One of the most common and frequent questions I am asked is:
“Matt, what is the best investment?”
In the media this question is often covered by delving into some analysis of the current state of the markets. In my opinion that is an incorrect and incomplete approach. So my jaw dropped on Saturday when I read an article in a mainstream newspaper that correctly answered this question. The article was by Marcus Padley and appeared in The West Australian (4th August 2007, page 66).
In his article Padley notes: “The best long-term investment of all is in your own business, your own career, your own development, your own intellect. Far better you invest in that than any equity investment.”
The best investment ever is in yourself. Invest in learning new skills and talents that could earn you higher income. Invest in personal development to better use the tool of your mind to guide your spending and risk assessment decisions. Both of those investments have a long-term exponential reward to your life and wealth.
Padley’s statement is more correct than traditional answers in the media because it considers the larger context of wealth creation.
International author and speaker Anthony Robbins once said: “Successful people ask better questions, and as a result, they get better answers.”
Contextually, anyone who believes that the original question above is a good question would benefit by investing in themselves to learn better wealth creation questions to ask. That will be one key to their success.
Stay tuned, as over time I will reveal better questions to ask yourself and your advisers.