Over the years, I’ve had lots of people ask me: Where are you putting your client's money? Or, what investments are you recommending?... What they're referring to is the investment product or vehicle I'm recommending. However, the best and most common investment that I suggest is not a product or vehicle, it is actually themselves.
Let me explain.
The single best investment you can make is in yourself. YOU are the most valuable asset that you have. You are an economic engine. So my question in response is, are you investing in yourself? Are you pouring into yourself the way you would pour money into a great investment? Are you pouring gas into your economic engine?
Clients want to know how they can improve their financial lives. Often their focus is on increasing their investment returns, saving for retirement, or paying off debt. They spend time doing research on different funds, stocks, deals, investments, or finding ways to cut costs. But honestly, I can't provide a better investment than the asset sitting in front of me.
There is no higher rate of return than an investment in yourself, your career, or your business. What if you spent that extra time perfecting your craft, further educating yourself, learning something new, working harder at your job, marketing yourself, increasing your personal brand, starting a side business, or looking for a higher paying job?
The most successful people in the world value their time above all else. They understand that time is money. In a recent conversation with a successful client, he mentioned that he pays extra to have his car washed at his parking deck while he's working as opposed to saving $20 and using his valuable time to drive down the street to the local car wash. He knows that in that 30 minutes he'd spend traveling to/from the car wash, he'd be losing money (even though the price tag of the car wash is lower) because he could use that time to invest in himself.
My client understands the difference between price and cost, and the value of investing in himself. The lost opportunity cost of his time at work is far greater than the $20 he'd "save" by paying a lower price for his car wash.
What always has been, and always will be your best investment… YOU.