Investing is a meaningful way you can build wealth for yourself — and that goes far beyond wealth in terms of just dollars. Investing in other areas of your life can prove just as lucrative as any bull market. So, here are just a few ways you can invest in yourself this month and reap some serious benefits.
Home
Home: It’s where you start your day, and it’s where you come back to rest and recharge at the end of it. That’s why it’s so important to create a life and home environment that feels like an oasis, not somewhere you need to escape from. If your physical home needs some TLC, now may be a great time to find a contractor to help you start some long overdue renovations or remodels.
You may want to pay attention to how you invest the time you spend in your home, as well. Simplifying your home life , be it decluttering or unplugging from your TV and internet, could help you recharge and give you more energy to invest in other activities. For instance, you could find a few fun (and free!) activities that can help you relieve stress and get social, like volunteering or reconnecting with an old friend.
Health
Investing time and money into your physical and mental health is critical in ensuring that all other areas of your life have a fighting chance of being in alignment, too. If your quality of life is low, you should consider investing in some mental health and wellness care .
Your money and work habits could be affecting your health, too. For instance, investing too much in takeout and not enough in groceries to make meals at home could end up hurting both your physical and financial health. It may also make you more prone to stress. And if you’re already dealing with work stress or even battling imposter syndrome , you may be even more likely to make poor financial and health decisions, like eating sugary treats or splurging on expensive coffees as a pick-me-up. As such, it’s crucial that you invest in your mental and physical health to avoid these issues affecting other areas of your life.
Knowledge
Investing in your knowledge base and education could prove very fruitful in benefiting your health, wellness, work life, and more. You may want to invest in professional development and interpersonal skills to help you be a better leader at work. Or you may want to brush up on your investment knowledge, such as learning about blue-chip dividend stocks .
While some of these investments may only cost you time, you may also find that investing money in your education could help you earn even more money in the long run. You may want to buy a ticket to an online seminar where you learn a high-income skill . Or if you’re looking for a more drastic career change, investing in a bachelor’s degree or other more formal education could open a path to more advanced job opportunities.
Relationships
Getting married? Before the stress of wedding planning starts weighing on you, it may be wise to take a beat and invest in your relationship with your partner . You may be surprised how some extra time and attention may help your relationship flourish. And don’t forget about your friends! For instance, reinvesting in your friendships could help relieve some wedding planning jitters and even help you narrow down who to pick as your bridesmaids or groomsmen .
Investing in your relationships may even help you make better money decisions. For example, if you work on developing a stronger relationship with your partner, it may become easier for you two to talk about finances together without fighting or arguing. And if you find out that a close friend is similarly interested in improving their investment know-how, you may even decide to invest money with them, which can provide both of you support and encouragement throughout the investing process.
Future
What are your long term goals in life? Do you want to be financially independent by 50? Maybe you want to start reinvesting your time and money into finally starting a retirement fund, or perhaps you want to start creating generational wealth for your heirs.
No matter if your future goals are money oriented or not, the first step to investing in your future is narrowing down those goals and getting specific about the small steps you can take now to help accomplish them. To help, you may want to create a vision board to guide you. You could use the board to help you visualize your goals and stay motivated on your path to achieving them. For instance, if you’re planning your wedding, a vision board can help you not only plan your wedding , but also help you and your partner visualize your life, values, and post-wedding goals together.
Around the Web
When committing to investing in yourself, it can be difficult to know where to start. If you need more help and motivation to get started, look no further than this list of expert advice from around the web on how you can start investing in yourself today:
• 4 Ways to Begin Investing in Yourself
• 7 Ways to Invest in Yourself
• Top 10 Ways to Invest in Yourself and Why It’s So Powerful
• 11 Ways to Start Investing in Yourself Today
The Takeaway
Investing in yourself is key to managing your financial, personal, professional, physical and emotional needs. Investing in a home and lifestyle you find comfort in sets the groundwork for being able to invest in your money, health, education, and more. And once you’ve grown in these areas, you’ll be better equipped to not only accomplish your goals and help yourself but also help others, too!
Want some help investing in your financial freedom? SoFi Insights is a budgeting app that can track your income, set up financial goals, and help you keep tabs on your spending.
Learn more about how SoFi Insights can work for you.
Photo credit: iStock/miniseries
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOCO0223001