One of the best advice I ever got was to have a personal balance sheet. This includes a list of all mostly liquid and tangible assets, and a list of all my liabilities, asset, and my net worth. I started keeping a PBS in 2014 – I had just realized its helps a lot and changed my financial status and spending limit too and it mostly consisted of a few thousand Naira in cash, treasury bills, mutual funds, and some stocks.

Here’s a link to the simple worksheet I use:

A Balance Sheet is one of the financial statements that every entrepreneur, accountant, auditor, and business expert is expected to have a proper understanding of it. It is a very useful tool for investors in assessing the financial health of a business.
In the link below, I have written an extensive article on Balance sheet Accounts, equations, and examples as well as many downloadable templates that you can use to create your own statement of financial position.