Have you invested recently…in yourself?
If so, leave a comment describing how you invested in yourself, how much it cost, and what you think you’ll get out of it. (Share how you’ve invested in yourself here »)
WHY I ASK
This week I’m at a conference in Atlanta for my day job, which is selling (very expensive) business software.
Many people who are here are getting ready to spend $100k, $500k, sometimes even millions of dollars on enterprise software systems (and then pay 20% of that amount every year to support and upgrade the software). This got me thinking about what we spend our own money on…and how we should be spending a portion of our income investing not in the stock market, but in ourselves.
Why do companies spend millions on business software?
ROI. (Return on investment.)
When a business spends $500,000 on software, it’s betting than in 12 months, give or take, the software system will save it at least that much money. (The software I sell, for example, helps manufacturers work more efficiently, so they can produce more products in less time.) They are not buying this software, they’re investing in it.
HOW THIS APPLIES TO YOU
You are your own greatest asset. Your ability to earn is what’s going to put food on your table for years to come, enable you to experience and buy things you want, and allow you to retire when you’re older.
Knowing that, you have a choice. You can rely on your cumulative work experience to earn you raises and promotions every few years in the future, accepting the fact that you’ll never really transcend the job/role/industry/lot in life you have now.
Or, you can continue to invest in yourself. As you do so, you’ll increase your effectiveness. As you become more effective, you will earn more money.
You don’t have to spend a lot, to invest in yourself, by the way.
A book on business or self-improvement counts.
So does a $100 coaching session, $1,000 seminar or, yes, a $30,000 master’s degree.
Just be careful: Although it’s generally a good idea to invest in yourself, you can make bad investments in yourself if the ROI just isn’t there (consider the different returns generated by a master’s degree in Creative Writing and an MBA from a top school).
How have you invested in yourself recently?