Part VI: Turning savings into investing

6 minutes
Share the link to this page
Copied
  Completed
You need to have access to the item to view this lesson.
One-time Fee
$99.99
List Price:  $139.99
You save:  $40
€96.21
List Price:  €134.70
You save:  €38.49
£79.77
List Price:  £111.68
You save:  £31.91
CA$143.95
List Price:  CA$201.54
You save:  CA$57.58
A$160.33
List Price:  A$224.47
You save:  A$64.14
S$135.93
List Price:  S$190.31
You save:  S$54.37
HK$776.63
List Price:  HK$1,087.32
You save:  HK$310.68
CHF 90.06
List Price:  CHF 126.09
You save:  CHF 36.02
NOK kr1,139.30
List Price:  NOK kr1,595.07
You save:  NOK kr455.76
DKK kr717.87
List Price:  DKK kr1,005.05
You save:  DKK kr287.17
NZ$177.29
List Price:  NZ$248.21
You save:  NZ$70.92
د.إ367.26
List Price:  د.إ514.17
You save:  د.إ146.91
৳11,945.58
List Price:  ৳16,724.30
You save:  ৳4,778.71
₹8,518.63
List Price:  ₹11,926.43
You save:  ₹3,407.79
RM448.65
List Price:  RM628.13
You save:  RM179.48
₦154,771.52
List Price:  ₦216,686.32
You save:  ₦61,914.80
₨27,852.21
List Price:  ₨38,994.21
You save:  ₨11,141.99
฿3,415.60
List Price:  ฿4,781.97
You save:  ฿1,366.37
₺3,525.07
List Price:  ₺4,935.24
You save:  ₺1,410.17
B$620.23
List Price:  B$868.35
You save:  B$248.12
R1,852.48
List Price:  R2,593.54
You save:  R741.06
Лв188.12
List Price:  Лв263.38
You save:  Лв75.25
₩146,004.73
List Price:  ₩204,412.46
You save:  ₩58,407.73
₪366.53
List Price:  ₪513.16
You save:  ₪146.62
₱5,844.26
List Price:  ₱8,182.20
You save:  ₱2,337.93
¥15,707.80
List Price:  ¥21,991.55
You save:  ¥6,283.75
MX$2,012.91
List Price:  MX$2,818.16
You save:  MX$805.24
QR364.43
List Price:  QR510.22
You save:  QR145.78
P1,382.66
List Price:  P1,935.78
You save:  P553.12
KSh12,923.70
List Price:  KSh18,093.70
You save:  KSh5,170
E£5,089.49
List Price:  E£7,125.49
You save:  E£2,036
ብር12,725.10
List Price:  ብር17,815.66
You save:  ብር5,090.55
Kz91,190.88
List Price:  Kz127,670.88
You save:  Kz36,480
CLP$99,038.09
List Price:  CLP$138,657.29
You save:  CLP$39,619.20
CN¥729.75
List Price:  CN¥1,021.68
You save:  CN¥291.93
RD$6,065.06
List Price:  RD$8,491.33
You save:  RD$2,426.27
DA13,522.10
List Price:  DA18,931.49
You save:  DA5,409.38
FJ$232
List Price:  FJ$324.81
You save:  FJ$92.81
Q770.19
List Price:  Q1,078.30
You save:  Q308.10
GY$20,913.42
List Price:  GY$29,279.63
You save:  GY$8,366.20
ISK kr13,961.60
List Price:  ISK kr19,546.80
You save:  ISK kr5,585.20
DH1,005.73
List Price:  DH1,408.06
You save:  DH402.33
L1,844.84
List Price:  L2,582.85
You save:  L738.01
ден5,920.21
List Price:  ден8,288.54
You save:  ден2,368.32
MOP$800
List Price:  MOP$1,120.03
You save:  MOP$320.03
N$1,842.15
List Price:  N$2,579.09
You save:  N$736.93
C$3,678.44
List Price:  C$5,149.97
You save:  C$1,471.52
रु13,621.60
List Price:  रु19,070.79
You save:  रु5,449.18
S/372.86
List Price:  S/522.02
You save:  S/149.15
K405.52
List Price:  K567.74
You save:  K162.22
SAR375.60
List Price:  SAR525.86
You save:  SAR150.25
ZK2,766.47
List Price:  ZK3,873.18
You save:  ZK1,106.70
L478.77
List Price:  L670.30
You save:  L191.52
Kč2,420.15
List Price:  Kč3,388.31
You save:  Kč968.16
Ft39,675.18
List Price:  Ft55,546.85
You save:  Ft15,871.66
SEK kr1,106.30
List Price:  SEK kr1,548.87
You save:  SEK kr442.56
ARS$102,565.23
List Price:  ARS$143,595.42
You save:  ARS$41,030.19
Bs692.24
List Price:  Bs969.16
You save:  Bs276.92
COP$438,826.54
List Price:  COP$614,374.71
You save:  COP$175,548.17
₡50,760.09
List Price:  ₡71,066.16
You save:  ₡20,306.06
L2,539.15
List Price:  L3,554.92
You save:  L1,015.76
₲780,390.60
List Price:  ₲1,092,578.06
You save:  ₲312,187.46
$U4,451.49
List Price:  $U6,232.27
You save:  $U1,780.77
zł411.19
List Price:  zł575.68
You save:  zł164.49
Already have an account? Log In

