It is important to remember that your portal is a secure place where you can link all of your wealth items to get a holistic view of your financial world.
When adding a wealth item, selecting the correct category in which the item belongs is important because it ensures that you can accurately report on your assets and liabilities.
Some wealth categories (such as property and motor vehicles) have automatic data feeds that pull through current market values, while others (such as bank accounts, superannuation accounts and portfolios) allow you to input your online credentials, giving you access to live data feeds so that you can get a daily update of transactions and balances.
NOTE: Depending on your account type, you may or may not have access to live data feeds. For more information please see our articles on Starter accounts and Pro accounts, or contact your financial professional.
Below is a brief definition of each category, to help you correctly add and organise all of your wealth items.
Assets
Home: Your permanent place of residency, especially as a member of a family or household.
*(Data feed linked to CoreLogic)
Contents: Any household items that you own or are responsible for and use primarily for domestic purposes.
Bank accounts: Any bank accounts you have with a financial institution within Australia.
*(Data feed can be linked to your financial institution)
Term deposits: A term deposit is a fixed-term investment account that includes the deposit of money into an account at a financial institution.
*(Data feed can be linked to your financial institution)
Investment property: Real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both. The property may be held by an individual investor, a group of investors, or a corporation.
*(Data feed linked to CoreLogic)
Shares: A share is a portion of ownership or ‘equity’ in a company. Shares of publicly-listed companies can be bought and sold on a share exchange, such as the Australian Stock Exchange (ASX).
*(Data feed linked to ASX)
Superannuation: Superannuation is the account in which money is put aside by your employer over your working life for you to live on when you retire from work.
*(Data feed can be linked to your Super institution)
Motor vehicles: Any Ute, Car, SUV or 4WD.
*(Data feed linked to Redbook)
Portfolios: A portfolio of shares held with a share trading platform.
*(Data feed can be linked to your financial institution)
Private equity: Private equity is an alternative investment option and consists of capital that is not listed on a public exchange.
Other assets: Any miscellaneous assets that do not fall into the above mentioned categories.
Collectibles: A collectible is an item worth far more than it was originally sold for because of its rarity and popularity, as well as its condition. Collectibles could be items such as art, stamps, coins or antiques.
Business: A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.
Lifestyle property: Lifestyle Property is a term used whenever the purchaser wants to find a balance between investment and lifestyle by renting out their properties on a short let basis, and occupying it themselves during other time periods.
*(Data feed linked to CoreLogic)
Defined Benefit Scheme: A defined benefit is the income amount you receive in retirement.
*(Data feed linked to your financial institution)
Liabilities
Home loans: A sum of money borrowed from a financial institution or bank to purchase your home/primary residency.
*(Data feed can be linked to your financial institution)
Investment loans: A sum of money borrowed to invest in a portfolio of listed securities and/or managed funds. The borrowed funds are then secured against the portfolio of financial assets
*(Data feed can be linked to your financial institution)
Car loans: A car loan is a personal loan for a new or used car
*(Data feed can be linked to your financial institution)
Car lease: Rather than borrowing money to buy a car, a lease is a contract under which you pay for the use of the car. A car lease agreement is usually between an employer and employee.
Credit cards: A credit card issued by your financial institution, typically a bank, to enable the cardholder to borrow funds from that institution.
*(Data feed can be linked to your financial institution)
Personal loans: A personal loan is a form of credit typically used for a specific purpose, such as purchasing a vehicle, financing a holiday or consolidating debt.
*(Data feed can be linked to your financial institution)
Other liabilities: Any miscellaneous liabilities that do not fall into the above mentioned categories.