Through knowledge and discipline, financial peace is possible for all of us.
Are you worried that you may outlive your resources? Do you want to provide your children as much as you can and not be a financial burden to them? Do you want your family to inherit your wealth?
Most likely, you want your heirs to be safe and comfortable, to help them become established and successful in life, and to provide for their medical or housing needs if they meet unexpected emergencies.
In establishing goals and objectives for the use and transfer of wealth, you probably prioritize them in this order: self and spouse, heirs (children and grandchildren), and community needs. It is essential to develop a wealth management plan that matches your priorities.
LAYWi takes care of your Economical Well-Being by providing organised methods to divide your Wealth into various components so as to establish clear and concise objectives for the wealth management plan.
1. Income: Income is the sum of all the wages, salaries, profits, interests, payments, rents and other forms of earnings received in a given period of time. Calculate your monthly & annually average Income estimate. Figure out the pattern of your Income stream. An outline of your current Income will help developing effective Income boosting strategies.
2. Spending: Financial experts suggest you track your spending for a period of few months so that you start working on your budget knowing where your money is going. LAYWi is the best option to write down all purchases and payments as you make them. Computing the Spending to Income ratio is a key job in planning Wealth Management.
3. Assets: Making a list of personal assets may be a bit time-consuming, but well worth the effort. LAYWi provides quick & systematic ways to record all your Assets. When you make a list of personal assets, it becomes a valuable tool and will assist you later in life while planning for retirement, making an insurance claim or writing a will. The list will also afford you peace of mind and provide convenience to family members in critical situations.
4. Liability: Liability is an obligation which legally binds you to settle financial dues including credit card balances, taxes, mortgages and loans.
Cover all the liabilities in your Wealth management plan to be financially well placed.
5. Insurance: Insurance is a tool which reduces the cost of loss or effect of loss caused by variety of risk. It accumulates funds to meet individual losses. Manage all your Insurances including Health insurance, vehicle insurance, house insurance or travel insurance at a single place to get an entire outline of your financial situation over a period of time.
Login wait for the Define Me page to appear. Go to the Wealth tab. Click on the Tools icon & choose the option to Add row under the Wealth component where you wish to add data.
Enter all the requisites like type of entry, description, amount, time period before saving the data. You can also add organisational aiding information using tools like Diary, Attachments, Reminders and Tags.
A net worth statement adds up all your assets, the things you own, and subtracts from that your liabilities, all the debts you owe. Yearly net worth statements allow you to track your financial progress. Based on all the data added in the Wealth rows, LAYWi generates annual Networth Reports to monitor your financial conditions over time.
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