Net Worth Report

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What is my Net Worth

Your Net Worth is a single value that shows the difference between your Assets and Liabilities. Assets are what you own and Liabilities are what you owe. When you subtract your Liabilities from your assets, the balance is your Net Worth. Your Net Worth is a snapshot of your financial well being at a single point in time. Reviewing your Net Worth on a periodic monthly, quarterly or annual basis shows how you are making progress towards your goals. Many people target a Net Worth of 5 – 15 times their annual cash flow in order to build financial freedom. Pocket Plan helps you generate a Net Worth report to provide a single view of your financial health.

Net Worth Report includes

  • Changes from the Last 30 Days
  • Assets
  • Liabilities

Assets added to your Net Worth report may include:
– Home
– Bank
– Investment
– Retirement
– Other Assets

Liabilities that can be added to your Net Worth report may include:
– Mortgage
– Credit Cards
– Student Loans
– Auto Loans
– Personal Loans

What Kind of Accounts Can I Add to My Net Worth Report?

Pocket Plan has two different methods for adding accounts:
1) Dynamic Accounts
2) Static Accounts

Manual Input Accounts

Manual input accounts require you to add all of the necessary data to see them reflected on your Net Worth Statement. These accounts will not be updated unless you make any changes to them. A manual account is best used for assets like:
– Land
– Property
– Business

These assets are likely only to have significant changes in value once per quarter or once per year.
Assets that are less liquid, or harder to sell, are those which are best used for manual input. The change in their value doesn’t happen as frequently and as a result, likely doesn’t have a large influence on your financial well being.

Use Scenarios to Test:

  1. Best Retirement Date
  2. Odds of Running out of money in Retirement
  3. How Much to Spend in Retirement
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