Over the years, I’ve noticed that women are often reluctant to invest their own time and money in their careers. They hesitate to spend their out-of-work hours learning critical business skills—like how to read a financial statement, or how to be an inclusive leader— that are beyond the scope of their current job, even though these skills would contribute to their professional growth. They hesitate to spend their money on career-enhancing investments, like dues for a professional organization or the cost of a workshop on time management. They reason that if their company won’t foot the bill, why should they?

Robin Farmanfarmaian, author of The Thought Leader Formula: Strategically Leverage Your Expertise to Drive Business & Career Goals, (and guest on Episode 106), points out that most people have the mistaken assumption that when they finish their formal education, they can stop investing in their careers:

They say, “Now that I have my college or graduate degree, I’m done paying for my education.” You know what? Your career needs to be looked at as a business. There isn’t a single successful business that doesn’t spend money to support their business. Even if you work for a company, you’ve got to pay to learn things and you’ve got to have a marketing budget to market yourself.

I had a client, Elena, who worked in banking in New York City. As one of our coaching calls was ending, she told me she was about to head out to a long-anticipated lunch with a potential client. Casually, I said, “Don’t forget to pick up the check.”

A bit taken aback, she responded, “You know, lunch in New York is really expensive, and the company won’t pay for it.”

I responded, “You’ve worked really hard and waited months to get this lunch appointment. If the person you’re meeting with leaves feeling even slightly put off by the fact that you didn’t pay for lunch, you’ve lost somebody who’s potentially a client, a mentor, or an important addition to your network. That’s a risk you shouldn’t take. You need to realize that sometimes you have to spend your own money as an investment in your career.”

Don’t be short-sighted about investing your time and money in your career. It’s an investment that will pay off!