When one works in hospitality oriented organizations such as hotels and restaurants, saving money is very important, but a huge challenge. However, through a little bit of creativity, hard work and determination this goal can be conquered and one can quickly realize that it is indeed possible to have a “rainy day” fund.

Now, everyone wants to treat themselves for all the sacrifices they had to make in order to have this savings fund. Some will indulge in a material purchase such as a handbag they always wanted, and others will treat themselves to a vacation. However, others will endeavor to be a little more thoughtful in how they handle this fund. Let me explain!

WHY INVEST?

When it does take a long time to save a certain sum of money, many sacrifices were made. Not going to a party as often, not eating out, making less purchases etc. Due to these sacrifices, it is important that you strategize over what the goals are of having this “savings fund.” Now, for many its gaining financial freedom in getting rid of their current debt. The stress that finances causes in one’s life is immense.

From the image above Manulife Canada determined that being financially unwell had a direct impact on being productive at work. It also had an impact on health and a was a strain on relationships.
With the above in mind, its critical to understand that if you have savings, you need to INVEST WISELY to help grow this saving fund to accelerate your path to FINANCIAL FREEDOM!
WHERE TO INVEST?
For those who have a “savings fund,” the opportunities to invest are endless. Once again, it needs to be strategic so it must be aligned with what your overall goals are. For example, some want to retire as early as possible, so they invest this into a Retirement Plan. For others, they want to use this fund to help fund future investments, so they perhaps invest into real estate as an option.
Whilst there are many options, many of them being very beneficial, I wanted you to understand what the best financial minds suggest and what their strategy is, in growing their investment. See, the biggest issue in investing in anything, is there is always a risk. Now, when works very hard to save in an industry like hospitality where it’s so hard to save, ensuring the risk of losing money is minimized, is priority number one!
The best financial minds all agree that investing in index funds is a good place to start especially for anyone young or new to the investment game. An index fund is like a basket of stocks with hundreds of different ones inside. It allows one to diversify their money and its cheap. See, index funds ebb and flow with the market so it stays relatively consistent from a return perspective.
THE BEST INVESTMENT ADVICE!
Based on the above strategies, the key to any investment strategy is to get the biggest return on your investment. One accomplishes this goal by minimizing the risk associated with the investment. However, there is a camp that suggests “high risk, high reward.” Some of the best investments that have been made, have been in one stock, one piece of real estate, because the investor feels so strongly that the return will be more than expected. So, in their mind, there is no risk but only a great return. Therefore, they go against the grain and invest “all their eggs in one basket.”
The fact is there is always some risk in any investment one makes… except for one. BETTING ON YOURSELF.
“Invest in yourself or no one else will – stop being afraid of what could go wrong & start getting excited about what could go right.”
– Tony Robbins
Tony Robbins, a very successful entrepreneur, explains that when you make the effort to improve yourself, you will always see results – results that will transform your life and the lives of those around you.
“Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you…if you’ve got talent yourself and you’ve maximized your talent, you’ve got a tremendous asset that can return ten-fold.”
– Warren Buffet
QUICK AND EASY WAYS TO INVEST IN YOURSELF
Investing in yourself does not have to be expensive, but as explained by Tony Robbins and Warren Buffet – 2 of the best financial minds today, investing in yourself is the best investment. So, let’s evaluate some quick and easy recommendations that you can start today!
Listen to podcasts, take online courses – listen to podcasts on management topics while on your morning commute to ensure you are using your time efficiently. Be sure to take courses online as well so that you can do these anytime you have a few minutes.
Get active — Some of the best investments have little to do with work itself. A study in 2013 by Stanford University’s Department of Psychology found that physical activity improves brain power.
Book an out of town conference – the networking and connections you can make will be well worth the investment in addition to the great speakers you will learn from.
Book a non-refundable flight Fifty-seven percent of small-business owners planned a vacation in 2014, according to lender OnDeck. Yet 76% of managers say they believe time off is important to mental health. One way to book your vacation is to book a non-refundable plane ticket. If you make it hard on yourself to cancel travel plans, you’ll accept it and end up having an awesome time.”
Though it’s natural for entrepreneurs to put all their energy in their business, one of the best decisions they can make is to make their own needs a bigger priority. “Eighty percent of the chokehold on the growth of any business is the psychology and skills of the leader,” Robbins says. “I always tell people, ‘Invest in yourself first.’ ”
Please join us in our pursuit to engage all hospitality professionals/organizations in achieving long term fulfilling success by discovering what they are truly meant to do.
We would love to hear your thoughts on our content and would very much appreciate any thoughts and suggestions on future material.
Mohamed Meghji
[email protected]
604-861-4288