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The only sure-fire investment

The only sure-fire investment

There’s only one investment that’s absolutely guaranteed to give you a great payback, regardless of the state of the economy and the uncertainties of this fragile world. I’m talking about the investment you make in yourself.

Think of yourself as a business

Imagine you’re Jane Doe, Inc. Whether you’re self-employed or work for a giant corporation—or even if you’re not in employment at present—this business is your basis for financial survival. If Jane Doe. Inc. is a sound business—meaning it offers real value to its customers (your employer, your boss and your colleagues)—it will prosper and provide you with a lifetime’s return. And that’s the case whether your “business” is selling your time and effort in a physical sense, your expertise, your creativity, or your willingness to do what the company asks of you. Whatever it is you do in return for payment is your “product.” Your “business” sells that “product” for wages, salary, commission or tips.

The world is extremely competitive. There are thousands, millions of people offering “products” that compete directly with yours. They could be John Doe, Inc., based in the next door house to yours. Or Jacques Doe, S.A. in Paris; Jonathan Doe, PLC in London; Helga van Doe, Gmbh. in Dusseldorf; or Do Lin Ji in Beijing. Everyone is part of a global market. For your “business” to prosper, you have to offer some kind of value that gives you an edge. If you don’t, you’ll be treated as a commodity.

Commodity businesses are tough

A commodity is something like coffee, or wheat, or hours of low-level work. It doesn’t matter where it comes from. If a company wants hours of time manning a help desk, it wants to pay as little as possible for those hours. And if that means it employs people in India rather than Indiana, who cares? The “commodity” is the same. We generally believe coffee from Colombia is superior to coffee from, say, Nigeria; but, believe me, if some huge corporation just wants to put hot, brown liquid in a trillion cups at the greatest profit to them, they’ll buy whatever’s cheapest.

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“Commodity” people are also seen as interchangeable. They’re hired as “hands:” just a living machine to do a particular job that real machines can’t do yet. No one cares very much about commodity people. If one of them doesn’t perform well, or has too much time off, or annoys the boss, they get fired. There are plenty more. In a day or so, no one will notice the difference. If the corporation needs to make some quick saving to boost quarterly profits, lay off as many of the commodity people as possible. After all, you don’t need to worry about losing valuable expertise. When the profits scare is over, you just hire some more. One is as good as another.

You don’t want your “business” product (you and the work that you do) to be seen as a commodity. If that happens, you’re at the bottom of the pile. Expendable. Replaceable at a moment’s notice. To be bought for the lowest possible price.

How do you escape the commodity trap?

  • By doing what any successful business does: creating some uniqueness in your product that marks it out and gives it added value. That means making significant investments in your personal “business”. Not once, but again and again, so you maintain your advantage. Because many of those competing businesses are investing as well.

    How would you feel if someone asked you to put your money into a scheme they weren’t investing in themselves? Would they have any credibility? Imagine being the Loan Officer of a bank. Someone comes to you with an idea for a business and wants you to invest the bank’s money in their future. It all looks fine until you casually enquire what the amount of their personal investment will be.

    “Oh, nothing,” you’re told. “I plan to use your money and keep my own.”

    Impressed? I think not.

  • Always invest in yourself first. Thousands of people every day expect their employers to invest time and cash in them (training, bonuses, good salaries, promotions, new equipment), yet they don’t invest a penny or an hour in themselves.

    Is it any wonder that their employers aren’t too keen to lay out more money? Or that they try to protect their investment by setting conditions or requiring people to pay the money back if they leave? Is it surprising most will only invest where it suits the company directly? Or that they’re unwilling to fund programs that they think might make it easier for people to get jobs elsewhere?

