When we think of investments, many of us think in terms of what we are doing with our money. However, money isn’t the only resource available to you. You also have your time and your abilities, and you can decide how to use those resources to improve your financial situation — even though you aren’t directly investing money.
Here are some ways that non-financial investments can help your financial situation:
Invest in Relationships
Who do you know? If you need help with something, or if you want a little help getting a job later, do you have someone you can turn to?
Investing in relationships can bring you a number of benefits, including some that are financial. When you take the time to network, you have the chance to build business and career relationships that can bring you more money down the road. Whether you work to develop a good professional relationship with your boss, or you look for a mentor outside your “regular” job, the right relationships can help you improve your financial situation in the long run.
You never know when someone you meet through your charity work, or through a book club will provide you with a tip on a new job opening. Plus, networking can connect you with those who can give you good advice about building your business more effectively, or even tips on better managing your money. Pay attention to the relationships you are developing, and recognize that a little time well spent can pay big dividends.
Invest in Developing Marketable Skills
Think about how you could make yourself more marketable. Consider the skills that could make you more attractive to bosses, clients, or investors. Whether you are looking for a promotion, a raise, or funding for a business startup, you need to show that you have the skills to make things happen.
Once you know what skills you need to develop, work on those things. This can include developing better speaking or writing skills so that you are able to get your ideas across more effectively, or persuade others to provide you with funding. You can develop a knowledge and a knack for marketing and apply that to whatever you are working on.
When you invest in yourself, developing new skills, knowledge, and expertise, you put yourself in a position to earn more money. Plus, developing the right skills can help you better manage that money as well.
Invest in Self-Improvement
Often, we buy things to fulfill some sort of need that we have. However, in some cases, you can save money when you focus on self-improvement instead. Look for ways to invest your time and abilities in doing the things you enjoy, and finding contentment. If you are happy spending time with your family, there is no need to buy a lot of fancy gadgets. If you enjoy spending time outdoors, you can go for bike rides, jobs, hikes, or engage in other activities that prevent the need to spend money on a gym membership.
When you are satisfied with the progress you are making as a person, there is less temptation to buy things to supply a lack. That can save you money over time, and improve your overall financial situation.
What are some of the non-financial ways you invest your time and effort?