How to Make Your Investments a Little More Personal
This summer season the time is right to take a moment and discover how to invest in yourself and enhance your overall well being. Keep reading to Explore various avenues for self-investment that can create personal growth, professional advancement, and a greater sense of fulfillment throughout multiple aspects of life.
Take Online Courses
Online courses are an excellent way to put time and money back into yourself while learning new skills, getting a leg up in your career, or advancing your education. In the age of technology, lessons anywhere from beginner to advanced are regularly available on your phone or computer in the comfort of your own home. In fact, job sites like LinkedIn offer a wide variety of courses and even full lesson plans you can complete, earn certificates for and display right on your profile and resume for future opportunities.
Set Healthy Boundaries
Maintaining a balanced and healthy lifestyle starts by effectively communicating your needs and priorities to others in order to do what’s right for you. However, an unfortunate precedent associated with setting boundaries is that you’re being selfish, but this couldn’t be further from the truth. Setting boundaries not only benefits you, but the people around you as you’re taking active steps to avoid burnout and foster healthy relationships throughout your life. While establishing limits with the people in your life is vital, it’s important to create financial boundaries for yourself as well. Making sound financial investments and allocating budgets is an important step in the self-investment process as becoming financially savvy grants you the freedom to efficiently provide for yourself.
Define Your Goals
As you change, so do your goals — so it’s important to take some time to sit down and regularly assess what those goals are as well as any progress you’ve made toward them. Having a healthy balance of both short and long term goals is an important part of keeping yourself motivated without creating unreachable standards that only deplete your sense of accomplishment. Something you may find helpful throughout your journey is creating a physical list of your goals and keeping them in a safe place so you can check them off as they’re completed. The mental stimulation this provides is a great way to give yourself a sense of achievement and pride while investing in who you want to be.
Invest in Your Community
By investing in your community, you’re also investing in yourself as these are the individuals that make up your support system and social circle. A community can refer to your physical surroundings and neighbors, but a community can also refer to any group where you feel a sense of connection. This may include your workplace, an online community, friends and family, or even a group of people who share a similar hobby. When you invest your time and effort toward the people and activities that bring you joy, you end up learning about yourself, gaining new perspectives from others, and deepening your sense of connection.
Fund Retirement
Why should you think about investing in yourself and starting a retirement fund right now? Well, the logic is simple — the sooner you open an account, the greater the benefits will be when you’re ready to retire. If you’re unsure of where to start, you’re not alone. That’s why we’ve provided a brief overview of retirement funds you can start today.
401(k)
Through this type of account an employer can match a certain portion of an employee’s contributions, which is a great way to save for retirement. The amount contributed to a 401(k) is deducted from the employees taxable income.
403(b)
Similar to a 401(k) this account is great for individuals working for a nonprofit or tax-exempt organization as earnings can grow tax-free until they are withdrawn.
IRA
Those who open an IRA receive a tax deduction for the money they put into the account, though when those funds are withdrawn they become taxable income.
Roth IRA
Unlike an IRA, those who open this type of account on the amount contributed. However, the money grows tax-free in the account, and no income tax will be due on Roth IRA withdrawals in retirement. This makes it a great option for young people over the age of 18.
Make Time for Joy & Respite
Some may try to claim your tax refund as their own for quick and relatively easy access to cash and personal information. If you suspect your tax refund may have been taken, or notice any suspicious activity with your tax accounts, contact the IRS and/or FTC immediately so they can guide you through the necessary steps toward resolution.
Use of Your Social Security Number
Sometimes it can feel like life is getting in the way of pure enjoyment, so why not make some time to bring enjoyment back to your life. Whether it’s once a week, once a month, or little moments throughout each day, it’s important to make time for activities that are simply for your own enjoyment. Whether you’re planning on going solo, with friends, or with a significant other, here are some general examples of free activities.
- Going for a picnic outside.
- Having a movie night in.
- Indulging in a delicious new recipe.
- Try a new hiking trail.
Greater Investments Begin with You
Investing in yourself is a powerful and rewarding journey that can lead to personal and professional growth, increased happiness, and a balanced lifestyle. Remember, self-investment is not selfish; it is an essential step toward becoming the best version of yourself.
