To all you working dads out there: It’s time to break away from your busy days to focus on investing in an important asset: yourself! With Father’s Day around the corner, you’re bound to receive a variety of gifts from your loved ones, but don’t be afraid to treat yourself, too. Whether it be tending to your personal finances or enjoying a vacation, now is the time to start investing in yourself for your future.
Investing in yourself might be the most important financial decision you make. Not only will you see a future return, but it’s a surefire way to improve your quality of life and become the best dad you can be. This Father’s Day, consider these five ways to invest in yourself — and save a bit of cash while you’re at it.
[See: Your Month-to-Month Guide to Savings.]
1. Pick Up a New Skill
Instead of spending money on that beer or sporting event, consider investing that money in a skills class or an online course to boost your confidence and intellectual capabilities. Online schools like Coursera or General Assembly offer a wide variety of classes on everything from design to data sciences; you can pretty much learn whatever you want on the internet. You’re never too old to learn a new skillset; online courses range from beginner to advanced levels and they can supplement the training you receive at your workplace. “The most important action an individual can take is the action of continuous improvement,” says Jason Richmond, CEO of Culturized, which leads professional and cultural development training opportunities for large companies. “A consistent effort in pushing yourself outside of your comfort zone, like learning a new skill, is an action that will always pay dividends.” This is a great investment for dads looking to increase their value as employees, and who strive to become better leaders or take their business to the next level.
2. Open a Roth IRA
If you don’t already have a Roth IRA, set one up today. While there are restrictions on how much you can deposit each year, your contributions will grow tax-free. That means savers will get a tax-free stream of income during their retirement.There’s also more flexibility when it comes to your Roth IRA. If you need funds in a pinch, you can quickly withdraw your funds penalty-free at any given time. The big-picture goal, of course, is to contribute as much as possible to your Roth IRA today so you can someday enjoy a Father’s Day in retirement.
[See: 10 Foolproof Ways to Reach Your Money Goals.]
3. Invest in Your Health
You only have one body — take care of it now so you won’t pay the price later. By eating right and exercising regularly, you can avoid future health problems that can result in expensive hospital bills. So instead of eating that burger, maybe opt for the salad and a water. If you’re not feeling 100 percent, take time out of your day to visit a doctor so you can nip any issues in the bud. Preventative maintenance, like regular doctor visits, can keep your body running the way it should for a long time. The last thing you want to deal with is a pricey hospital visit for a surprise heart attack or stroke; by maintaining a healthy lifestyle and paying attention to your body, you can live your life to the fullest and focus on the things that matter most to you.
4. Protect Your Family From Future Unknowns
If there’s one constant about the future, it’s that it’s always unpredictable. You could have your whole life planned out and all it takes is one day for everything to go awry. It’s important that you protect your family now for any future events, including buying the proper insurance and having things like a will in place. While it’s tough to think about the worst-case scenario, it’s still your responsibility to prepare your kids and your partner for those situations. Take time today to sit down with your kids and talk about the importance of saving for the future; discuss wills and insurance plans with your partner. Your future self will thank you for having the necessary documents in place should the worst arise.
[See: 9 Ways to Invest on a Small Budget.]
5. Don’t Wait to Upgrade Your Gadgets
Small upgrades to your home, car and even fancy electronics can save you major financial headaches down the road. For example, buying an external hard drive for your computer today could mean avoiding having to replace your computer entirely in a few years. The same concept applies to your home. By spending the money today to fix that leak in your roof or to replace your back porch, you not only avoid more costly home repairs in the future but you stand to increase the value of your property when it comes time to sell. While it might be a bummer having to shell out the cash today to maintain your big-ticket items, you’ll appreciate it later when you find your home, car and electronics are still in good working condition.
When you’re a dad, there’s nothing more important than taking care of your family and providing the best life possible for the ones you love. By investing time and money into yourself, you can take your lifestyle and business to the next level, which can pay off for you and your family.
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5 Ways for Dads to Invest in Themselves to Save Money originally appeared on usnews.com
