Let’s talk about investing.
I recently received a question at a team meeting about investments. They wanted to know my thoughts on where to invest money to get the highest return. This could be anything — real estate, stock market, cryptocurrency, you name it.
Now, I’m not going to give financial advice. Every situation is very different. But the one consistent way of investing that I believe yields the highest return every single time is investing in yourself.
What I mean by this is investing time and money in things like books, courses, podcasts, conferences, mentors, coaches — anything that allows you to expand your skills and capabilities and become more valuable in whatever it is that you do.
Chances are, when you become more valuable, you also gain confidence in your own capabilities. That will take you further than anything else.
Nearly every single breakthrough I’ve ever had in my life — every single problem, every single challenge, every barrier that’s been overcome — has come as a result of gaining the information that I did not have before.
Perhaps it’s gaining a new perspective, a new mindset, or a new approach. Nearly every single time, I wouldn’t have had that challenge had I known the information that I came to learn by solving that problem.
Think about the biggest challenges that you struggled with, say, five years ago. Consider the amount of stress this caused for you, how difficult it was, how you were unsure of the decisions to make and the steps to take.
Now fast forward to today. If you had to take on your problems from five years ago, would it be as stressful?
Probably not. Because now you have a different perspective. Your capabilities have increased. You know things you didn’t know before.
The good news about not investing in yourself is that you get to keep your money. The bad news about not investing in yourself is that you get to keep your problems.
What’s more valuable to you?
I believe firmly that the highest rate of return on any investment you can make — whether it’s real estate, the stock market, Bitcoin, or anything else — and that you have more control over than anything else, is the ability to invest in yourself.
Now, it’s going to take time and money. Just like any investment, this is something that compounds over time.
Take the idea of marginal gains by James Clear. If you could get just 1% better every single day, by the end of a year, you’ll be 37 times better. This compounds over time.
Furthermore — curiosity is a superpower.
Part of growing, improving, and investing in yourself requires the ability to learn new skills and capabilities. Curious people will learn the most.
This is the space in which I see people make the greatest leaps in their career, their leadership, and their entrepreneurship capabilities.
And it all happens because they’ve invested in themselves and in expanding their skills and mindsets.
Keep in mind that this could be whatever works best for you. For some, it’s podcasts. For some, it’s books. Or maybe it’s conferences, coaches, or mentors. Whatever suits you best, whether it’s one or all or a combination of things, make it work for you.
I am not afraid to share that I invest well over $100,000 a year in learning to better myself — and it’s worth every penny.
Because how else can I grow as a leader if I don’t know what I don’t know?