Investing in Yourself
Classic business coaching advice is “Invest your heart out, take risks!” And you might be expecting me to say that – and in this post I am saying that… to a degree.
But I got myself into a sticky situation with investing in myself in 2018, so I’m sharing them in the hopes you can learn from my mistakes.
Between June–August 2018, I invested several thousand dollars into online courses and business programs that didn’t give me the return I expected. Looking back, it was a brilliant learning experience, because now I understand the power of slick marketing that makes unfulfillable promises. However, at the time, I thought I just hadn’t found the magic pill yet (top tip: there is no magic pill).
In October 2018, I invested every single dollar I had into my High Performance Coaching Certification, without considering what might happen if an unexpected expense occurred – and it did. I got a $2000 smack in the face when I arrived at Heathrow airport for my flight to go to my training in Phoenix, Arizona without a visa (Who knew you needed an ESTA visa waiver? Apparently everyone except me). I missed my flight, and had to book a new flight on the spot.
Just to be clear: I did not have $2000. I was lucky that I have an amazing partner and he was willing to put it on his debit card – leaving him with only $20 to get the bus back from London to Brighton. I am incredibly thankful he was willing to help me out that horrible situation (I will be forever grateful, thank you, Daniel!).
After coming home from the certification, and after paying off that $2000 – I felt burned. I was suddenly in a place with money I had never been before: my boyfriend was paying our rent, my mum was loaning me money... it was not a fun time. I cried a lot. My coaching business wasn’t bringing in enough income. I had anxiety about getting a job because of a traumatic past experience. I ended up in a total of $4500NZD of debt. At that point, I didn’t want to see anything with a price tag over $4 (or £2, since I was living in the UK) and I was terrified of ever making another large investment.
Don’t get me wrong – the investment in my coaching was a brilliant one, and I wouldn’t change it. However, it would have been a good idea to have had something I hadn’t heard of at that time: an emergency fund.
In early 2019, I discovered financial teacher, Dave Ramsey, and his “baby steps to financial freedom”, and it was like the clouds parted and I could suddenly see how I would set myself up for success long term. I was hooked. The best part? It was totally free.
If you don’t know the Baby Steps, they are essentially a life plan for how you will create financial freedom, and they apply to everyone in every situation, no matter your economic status.
I devoured Dave’s YouTube videos and I got myself out of debt in a matter of just a few months.
Now, two years after my first investment, I’m ready to make investing in myself a priority again.
Only this time, it will be different. I’ve got an emergency fund. I’ve got a money-management app. I know my limits. I will never, ever, ever go into debt again, unless it is for a mortgage. And even then, I’m cautious.
My new identity: I am someone who invests in myself.
Also my new identity: I am a wise investor.
So should you make that big investment?
If you’re finding it hard to answer this question, ask yourself this question instead:
Should you go jump out of an airplane?
The answer is “Yes, of course. But bring a parachute.”
