Financials

The financials tab on the platform allows for tracking resources which contribute to our financial dashboard.

Financial Goals

In the Financial Goals section, we set the calendar year, the Theme of the year, and our goals for the current year. We also record answers to our shared set of questions.

Assets

The platform allows us to track a variety of different asset types, each of which has data unique to that type. Any asset type can be marked as active or inactive. Inactive assets will not be added to the summary top-level computations. The list view shows us a high-level overview of our assets and their key attributes. We can search by asset type (assets, mustang, etc):

For all asset types, we track the type of income (none, horizontal, vertical), taxation (none, active, passive, capital), its name and general notes. For many asset types, we can also record a staleness notification override time, the amount which has been invested into the asset and the current liquidity. When viewing the details of any asset, there is a summary of the main contributions to the summary (Net Worth, Horizontal Income, Vertical Income, Recourse Debt, and Liquidity).

For many asset types, we can see a trend graph of values over time based on the time range we choose. The default is 6 months:

For all assets, we can also upload media (up to 2Mb per file):

Asset Types:

Assets - Fixed Depreciating (autos)

Assets are sellable objects which have a value and might have associated debt. Cars, boats and planes fall into this category.

Cash - Non-Qualified (post-tax)

Non-Qualified Cash accounts are generally banking accounts. Generally only the current cash value of these accounts is tracked.

Cash - Qualified (pre-tax)

Qualified Cash accounts are generally pre-tax money-market accounts. Current cash value would be tracked.

Company Holding - Equity Positions

Company Equity positions are companies which we have an equity stake in. We can record a subjective value, average distributions, ownership share and cash investment. Company Equity assets can have an associated liability.

Vertical Income - 1099

Vertical 1099 income is one-time income. We record the total amount of the 1099 contract and only income which has been recorded in the past is counted as YTD income.

Vertical Income - W2

Vertical W2 income is income we expect to receive for the full year. We save the total annual amount for the income.

Investments - Non-Qualified (Equities)

Non-Qualified investment income are post-tax accounts. These are typically equities and bond holdings.

Investments - Qualified (retirement accounts)

Qualified investment accounts are pre-tax accounts (401K, Pension, etc).

Notes

Notes are loans we hold which other folks pay us for. We save the current principle, monthly income, and details about the loan.

Real Estate - Non-Revenue Producing (Primary Residences)

Non-Revenue producing real estate are assets which we hold which don’t generate income for us. These are generally our primary and secondary residences. These assets can have associated liabilities.

Real Estate - Revenue Producing (Rental Properties)

Revenue producing real estate is an asset which generates income. We can save a bunch of data points about the properties including address, values, growth rates, property types, income, monthly maintenance/capes/property tax/insurance. We can also see various calculations for the property to show us annual cash flow, ROE and possible sale or refinance numbers:

Syndications / Partnerships

For any syndication and partnership assets, we can record value, property types, dividend frequency, IRR expectations and a list of scheduled distributions. We can also save the original proforma data and see how our historical distributions have aligned with the expected returns:

Liabilities

Similar to Assets, we can see a list of our liabilities. Liabilities are generally associated with assets but can be dandling (e.g student loans or credit card debt). We can save details about the loan and choose if we want the principal payments to be considered as income. We can also view an amortization schedule: