You might have heard people tell you that “You need to spend money to make more money”. While this might seem paradoxical and even confusing at first, it is actually true. Investing in yourself will be your best investment ever.
Growing up in an Asian culture, many of us believe in being frugal and keeping within our budget. Don’t get me wrong, this is an important value to have, however, we should be wise with how much we implement it. There is no joy in saving money while limiting your own growth. So, when you deal with money, always think long-term. If you make the big purchase now, will it reap rewards for you in the long run?
I had a friend who was stuck in the paradox of spending money to make more money. Jane, at that point in time was struggling financially and did not have much to spare for things she did not consider an absolute necessity. She was working as a full-time freelancer in the graphic design field and only made money based on the frequency of projects that she received.
She had been using free apps and programmes to design her projects thus far. This approach seemed like the best fit for her at that point in time. It helped her save money while providing her the basic necessities and tools to complete her paid projects. However, she did notice that these programmes did not have the latest features and were limited in its ability to fully express her creative ideas into reality.
Jane hit a block when she started noticing that the frequency of her gigs was starting to decrease. She knew that she had to transform her approach to her business to continue working in that field. She decided she needed to produce quality services and products that truly embodied her creativity. She then gathered enough money to purchase the more expensive apps and programmes, she also purchased an iPad and an apple pen, to aid her in her projects and give her more creative freedom.
These purchases were huge for her and more than she felt like she could afford at that time. Even still, Jane’s shift in priorities proved to be worth it. After making these changes to her business, she felt that the quality of her projects had improved. Because she purchases the latest technological tools, she could now be mobile in her job and she had started seeing an increase in customers. In this sense, spending money by investing in herself allowed her to reap the rewards of gaining more clientele.
If you’re still not convinced that spending money will help you earn money, here are other reasons to invest your money that will give you benefits in the future.
1. Spend Money to Widen Your Skillset
Whether you’re a fresh graduate looking for a job or you’ve been in your industry for decades already, everyone needs to adapt with the changing times. That means that you constantly need to widen your skillset and knowledge to make sure that you are relevant to your industry.
This could mean picking up night classes or getting a higher diploma or degree. Spending this money for education will benefit you because it makes you an asset in your company or industry.
I had a friend who graduated with a diploma in Communication Studies and went straight to working. Despite being valuable to the company and performing well, she did not see a pay increase or a promotion for years. She then decided to pick up a part-time degree while working. Soon after graduating with a bachelor’s, she received an increase in her salary and noticed that she was climbing up the ladder quicker than she did before.
This goes to show that spending money to widen and update your skillset and knowledge is invaluable and very useful if you are looking to rise up the ranks in your industry.
2. Spend Money for the Latest Technology
A lot of us might take a step back when thinking of investing into the latest laptops or phones. However, these investments are essential – especially if you’re running your own business or have a side hustle.
Similar to Jane’s case, investing in the latest technology can prove to make life easier for you. For example, with the apple pen and iPad, Jane is able to draw and design her work with precise detail that she was previously unable to do with her just her laptop. Additionally, these tools allowed her to make her job mobile, meaning, she could easily touch up and edit her work for her clients anywhere because of the portability of her equipment.
In this era where most of us work remotely and are highly dependent on technology for our daily work needs, making sure that you have the latest technology will make life easier for you. Which in turn could boost your performance at work and possibly even get you promoted.
3. Spend Money on The Right Tools and Software
If you work independently or are a business owner, you should revaluate your budget to recognize the areas that you need to be planting more money into.
For example, if you’re starting out a small business and you require a website or social media to sell your products, make sure that you invest money into these marketing strategies. Many a times, I’ve seen small businesses have a weak online presence despite the product being of quality. Instead of taking photographs on your own or with just a smartphone, invest in a professional photographer or a professional camera. Investing your money in these small changes will make the biggest difference as it will aptly capture your target audience’s attention and influence them to purchase your product.
All in all, spending money on the right tools will be of great use for you in the long run. So, the next time you feel like you don’t need to spend money on the premium product – think twice, it could actually make your life easier.