So, you have an idea to be financially independent that you’ve been thinking about for some time now, and you can hear your purpose calling your name. However, with life and its challenges you feel that your purpose is out of your reach, and you wouldn’t have the time to pursue it. Or maybe you have a dream but when you saw how much it cost you told yourself “It’s not for me”.
Whatever the situation is, you are not alone. Many of us have a hard time investing in ourselves. In these times it is becoming clearer that we know that we need to make some changes in our lives. The cost of living does not discriminate and it’s affecting us all. I remember when I started my “pursue my purpose” journey and what a mentor of mine told me. He said, “Young man we all have 24 hours, how you spend those 24 hours is what makes the difference.” With his timely advice, I was able to get started…but this journey takes much discipline.
Discipline helps us to form habits that can allow our work to be consistent. Investing in ourselves to be financially independent is the cornerstone of not just this website/blog, but our entire generation.
So…What does invest in yourselves to be financially independent mean?
When we become financially independent, we no longer rely on someone else for our financial well-being. We oversee our own finances and can provide for ourselves and our families without having to ask anyone else for help. To achieve this level of independence, we need to invest in ourselves and future.
What are some ways we can invest in ourselves to be financially independent?
Invest in (our):
- Education
- Relationships
- Make the commitment to invest in yourself
- Careers
- Businesses
- Real estate
- Stocks and mutual funds
- Pay yourself first
- Families
- Communities
- Environment
- Pay down debt and create a plan if you don’t already have one
- Retirement
- Children’s education
- Relationships with money
- Start a scalable Side Hustle
- Relationship with God
- Spiritual life
- Emotional life
- Mental health
- Physical health
- Take time out to spend time with you
- Start a journal or become an author
- Serve your purpose
- Don’t be afraid to leave your city to get a fresh start somewhere else
1. Invest in our education.
The more we know about personal finance and investing, the better equipped we will be to make sound financial decisions. We must read, read, and read some more! Another way we can invest in our finances is by joining a mastermind group. Mastermind groups are groups that meet in a specific location and discuss personal and business strategies to help us grow. Investing in our education is one of the smartest things we can do to ensure our financial independence.
2. Invest in our relationships.
Relationships are one of the most important aspects of our lives, and the more supportive relationships we have, the better off we’ll be financially. It is often said that the most important investments we make are in our relationships. Some examples of investing in our relationships are by spending more time with those who help us to be more rounded and spending time learning from those whose strengths are our weaknesses.
3. Make the commitment to invest in yourself.
Making the commitment to invest in ourselves is a big step towards financial independence. It shows that we’re serious about taking control of our finances and making our money work for us. Once we decide on a plan, it’s important to stick to it. Making a commitment to ourselves that we’ll invest in ourselves financially each month can help us stay on track and reach our financial goals.
4. Invest in our careers.
The more successful we are in our careers, the more financially independent we will be. One way we can invest into our careers is by investing in our education and professional development. To do this we can take courses and attend workshops to learn new skills or upgrade our existing skillset. Another way to invest in our careers is by staying up to date on industry trends. When we’re aware of what’s happening in our field, we can start learning and position ourselves to be ahead.
5. Invest in our businesses.
Owning your own business is one of the best ways to become financially independent. One way that we can invest in our business is by building capital and finding ways that we can create more cashflow. We must make sure that we have a clear plan that is realistic, and our team understands the plan and vision of the business. To find out more about how you can invest into your business please speak with your bank provider.
6. Invest in real estate.
Real estate is a great way to build wealth over time and become financially independent. Real estate has always been a solid investment choice, thanks to its ability to provide long-term stability and consistent returns. In fact, over the past century, real estate has outperformed many other investment options. Remember that it’s okay to invest for the long term. While there will always be ups and downs in the market, over time, values tend to rise. That’s why it’s important to have a long-term strategy in place. By holding on to your investment properties for the long haul, you’ll be better positioned to weather any market volatility and come out ahead in the end. If you are new to real estate investing, please do your own research and speak with a real estate expert.
7. Invest in stocks and mutual funds.
Investing in stocks and mutual funds is a great way to grow our money over time and become financially independent. There are a few different ways that you can go about investing in stocks and mutual funds. One option is to work with a financial advisor who can help you choose the right investments for your needs. Another option is to invest on your own by doing research and choosing the stocks and mutual funds that you feel comfortable with. Remember that there is risk in investing. Please do not invest money that you need.
