Alan Weiss’s Monday Morning Memo® – 04/18/2022
What do you invest in? Do you invest in stocks and other securities? Do you keep your money conservatively in certificates of deposit and savings accounts? Are you risking a bet on cryptocurrency? How are you amassing money for the long-term (college, weddings, medical emergencies, new cars, new houses, family vacations, support of parents and/or kids) and the short-term (annual taxes, unexpected accidents and repairs, impulse purchases, new computers)?
Let’s face it, some of us aren’t! The average net worth of an American household is about $120,000, and the average cash savings in a bank account are about $40,000. (Source: https://www.valuepenguin.com/banking/average-savings-account-balance) In all probability, those of you reading this are better off than these numbers, depending on your age, occupation, discipline, and so forth. When I was fired at age 39 we had very little money in the bank and less than $60,000 in investments.
I ask because the greatest investment I know of after all these years……is in yourself. That is where the greatest potential dividends lie. Yet that is often our lowest priority—”I’ll attend that session, take that course, learn this procedure when I have the time and the money.” What should be the highest priority is actually, frequently, the lowest! There’s a reason that the time and money aren’t currently available.
I don’t know how to deal with people who tell me, “I can’t afford your coaching to improve my business right now, but once I secure a few more sales I’ll be able to.” That is perverse logic. That’s like saying, “I’m too hungry to eat, but once I’m less hungry I’ll have something.” Yes, you’ll have starvation. Or bankruptcy.
You can’t really appreciate the Great Wall of China until you stand on it, the Pietà until you’ve seen it in St. Peter’s, a rhinoceros until you’ve watched one trotting by your vehicle on safari. You can’t appreciate the improvement you can make in your life until you engage in it.
There is a lot of self-help schlock out there, this is true, and it often prompts people to look on their own development as de trop. But ask trusted colleagues what they have done. And take this from someone who’s written scores of books appearing in 15 languages:
You don’t learn to ski, or ride a bike, or make a speech by reading a book. Not even mine!
Never stop investing. Never stop improving. Never stop doing something new. —Bob Parsons
Most experts and great leaders agree that leaders are made, not born, and that they are made through their own drive for learning and self-improvement. —Carol S. Dweck
I am all about self-improvement and becoming the best version of myself, it could be in my career, my finance, or just life in general. —Liza Soberano