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Assets are the things you own, whether real, i.e. tangible, or intangible. This includes the obvious, such as real estate of any kind, cars, works of art, cash in your wallet or under the mattress, gold bars in the safe. These are real things that you can touch, smell, move around (unless it’s a house, of course).
This also include things that are not physical - a cash account in a bank, an account with a broker with some shares, a patent in your name, royalties from your artistic creations.
On our web site you can track your assets and liabilities in one place. This will help you to have a clear picture of your financial situation, and, together with cashflows will serve as an input for pension forecast and other useful insights.
As well as holding something positive, you might be on the hook for something negative. Mortgages, credit card loans, other debt of any kind falls under this category. As a responsible investor you should strive to increase your assets and to eliminate your liabilities, where it makes sense.
The actual value of your assets and liabilities can change over time. Cars depreciate (and sometimes appreciate, if you happen to own a rare one), real estate goes up and down, shares and other financial instruments are notorious for their unpredictability. On our web site you can track the changes in the valuation of your assets and liabilities. This is useful in and of itself, because you can see how your net worth is changing overtime. For forecast calculations we will use the most relevant valuation figures, based on the dates.
Both assets and liabilities can be a source of income and expenditure, or cashflows. For example, your investment apartment could be generating both monthly income, in the form of rent, and expenses, such as property taxes, service charges by the development management, ad hoc repairs and so on. Your personal home, on the other hand, will usually generate only expenditure, because you are not renting it out. Of course, you are not paying your own rent then, and there are any number of hard to quantify psychological and practical dividends from having your own place.
Our web site calculates some of the cashflows automatically for you. If you have a savings account, paying a known interest rate, you can record it in the assets page and we will record the relevant income for you. Other types of cashflows you will be able to record yourself on the cashflows page.
To summarise, use our tracking facilities to keep track of your assets and liabilities.
You can try different scenarios in order to evaluate “what-if I do this”. Read more here.