  • Whose “business” is it anyway? Yours, right? So you ought to have more interest in it than anyone else. And if you want your “business” to prosper, you need to get it the investment it needs, whether that means taking every opportunity your employer offers, going back to school, reading the latest books on your job you can find, or simply hunkering down and learning everything you can on a daily basis as you do what you’re paid for.
  • Every increase in the worth of your personal “business” (your experience, your knowledge, your skills, your motivation and capability) takes you further towards marking yourself out from everyone else. When times get tough, who will a business fire first? The “commodity” people: easy come, easy go. The people who aren’t seen as anything special: lots of those around when time gets better and we recruit again. The ones who can be replaced by machines.

    But companies aren’t keen to let their best people go. They’re tough to replace. They may join a competitor. The company needs them.

    And if things get really bad and almost everyone has to go, who’ll find it easiest to find new work, or start their own small business? Not the thousands of “commodity” people. There are so many of them that they swamp the few jobs available. And what can they offer to start their own business? Even gardeners and pet-sitters face competition from others who add just that extra spark of value.

Make that investment now!

As technology continues its march and it becomes easier and easier to locate jobs anywhere in the world, you need to stay a step ahead. There are fewer and fewer jobs for poorly-skilled people. The few that exist are badly-paid and chronically insecure. Of course, new jobs are also being created all the time, but they’re different jobs: more highly skilled, more technological, more professional.

If you want your personal “business” to prosper in years to come, you need to be able to take these new jobs, not cling to the shrinking number of old ones. You need to have that spark of extra value to stand out from the crowd. That takes investment of time, money and effort.

Just as banks are eager to invest in good businesses that they believe will prosper and bring them good returns, so employers are still keen to invest in staff who show they have what it takes to provide a big payback. But don’t expect anyone to invest in someone who hasn’t invested in themselves first. Even charities look for people to help themselves as well as seek help from others. Today’s employers are certainly not charities!

Will you sit around and hope someone will invest in you? Or go out and invest whatever you can—and as much as you can—first and then use that to convince others to invest still more?

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Invest all you can in yourself. Keep on doing it. You’ll never make a sounder and more certain investment in your life. And you’ll never reap a bigger reward.

Adrian Savage is a writer, an Englishman, and a retired business executive, in that order. He lives in Tucson, Arizona. You can read his other articles at Slow Leadership, the site for everyone who wants to build a civilized place to work and bring back the taste, zest and satisfaction to leadership and life. His latest book, Slow Leadership: Civilizing The Organization

    , is now available at all good bookstores.

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    Last Updated on March 31, 2020

    Is Procrastination Bad? The Truth About Procrastination Revealed

    Is Procrastination Bad? The Truth About Procrastination Revealed

    Procrastination is very literally the opposite of productivity. To produce something is to pull it forward, while to procrastinate is to push it forward — to tomorrow, to next week, or ultimately to never.

    Procrastination fills us with shame — we curse ourselves for our laziness, our inability to focus on the task at hand, our tendency to be easily led into easier and more immediate gratifications. And with good reason: for the most part, time spent procrastinating is time spent not doing things that are, in some way or other, important to us.

    There is a positive side to procrastination, but it’s important not to confuse procrastination at its best with everyday garden-variety procrastination.

    Sometimes — sometimes! — procrastination gives us the time we need to sort through a thorny issue or to generate ideas. In those rare instances, we should embrace procrastination — even as we push it away the rest of the time.

    Why We Procrastinate After All?

    We procrastinate for a number of reasons, some better than others. One reason we procrastinate is that, while we know what we want to do, we need time to let the ideas “ferment” before we are ready to sit down and put them into action.

    Some might call this “creative faffing”; I call it, following copywriter Ray Del Savio’s lead, “concepting”.[1]

    Whatever you choose to call it, it’s the time spent dreaming up what you want to say or do, weighing ideas in your mind, following false leads and tearing off on mental wild goose chases, and generally thinking things through.

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    To the outside observer, concepting looks like… well, like nothing much at all. Maybe you’re leaning back in your chair, feet up, staring at the wall or ceiling, or laying in bed apparently dozing, or looking out over the skyline or feeding pigeons in the park or fiddling with the Japanese vinyl toys that stand watch over your desk.

