Upgrading your skills is one of the best investments you could make. Individuals who invest in themselves often see plenty of benefits. For example, increased productivity, greater self-confidence, satisfaction in life, and career success. Continue reading to learn more about investing in yourself and how the 5% rule can help guide your development.
What is the 5% Rule?
No, we’re not talking about whether you should buy or rent a home. The 5% rule for upgrading yourself refers to the total amount of your annual salary that you should spend in order to invest in yourself. The 5% rule is a safe guideline that suggests a small percentage of your money should be used for personal growth. Of course, spending more money may be required for self-improvement if you are looking into higher education.
How to Invest in Yourself
Investing in yourself does not necessarily mean spending thousands of dollars and enrolling in formal schooling. Investing time into upgrading yourself is also important. Some other examples of investing in yourself can include:
- Reading a book to learn more about a topic that piques your curiosity
- Exercising every day to keep your body in shape
- Attending a seminar, workshop, or networking event to expand your social circle
- Trying new activities to get out of your comfort zone and boost your self-confidence
Consider the 5% rule when you are unsure about how much money to spend. As you can see, many of these examples are free or inexpensive ways to aid your personal growth.
Have a Game Plan
What is the reason you are seeking an upgrade? Reflect on this decision and identify your final goal. Afterwards, plan the steps that you will need to take in order to achieve it. Set goals that follow the SMART format – Specific, Measurable, Achievable, Realistic, and Timely.
Properly research the available options that will allow you to accomplish your goal. This way, you will not be wasting your time and money on consuming resources that do not help with your goal. There are also plenty of resources such as books, videos, and other content that will aid your research.
Get the Support You Want
Are you unsure about your career goals as a newcomer in Ontario? Access free employment and settlement services from the comfort of your own home. Speak with the experts at NIC Online to weigh your options - whether you want to follow the 5% rule or are looking to take a larger step for your personal development.
Register now for NIC Online and take the first step towards investing in yourself!