Transcript

Another huge point I hope to teach you is that investing in yourself is the surest way to your success. Once you start learning how to save money and have some extra, aside from the money you're saving for your next big purchase, is it buying a house, you can put that money to work for you instead of you working for that money. When you take courses or learn a new skill, you're enhancing your net worth in a way that can't be taken away from you. Even if you were laid off. I've been laid off three times. No one can take those skills away from you.

It's much like losing weight. It's one thing to lose the weight and another thing to keep it off. But once you start working out, you invest the time and energy in yourself. And no amount of junk foods can take that away from you. Your mindset has changed and you know how your body works so you know how to set yourself up for success no matter what life throws your way. Take this golf for example, you may have already known how to budget or what to look for to save money.

But I'm guessing you didn't know why you couldn't keep saving money before. What kinds of things really stand in your way? Why it's an uphill battle. But I'm hoping you feel stronger now that you know and are able to climb that once impossible Hill, and you're now someone who doesn't let minor setbacks get in your way. Knowing that you will have a setback or two and literally planning for the unknown, you're in a much better spot than your peers. You now have the keys to take on the challenge and face it head on.

No longer other days where your money controls you. You are in control of your money. The exercise for this lesson is to write down your thoughts in answer to this question, what are all the things standing in my way to financial freedom in the next two columns, right? All The best case scenarios that could happen because of getting over this hurdle and in the last column, right, the worst case scenario, what's the worst that could happen? I've included an example to help get you started. Once we have a solid savings foundation and start to invest in ourselves, we get to take thing to the next level in terms of our investing, maybe you're interested in real estate and take an online course on that.

Or maybe it's online marketing, whatever it is, there's a course for it. It doesn't have to be Udemy either. There are a ton of free courses out there. Code Academy has free coding classes, and Morningstar and Vanguard have free resources on how to invest in stocks. At some point in the future. You may get so good at this task, what you're passionate about, that you want to take the leap into providing that service to others on your terms.

Much of What I stumbled into by following my curiosity and intuition turned out to be priceless later on, you can't connect the dots looking forward, you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. Another quote by Steve Jobs. This one speaks to the fact that we must trust that we are on the right path because we're following our intuition and it can steer us to what we ultimately want to do. The trick to finding what you like doing is easy. Take a step back and see what you like doing in your free time.

If you had all the time in the world, how would you spend it work if it were possible to do this for a living? I'm here to tell you it is possible. Even more so now that you've taken this class, but it's more than just taking a class you need to put the learnings into practice. It's a lifestyle switch, a change in mind. Set. But once you start seeing that it's possible, you have every reason to believe that you can take the steps to make your dreams come true.

When we work on our passion, life becomes easy. We don't notice the time passing by all the hard work we put in, because it doesn't feel like work. There's an ancient Japanese concept that means a reason for being. It's called Iki. Guy and it works like this. A passion is something that you love and are good at but won't necessarily bring you fortune because others may not be into it as well.

A profession. On the other hand, maybe something you're good at and provides a paycheck, but you don't have passion for it or the world may not be wanting what you're providing. A vocation is something that pays in something The world needs, but not something you love or it may keep you stuck in a rut. A mission is something you love and something The world needs but it doesn't pay and you may not be good at Iki guy is the intersection of all four, something you love, are good at what the world needs. And you can get paid well for. Maybe you like jewelry, but don't know the first thing about making it.

There's a course for that somewhere, or an apprenticeship you could create with a local jeweler. And maybe you realize it's more work than you thought. Better to know that now, wouldn't you say? instead of always thinking how your life would be better if you were making jewelry onto the next hobby. Once you find what makes your heart sing, you know, and the word of caution. No one talks about the emotional side of things when you turn your back on the life that you would expect it to live and all the sacrifices that needed to be made to get you to this point.

It goes without saying that you're taking a leap of faith here. But following your heart is the path to freedom and away from greed. them instead of your fears, focus on your desires. At this point, you want to be very specific with what it is you want to do. The more specific you are, the closer you get to achieving it. I for one, don't know how this works exactly if it's a self fulfilling prophecy or divine intervention, but it works.

Knowing what you want is the clearest path to getting it. writing it down starts to make the dream more of a reality.

Sign Up

Share

Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.