Living in such volatile economic times can be difficult. Many people are considering switching jobs if they haven’t already. The job market is in a difficult situation too: there’s a high demand for skilled workers but very few answering the call. One main reason people are passing over job opportunities is the need for a higher salary.
A considerable increase in salary is definitely welcome as it can address many of the financial struggles a regular citizen experiences. But it’s not just about how big a salary is- but how it’s being used. A salary is limited, but we have to work towards making the most out of it and not just blindly spending it.
Here’s how you can do just that:
Invest In Skills and Professional Development
When we think about investments, we often think about money. But investing should not only be about bank accounts and credit, it should also be about the self. Investing in our skills is necessary especially while we’re young because it will set us apart from the crowd and give us a big advantage for our future.
With a job market as difficult as it is now, being armed with the relevant skills will allow you to demand better compensation and make you competitive as a job seeker. Consider getting further education- especially in currently relevant skills, like in IT or digital marketing. Investing in yourself is perhaps the biggest investment you can make.
Work On Your Financial Literacy
Before even starting any investment, you first need to be knowledgeable about finances. Figure out your financial health situation, understand your spending habits, get rid of debt, and develop a proper system for your expenditures. Increasing your financial literacy and being able to scrutinize your own financial habits will help you in pinpointing what it is you need to do and to drop the things that are holding you back.
Learn About Pooled Investments. Unit Investment Trust funds or UITFs, mutual funds, and other forms of “pooled” investment schemes are a great way to begin investing. They’re relatively low-risk, have lower initial trading costs, and are a great introduction to investments.
Invest in Stocks. Of course, once you’ve got your foot in the door, you’d want to see the other options. Among the most popular ways to invest money is through stocks. It’s definitely not a get-rich-quick scheme, but through analyzing the market and being wise about your decisions, stock investments can yield tremendous results.
Start Your Retirement Fund While Young. Something to keep in mind is your retirement fund. Starting early has a lot of benefits- you’re more likely to become self-dependent and self-sufficient should you retire. You won’t have to be subjected to government medical aid, and you’ll have much better control over your own life.
Expand Your Network
Another aspect of investment that can really help you, in the long run, is to build a network of people who you can rely on. It’s good to start with a network of fellow professionals, but don’t forget to build relationships with other people too. Establish friendships that last, with people who will help you become a better person rather than those who will merely tolerate your bad habits and be with you only during fun times.
Put Up a Small Business
Another way you can “spend” your money in a way that it pays itself back is by investing in a business of your own. Small businesses can be a lot of work, but if you’re passionate about what you’re doing it might just be the most beneficial of potential investment options for you. You can start a food cart business with a simple mobile food cart you can lug around. Or if you’re particularly artistic, start a t-shirt business sporting unique and appealing designs.
Starting a business isn’t as difficult as it once was- especially with the technology readily available today. There’s an infinite amount of business ideas you can pull off, and you might be stumbling upon the next big thing.
Lastly, Your Health is Your Wealth
As obvious as this may seem, and exactly because it’s obvious, a lot of people still end up neglecting their own health. But as much as you should invest your money in platforms that will yield you a financial return on investment, you should never neglect your health. Invest in your own health, from eating a healthy and balanced diet to getting a gym membership to get some exercise.
All the money in the world is next to useless if your health is failing you, that’s why it’s integral to take care of yourself first.