The very first step towards your Financial Planning is understating your financial priorities. We have developed the Financial Evaluator just for that purpose. This evaluator not only gives you information about your current situation, but also makes forecasts about your financial situation in the future.
This is not a Financial Plan but points to your financial pain points and priorities. Hope this helps you understand your financial situation a little more clearly. The figures in this report are not absolute and are best estimates based on current macroeconomic assumptions and your entered information. As we update the macroeconomic assumptions, the figures will change. We recommend you to create this report on a periodic basis and any time your financial situation changes. Examples of such changes are life events such as marriage or receipt of an inheritance.
We strongly recommend you not to fill this form in a hurry or from memory. After entering data in the Personal Profile page, just review the information that is required for the Financial Evaluation. Collect the documents to refer to required information and then fill the form. We do not require you to fill precise information. We also suggest that you change some the assumptions (such as Salary growth rate or Reserve Fund) and see what happens to the evaluation – in short carry out Scenario Analysis for different assumptions.
There are two ways you can get help in this page –
1. The guide on the top the page, and
2. The Green dots next to entry fields.
Click on the Guide button or hover on the Green Dots to get more information.
To get a complete picture of your finances, we need to get information on your 1. Income sources, 2. Expenses, 3. Assets, 4. Liabilities and 5. Retirement Choices.
Accordingly, this form is divided into five sections.
The Income and Expenses sections require you to enter annual data.
We use popups on this page – please allow popup for Wisejay.com. Most popups are calculators designed to help you calculate values of different assets and liabilities.
Interest rates on the page are APR or quoted rates. So, no calculation is required and you can use the rated mentioned in the offer documents.
Terminology in Loan pop-ups:
The actual amount of loan you have received. We are assuming that you have received the whole loan amount at once. If you have received the loan amount in installments, then consider them as separate loans.
Quoted interest rate for the loan. If not sure, contact the lender.
Payments already made:
The NUMBER of payments already made. For example, the loan term is 5 years and you have to make monthly payments i.e. 12 payments per year. That means 60 total payments. It has already been one year since you took the loan and you paid monthly EMI – 12 payments so far. So, Payments Already Made = 12.
Rest of the figures will be be calculated automatically.
If you are single and do not have a pension plan- you can simply click submit and go to the report.
If you are married or have joint finances, you will need to enter your spouse or partner’s date of births.
If you have a pension plan, but do not know the details – just click the checkbox for that purpose. Same for your spouse or partner. You do not have to guess the Pension Percentage the system will calculate it automatically.
The rest of the inputs will be automatically calculated.
Sample report pages:
If you have any more doubt about terminology, etc. Please post your question on the Openhouse.
Or, you can contact us at firstname.lastname@example.org