Where should I put my money now?
"An investment in knowledge pays the best interest." - Benjamin Franklin
Seems like everyday there is a new issue that impacts our finances, right? I know this can cause a lot of confusion and concern and it seems everyone has an opinion to the question “Where should I put my money now?”
I am not a financial advisor, but I work closely with my clients and their advisors. Very rarely does the advisor ask, “Where would you like to put your money? What is important to you?” For me, this is always the starting point. An entirely new set of possibilities opens up when you start there. The best place to put your money always starts and ends with YOU - not the economy.
Recently, I listened to an interview with Jaspreet Singh on Jay Shetty’s (author and coach) On Purpose Podcast, that really piqued my interest. In this episode, Jaspreet shares how he was raised in Detroit by an immigrant family that taught him virtually nothing about money, other than fear-based sentiments steeped in scarcity and misinformation. Sound familiar? This story is far too common, regardless of financial pedigree, status, age, nationality, ethnicity or gender. Unfortunately, this is also the “jumping off point” for discussions about investing and money in general.
In this episode Jaspreet gives recession-proof advice, which is actually universal and can be applied by anyone for free, or mostly free! Jaspreet breaks down the four things you should always invest in, recession or not! These are:
Your physical well-being
Your mental well-being
Your spiritual well-being
Your financial education
I totally agree with this (although I may order them a bit differently ). The main theme is that these are four legs of a balanced table. Since money is a VERY REAL thing that we have to use in this world, keeping these four legs stable is key. Sacrificing any one of them for the pursuit of cash will cause the table to fall.
Let’s focus on #4, financial education. Education does not have to be formal, in fact the best education usually isn't! I share information in my courses that I absolutely did not learn in school, even though I have an accounting degree.
Your education should always start with not only what you want to learn, but why you want to learn it. How will you find and use the knowledge to support who you are and what your purpose is?
I had a conversation with a client recently that wanted advice on where to invest their money. I recommend that they research investments and investment professionals that align with their core values and interests, so that their money is deployed in a way that makes them feel good.
After you’re clear on your “why”, then you can educate yourself on how money works, and invest in a plan that is fruitful and supports peace and joy in your life and the lives of others. Knowing your “why” focuses you on what matters and cuts down on the noise and everyone else's opinion of what you should do with your money!!
Nowadays, you can learn virtually anything, connect with virtually anyone, and find your tribe of like-minded souls and professionals that will help you with your financial education. We are living in the best time ever to do that so be intentional and selective about the information and money consciousness that you allow in your life!
A little homework: Take a few minutes and jot down some areas where you can invest in yourself first, and then see how you can direct your finances to support that. Do you need to invest in your mental health? How about your physical health? I recently made an investment in my physical well-being that has tremendously helped all other areas of my life, business included. As we’re getting close to the end of the year, how about taking some time out to get quiet and nourish your spirit and your creativity?
Investing in yourself is priceless and will pay dividends for life. If you need help, get a coach and learn from others. Ask for advice on what to and not to do, then chart your own path and be sure to help others along the way.
Please share any insights! Would love to hear about your journey! Until next time!