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Track Your Wealth, Just Like Your Health

In today’s world, wearable technology has become a staple in our daily lives, from Apple Watches and Garmin watches to Oura rings and, my personal favorite, the Whoop band. This surge in health monitoring devices reflects a broader societal shift towards prioritizing well-being, a movement that has seen the normalization of tracking physical activity, sleep quality, and heart rate among other health metrics. It’s a positive change that has encouraged open conversations about health, like the discussions I have with my colleagues Megan and Matt about our heart rate variability (HRV) thanks to our fitness wearables!

However, this enthusiasm for tracking our physical health highlights a glaring oversight in our approach to financial literacy. In a world where we can monitor every step we take and every heartbeat, it’s unfortunate that we don’t apply the same diligence to managing our wealth. We all know the importance of financial well-being, yet it remains a topic that is rarely discussed.

It’s noteworthy that while health education has become a fundamental part of school curriculums, teaching children from a young age about the importance of physical well-being, a similar emphasis on financial education seems absent.

This article is your call to action to begin understanding your money! Just as we no longer excuse ourselves from understanding basic health metrics, the same should apply to our financial health. Just to be clear, I am not suggesting you need to become a financial expert! This is about recognizing the importance of financial literacy and taking proactive steps to educate yourself.

Let’s simplify and clarify the connections between personal wellness tracking and financial management.

Heart Rate & Bank Accounts

Think of your fitness wearable that monitors your heart rate and HRV as analogous to keeping an eye on your bank account and credit score. Just as a high HRV indicates good physical balance, a robust emergency savings account signals financial health, ready to handle unexpected expenses. Neglecting your credit score is akin to ignoring your heart rate; both can reveal underlying issues, such as identity theft or forgotten bills.

Nutrition & Budgeting

I know several people that use the Weight Watchers app, faithfully following their point system to stay on track with their goals. It’s a lot like how we monitor our expenses. Think about it – indulging in a fancy dinner and dessert might consume a significant portion of your daily points on Weight Watchers, just as impulsive spending can throw your budget off balance. Planning ahead and avoiding those spur-of-the-moment purchases contributes to a healthier financial picture.

Sleep & Debt

Sleep tracking and managing debt also share parallels. Just as poor sleep can accumulate “sleep debt,” affecting physical health, high financial debt can stress and hinder your financial goals.

Step Goals & Your Investments

Just as a pedometer tracks each step on your path to fitness, meticulous attention to your investment portfolio guides you toward your financial aspirations. Monitoring your investments isn’t just about keeping score – it’s about staying on course. Whether you’re aiming to build wealth for retirement, save for a dream vacation, or invest in your children’s education, regularly assessing your investments ensures that you’re on track to reach your goals.

Net Worth Tracking

Now, let’s talk about tracking your net worth. In my WHOOP app, they refer to this as my recovery score, providing a readiness report for the day and evaluating how I performed yesterday. Similarly, your net worth reflects the culmination of weeks, months, and years of effort. Do you know this number? You should!

As Financial Literacy Month comes to a close, I urge you to kickstart your financial journey! There are numerous monitoring tools that can you help stay organized and track your metrics. Many of them are even free!

Let me share a personal story. A decade ago, my wife and I embarked on the Couch to 5k challenge, and it transformed our fitness journey. We didn’t aim for a marathon right away – we started small, taking one step at a time towards a healthier lifestyle.

Consider this your wake-up call to do the same for your finances. Whether you’re at the beginning of your journey, like the Couch to 5k phase, or nearing retirement, we all need guidance and support along the way.

My call to action for you today is simple: prioritize learning about your money. That’s the key to unlocking a brighter financial future!