Benjamin Franklin said that "If a man empties his purse into his head, no one can take it from him"
That's why I was wondering: how do you invest in yourself?
Instead of spending your bonus on cars, models & bottles, here are 8 ideas on how you could grow:
- MBA: This is the obvious first one. Wanna develop your career? Get a MBA. Tons of debate around that but I think it's a bit too expensive/time consuming for everyone to do.
- Trainings & Certifications: In the mind of people this comes just behind the MBA. CFA/CPA certifications but also trainings about financial modeling or new regulations. Those are mostly paid for by firms but you may decide to do it on your own especially with courses such as modeling/excel on Mergers & Inquisitions or WSO
- Traveling: I love this one because it's not as self explanatory. If you go abroad for at least 2 weeks in a country where you are not totally at ease (different language, different culture) you'll definitely stretch yourself and expand your horizons. The best move here is to go for a 4 or 6 months mission abroad paid for by your firm
- Self Development: Think about Tony Robbins here. You can go on seminar, buy books or watch videos. This is not directly targeted for finance people but it can be interesting. It's not my personal favorite though because I find it wishy washy
- Finance books: I also include management books here. Everything non fiction, including bios that you can read. I love to read, especially this kind of books but I find the impact very limited since the it's hard to apply in your daily life. So good to broaden your mind but hard to put in practice.
- Executive Coaching: One on One coaching for executives. Usually paid for by your firm if you are a CEO/CFO. I never had a chance to get this kind of coaching but I'd love to. It's self development just for you.
Of course there are plenty of other ways to invest in yourself like signing up for a golf membership to network...
Do you think it is useful in the long term or is the effect too small to notice?
"The best move here is to go for a 4 or 6 months mission abroad paid for by your firm" What would be an example of this?
I had consulting missions in mind. Could go from 1 month to 2 years though. It's more difficult to be detached in another office in Investment Banking for Instance...
I like to engage in activities with people that are different from me. For example in a couple of weeks I'm volunteering weekend nights on a film festival, working with people mostly in the theatre and cinema business. While I disagree on many of their points of view, the fact that I'm exposed to their points of view/ways of thinking helps me develop my own.
I think its a mindset. If you're willing and open to learn - regardless of from where or who or how the information is being transferred to you - its a refreshing feeling. Obviously, one should do his/her own due diligence to verify the accuracy of the information but it begins with accepting it from all sources.
I don't know that an MBA or certification is going to help you grow haha. Only your life and work experiences can do that. They can help you build your personal brand though
Investing in yourself will definitely increase the chance of making money to work for you.
Homeschooling, baby. $$ But I like the golf membership option (biased maybe?!)
You forgot a huge one, starting your own business.
This is definitely one of the best articles I have read in this website! Thanks Mate Dot netTraining in Chennai
This makes me feel better about the 500k I've spent on education. I guess I'm heavily invested in myself.
Really excellent article. it is very interesting to read. There is no doubt, i will keep it for my career growth.
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