8. Pay yourself first
What do we mean by paying ourselves first? It means we should save or invest at least 10% of your income each month, no matter what. That may seem like a lot but it’s not if you break it down. For example, if you earn $5,800 per month, that’s only $580 per month. Over time that money can add up! Remember don’t spend more than you earn. The money that we put aside each month can go into an investment to help our money grow.
9. Invest in our families.
Families are the foundation of our society, and we should do everything we can to make sure they are financially secure. It is important to invest in our families so that they can be financially independent. One way to financially invest in our families is to open a savings account for each child. This account can be used for future expenses such as college tuition or a down payment on a house. Another way to invest is to purchase life insurance policies for each family member. This will ensure that your loved ones are taken care of financially in the event of your or any of their deaths. Making an investment in our families can help our families to continue to progress and stay ahead overtime.
10. Invest in our communities.
Giving back to our communities is one of the best ways we can invest in ourselves and become financially independent. One way to invest in our communities is to donate your time and resources to local causes. Also, we can invest in businesses or organizations that are doing good things in the community. When we invest in our communities, we create opportunities for ourselves and others to thrive.
11. Invest in our environment.
Protecting our environment is not only the right thing to do, but also a smart investment, financially speaking. Some ways that we can invest in our environment is keeping our area clean. Avoid letting trash build up around your yard, invest in green technologies and companies that are leading the way in sustainability, and advocate for strong environmental policies at the local, state, and federal levels. With the growing concerns over the future of our climate we can advocate for better environmental policies. When we use resources that are cleaner and energy efficient it can help us to live longer and happier lives. Overtime these changes can be more cost effective and we will save money in the long run.
12. Pay down debt and create a plan if you don’t already have one
A great way to achieve financial independence is to pay down our debt. Our plan should include both short-term and long-term goals. Short-term goals might include paying off a credit card or increasing your 401k contribution. Long-term goals could be saving for a house or retirement. Remember what ever plan you choose, stick to your plan, and be disciplined. It’s a lot easier to be financially free when we have less debt.
13. Invest in our retirement.
Retirement planning is a critical part of becoming financially independent. We need to make sure we have enough money saved up so that we can live comfortably in retirement. There are several important factors to consider when it comes to investing in our retirement to achieve financial independence. First, we need to make sure that we have a solid understanding of our current financial situation. This includes knowing how much money we currently have saved, as well as any debts or other financial obligations that we may have.
Have a clear goal in mind
Once we have a clear picture of our current financial situation, we can begin to develop a plan for investing in our retirement. There are a variety of different investment options available to us, and it is important to choose the ones that fit our individual needs and goals. For example, if we are looking for immediate income and growth potential, stocks may be a good option. Alternatively, if we are more concerned with stability and preservation of capital, bonds may be a better choice.
Different ways to invest in your retirement
There are also several different ways to invest in our retirement accounts, such as through employer-sponsored plans or individual retirement accounts (IRAs). Once we have selected the right investment options for our situation, we need to create a diversified portfolio. This means investing in a variety of different assets, such as stocks, bonds, and cash equivalents. By diversifying our portfolio, we can help to mitigate the risk of losses in any one particular investment.
NOTE: If you are new to investing into your retirement, please seek help and guidance from your financial planner/ advisor.
14. Invest in our children’s education.
Giving our children a good education is one of the best gifts we can give them, and it’s also a great way to invest in our own future financially. There are many ways to financially support our children’s education. One way is to invest in their future by contributing to a 529 Plan. A 529 Plan allows us to save for college expenses and get tax breaks.
Another way to financially support our children’s education is through private scholarships. We can search for private scholarships online or through our child’s school. There are also many grants and loans available to help pay for college. The best way to find the right financial aid is to research all our options and apply for as many scholarships and grants as possible. When it comes to paying for college, it is important to start planning early. By starting early, we will be able to find the best way to financially support our child’s education. Investing into our children’s education can also help them not to go deep into student loan debt.
15. Invest in our relationships with money.
The better we understand our relationship with money, the more financially independent we will be. Investing in our relationship with money means learning how to communicate about financial matters, setting clear boundaries, and creating a plan for our financial future. It’s not always easy, but with a little bit of effort, we can all achieve financial independence and peace of mind.
16. Start a scalable Side Hustle
With a side hustle, we can earn extra income to help pay the bills, save for retirement, or simply improve our lifestyle. If we choose the right business idea, our side hustle can even become a full-time business. That business can now create more opportunities for us and can be passed down. This is one way that we can create generational wealth.
