We’ve recently launched an app that tracks your wealth. The purpose of this app is to know where you are now, see where you’re going, and we can even set goals in the app so it gives you an update each month on how you’re tracking.
We can add anything from an asset or a liability perspective. The cool thing about this is it actually links into RP Data, so it will track your suburb performance and you can even track the movement each month. You can also see the history of each property – so we can document everything. you can even add your property manager in here as well, and they can send rental statements in so you’ve got it all tracked here.
We can put the business value in, however I would probably recommend only putting your business value in here if you’ve got a relatively liquid business, not if your business might take years to sell. That’s not saying you don’t need to put it in, but I wouldn’t want to over-inflate the net worth if it’s not relatively liquid.
You can add your superannuation – if you’ve got a self-managed super fund and we look after it, we can actually plug in from our super software into this software so it gives it live updates as well. If you’ve got shares, you can usually connect most portfolios, or nabtrade.
You can also add motor vehicles, and this connects to Redbook which can give you an estimate of what your car is worth. You can connect bank statements – similarly to how Xero has bank feeds, this software can have bank feeds as well, and it’ll actually show you your cashflow for the last 30 days.
Most of our clients would be on Xero for their business. But if you’re not, or you want to just tag something for a tax perspective, we can just hit a button that says Deduction for that one, that says Work, and we can run a report at the end of each year that shows how much you spend on fuel, or travel, or utilities, or all that sort of stuff.
In terms of protection, you could even pop in your insurance policies and your wills and estate planning, your power of attorney, etc, and you can put electronic copies in here. The idea of it is that it’s a central wealth portal, and everything we do from a personal finance perspective can live in there.
Download the app now on iOS or Android.
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