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Started By
Message
Do you keep personal financial/ Net Worth statements
Posted on 1/1/23 at 6:01 pm
Posted on 1/1/23 at 6:01 pm
I guess I am bored but putting something together
Wife has no idea what we have so want someone to be able help her if I die.
Kind of thinking just standard balance sheet
Wife has no idea what we have so want someone to be able help her if I die.
Kind of thinking just standard balance sheet
7
Posted on 1/1/23 at 6:28 pm to thelawnwranglers
Not so much now. When I was more active buying and selling real estate, I did. Mainly to keep the bankers up to date and happy.
Posted on 1/1/23 at 6:33 pm to thelawnwranglers
Just link it all in one place like personal capital or mint. That way she can login and see all accounts and what financial institution they are. Having that should be enough.
Posted on 1/1/23 at 6:58 pm to thelawnwranglers
There’s an app for that.
Posted on 1/1/23 at 7:01 pm to turkish
quote:
There’s an app for that.
I am cheap lol
Posted on 1/1/23 at 7:27 pm to thelawnwranglers
Mint and Personal Capital are free. Quicken is like $50/year
Posted on 1/1/23 at 10:02 pm to whiskey over ice
Mint and Personal Capital are terrific.
I nerd out in Excel and have built a tax calculator that is more over the top than it should be. It helps me project our take home pay, full year expected tax bill, full year expected retirement contributions (including matches from employers) and rolls into a budget calculator that gives us a “net worth change” by month for year. It’s holistic enough that I could probably sell it
I had friends use it years ago when they were trying to get finances in order.
I complete it each year in January based on the latest tax code and any personal changes I need to account for. I’m starting to evaluate “my number” for financial independence and it’s a nice one stop shop for an annual view.
Next step is to build a multi year view with sensitivity analysis. I’ll stress test based on expected portfolio returns and whatever withdrawal rates (e.g., 4% rule). There’s certainly software that can do this but I enjoy the analytical process of pulling the tool together.
I nerd out in Excel and have built a tax calculator that is more over the top than it should be. It helps me project our take home pay, full year expected tax bill, full year expected retirement contributions (including matches from employers) and rolls into a budget calculator that gives us a “net worth change” by month for year. It’s holistic enough that I could probably sell it
I had friends use it years ago when they were trying to get finances in order. I complete it each year in January based on the latest tax code and any personal changes I need to account for. I’m starting to evaluate “my number” for financial independence and it’s a nice one stop shop for an annual view.
Next step is to build a multi year view with sensitivity analysis. I’ll stress test based on expected portfolio returns and whatever withdrawal rates (e.g., 4% rule). There’s certainly software that can do this but I enjoy the analytical process of pulling the tool together.
Posted on 1/1/23 at 10:09 pm to lynxcat
I'm old school I do a balance sheet by hand once a month. I have for years. Really good way to keep up with your overall financial picture.
Posted on 1/1/23 at 10:14 pm to lynxcat
quote:
nerd out in Excel
It's pretty awesome they now will bring in stock prices
My check goes to two checkings and savings
All somewhat non-discretional predictable charges (RE Tax, car notes, insurance, cable, utilities, etc) come out of one checking automatically setup. So I have weekly cash flow for next year built out.
Had a good budget vs actual file but don't necessarily feel like coding every expense unless I am starting to get too loose
Posted on 1/1/23 at 10:16 pm to bovine1
quote:
I'm old school I do a balance sheet by hand once a month. I have for years. Really good way to keep up with your overall financial picture.
Yeah just want to track make sure asset increasing
You put cars and house on it. Don't plan to sell so think won't bother
If there was a cheap gl software would make entries lol
This post was edited on 1/1/23 at 10:28 pm
Posted on 1/1/23 at 10:31 pm to thelawnwranglers
I do put my house and cars on mine. I'm not planning on selling either. If you just want to track investing returns I wouldn't.
Posted on 1/1/23 at 10:35 pm to bovine1
House I have on at cost and cars probably more valuable but just offsetting liability of car note
2024 I think I can be debt free
Will keep banking equivalent car note hopefully buy cash in the future
2024 I think I can be debt free
Will keep banking equivalent car note hopefully buy cash in the future
Posted on 1/2/23 at 6:49 am to thelawnwranglers
Debt free is a wonderful thing. Brought me much peace.
Posted on 1/2/23 at 8:15 am to thelawnwranglers
Delete. Double post.
This post was edited on 1/2/23 at 8:16 am
Posted on 1/2/23 at 8:54 am to thelawnwranglers
I keep our house on at cost and do FMV for our cars (fully paid). I was finding home price changes was creating too much noise in outputs. I know it has appreciated but I don’t need to include that appreciation in a net worth analysis that is focused on yearly changes.
Posted on 1/3/23 at 8:41 am to thelawnwranglers
I've done 12/31 balance sheets on myself for 20+ years. I ask my clients to do it so I thought I should for myself. It's interesting to go back and look at them now. I use an excel spreadsheet. It was designed for agriculture but I'm so familiar with it I just use it for myself.
Posted on 1/3/23 at 9:40 am to ConfusedHawgInMO
I've done 12/31 balance sheets on myself for 20+ years. I ask my clients to do it so I thought I should for myself. It's interesting to go back and look at them now. I use an excel spreadsheet.
---
That's exactly what I've done for 20+ years too. Great minds....
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That's exactly what I've done for 20+ years too. Great minds....
Posted on 1/3/23 at 6:58 pm to lynxcat
quote:
I nerd out in Excel and have built a tax calculator that is more over the top than it should be. It helps me project our take home pay, full year expected tax bill, full year expected retirement contributions (including matches from employers) and rolls into a budget calculator that gives us a “net worth change” by month for year. It’s holistic enough that I could probably sell it I had friends use it years ago when they were trying to get finances in order.
You care to share?
Posted on 1/3/23 at 8:54 pm to thelawnwranglers
I've been using Quicken since it was a DOS based app.
It's a real POS now. Spun off to some venture capital firm who clearly puts in minimal effort and charges a yearly subscription now.
But at this point it's habitual.
And it has nice reports, including net worth.
It's a real POS now. Spun off to some venture capital firm who clearly puts in minimal effort and charges a yearly subscription now.
But at this point it's habitual.
And it has nice reports, including net worth.
Posted on 1/3/23 at 10:59 pm to thelawnwranglers
I keep track of assets to be a qualified investor. Secondary benefit was it made me actually organize my finances for retirement planning.
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