall street and the 401k are things people usually think of when they think about investing. Boring. While there may be some things worth investing in like dividends or even index funds, there are a variety of things one can invest in to find success.
Warren Buffett is one of the richest men in the world, But even he understands that investing is more than just money. Increasing the value of your own human capital is the best way to start investing. Instead of binge watching the new Netflix series like so many of us are guilty of (yes, me too) you can delay that satisfaction and invest in learning skill that will pay off tenfold in the future.
You can spend money and time to get an education that few people have, or you can take a job with a lower wage that will give you a highly sought after skill. A wise person once said “There is a great place to go when you are broke….To Work!” It is important however to not spend more money than you make, and invest the money you have left in something you know about and understand.
If you’re like me and have other people who depend on you, it might be wise to invest in a little preparation. If you work far from home consider getting a get home bag if you’re in the city, or a go bag if you’re on the outskirts. It also wouldn’t be a bad idea to get some life insurance to eliminate the burden your family might have if something happened to you. Hopefully these are things you’ll never need, but when you need them, you NEED them.
The same thing applies with your property. Research the insurance policies on all property you own. Acquire any necessary capital, security, or arms to protect your investment. Also know when you’re going to get out before you ever get in on ANY investment. This will help you eliminate as much risk as possible.
If you own or are starting a business, know how to invest your time. Improve and control everything you do and pay attention to your return on investment. Calculate your Net Present Value your Internal Rate of Return and use a Payback Method to look at your cost benefit. Ultimately it may pay off more to invest in your own organization then to venture elsewhere.
The Consumer Price Index reveals that inflation hit 0.6% in the month of January. Inflation is a hidden tax on your dollars so it is important not to invest everything you have there. Whether you invest in money, stocks, gold, property or even your children, keep in mind that there is nothing more important to invest in than your most precious resource. Your time.