Personal Net Worth Calculator
|Download the Free Net Worth Calculator Demo||Download the Free Net Worth Projector Demo||Net Worth Calculator Directions||Balance Sheet Report Explanation|
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People need to know what they have, how much they owe, and what the difference is. The difference between assets and liabilities is called net worth.
This financial plan software shows both a current snapshot, and a long-term forecast of assets, liabilities, and net worth. It does everything you want, and most everything other net worth software does.
There are two programs: The net worth calculator is for just determining a current net worth snapshot for a family (it only shows inputted values for the current year).
The net worth projector then forecasts everything inputted far into the future.
You can control both asset and liability values down to the dollar in every year. Other financial software may allow control of annual asset values, but not liabilities (because they're usually automatically generated and can't be changed).
You can also use Excel's built-in Goal Seek function to perform any "What If" scenario.
First, the Net Worth Calculator
• It calculates overall net worth by listing everyone's assets and liabilities, and then shows all of the differences.
• It has a generic input sheet for family and asset class information.
Then it has four input sheets for each type of ownership: Client, spouse, jointly held / community property assets, and children's assets.
Each of these four categories has five input areas, for a total of twenty separate accounts. Each account will handle 25 assets. This sums up to a total of 500 assets that can be input (and then projected).
Each of the twenty accounts can have an associated liability.
• It has over a dozen charts for graphically showing all of the pertinent information. The bottom lines are then presented in different formats to show different perspectives.
• It has an All Assets sheet showing a top-level view of all assets together. It also has an All Liabilities sheet.
• Then it has "drill-down" capabilities, so you can see more and more asset and liability detail, as you look deeper into the reports.
• It's formatted to look and feel like financial statements from brokerages, 401ks, and other financial custodians. This makes it easier to input data, keep accounts separate, and to display bottom-lines investors are used to seeing.
• You can input asset values from up to twelve past time frames. This calculates percent changes of current values from these past time frames in each asset and each account.
This feature allows you to overcome limitations inherent with brokerage statements that don't include assets not held in the account. For example, if you have a stock account, a rental property, and a bank savings account, the rental and savings account will not appear on the brokerage statement.
With this balance sheet software, you can input all three, their past values, and then it will estimate percentage changes over time that include everything.
They are set up to show monthly changes, but you can use them to show annual changes, or any time frame you want.
If you're interested in this function, then there are two sheets on the TVM financial tools that perform this function better.
• It has a result sheet for non-qualified assets and another just showing qualified, to keep them separate.
Both allow you to compare current with prior values. This helps plan which assets, or group of assets, to tap first when retiring.
• It lists all assets by asset class with dollar amount breakdowns. It also has a pie chart with asset class percentages for each account. This is shown for each person.
You can ignore all of this by not inputting any of the asset class data, and everything else will work fine.
• It has a sheet that shows asset values, tax basis, and estimated after-tax values considering both ordinary income and capital gains taxes.
This is for estimating how much would be left after capital gains taxes if you sell assets. This allows you to see net worth with assets held, then net worth estimates assuming assets are sold.
• It has a sheet that breaks out liabilities for each account and family member.
• You can modify it any way you want, so results will have the most meaning and print well.
• To eliminate duplicate input (data entry), you can integrate and share data between financial plan modules.
The Integrated Financial Planner has the Net Worth Projector hard-wired with the Cash Flow Projector, Dual RWR, Life Insurance Calculator, and the Multiple College Planner to eliminate all duplicate input.
• Financial advisors: This is a great tool to get "data confirmation" with clients before spending time working on other modules.
Confirming data helps prevent having to redo everything if there's confusion over assets during financial plan presentation, which is common. You'd run this report first, then send it to the client asking if everything is right. They'll usually send it back with corrections. Then you can continue work on the financial plan without having to worry about redoing things because of a mistake.
The 75-Year Net Worth Projector
The net worth projector just takes the data entered into the net worth calculator, and then automatically forecasts everything up to 75 years into the future. It's the same twelve sheets as the net worth calculator, but with seven more sheets that project asset and liability values.
You can ignore all of the detailed input to keep it simple. Just input global rates of growth into each account used, and then everything is automatic. For more precision, you can also control end-of-year values to the dollar by using the manual overrides.
You can also have different annual rates of growth, or shrinkage, by using the annual rate of return manual overrides for each individual asset.
These allow you to account for any oddball situation that's going to happen in the future, like reverse mortgages, buying new investment assets, depreciation, inheritances, etc.
In addition to everything on the Net Worth Calculator, the Net Worth Projector has:
• A Results sheets that shows annual end-of-year values for all twenty accounts for 75 years. This is shown both in table and graphic form.
You can also see annual values for all 500 assets.
• Assets are shown by all client's qualified assets, all client's personal assets, then total combined assets. Then the same for the spouse, jointly held assets, and children's assets.
• Everyone's assets, liabilities, and net worth are shown on an annual basis individually. Then everyone's combined accounts are summed up, and displayed together to show the family's total assets, liabilities, and net worth.
• All twenty accounts have automatic liability generators, and a manual override column for each, so you can input exact amortization schedules from bank loan ledgers.
No balance sheet software calculates liabilities correctly. We looked at all of them to see how they do it, so we could do it the same way, but none did it right. This is because there are too many Real World variables.
We made it so you can just use the automatic liability generators to get close enough (as close as other software).
Then you can manually input every year's estimated ending liability from loan ledgers.
So you can skip these details to keep it simple, or you can control all liabilities to the dollar in every year.
• There are many charts and graphs that display annual information in different formats.
• You can modify it any way you want, so results will have the most meaning and print well.
• You can control the amount of integration with other financial planning software modules. For example, you can use annual asset values from retirement planning software. This will then show net worth after accounting for cash flows that come out of assets that provide retirement income.
This allows you to see net worth grow before retirement and shrink afterwards. This is where you can automatically account for assets paying out retirement income, other withdrawals, and adding contributions to them over time.
To download the demos, right click on a link below, and then choose "Save (Target) As..." to save to your hard drive. Then find it and open with Excel.
Be sure to see the sheet that shows what colors should look like.
Then read the instructions and follow along with the demo open
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|Net Worth Software Prices||Unsupported||With E-mail Support||Phone and E-mail Support|
|Net Worth Calculator||$5||$10||$20|
|Net Worth Calculator with Asset Fact Finder (for advisors gathering detailed asset data from clients)||$7||$12||$22|
|Net Worth Projector (Net Worth Calculator is included)||$11||$21||$40|
|Net Worth Projector with Asset Fact Finder (for advisors gathering detailed asset data from clients)||$13||$23||$42|
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