Updated: Apr 5
Do you know how much is your total wealth today? Is your current wealth and assets sustainable in the next 5 to 50 years? In other words, do you know your financial health?
Most of us seldom try to find out our current total wealth and check whether it is sustainable 50 years from now. Not that we are not interested but we procrastinated due to the tedious computations needed to get the answer. In a way, so long as we have money to spent today, most of us assume that we will be better off in the future. Is that true? Especially after retirement or lost of income? If you plan to retire early and travel to see the world, then all the more you should start planning for it now.
MyWealth Suite is an iOS app to answer the questions above. It allows you to monitor your own financial health. You can still get — and pay — your financial advisers to help you with your financial planning. But keep MyWealth Suite app as a financial health checker on your mobile device. Your wealth information is at your fingertips any time.
Main Uses of MyWealth
What can MyWealth Suite (or just "MyWealth") do?
1. MyWealth computes your current total wealth by tracking the nett values of all your assets. Positive assets are summed up and negative assets are subtracted from the total value.
2. MyWealth can project your total wealth today into the next 50 years and show you your future nett worth.
3. As MyWealth do not perform actual transactions, you can use it to simulate changes in your financial conditions. Enter relevant data or changes in data in MyWealth and see how the changes can impact your financial health before you make any major financial decisions.
Simply provide the necessary data and leave it to MyWealth to do the rest of the work for you.
MyWealth works by summing up all asset values to give your current total wealth. Below are the assets that MyWealth tracks:
Account is a generic asset type for tracking liquid assets such as cash or funds. It is used to record balances in bank accounts, savings, retirement funds, etc. Account can also record your salary and expenditure data to compute total savings year on year.
Investment asset type tracks all current values of investments in stocks, mutual funds, ETFs (exchange-traded funds), etc.
Insurance asset type tracks all cash values of financial plans that are still in forced. It also take into considerations the annual premiums which is considered as expenditures.
4. Appreciative Assets
Appreciative asset type tracks all non-cash properties that appreciate in values over time, such as the house you are living in, property investments, antiques, etc.
5. Depreciative Assets
Depreciative asset type tracks non-cash properties that depreciate in values over time, such as owning a car, etc.
Liability is a negative asset type for tracking loans, credit card borrowings, or any debts owed to financial institutions or any other parties. Record all loan data and repayment schedules and MyWealth will offset the owed amount from your total wealth value.
Apart from computing current total wealth, MyWealth will also perform projections on the values of all assets into the future for financial health analysis.
MyWealth will project your total wealth by taking into account your income and asset values with interest rates, expected rate of returns on investments, appreciation rates, etc. You can check how your wealth will grow over the next 50 years.
MyWealth will also take into account any depreciative assets you owned, your liabilities and expenditures with interest rates, inflation rates, etc, to give a more realistic view on your financial health. See how your negative assets impact your financial health.
Analyse your own financial well-being with the projection tools provided and identify probable financial crisis. Take measures to improve those situations before they occur.
We will be introducing more analytic tools in subsequent updates.
Wealth Suite Interoperability
To make measuring financial health easier, MyWealth works with 4 finance apps in the Wealth Suite Bundle to automatically sync data such as investments in stocks and mutual funds, cash values and premiums of financial plans, expenditure data, etc. This is just why the app is named as "MyWealth Suite" as it works with the other apps to provide complete personal finance solution.
Current values being tracked in the apps can be retrieved automatically by MyWealth and included in the computations to give the current total wealth and projections.
iInvestStock tracks all returns (including realised returns and dividends) on investments in stocks, Exchange Traded Funds (ETFs), etc. It provides MyWealth with the current values of all your investments in stocks.
iInvestFund tracks all returns (including realised returns and dividends) on investments in mutual funds. It provides MyWealth with the current values of all your investments in mutual funds.
iInsured keeps tabs on your insurance plans (or financial plans) and display all benefits for your understanding. It provides MyWealth with all cash values and total premiums (considered as expenditures from accounts). iInsured is also able to project an accurate lifetime premium schedule according to your policies' duration.
iTreasurer keeps tabs on personal expenses in daily life, travels and foreign currencies. It also provides a business add-on module for tracking business expenditures with receipts and generate reports for tax submissions. It computes your average monthly expenditure over at least 1 year and syncs the data with MyWealth.
Data Privacy & Security
MyWealth and all apps in Wealth Suite Bundle do not link to any financial entities to carry out actual trades. All data entered into the apps are stored on your device only and is accessible only by you.
All the apps provide options to enable password protection as well as Touch ID (fingerprint authentication) on iOS devices.
The Wealth Suite
MyWealth Suite is FREE to download. Download the Wealth Suite Bundle also and start monitoring your financial health today. You can also get the apps in the bundle individually and they will still work with MyWealth.