Episode CF05 – Invest In Yourself And Build Assets
Welcome to another Community episode! Today Alvar, Mathias and Michael talk about investing in yourself and developing new skills, and how it can compound over time making for a valuable asset just like any other investment. Enjoy!
We also talk about:
- Learning from the right people
- When to start investing
- The Gallup StrengthFinder test
- Lifelong learning
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How to start investing in yourself
Michael, Alvar and Mathias describe how they started investing in their skill set, how they were able to find the resources, both in time and money, to do it and what strategies they adopted. The approaches are very diversified, where Michael chose to focus on his core skills and acquiring better clients this way, Alvar explored many different industry sectors to receive inputs and identify the field he wanted to invest in, even sacrificing income. Mathias went on senior level in his sector while working on many side projects just for fun, which in the end led him to acquire skills and contacts that have been crucial later in his career.
Translating skills into cashflow
A great way to put new knowledge to work is to build a business out of it, possibly a scalable one that can generate passive income over time. Working on something you are passionate about can be a good start, as Michael shows with his hockey coaching business and other examples. Alvar stresses the importance of the contacts and the portfolio he has built while investing in his skill set, along with his knowledge in the financial side of things.
The importance of coaching and outsourcing
In this process of growing as a professional, understanding where your limitations are is key, and also choosing a tutor that can help you overcome these limitations and take you to the next level. Michael also explains how outsourcing tasks is crucial in order to maximize his income, because it allows him to spend his time at the maximum hourly rate and outsource time consuming activities like accounting and so on. Again, scalability is a crucial aspect of this process.
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