Household Balance Sheet

 

Well, we can't exactly elaborate on how goalgami’s Household Balance Sheet works. It's confidential, proprietary knowledge.
 
However, we can say this: goalgami’s Household Balance Sheet accurately calculates the likelihood of your long-term financial goals being reached. We make these calculations based upon your current and projected future financial status. Simply put: Your Resources minus your Claims. Advisor Software's exclusive, patented financial modeling process is the key to the goalgami experience. 
 

What are Resources?

 
goalgami defines ‘Resources’ as the total amount of money earned over your lifetime. We establish a fairly accurate estimation of how much you’ll earn overall to determine whether or not you’ll have enough moolah to cover your long-term goals. Check out the Household Balance Sheet bar graph above. The Resource amount appears on the left side.  
 
To figure out your Resources, goalgami adds the amount of your current assets (savings, money market accounts, stocks, etc) to your future income (employment, Social Security, investments, rental property, etc). We throw in a couple calculations to allow for taxes and inflation.
 
Current Assets + Future Income = Resources
  

What are Claims?

 
goalgami defines ‘Claims’ as the total amount of money spent over your lifetime. We establish a fairly accurate estimation of how much it will cost to cover your living expenses and long-term goals. Keep in mind, your Claims amount may or may not be realistic, depending on the amount of your Resources. Check out the Household Balance Sheet bar graph above. The Claims amount appears on the right side.
 
To figure out your Claims, goalgami adds the amount of your current debts (utilities, credit cards, mortgage, student loans) to your future spending, which includes living expenses and lifelong goals. We include a couple calculations to factor in interest and inflation.
 
Current Debts + Future Spending = Claims
 

What are Lifetime Goals?

No matter what you want out of life, goalgami can help you plan for it. The Household Balance Sheet has a variety of goals you can click and drag onto your Lifetime Goals Timeline, including: 

  • Wedding
  • Car Purchase 
  • Debt Reduction 
  • Gift
  • Education
  • Vacation
  • Charity
  • Home Remodeling
  • Hobby/Business
  • Real Estate Purchase
 
The Lifetime Goals Timeline is a powerful visual tool, displaying all of your major upcoming expenses. Long-term planning becomes kinda cool when you can move beyond the traditional spreadsheet and actually see your goals in relation to one another.