Lifestyle26 October 2018

Your best investment

What’s the single smartest investment you can make?
That’s easy, it's you.

ME has some tips on how to invest in yourself.

Ask people to nominate their best investment and many will say their home or super. Others will barrack for rental properties or shares.

But when it comes to outstanding returns, your ability to land a decent, well-paying job is one of the smartest investments you can make. Investing in your own skills isn’t just a smart way to boost your pay, it can also lead to greater job satisfaction.

So along with New year resolutions to get fit or quit a bad habit, think about adding 'invest in myself' to your list.

So, how to invest in yourself?

It’s no secret that wage growth is creeping along, and not surprisingly, 90% of working Australians say they’d like to earn more, according to ME research.

One possible solution is to approach the boss about a pay rise. Only 12% of people take this tack yet it’s a strategy with a 75% success rate. However, it does hinge on being able to demonstrate you’ve added significant value to the company.

Three ways to fatten your pay packet

The thing is, if you really want to grow your income, investing in yourself can fast-track career success and bolster your potential for financial independence over time.

Just as you’d research any other investment you buy into, it’s important to look into the different ways to improve your skill set and value to employers. Here are three ways to invest in yourself in 2018.

Investing in education

Improving your skills and qualifications can be the key to making headway in the job market. No matter whether it’s a uni degree or TAFE qualifications, additional skills can improve your income earning potential and employability. To discover which skills are in demand, check out the Australian Jobs 2018 report.

Raise a hand to volunteer

If you’re thinking of a career change to give your pay an uptick, volunteering in a relevant field can be a great way to know if you’re making the right choice. Even better, recruitment experts say 95% of hiring employers regard volunteering as a credible way for job seekers to gain work experience and skills1. Head to websites like Volunteering Australia for opportunities. 

Build your own business

Running your own show isn’t just a dream for many Australians, it can also be a great way to earn more money. Just make sure you don't rush into it.

Think about what you’re good at, research the market and develop a business plan to give your new venture a roadmap. Be prepared to work hard and tap into the wealth of government support available to budding entrepreneurs. While just over one in ten workers have built their own business to boost their income, a whopping 77% say it has worked.

With a world of options available, forge ahead, kick financial goals, and add a lot more coin to your pay packet.

1SEEK media release: https://www.seek.com.au/about/news/almost-half-the-aussie-workforce-is-considering-a-career-change. Accessed 24 October 2018.

 This article is brought to you by ME.

This information is about products and services available to you as a member of Tasplan Super. Tasplan Super and ME aren’t agents or representatives of one another. Tasplan Super doesn’t accept responsibility or liability for any loss or damage caused by the products or services provided by ME. Tasplan Super doesn’t receive any commissions as a result of members using ME products and services.

The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391

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