Sometimes the best deals are the ones right under your nose. Whether the stock market is up or down, you can always count on it going the other way sooner or later.
Take a look at the Dow over the past 15 years or so and you will see a pattern that is generally rising, but punctuated with some sharp peaks and deep valleys. This is the nature of the stock market.
Investors in the stock market often forget in the heat of the moment that whether the market is soaring or in the pits, it has always changed course at some point.
So, the stock market is up (or down): what is the best investment your can make today?
That's an impossible question to answer if you are looking at stocks, bonds and so on. However, there is one investment you can make that will almost always pay off: invest in yourself. Pair that with a re-assessment of your investments and you have taken a big step towards
Many of us who are fortunate to still have a job are looking to a future that has more uncertainty than we might have seen just a few years ago. Jobs may be harder to come by and the skill sets needed in the job market continue to change.
Sitting back and coasting to retirement is not an option for many people thanks to the uncertain job market and retirement accounts that have been hammered during the downturn following the financial crisis beginning in 2008.
Your goal is make both yourself and your investments indispensable.
The most important asset you have is your ability to earn income, whether through a job working for someone else or as a business owner or self-employed. The best investment strategy is not very helpful if you have no money to invest.
How do you make yourself indispensable? Of course, the truth is no one is indispensable, however if you continually improve your value as an employee (or as a business), it will be harder for your employer or customers to lose your services/products.
As an employee or supplier, think about the ways you can increase your value:
- Go back to school for that degree or graduate degree
- Go to as many legitimate continuing education programs as possible
- Become professionally certified in your industry
- Learn or improve a critical skill
- Volunteer for assignments that will give you the opportunity to show your value
You can probably think of other ways that apply to your personal situation that will improve your value to an employer or client.
Don't assume that you can retain your ability to generate income just because you have been able to do so in the past. No matter your age, look for ways to work smarter.
Improving your skills, education and so on should be your goal from now forward. Even if the economy is doing well, don't stop improving your future (even if it means learning a new job or profession).
So how do you make sure your investments keep up with or ahead of the economy? One of the best methods is to look for those areas of the economy that are leading and/or changing.
Healthcare is a good example. Our population is aging, which means more people will need on going healthcare, both preventive and acute care. As a career, there are many jobs beyond doctor, nurse and so on.
For example, there is a tremendous push to convert health records from paper to a digital formant that can be accessed and shared. Billions of dollars will be spent making this conversion.
To make the conversion happen, the healthcare industry will need a variety of skills ranging from I.T. workers, to implementers, to trainers and many more. Some jobs require a high degree of technical skill, while others do not.
The industry will experience fast and sustained growth during the conversion. Technology companies, the healthcare industry itself, and many more will profit from this growth. There is an opportunity to look at the industry and invest in those companies that offer the most potential for growth.
I used healthcare as an example, but it is not the only industry that will profit in coming years meeting the needs of an aging population. What are others you can think of?
