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  • Rick

MyWealth: Monitor your Financial Health

Updated: Sep 13, 2020


MyWealth

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

MyWealth computes your total wealth

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.

Assets Tracking

MyWealth works by summing up all asset values to give your current total wealth. Below are the assets that MyWealth tracks:

Asset classes tracked by MyWealth

1. Accounts

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.

2. Investments

Investment asset type tracks all current values of investments in stocks, mutual funds, ETFs (exchange-trade