It’s understandable to think about cryptocurrencies, real estate, and stocks and shares when the word ‘investment’ pops up in conversation, but investing in yourself can be equally lucrative. From training and further education to exploring new career options, there are several ways to lay the foundations for personal and professional growth. Often, making decisions has financial implications. In this guide, we’ll explore ways to fund investing in yourself to improve your prospects.

Using your savings

Saving for a rainy day is always a good idea. If you have a savings account, it’s wise to invest capital before borrowing money to avoid getting into debt. You can use savings to fund college or university tuition, online or in-person courses, training and workshops, or bridge gaps in your income if you’re exploring a change of career. If you’ve decided you want to switch jobs or discover opportunities in a different industry, for example, this may involve taking a pay cut or even working for free via an internship. Using money you have to hand can help you cover costs and live more comfortably while you’re focusing on studying, learning, training or gathering professional experience and expertise. 

Borrowing money

A 2024 survey revealed that a third of Gen Zers have less than $1,000 in savings. Borrowing money provides a solution for many people who want to pursue further education, return to studying after working or take lower-paid jobs to enhance their career prospects further down the line. 

There are various options to explore including personal loans and targeted financial products for students. It’s worth noting that if you don’t meet the criteria for a student loan, you can explore options like cosigned student loans. This involves another person cosigning the loan on your behalf. It can improve your chances of borrowing money while helping the cosigner boost their credit score. The most important factor to consider when taking out any kind of loan is affordability. Always ensure you can afford the repayments before submitting your application.

Another borrowing option is arranging a loan from a family member or partner. This isn’t viable for everyone, but if you have relatives who are willing to lend you money, it could save you a substantial amount in interest fees and administration charges. Before you accept an offer, make sure the terms are clear, draw up a repayment schedule and ensure the lender is happy to proceed. It’s crucial to be honest and open when discussing borrowing money with family and friends. 

Crowdfunding

Crowdfunding is an increasingly popular way for individuals, startups and organizations to generate funds. Whether you’re raising money for good causes, looking for investment for a new business or an ingenious product, or you’re desperate to go to university but can’t afford it, crowdfunding can offer a solution. The aim is to encourage people to donate to your cause or project. 

If you like the idea of crowdfunding to pay for college or access employment or training opportunities, it’s wise to follow some golden rules. These include sharing your story, giving people information about why you want the money and how you’ll use it, adding visual media, promoting your campaign, interacting with those who visit your page or give money, and offering a range of payment options and price points. Communicating with your audience during the campaign is also key. Keep people in the loop, update them with news of milestones, and try to build a community. This can encourage people to buy into the project, spread the word and follow your story. 

Training through work

Encouraging personal and career growth is beneficial for employers. Company owners can benefit from up-skilling workers and recruiting internally. This can not only boost performance and save time and effort but it also saves money and increases employee retention. 

As an employee, it’s important to explore opportunities and be proactive in developing new skills. Speak to your employer about training options and let them know that you’re interested in gaining new skills, taking on more responsibility or expanding your knowledge base to diversify your role. Training through work is a brilliant way to supercharge your career prospects without worrying about money. In many cases, companies pay for training for existing employees.

If you work in a business where opportunities are limited, it’s worth approaching the subject with your manager or looking elsewhere. You may find that other companies offer a lot more in terms of employee development and progression. If this comes at a cost, for example, the salary is lower, weigh up short-term losses against long-term gains. 

Reducing outgoings

Reducing your outgoings can free up funds to save, clear debts or create a fund for college, further study or training for a new job. If you’re looking to lower spending and maximize savings, start by analyzing your account transactions and identifying costs you can lower or cut out altogether. Review your direct debits, subscriptions and weekly spending on groceries, utilities, luxuries, and travel. Cancel memberships and subscriptions you don’t use or need and find ways to lower bills. Set a budget for buying food and eating out, purchasing non-essential items, socializing, and getting around. It’s also beneficial to compare prices on utilities and consider making changes, like opting for a cheaper phone, TV or broadband package. Shopping around and comparing prices can help you find the best deals. 

If you need to save a lot of money, you could explore more drastic options, such as moving out of your home and sharing with others or finding a tenant to rent a spare room in your home. 

Increasing your income

Improving your financial situation often involves lowering spending and increasing your income simultaneously. If you’re eager to earn more, there are options to consider, including part-time and casual work, overtime at your existing job, and setting up a side hustle. Examples include babysitting, dog walking, house sitting, basic home and garden maintenance services, tutoring, consulting, and freelance work. 

Investing in yourself can be hugely lucrative, but you often have to spend or invest money to get where you want to be. If you’re keen to go to college, undertake further study or training, or change careers, there are ways to achieve your dreams. Options include using your savings, borrowing money, training through work, reducing your outgoings, and increasing your income. 

Content creation

Another lucrative side hustle opportunity could be creating content on platforms like OnlyFans. This platform enables creators to distribute exclusive content to subscribers for a monthly fee, offering significant earning potential to those with loyal followings or unique offerings. Using specialized management software can streamline your operations and get more earnings when handling multiple OnlyFans creator accounts. These tools help organize schedules, analyze performance metrics, and efficiently interact with subscribers. Relieving administrative workload and freeing you as a creator to focus on producing high-quality content. You should always only create content that feels in alignment for you, no matter what platform you’re using.

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