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Ben Kingsley Blog post by Ben Kingsley

MyWealth Portal Tutorials : Income & Assets

In this tutorial, we’re going to be focusing in on the incomes and the assets section of the MyWealth portal. And it’s pretty exciting because this is now where your dashboard is going to start to show some currency around all that information.

So let’s click on income and we move across here.

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

What you can see here is sort of design so you can scroll down. It’s very tabula, very simple to operate. We’ve kept the user interface, very, very basic. And you can see here for Daniel Example, we’ve got a PAYG income, but if I was to change that, there will be things that do change in regards to the dynamics or the conditional logic that you see behind it. If I was to also change, you know, from part time or a contractor or temporary worker, there will be things that do change in a dynamic sense around that.

The other thing we also then get is to put some information in here in terms of your employee or the contract information and so forth. So you can see how that works. Again, we don’t need all that information. The platform has been built to help people and our paid clients do mortgage reviews and so forth. We do need history of employment for those types of things. We do not need lots of detail in here for you. The most important thing that we need to be looking at is regards to what sort of level of income you’ve got coming in. You can see here, you’ve got the annual gross income, you have the overtime and those types of things. Now because I changed a lot of things there, I’m going to not save this. I’m going to jump back out, go to the dashboard cause I don’t want to make any of those changes.

I’m going to come back into income and we can see that. Here’s the original bit of information that I put in here. And then you can see the overall income for Daniel and if we wanted to add further incomes and any pre tax deductions, that also helps with Money SMARTS and so forth. In terms of cashflow. If I wanted to add another income section, I’ll just simply click the adding combine. And again, depending on what type of income that I’m looking at for other income, you can see those types of things. That’s what we call government or other types of income.

Remember, if I wanted to add another employment income, I’m actually up here and you can see that that’s giving me the section here in terms of employment. The more information, if I’ve got another PAYG job or I’ve got a business hack that I’m doing or money hack that I’m doing and I’m self employed, all that information will start to show up.

Sole trader or company information, I need history of income. All of those things will change as you potentially put that information in. Very user friendly and dynamic in its conditional logic in terms of how that works. For Daniel, he’s got the single job and the same thing with Rebecca. We see she’s also on PAYG. From that point of view, really easy to understand what she’s doing and we can see her income being loaded in here. Now the moment we load that income in, we can also see that that income will start to appear on the dashboard in terms of our overall household income. And we can see also the tax payable that’s coming through on the dashboard as well. That’s how you get an introductory look at the income page. The next one I’m looking at in this tutorial, I also promised you was the properties and also other assets.

Now you can see there’s another new navigation where I can click between other assets and property. It’s at the top here to keep the navigation simple and easy to use. In this particular case, we’ve got a principal place of residence and again you can see here what we would class it. Is it an investment versus owner occupy, what might be personal use versus primary use and those types of things as well.

It’s jointly owned in both Daniel and Rebecca’s name. It’s a property in nowhere, suburb in Victoria, um, and here’s the purchase date and the purchase price and the estimated value. Now this is a cool little feature. What we’ve done here is why don’t you put in the actual purchase date and the purchase amount and what you think the value of the property is worth. You can also see exactly the annual compounding interest return. So you can have a play around with that.

Hypothetically speaking, if they have got a great buy here and bought that for a $340,000, we can then see that it would have been an 8.96% return per annum. I paid about $387,000 I think $500,000 from memory. So we can see a $386,000 I think it was. So you can say just under 7% compounding return over that period of time. Have a play around with that in terms of what you did buy your property for and put the current value in. See what type of return you’ve been able to achieve on your principle home.

Again, the projected future capital growth is for our business purposes, nothing to to see here for yourself. Then a little breakdown in terms of the type of condition and the property. Again, not required for you (if you’re just using it for Money SMARTS). But the more information you put in here, potentially in the future we’ll be able to provide some insights around that.

If I wanted to add another property, you can see here what’s the purpose of the property. If it’s for personal use, such as a holiday home or if it’s for investment property, then you’ll start to see a lot more different information that we ask for around that investment property, such as income. Remembering there are maintenance costs and so forth as well. So we can start to get a sense of those costs associated with that property. That is a fairly quick introduction to property assets. If we move across, I’m not going to save that information. You can see, we’ve now looked at the different types of bank accounts that we might have.

Now on the Money SMARTS, remember, we love, LOVE offset accounts as the primary account and even potentially as a secondary account, as long as it’s a free account.

In this particular case, Daniel and Rebecca, the one that we’re looking at, I haven’t set up their new finances yet. So, but you can see here, they could have a high interest or also offset or other. We’re going to keep that as savings for now. How much money they had in there and if this is the primary bank account. Now you can also see when we do do offset that will also ask for the last four digits of that number because we can then match that to the loan account into the future when we’re doing some simulation and so forth for you. If it’s not an offset, don’t put that in there. But if it is, and you can see obviously the interest that you’re going to be earning now. Very hard to get 3% interest at the moment, but you can definitely see how that plays out.

Then the other assets we’ve got are a couple of vehicle. An old Holden, um, you know, not buying Holden as much anymore these days. Any life insurances, those types of things. I’ve got to have fun for myself don’t I? Life insurance and other investments. You can start to see what type of investments, who owns them, what type of investment is it. Is it shares, bonds, managed funds, pensions, those types of things. That way, obviously with these assets, we’re starting to get an idea of what your nest egg is and what your total assets are. Also, that type of information will start to appear on your dashboard in terms of your title, assets, values and alike. So there it is. We’ve just had a quick look at properties and also now other in other assets, you can continue to have a play around with that.

You’ve got superannuation and any other assets that you might want to add. You know, you might have caravans, boats, tools, equipment, whatever that looks like. And it’s simple to add too by hitting the add button. It’s also simple to delete. Just also make sure you’re always saving when you’re adding new information. Before you leave the page, we do do a little prompt especially if there has been some editing done. It’ll also say, do you want to save or not save as a final check. So you don’t lose that input that you’ve done. But that’s incomes and assets for this tutorial.

The next tutorial we’re going to be doing, or another tutorial that’s available for you is going to be on expenses and also borrowings. Until then.

Tutorial Videos in this Series:

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