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BIZ Academy Podcast
Hosted By: Wyatt Yates

Money Myth: Invest In Yourself



In this episode, I discuss what investing in yourself means. What are the three reasons you should believe this myth in regards to your personal finances? What ways can you invest in yourself to increase your income? Listen to find out.

Action Steps:
Write down one way you can invest in yourself to increase your earning potential. Then start doing it today.

Episode Transcript:

Wyatt Yates Host 00:00 Money doesn't have to be complicated. You can achieve financial independence. This podcast gets to the truth behind the money mess you hear from your grandma, your broke uncle, the latest social media influencers and the so-called money experts. Welcome to Money Myths with your host, wyatt Yates. 00:23 This week's myth is invest in yourself. You'll hear this myth a lot in the self-help space or self-help community, and what this means. What investing in yourself is is, first, you have to believe that you're capable of more than what you're currently doing, whether that be your job, your life, your business, if you're a business owner. But the key thing is you first have to believe that you're capable of more than what you're currently doing or accomplishing, and then it requires that you actually sacrifice things. You have to sacrifice things that aren't helping you for things and spending your time doing things that increase your knowledge, your expertise, help you grow and help you create more value. So that's what investing in yourself is. It's not giving yourself downtime or that free time because you deserve it. It's actually spending time to develop yourself so you can increase your income. 01:32 Now, this myth is definitely something you should follow, and I'm going to give you three reasons. The first thing is when looking at your personal finances. You can only decrease your expenses so much. You have to have a roof over your head, so you have to have shelter. You have to be able to eat. You have to have transportation to get around or get to and from work. There are necessities you have to have that are your non-discretionary expenses and you can limit them and you should try to limit those as much as possible and reduce them as much as possible so you can have more money to save and invest. But there will be a limit on how much you can reduce those. So, no matter how hard you try, if you don't ever address the income side of your budget so the top part of your budget, the income side if you aren't addressing that and figuring out ways to increase that, then you're going to be limited on what you can achieve with your personal finances. You may be able to scrape by and cut those expenses, but if you're not increasing your income, it's going to take you longer to achieve financial independence and you may, depending on where your current income is. You may never get there because you may just be getting enough to pay your bills. So you have to look at the income side and the only way to look at the income side is by looking in the mirror and looking at yourself and how you can improve yourself to be able to create more value so you can earn more money, and to do that, you need to invest in yourself. So that's the first reason why you can only decrease your expenses so much. Eventually, you've got to look at the income side, on how you can increase your income. 03:31 The second thing is, especially here in America and as long as you're not mentally disabled or something like that, your income potential is unlimited. So you can only decrease your expenses so much and you will hit a limit, but with your income it truly is unlimited. There is examples every day and in every industry of people that went you know, your rags to riches, the people that went from nothing and spent time working on themselves, investing in themselves and created a lot of value in the marketplace, which in turn generated a lot of income. Your income truly is unlimited. There is no limit on how much you can make. It's up to you. It really is, and you can only generate income if you're adding value in the marketplace, if you're adding value to other people's lives and the way you're gonna be able to add value to other people's lives is you have to work on yourself, and you got to improve yourself to be able to add value and have something of value that people are gonna want. You may feel like your income is limited with where you're at right now, but that's because you're not working on yourself, you're not investing in yourself. You're spending your time binge watching Netflix, scrolling on your phone, instead of doing things that are gonna improve yourself to where you can be able to add more value and increase your income. So, yes, your income may be limited where you're at right now, but that doesn't mean you can't do things and invest in yourself to be able to increase your income. And it doesn't matter where you start. We all start in different places and you can find thousands of stories of people that probably had it worse off than you, that made something out of themselves because they spent the time working on themselves. So that's the second reason your income truly is unlimited and that's why you got to focus on the income side when you're doing your budget. You can't just penny pinch and reduce your expenses without looking at the other side of the equation, which is your income. 05:51 The third reason why you should believe this myth invest in yourself is you can't reach your goals if you're not improving yourself. So you have to invest in yourself to improve who you are to be able to reach your goals. If you can reach your goals that you've set without any self-improvement, then your goals aren't big enough and you need to reevaluate your goals. If you want to reach your goals, you got to look in the mirror and you got to get better at what you do, whether that's your job or your business. You got to work on it, and it all starts with you and your knowledge, your expertise. How much time are you spending learning? You have to become an expert in what you do if you want to make top dollar for what you're doing, and the only way to do that is to invest in yourself and spend time working on you. So those are the three reasons you can only decrease your expenses so much. So you have to look at the other side of the equation of your income, and the only way to increase your income is to work on yourself so you can add more value, and your income is unlimited. It really is only limited to the work you're willing to put in on improving yourself and how much value you're gonna add to people and how hard are you gonna work. Other than that, there is no limit to it. So if you're upset with how much you're making, look in the mirror. It's probably something you're doing or not doing, most likely. So let's summarize this and get into our action steps. 07:35 So a lot of times you'll hear you know, probably have heard the saying the best return on any investment you will ever get is investing in yourself. And it's completely true. By investing in yourself, you increase your income potential and that's the fastest way to reach that financial independence. Your expenses can only be cut so much, but your income, you know. Just think if you doubled your income today. Everything you could do with that extra money. But you have to look in the mirror and start with yourself. The best return you ever will get on any investment is yourself. It's dead on because it increases your income. It gives you more dollars to put to work. 08:17 And investing in yourself doesn't have to be an expensive endeavor. It can be as simple as reading a book that you've been putting off, reading that you know will help you, or it's going out for a walk in the evening instead of sitting at home watching TV or Netflix all night. One of the biggest things you can do is take care of your health. When you improve your health, you'll have more energy, you'll be able to work more, you'll be able to think more clearly, you're going to be more productive when your health is taken care of. And that's your weight, what you're eating, exercise, your sleep those are all things that you can do without any money. It doesn't cost you anything to go for a walk. It doesn't cost you anything to make sure you're going to bed at the same time every night and getting up at the same time every morning. 09:09 So one of the best things you can do to invest in yourself is take care of your health, because it's going to give you the confidence that you can achieve what you set out for, as well as just all the benefits of with your brain, health and mental clarity and energy levels. But when you focus on exercise and taking care of your health, you'll get those little wins. That's going to build the momentum to get you focused on all those other goals you've set and you're going to have the energy to actually be able to attack them. And you're going to continue to invest in yourself. Investing in yourself could be going back to school to get that education or that degree that you've been wanting to get, or spending time to get that certification that will take you to the next level in your career, or attending a seminar that you've been wanting to attend to. There's lots of ways you can invest in yourself, from as little as no money to as much as money or college degree would cost you. 10:15 Which leads us to our action step for this week, which is just write down one way that you can invest in yourself to increase your earning potential. One way. It can be from simple, as I'm going to go for a 30 minute or hour walk every night when I get home from work, or it can be I'm going to read this book, or it can be I'm going to read this book, you know this week, but you're going to write down one way you're going to invest in yourself to increase your earning potential, and then you're going to start it today. So, whenever you're listening to this, start it today. You can. If you wait till tomorrow, it won't get done. Get in the habit of taking advantage of the day you have and starting it today. 11:04 Thanks for listening and listening to this episode of the money myths podcast. Please do me a favor and, if you found this episode interesting, subscribe to the podcast so you can make sure you get all the future episodes. Also, leave a rating and review so you can help us grow this podcast, so we can lead more people to financial independence. And, lastly, please take a screenshot of the episode, share it on your social media channels and tag us using at rugged financial. We will see you later.

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