If you find it difficult to track, manage and project your financial obligations, you’re not alone. Most of us have dozens of commitments, goals and benchmarks to keep track of. At any one time, you could be keeping an eye on your investment portfolio, paying your bills, getting rid of the mortgage, planning your retirement, or budgeting for special treats. But that doesn’t mean you have a big picture view of what’s going on.
An Aussie start-up is making it easier than ever to get an overview of your money — now and in the future. Wealth Projector is an elegantly simple online tool that allows users to generate a personalised wealth report. It covers everything from property values to superannuation. In addition to the specifics, it spits out a net worth projection, and a financial fitness score.
It’s not an advice product. But it’s not just information either. Rather, as they put it, it’s bridging the gap between the two. Think of it as personalised information.
The Wealth Projector team
Wealth Projector founders Tim Woodhouse and Richard Kennard have spent a decade making smart digital tools for the super industry. It was working on a tool called ‘Your Super Future’ for AMP that they realised the level of need and demand for a broader financial modelling tool. They knew it would have to be simple to use, and provided unique personalised insight.
‘The overwhelming feedback we received from our superannuation products was that people wanted more’, said Tim. ‘They appreciated the simple, clear way our personalised report was able to explain their super, but they wanted that for all their other finances too.’
The pros: clean, simple, and no Excel skills required
What’s different about Wealth Projector is the sleek and engaging user experience (UX). Unlike many online tools offered by, say, big banks (not naming any names), it’s very light on the data entry. You don’t have to enter the same info over and over. You just drag and drop icons representing the financial commitments that apply to you. The program prompts you to plug in the details it needs.
Privacy-conscious users are well looked after. You can enter as much or as little info as you want. Specifics aren’t necessary. For example, you can put in a fake name. Or you can plug in an age, instead of a date of birth.
And the finished 24 page report is very graphic. Forget the long tracts of text you get in traditional financial planning booklets.
Source: Wealth Projector
[Click to enlarge]
The report is designed to help individuals reflect on and feel more confident about their financial needs and goals. According to the creators of Wealth Projector, the finished report can be taken to a financial adviser for more on how to action each of the goals or deficits the report reveals.
Early users have described Wealth Projector as ‘shiny’ and said they ‘love the idea’. That fits with the objective of Wealth Projector software developers Kennard Consulting, who aimed to make Wealth Projector ‘gamified and holistic’. So it’s meant to feel like a game, whilst incorporating all the serious stuff. And it has the flexibility to take in details that even government agency tools don’t cover.
But it does have its drawbacks.
The cons: target user seems very narrow
One thing that’s slightly off-putting is the fact that the tool seems to have a specific target user in mind. Even though it’s all about customisation.
One user said ‘It seems as though this is aimed towards those who need it the least, i.e. those on salary and set in their career.’ Another echoed this sentiment, saying that it ‘doesn’t have any info for people on welfare, who I imagine could use more info about financial stuff than those in paid employment.’ Another said ‘I LOL’ed [laughed out loud] when your wealth projector told me “if you started working at age 18 and retire at 67, you have completed 18% of your working life. You have 40 years to go!”…Seriously, who wants to work ‘til they are 67. I’m 27 and trying to cut down my hours now.’
Basically, it’s comprehensive, and that’s great. But it makes a lot of assumptions about your goals and your family situation. There’s not a lot of value for, say, a single person who doesn’t want to buy a house or have a family, and instead wants to retire early to travel the world.
Still, there’s no doubt that some may find it a useful tool. Especially for getting that big picture overview, and making projections for the future. If you’re interested, check out Wealth Projector here.
Contributor, Money Morning
PS: Tools like Wealth Projector can be useful for projecting how much you’ll have to live on in retirement. If you’re interested in maximising the size of your retirement pot, don’t miss Kris Sayce’s report ‘5 Things You Can Do In The Next 30 Days To Boost Your Retirement Pot’. You’ll learn:
- The one direct question every retirement saver should ask their financial adviser today: How this one question can help you regain control of your own financial destiny instead of leaving your fate in the hands of someone who doesn’t have your interests at heart…(page 2)
- The single most important factor that determines the size of your retirement pot: 99% of retirement savers and fund managers are focused in on individual stock selection. This is the wrong move. Learn the most important thing you need to get right before you even look at individual stocks — this alone could boost your pot by $$$…(page 4)
- Five ways you can take more control of your retirement savings and your future financial security: This approach to retirement investing can help you copy the pros, do better than them and not surrender a cent in fees or commissions… (page 7)