Documentation

Adding and Managing Assets

The AssetsModal is used to record all of a household's assets. This provides a complete picture of their net worth and is fundamental to building an accurate financial plan. Assets can be of various types, and some can be linked to income streams.

Accessing the Assets Modal

From the Household Overview page, you can find the "Assets & Liabilities" section. Clicking the "Add Asset" button will open the modal. You can also edit an existing asset by clicking the pencil icon next to it.

Inputs

  • Name: A descriptive name for the asset (e.g., "Family Home", "KiwiSaver Account").
  • Type: The category of the asset. The available types are:
    • Property
    • Vehicle
    • Savings
    • Investment
    • Other Superannuation
    • KiwiSaver
    • Other
  • Value: The current market value of the asset.
  • Details: Any additional notes or details about the asset.

Conditional Inputs (Based on Asset Type)

  • For Property:
    • Property Type: Can be "Investment" or "Owner Occupied".
    • Rental Income: If it's an investment property, you can specify the rental income.
    • Add as income source: A checkbox to automatically create a corresponding income entry for the rental income.
  • For Investment, Savings, Superannuation, KiwiSaver:
    • Provider: The financial institution where the asset is held.
  • For KiwiSaver:
    • Fund Type: The type of KiwiSaver fund (e.g., Growth, Balanced).
    • Member: The household member who owns the KiwiSaver account.

How It Works

Each asset you add contributes to the household's overall net worth. When you use the "Create Scenario Automatically" feature, the values from these assets are used to set the initial balances for the corresponding funds in the financial plan.

Linked Income

For investment properties, you have the option to automatically create a linked income source.

  • If you check "Add as income source", a new entry will be created in the Income table.
  • This entry will be linked to the property asset, ensuring that if the property is sold in a scenario, the associated rental income also stops.
  • This feature streamlines data entry and maintains the logical connection between assets and the income they generate.