We’ve all heard the saying “It takes money to make money,” and I’ve found this to be true in more ways than one. My journey to financial freedom and becoming a multi-millionaire was sparked by two strategic investments: investing in the stock market and nurturing my personal brand.
I’m here to shed light on these two potent investment paths, offering insights and guidance that may help you in your own journey towards financial success.
Harnessing the Power of the Stock Market
My first encounter with investing was in individual stocks. I remember the rush, the uncertainty, the thrilling anticipation of the possible returns. However, I quickly recognized the volatility that came with these high-risk investments.
While some may see the slower pace of returns as a setback, I recognized it as the essence of successful investing. As the Oracle of Omaha, Warren Buffett, once wisely said, “The stock market is designed to transfer money from the active to the patient.“
This philosophy of patient investing resonated with me, guiding my approach towards the stock market. By remaining steadfast and calm, regardless of the market’s unpredictable swings, my investments in the stock market began to multiply substantially, playing a pivotal role in my journey towards financial freedom.
Fellow CFP® and founder of Comal Wealth Management, Benjamin Hooper agrees the stock market is a great choice of beginner investors to start their wealth building journey and offers this sound advice,
“When it comes to investing in the stock market for beginners, I believe it’s extremely important to keep the investment strategy simple. I’ve seen far too many beginner investors spend countless hours trying to figure out what stocks to buy and sell. A better use of time and energy would be focusing on developing your professional skills and craft so you can earn more income and ultimately have more money to save and invest.”
Hooper adds, “Most beginner investors are better of investing in a globally diversified group of passive funds or index funds. For most investors, long-term success in the stock market is about time in the market, not timing the market or individual stock selection.”
Investing in My Personal Brand
While the stock market was building my wealth, I turned my attention to another form of investment – my personal brand.
One of my first major steps in building my brand was becoming a Certified Financial Planner (CFP®). The process was akin to going back to school, involving rigorous studying and a two-day exam, one that I initially believed I had failed. Despite these challenges and the lack of an immediate pay raise, obtaining the CFP designation was pivotal in increasing my credibility. “It’s like becoming a CPA for accountants,” I used to explain to my clients. “It just makes you more legitimate and knowledgeable.
In line with the topic of investing in personal online brands, True Tamplin, the Founder, and CEO of Finance Strategists, provides a relevant perspective. Tamplin states, “Investing in your personal brand is paramount in today’s digital world. Your personal brand becomes your business card, and it precedes you in every interaction. If you don’t invest in building and maintaining it, you essentially leave your professional fate to chance.”
This observation resonates strongly with my own journey. As I continued investing in my brand, I began to realize its importance.
I invested in a professional website, business cards, and even a YouTube studio setup. Through these investments, I created an impactful online presence that differentiated me from the competition, both in the financial services industry and the online space.
I also spent considerable time and effort cultivating relationships and expanding my network, eventually landing writing opportunities with Forbes, Business Insider, and CNBC. Even though these gigs didn’t offer immediate financial compensation, they significantly boosted my credibility and reach, further solidifying my personal brand.
The Intangible Returns
The challenge with investing in my personal brand was the difficulty in quantifying its ROI. As I often found myself wondering, “Is this even worth it?” The initial feeling was of sinking money into an abyss with no measurable returns in sight.
I’m not the only that was skeptical at first but over the years saw the returns of investing in themselves. Thomas Diem, CFP® and CEO of Diem Wealth Management reflected on his journey, “I was working with a stockbroker for investing long before I got into this business. I saw what he did and imagined how it would be a natural path for me as an insurance agent to grow. It was a lot of work, but my family and I are better off for that one move and all the following advancement.”
Like Diem over time I realized intangible assets can’t be touched, and they are just as real and beneficial as tangible assets. They add value to your career and personal life in countless ways. And so it was with me; the perceived sunk costs evolved into countless opportunities and lucrative ventures.
Whether your chosen avenue is the stock market or investing in your personal brand, the control over your financial destiny lies with you. There’s no cap on your potential. You have the ability to achieve multi-millionaire status, or even exceed my own net worth. Success in these investments requires a well-timed strategy, combined with patience, persistence, and a steadfast dedication to your financial objectives.
Turning Investments into Opportunities
My investments in the stock market and my personal brand didn’t just accumulate wealth; they also opened doors to opportunities that were previously out of reach.
My enhanced credibility, thanks to my CFP® certification and the recognition that came from writing for major media outlets, positioned me as an authority in the field. This was instrumental in attracting clients who trusted me to guide their financial journey.
On the other hand, my stock market investments gave me the financial security to pursue my passion projects. With a steady stream of passive income, I could venture into areas that interested me, without worrying about immediate monetary returns.
The Bottom Line
So what’s stopping you from beginning your journey?
It’s easy to dismiss investing in oneself as a sunk cost, especially when the returns aren’t immediately tangible. But remember, “Investing in yourself is the best investment you will ever make. It will not only improve your life, it will improve the lives of all those around you.”1
Investing in the stock market may seem daunting initially, but with sound knowledge and patient, consistent contributions, it can lead to significant long-term returns. Similarly, investing in your personal brand may feel like shooting in the dark, given the difficulty in measuring the direct ROI. Yet, its potential to amplify your credibility, enhance your professional image, and open doors to new opportunities is unparalleled.
You have the power to change your financial trajectory. Whether you aspire to become a multi-millionaire or aim to amass even greater wealth, the path is open and available to you. Take the plunge. Start investing today and chart your course to financial freedom.
