As a teacher of personal finances, I am asked lots of money questions. Here are just a few of the more common ones:
- “How do I know if I have enough money to retire?”
- “How do I budget for expenses that change every single month?”
- “Where do you get 12% interest on your investments?”
- “How do I compare health or auto insurance policies to ensure I am getting the best deal?”
- “How do I save money when my expenses are so high?”
These are all great questions! In an upcoming series, I will be focusing on answering each of them. However, today’s post is about my favorite money question of all:
“What is your favorite thing to invest in?”
It’s such a great question, and there are many layers to my answer.
Big picture answer: My favorite thing to invest in is my education.
The detailed answer: A great Bible verse (Proverbs 29:18) shares “where there is no vision, the people perish.” My education has helped give me vision! By ensuring my education continues every single day, my vision expands regularly. Even more specifically, I love to invest in money education. I discovered back when I was living the “I Was Broke” part of my life that the biggest reason I was not prospering like I could was because of my lack of financial knowledge. I knew the most basic financial principles such as “save money for a rainy day” (I didn’t), “invest long-term for retirement” (I actually did that), and “it’s important to prepare a monthly budget and live by it” (I didn’t do either). At age 28, I began investing in my money education. It changed my life forever. It changed my family’s life forever.
Let me explain some of my financial education investments.
- Books When I was broke, I bought a book about personal finances. Then I bought another one. Overall, I have purchased and read at least 50 books about personal finances. Let’s say they cost an average of $20 each. This is a total investment of $1,000. The rate of return has been WAY MORE than 10,00o%.
- Seminars & Membership Programs I’ve went to events where they have taught about money. Some of them have been quite alarming in their approach to money and were definitely high pressure events attempting to get me to “buy their special item today only,” but every one of them has provided an opportunity to expand my money knowledge. I’ve spent somewhere around $1,000 to attend these events. The rate of return has been WAY MORE than 10,000%.
- Blogs and websites I read 54 blogs and websites every single day. They have helped me expand my money knowledge tremendously because it allows me to consume financial knowledge “in bite-size pieces.” The best part is this is FREE – just like I provide with this website. Because I’m dividing my investment return by zero, I guess we could say my rate of return is “infinity.”
- Actual investments I’ve bought 4 houses, dozens of land properties, and hundreds of stocks and mutual funds. I’ve successfully started a business from scratch and purchased another one. We have a total of 21 team members working with us to help people accomplish far more than they ever thought possible. There is NOTHING like actually putting the knowledge into practice to expand vision. The rate of return on these investments has been extremely blessed, and it would have been impossible without the investments I’ve made in obtaining financial knowledge.
SHARE YOUR STORY: When was the last time you invested in YOUR money education? What did you invest in?
I’ve written each of my financial books to help expand money education. You can purchase copies HERE.