Has it really been a year? It is time, once again, for Women’s Money Week. Let me be honest, everything I say in any of these posts applies to men as well as women, but I do think it is important to have events that focus on women and their relationships with money. Why? Because in a lot of ways, men are still seen as the bread winners and financial decision makers. It is less true than it once was, but it is still there. And the research has shown, over and over again, that in order for people to believe they can succeed at something , they need to see people LIKE THEM doing it. And since talking about money still seems to be taboo in everyday life, we need events like this to remind people- you can do this. And if you have questions- ask.

The theme for Monday is Increasing Income. Go here to see links to everyone who has participated in today’s theme.

Whenever we talk about money problems, we say there are two solutions, decrease output or increase income. The paradox of this is that while most of us prefer to increase income, it is almost always easier to decrease output. Still, there are ways to increase your income, from taking a second paycheck paying job to starting your own side business, from holding your own garage sale to hunting for treasures at other people’s garage sales to then sell online. These can be short or long term solutions and carry varying levels of risk.

I have to admit, I’ve considered applying for a holiday retail job (though I’ve never done it), and I’m trying to make money via my fiction writing. C has sold things via e-Bay and we’ve also used CraigsList to get rid of some larger (furniture sized) items. But none of these are my favorite way to increase income.

What is my favorite way to increase income? Investing in myself.

Now, there are drawbacks to this. The two biggest are that, like any investment, it takes some money up front, and the payoff is rarely instantaneous. My last big investment in myself took over 2 years before it even started paying off.

The benefits are that this is a long term solution to extra income. If you increase your income via investing in yourself, that money won’t go away after the holiday or garage sale season is over. And the risk, while not small, can often be easily quantifiable, making it possible to run a preliminary return on investment to decide whether it is actually worth it.

How do you invest in yourself? In my case, I decided to go back to school and get my MBA. More recently, I’ve joined a professional society and am taking steps to earn one of their certifications.

Neither of these is inexpensive- my MBA cost around $40,000 over two years, and that was money I took out in loans. It then took two years after I graduated to land a new job. But the job I did land increased my salary by $20,000/year. Even considering interest on the loans, my new salary paid for the cost of education in less than three years, and that money keeps coming in. It does not go away, not unless I consciously decide to take a job that is a down grade.

The cost of joining a professional society and taking their certification will end up costing anywhere from $1,500-3,000 (depending on if I want to take a prep course or pay for really expensive study guides). Considering the networking opportunities of the professional society and the job prospects opened up by the certification, it’s not unreasonable to expect that they will pay off within a few months of me getting my next new job.

And the best part about investing in myself? No one can ever take any part of this away from me. Even if I were to decide to take that job downgrade, or even leave the workforce entirely, I will still have the degree, the certification, and the knowledge I gained in earning them. I will be able to use that knowledge throughout the rest of my life, perhaps in starting my own business or maybe in volunteer work. It does not matter how I use it, or if I use it. It’s mine. The knowledge is part of me.

So yes, investing in yourself has some upfront costs and it can take some time to pay off. But when it comes to increasing your long term income with the lowest risk, I don’t know of anything better to invest in.