    If ideas are the lifeblood of your work, you have to make time for concepting, and you have to overcome the sensation— often overpowering in our work-obsessed culture — that faffing, however creative, is not work.

    Is Procrastination Bad?

    Yes it is.

    Don’t fool yourself into thinking that you’re “concepting” when in fact you’re just not sure what you’re supposed to be doing.

    Spending an hour staring at the wall while thinking up the perfect tagline for a marketing campaign is creative faffing; staring at the wall for an hour because you don’t know how to come up with a tagline, or don’t know the product you’re marketing well enough to come up with one, is just wasting time.

    Lack of definition is perhaps the biggest friend of your procrastination demons. When we’re not sure what to do — whether because we haven’t planned thoroughly enough, we haven’t specified the scope of what we hope to accomplish in the immediate present, or we lack important information, skills, or resources to get the job done.

    It’s easy to get distracted or to trick ourselves into spinning our wheels doing nothing. It takes our mind off the uncomfortable sensation of failing to make progress on something important.

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    The answer to this is in planning and scheduling. Rather than giving yourself an unspecified length of time to perform an unspecified task (“Let’s see, I guess I’ll work on that spreadsheet for a while”) give yourself a limited amount of time to work on a clearly defined task (“Now I’ll enter the figures from last months sales report into the spreadsheet for an hour”).

    Giving yourself a deadline, even an artificial one, helps build a sense of urgency and also offers the promise of time to “screw around” later, once more important things are done.

    For larger projects, planning plays a huge role in whether or not you’ll spend too much time procrastinating to reach the end reasonably quickly.

    A good plan not only lists the steps you have to take to reach the end, but takes into account the resources, knowledge and inputs from other people you’re going to need to perform those steps.

    Instead of futzing around doing nothing because you don’t have last month’s sales report, getting the report should be a step in the project.

    Otherwise, you’ll spend time cooling your heels, justifying your lack of action as necessary: you aren’t wasting time because you want to, but because you have to.

    How Bad Procrastination Can Be

    Our mind can often trick us into procrastinating, often to the point that we don’t realize we’re procrastinating at all.

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    After all, we have lots and lots of things to do; if we’re working on something, aren’t we being productive – even if the one big thing we need to work on doesn’t get done?

    One way this plays out is that we scan our to-do list, skipping over the big challenging projects in favor of the short, easy projects. At the end of the day, we feel very productive: we’ve crossed twelve things off our list!

    That big project we didn’t work on gets put onto the next day’s list, and when the same thing happens, it gets moved forward again. And again.

    Big tasks often present us with the problem above – we aren’t sure what to do exactly, so we look for other ways to occupy ourselves.

    In many cases too, big tasks aren’t really tasks at all; they’re aggregates of many smaller tasks. If something’s sitting on your list for a long time, each day getting skipped over in favor of more immediately doable tasks, it’s probably not very well thought out.

    You’re actively resisting it because you don’t really know what it is. Try to break it down into a set of small tasks, something more like the tasks you are doing in place of the one big task you aren’t doing.

    More consequences of procrastination can be found in this article: 8 Dreadful Effects of Procrastination That Can Destroy Your Life

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    Procrastination, a Technical Failure

    Procrastination is, more often than not, a sign of a technical failure, not a moral failure.

    It’s not because we’re bad people that we procrastinate. Most times, procrastination serves as a symptom of something more fundamentally wrong with the tasks we’ve set ourselves.

    It’s important to keep an eye on our procrastinating tendencies, to ask ourselves whenever we notice ourselves pushing things forward what it is about the task we’ve set ourselves that simply isn’t working for us.

    Learn more about how to fix your procrastination problem here: What Is Procrastination and How to Stop It (The Complete Guide)

    Featured photo credit: chuttersnap via unsplash.com

    Reference

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