Yahoo Finance Personal development: How to spot shady schemes vs helpful tools
Personal development programs have surged since the COVID-19 pandemic.
Personal development has come a long way since the hypnotic cassette tapes of the '70s.
We’ve swapped hardcore hustle and ‘awakening the giant within’ for boundary-setting, personal values and finding purpose in our work. But it comes at a cost. The global personal development market size is estimated to reach $105 billion by 2030 after COVID-19 lockdowns kickstarted a surge in demand for online personal-growth programs.
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But where’s the line between investing in yourself and getting stuck in a spending vortex without experiencing any real return? And how can we discern between helpful tools and shady schemes?
Here are the four most important things to consider when spending money on your own personal growth.
1. Look out for big promises and patchy credentials
The personal-growth boom during COVID-19 lockdowns saw an influx of overnight coaches, mentors and educators who lacked the credentials to back up their promises. Now, you can find pseudo-experts offering pricey solutions that promise everything from passive income to a healed inner child.
But, before spending money on a personal-development solution, look critically at what you’re buying and from whom.
Courses or tools that promise major transformations can be an important warning sign. While working on yourself can be a pathway to a happier life, we can get caught up fantasising about the end result – and promising big results capitalises on this mental shortcut.
The rise of personal-growth content on social media further complicates the smoke and mirrors of what’s really possible, and ignores the important aspect of privilege and accessibility.
2. Don’t buy into lifestyle hype
Shady pseudo-coaches and educators often market their products and programs by showing off their affluent lifestyle and promising the same level of success. Images of remote working from exotic locations, designer handbags and luxury travel can look enticing, but remember to do your due diligence and look at what you’re actually buying.
Dig into what they’re actually teaching you and be realistic about what is actually possible. Even if their success is real, it doesn’t mean that it’s easily replicable through taking a course or program they’re offering.
3. Use the tools you already have first
Do you have a stack of books on your bedside table that sit unread night after night? Perhaps you also have a handful of online courses you never finished (or never even started)? You’re not alone. Online course completion rates have been reported to be as low as 5-15 per cent. We have a surge of motivation at the point of purchase, which drops off once we actually need to follow through.
Next time you consider buying a personal-development tool, keep your money in your wallet and revisit things you already have. Proving your commitment by showing up without spending money is a great way to hold yourself accountable.
4. Ask yourself: Is anything actually changing?
On any personal-growth endeavour, be sure to check in with yourself and look at whether you’re experiencing any results or positive impacts. While a lot of development takes time, if you’re consistently spending money on new solutions but not seeing results, it could be time to switch things up.
It’s easy to get caught up in consuming more and more information to feed your desire for change. The bit we forget to focus on is the actual implementation.
Repeated consumption without implementation or action is what makes the personal-development industry so valuable, so make sure you know when to step off the hamster wheel.
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