“The best investment you can make is in yourself” – Warren Buffett
How most people create wealth is via the stock market. That’s because most retirement plans heavily invest in mutual funds. So although many people don’t consider themselves investors in the stock market, they actually are 100%.
Although the stock market is a great way to build wealth, what about when you need a break? Is the market stagnant? Do you think it will drop soon so you don’t want to add more funds? Or maybe are you ready to invest a little more money close to home. The following article lists the many very personal investment alternatives you can make.
Perhaps you want to change careers. Perhaps you want to bolster your resume so you’ll be less susceptible to a layoff. Or maybe you just always thought it would be fun to get another degree. What are you waiting for? If you have money in the bank waiting to be used, consider putting it into an education fund. An education is one of the best investment alternatives out there. As Warren Buffett reminds us, “The best investment you can make is in yourself.”
2) Become Informally Educated
Do you want to get smart but don’t feel like going to school? That’s understandable. Thanks to the internet, self-education is better than ever before. You can read blogs, watch YouTube videos, attend free lectures online, browse Wikipedia all night long, read tons of books, listen to audio books… the possibilities are endless. These are all just free options (and therefore, free investment alternatives). If you have some money to spend, consider attending conferences around the world, buying dinners for people you find to be influential, etc. You can go quite the distance with self-education.
3) Invest in Your Appearance
No one likes to admit it but we all judge each other at least somewhat based on appearances. For instance, you would probably judge your doctor if he looked like he didn’t even take care of himself, am I right? Thus, it may be a wise investment to improve your appearance. This may be something as simple as getting a manicure or getting a new haircut. However, you can go further. Consider getting a whole new wardrobe. Consider going to a dermatologist to get microdermabrasions, Lasik, Botox and the like. Consider getting coaching that will teach you how to be and look more confident.
4) Start a Company
Has there been a company you’ve always wanted to start? Even if you don’t have a huge amount of time – you do have capital. Instead of investing in the stock market, invest the money in your own company. Now is the time to accomplish your dream with these potential investment alternatives of starting your own company.
A home, in general, is an appreciating asset even if all you do is keep paint on the thing. But what if you improve it? Yes, that could be quite the fruitful investment. Plus, you get a better looking home! What’s better than that – getting a better home without really spending any money? However, things could go wrong so consider this an investment, not a sure thing.
Following is a list of items you can improve for both a better looking home, a more energy-efficient home and ultimately a higher valued home:
- Sun shades/blinds
- An insulated garage
- A finished basement
- A new front door
- LED lights throughout
- Home security system
- An addition
Without health, you cannot have wealth. Now that you have some money to spend, what’s your excuse for not getting in shape?
- Hire a personal trainer if you must.
- Hire a dietitian.
- Buy a bicycle you’ll actually enjoy riding.
- Start going to the dentist regularly.
- Get regular massage appointments to keep stress at bay.
- Buy new workout clothing.
- Buy a Fit Bit.
- Join an expensive gym.
- Get a water filtration system for your home.
- Buy an ergonomic chair for your office.
- Start buying fresh fruit and vegetables.
- Buy an expensive blender and make your own smoothies.
Even just a few thousand dollars can go a LONG WAY when improving your health. It’s definitely one of the best investment alternatives.
7) Invest in a Startup
Do you know someone who has a good idea but no funding? This could be a friend, neighbor or college student. Or are you comfortable using a crowdfunding platform such as Indiegogo? If so, consider putting your own money into a small company where it can make a monumental difference. Not only will the feeling of reward possibly be great, the monetary reward of these investment alternatives may be great as well. It’s kind of like the TV show Shark Tank. But instead of just watching TV, you’ll be getting in on the action. Who knows… you may even become a full-time venture capitalist some day!
Your First Step…
What you must do now is decide which investment alternative you’ll choose. Will it be in a formal education? Will it be in an informal one? Will you invest in your outward appearance? Want to start a company? Should you invest in making your home more energy efficient, worth more and more appealing? You could invest in your heath. Will you invest in a startup?
There are many investment alternatives for you to choose from. What will be your choice? Where will you funnel the funds that were previously allocated for the stock market?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.