Investing in your own earning power is the best investment you can make. You will make far more money by advancing your career than by investing in stocks.
Ideally, you should do both. But advancing your career will give you far more money to invest in stocks. This will enable you to leverage your stock investments exponentially more and get a far better return over time.
If you look at your life from a purely financial perspective, your career should be one of the focal points of your energies. Here are some ways that you can invest in your career.
How to Advance Your Career (Chapter Summaries Below)
Chapter 1 – ROI: Career vs. Investing
Chapter 2 – Strengths: Winning with Competitive Advantage
Chapter 3 – Leadership: Where the Real Money is Made
Chapter 4 – Relationships: The Key to a Successful Career
Chapter 5 – Vision: Keep the Big Picture in View
Chapter 6 – Execution: Focus on Short Term Results
Chapter 7 – Strategy: Planning 3 Moves Ahead and Other Lessons from the Game of Chess
Chapter 8 – Success Quotes from Great Leaders
Appendix: Researching Careers
Chapter Summaries
Chapter 1 – ROI of Advancing Your Career
You will make a lot more money in the long run if you work on advancing your career than if you work on investing in stocks. You should definitely do both, but don’t ignore the former because you’re distracted by the latter. You will see in this chapter that it makes much more sense financially to advance your career than to invest in stocks.
Chapter 2 – Strengths: Winning with Competitive Advantage
Most people focus all of their time and effort on improving their weaknesses. Instead, successful people focus on leveraging their strengths. The figure out what they are better than everyone else at, and devote their time, attention and energies toward that. In Jim Collins’ book Good to Great, he talks about how great companies find out what they are the best at and get rid of things they are mediocre at. At the career level, you can do the exact same thing.
Appendix: Researching Careers
There are some careers you don’t want to be in right now. One example would be light manufacturing in the US. Most of those jobs are gone. Manufacturing is still strong, but you need to be strong in math and science and be able to run complex machinery if you want to do that in the States.
You can go to the Bureau of Labor Statistics Occupation Outlook Handbook to look up information on jobs and careers. They have statistics on most jobs, how much income they make and what the future outlook for those jobs are. They also have information on how to get into those jobs.
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