These days, a lot of people are struggling financially due to rampant inflation. As such, you may not have a ton of money to work with. And you may be hesitant to dip into your savings account for something other than an emergency.
But if you do have a little cash to spare, you may want to consider investing it — not in stocks or bonds, but in your professional development. Imagine you’re lacking a specific job skill that a $500 course could teach you. That may seem like a lot of money to plunk down. But here are three reasons why now is a really good time to make that investment.
1. The labor market is hot right now
As of late March, there were 11.5 million job openings across the U.S., according to the Bureau of Labor Statistics. Not only are job openings abundant, but many companies are actually pretty desperate to hire. That means they may be willing to offer up higher wages than usual. If you spend a little money to boost some job skills, you could set yourself up for a pretty sweet offer in the near term.
2. Companies are more open than ever to remote work
Before the pandemic, remote work was an option many people couldn’t benefit from unless they were willing to be self-employed. Nowadays, though, a lot of companies are embracing the idea of remote hiring. The logic here is that companies no longer need to limit their talent pools to local applicants, but rather, can branch out to find the right fit.
Because fully remote positions are becoming more common, you have a prime opportunity to snag one. That could mean getting hired to work at a company that, two years ago, would’ve required a move to an expensive city you can now avoid relocating to.
3. The more you earn now, the more you might set yourself up to make in the future
Career earnings tend to build over time so the more money you make at a job today, the more you might make at your next job, and so forth. That’s why now is a really great time to set yourself up for higher pay. If you boost your income modestly, stay put for a year, and then opt to move on, your next role might come with an even more generous pay bump.
It’s time to focus on yourself
You’ll often hear that investing money you’re not using right away is a great option for growing it into a larger sum over time. Well, the same holds true for investing in yourself. If you spend a little money to further your career, you might set yourself up for a lifetime of higher pay.
Just as importantly, developing the right job skills could help you land a role you’re happier in — one that involves more interesting work that helps you grow professionally. And that alone is reason enough to invest in your career — even if it doesn’t lead to an immediate jump in pay.