Building wealth has become a part of my routine. After writing over 1,300 personal finance articles in seven years, not only have I deepened my knowledge, but I’ve also managed to make money through my articles. Despite my success, I’m aware that a financial crisis could upend everything. That’s why I focus on cash management, embracing side hustles, and prudent financial habits to mitigate future financial shocks.
One major strategy I’ve employed is meticulous tracking of all my financial accounts. Initially, I used to manually enter data into spreadsheets to spot underperforming investments. Now, I’ve moved to automated online systems that consolidate my financial data, making the process more efficient.
Every week, I receive an email that compares my investments against major indexes like the S&P 500, a US Bond index, and a foreign stock index. If my investments are tracking closely with the S&P 500, I usually don’t delve deeper into my accounts unless I’m underperforming or losing money. This year, my investments are up by about 6.16%, partly due to a significant holding in bonds, which have outperformed stocks. Additionally, the appreciation of real estate in San Francisco and strong cash flow from my business have further boosted my net worth.
This same weekly email also helps me monitor my spending by comparing current expenses to the previous month. For instance, I spent $30,000 this month, significantly less than the $83,212 from September. This kind of tracking ensures I live within my means, constantly adjusting to maintain financial stability.
Aside from finances, this year I’ve started tracking my fitness and caloric intake, which I had previously neglected. Despite being active, my weight remained constant, and I recently discovered why. Last summer, frequent indulgences in high-calorie bubble milk teas during a family visit introduced an unexpected spike in my calorie intake. Only after downloading a fitness app did I realize the impact of these drinks on my weight.
I’ve also realized the importance of understanding caloric content in foods. For instance, I was shocked to learn just how many calories are in foods like bubble milk tea, baklava, and Caesar salad. This new awareness has encouraged me to be more mindful of what I consume, balancing my intake with regular physical activities like tennis and weight lifting.
In conclusion, whether it’s managing finances or maintaining physical health, regular monitoring and a proactive approach are crucial. Automated tools for financial tracking and apps for health management can significantly enhance your ability to maintain a balanced lifestyle, making it easier to focus on enjoying life rather than being bogged down by worries about money or health issues.
