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Ben Kingsley Blog post by Ben Kingsley

MyWealth Portal Tutorials : Expenses & Borrowings

Hello, in this tutorial video, we’re going to be talking about expenses and borrowings as part of the MyWealth Portal. Borrowing is part of our ABCD fundamentals so it’s pretty critical to get it right. Let me unpack this a bit more.

So here we are in the dashboard for Daniel and Rebecca, the example clients that we’ve been using to date. You can see here in the menu item bar, I can click on that and I would go on and have a look at bills.

(Note: Click here to log in to MyWealth Portal)

Now in this bills section, you also have navigation at the top to go between bills and spending, but we’re going to be introducing some new theories that you may not have seen before in regards to essential and discretionary spending. Now the idea behind that, and this is why we think budgets don’t work but why Money SMARTS does work is… We want you to start thinking about money in terms of actual needs versus wants. And that can be seen in potential examples here around these types of bills and payments.

When it comes to bills, in most cases, they are needs. They are not necessarily wants. But you can also see here that you could have internet and you could have some bonus ad-ons. You might say, well, the basic plans, $30 a month for internet, but we want to have a little bit more speed or whatever. So discretionary might be a $20 a month or whatever that looks like.

Now let’s get familiar with some of these categories. We refer to these as expense items. These are the expense items down the side here. You can put in a figure here in terms of essential and discretionary and it will auto calculate that amount. Now I know we’re not renters, but by way of example, if we’ve got $200 a week in rent for us, we can then simply change that to weekly and that’ll make the adjustments.

If obviously I put another $20 in here and you can’t really have discretionary rent, but you can see what’s going on in terms of those auto calculate fields. But that’s just the example in terms of what we’re looking at here.

Now the other final thing that you want to be looking at is in regards to the types of categories. In Money SMARTS, and I know we’re not doing the Money SMARTS tutorial right now, but I do want to introduce you to it. You can choose how you want that money to be allocated inside your money section. For this case study, we’ve got primary account, credit card, living and lifestyle and also provision for. In this particular case, there is no real category. I’m going to leave that as living and lifestyle because there’s no value in there.

It won’t change. So just work through those and again we’ve got a simple navigation tip. If you want to add more expenses, you name the bill. For example, test bill. Let’s call it test bill. And inside here I can also then put my amount $50, that’s going to be weekly. And then I can categorize that into primary direct and obviously I can hit save if I want to save that. The best feature is, I can continue to keep adding more and more bills if I want to. And then also delete them if it’s know no longer required. Down here again, our platform is designed for our professional clients who are using this and also our advisors. So, you can disregard these texts, liabilities around frequency of income protection, trauma, but it’s part of the defense strategy that we teach and educate our community on.

And then you’ve also got the ability… if you’ve added investment properties, you’ll start to see some of those bills coming up in here. We’ve got a nice little summary section in terms of what your annual bills are as well. If you added an investment property in the assets section, that information will populate over here. Ultimately, that is the bills section. I’m going to click over to the spending. I’m not going to save in this particular case. And the same sort of thing applies here. We can see here groceries and non alcoholic beverages. In a sense, I’m saying that’s monthly, but maybe $750 of that $800 is actually essential. And $50 per month can actually be discretionary. I’ll leave that there. And again, you’ve got the categorizations. Now you will notice that that some of those categories were preset.

As mentioned earlier, we do have a default set up for Money SMARTS.

And I’ll talk to you more about that in the Money SMARTS tutorial. Again, really simple to operate. If you want to add new expenses, you can put the bill details in there and away you go. And then the annual expenses are then summarized at the bottom there. That is effectively the expense section of the portal. If we go across to the borrowing section, we can then start to see some of the loans. This is a everything from home loans to personal loans to credit cards and again, it’s laid out in a format that can be squeezed in, into a mobile version. You can start to see what type of loan it is. It’s all conditional logic as well. In terms of buying real estate, what is the purpose of the funds?

You don’t need to put all that information in if you’re just a beginner. But it is available to you to store a record of all your financial information, which is the vision that we have for our platform going forward. You can see here that there is an account number linked to it such as the offset account that’s also included in there. Naturally, this means we’re starting to gather information in terms of who the loan was for, what property did that loan relate to, what interest rates, when are they expiring, what limits and so forth. It’s very simple in terms of filling the gaps and you can see the mandatory fields our actual professional clients would be putting that information in. So we get a good assessment of that.

Any other savings accounts that’s linked to that or any other different information that would be helpful for us as advisors goes in there as well for our professional users. Loan types is another investment loan that we’re talking about in there. As an example, loan borrowed amount. So this is releasing equity to potentially buy an investment property against that original security. (The LVR) Looks like it’s all comfortable in there. Then you can see here.

This is the section that we were talking about in terms of what types of loans are available. We have the full list of different types of loan products. But you can say what is the purpose of that? We can also start to see an idea of, you know, in some cases the credit card could be for business. We would advise you not to put the business card in there if the business is paying for it because this is the personal household information.

But some people combine business and pleasure together. So that’s also documented in there. The interest rate on the credit card, any other liabilities such as a second credit. Then there’s a car loan. You get the picture. Now if you want to add another loan, you can see here again, we start off with what other loan type it is and depending on what we put in there, the information will then pre-populate in regards to what that looks like. As you can see, it’s all very, very easy to follow in terms of how we put that information in. And so that will give you an idea of what’s possible and what’s not possible. And then you’ve got any other historical closed liabilities not relevant to you for now, but you can see historical information in terms of what loans you did have and you didn’t have.

And that wraps up the expenditure side. The sort of money out. We had the money in and the assets side in the previous tutorial and this tutorial, we’re talking about the money out and all of that information will then start appearing in your dashboard in terms of that money coming out, those monthly expenditures and all that information summarised here before we go into the next section.

So there they have it. You come back in over here and you can see it back on the dashboard. You can then start to see all of those expenses line up and that information being caught on your dashboard. And that’s the tutorial video on expenses and borrowings and loans until the next tutorial.

Tutorial Videos in this Series:

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