Instead of a haphazard approach, if you want to connect the dots of your financial life, start doing these 3 things.
Track your savings to investment ratio: How much of your monthly savings do your regularly convert to investments? More than the transaction expense, inflation and taxes, it is the cost of delay which is the most expensive in the long run. If your monthly savings lay idle most of the months, better put it to work.
Invest in yourself: Do you know what is your biggest asset? Your income earning potential. The ones who want to build long term wealth do not just do a job, they invest their precious time and effort in building a career. So, reading daily (relevant information), learning new skills through workshops, webinars, blogs, online courses, etc. can lay building blocks for a long-term successful career. Even soft skills like a small writing, public speaking, presentation, courses can build enormous confidence in dealing with people at your work.
Tracking your financial Networth: Financial Net worth is a true indicator of your financial well-being, revealing how much income generating assets do you own over time. Keeping track of it every year will enable you to connect the dots of how much you are earning, saving, spending & investing. If you want to know how to calculate and track your financial networth every year, read this (https://goalbridge.in/the-one-thing-you-should-start-tracking-in-your-financial-life-from-new-year-2023/)
Get the ball rolling with these small action steps. You would be amazed by looking at the big picture during the year end review. Wishing all my readers good health, happiness and success in the New Year 2024.