The following is a guest post written by Geof White, author of Lemonade Stand Economics.
If someone walked up to me and said, “What do you think of when I say the word investment?” My first thought would be, I have investments. Money I have handed over to someone I trust with the intent of that money increasing over time. I have also acquired investors who have entrusted me with their hard earned money because they believe in one of my business ideas.
To be involved with these type of transactions you either need to have money to invest or a great idea to invest in. But what happens when you don't have money to invest or a great idea to invest in? Here's an option, and it's not original. In fact I'll you may have already done it!
Invest in Yourself
Invest in yourself and grow yourself. It's no different than investing money in a stock or a business you believe in. After all, you believe in yourself, right? Investing is more about belief and trust than money. Investing is simply believing in something enough to trust in giving first, knowing the reward will come later.
I'm not talking money now. I'm talking about education, experience, knowledge.
It's More Than Money
Why do most students go to college? Why do students spend four years studying and working hard? To better themselves by getting a degree, which will afford more opportunities (and yes money) later. Education is an investment in yourself. Experience is an investment in yourself. Do you want to step on an airplane with a pilot that has no experience? I didn't think so. So how are you going to invest in yourself? What can you do TODAY that will benefit you LATER?
Think About Yourself Like an Investment
Be like a financial investor who studies a business they might invest in. Take a close look at yourself. Find things you gravitate toward and then ask, “How can I learn more about this? How can I get more experience doing this? How will investing in myself now provide a greater return later?”
Write down some goals and then write down what personal investment it will take to achieve those goals. Scribble down I need to make $8,000 this summer to pay for school and this is how I am going to do it. Make a plan. Pay for college without student loans.
You never know, if you invest in yourself enough NOW, maybe you will have the money to invest in one of my great business ideas LATER.
What are your thoughts on investing in yourself first?