17. Invest in our relationship with God.
Our relationship with God is the most important relationship we will ever have, and it can have a profound impact on our financial well-being. Spending time with God can include reading the Bible, praying, or even singing. Investing into our relationship with God also means we must invest into our spiritual life.
18. Invest in our spiritual life.
A strong spiritual life can help us to weather any financial storm and come out stronger on the other side. Some ways that we can invest in our spiritual life is by attending church regularly and studying the Bible. Another way we can invest in our spiritual energy is by being generous with our time, energy, and resources. This could also be taking time to meditate and do some yoga.
19. Invest in our emotional life.
Most of us think that to be financially independent, we need to make a lot of money. However, this is not always the case. Being financially independent means having the ability to live without worrying about money. It doesn’t necessarily mean being a millionaire. Our emotions play a big role in how we handle money, and if we can learn to control them, we will be better off financially. If we want to be financially independent, we need to learn how to control our spending. We also need to develop a savings plan and invest our money wisely. And lastly, we need to learn how to live within our means.
20. Invest in our mental health.
A healthy mind is a key to financial independence. If we want to be successful financially, we need to make sure our mental health is in good shape. Mental health is just as important as physical health, but unfortunately, it is often overlooked. Just like investing in our physical health can help us stay healthy and financially independent, investing in our mental health can have a similar impact. Remember if you are struggling with depression, anxiety, and stress please reach out to your doctor or counselor for help.
21. Invest in our physical health.
A healthy body is a prerequisite for financial success. If we want to be financially independent, we need to take care of our health first and foremost. Our health is our most important asset. If we’re not healthy, we can’t work, we can’t earn money, and we can’t take care of ourselves or our family. That’s why it’s so important to invest in our physical health.
22. Take time out to spend time with you
One of the best ways to have more money for leisure activities is to live below our means. This means spending less than you earn and saving the rest. When we have extra money in our budget, we can use it to do things we enjoy, like going on vacations or taking up a new hobby. Another idea is to just relax and put our phones down. Sometimes we are always on the move so settling down is a great way for us to reset and ease stress levels.
23. Start a journal or become an author
There are a few ways to become financially independent as an author or by starting your own blog. Here are a few tips! First, when we start a blog, we can share our work with others and build an audience for our writing. We can make money through advertising or by charging a subscription fee to our community. By publishing a book and having a great marketing strategy our book can produce passive income. By writing articles about our work and attending writing events we can build an audience for our work and sell more books.
24. Serve your purpose
When we serve our purpose, we are using our God-given talents and abilities to make a difference in the world. When we do this, doors of opportunity open up for us and abundance flows into our lives. Financial independence is one of the rewards for serving our purpose. If you are struggling to find your purpose, always remember you can speak to a counselor and also seek guidance through prayer.
25. Don’t be afraid to leave your city to get a fresh start somewhere else
Leaving our hometown can be a scary decision, but it can also be the best decision we ever make. If you’re feeling financially burdened or just need a fresh start, consider moving to a new city. There are many benefits to being financially independent and moving somewhere new is a great way to achieve that independence. The price of rent around the United States is skyrocketing and some jobs are not willing to increase their wages to meet the cost of living. By doing research and finding where the opportunity zones are we can take advantage and position ourselves better financially.
Are there any downsides to investing in ourselves to be financially independent?
Becoming financially independent requires a lot of discipline. Our journey can be an uphill battle at first, but with some hard work and perseverance we can achieve our goal. Keep in mind that we’ll need to be mindful of our spending and make sure we’re not living beyond our means. Also, we must make sure that we don’t turn our financial independence journey into a stressful experience as this will cause stress in the short term. If we stay disciplined and enjoy the journey, we can achieve greater financial stability and peace of mind in the long run.
How old do we need to be to start investing in ourselves?
There isn’t a perfect answer to this question because it can vary depending on the individual. However, I’m sure many of us have heard to start investing in ourselves and growing our finances as early as possible. One of the main reasons for this is that the earlier we start, the more time we have to let our investments grow. This can be crucial, especially if we’re looking to become financially independent in the future.
Final Take:
So, there you have it! 25 different ways to invest in ourselves so that we can become financially independent. Some of these will be easier for us than others, but the important thing is to make the commitment and get started. If you’re struggling with where to start, we highly recommend paying down your debt and creating a plan if you don’t already have one. And remember, always consult with a financial advisor before making any major investment decisions. We hope this article has been helpful and please feel free to share your own tips and tricks in the comments below! Check out my other blog Want to Build Wealth & Establish Financial independence?
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