“This is a reprint of an article from the Wall Street Journal, where Ted was featured as a national expert on the best advice he ever got.“
We asked financial experts to tell us the piece of guidance that has made the biggest difference in their lives.
There’s no shortage of financial advice out there.
But what advice has resonated most with the people in the business of doling out financial advice or teaching finance? What advice did they receive that has changed their lives for the better?
Invest 2% of your income in you
When we think about investments, we often direct our attention to categories such as stocks, bonds and real estate. What we often don’t think about is our most valuable asset: our ability to earn an income and to make that income grow faster.
Almost 20 years ago, I met a successful business owner who gave me a simple lesson: Invest 2% of everything you earn annually back into your ability to grow your income.
What does this mean exactly? Investing in you is like diversifying your portfolio of investments. You might take a chance and invest in that side hustle you think could be a business. Take a training course or advanced education that could further your current career. Invest in a personal coach who could improve your business performance. It could mean investing in an exercise or nutrition program that could give you more stamina every day to accomplish more.
It’s the best advice I’ve ever received—and I do it every single year.
—Ted Jenkin, co-CEO and founder of oXYGen Financial