So you want to see your “big picture” financial position? The Net Wealth Tracker combines your bank accounts, portfolios, properties, and debts into a single, real-time number.
What is Net Worth?
Your net worth is simply everything you own (assets) minus everything you owe (liabilities). It is the most accurate measure of your overall financial health.
How it’s calculated
The tracker automatically pulls data from several sources:
- Portfolios: Calculated daily using market close prices for your connected holdings.
- Fact Find: Values you’ve provided in your Fact Find for property, vehicles, cash, super, and debts.
- Manual Entries: Any custom assets or liabilities you’ve added (Quick add / Entities).
Using the tracker
The Hero View
At the top of the page, you’ll see your current Net Worth and how it has changed over the last 7 days. You can click Explain today at any time to see exactly which values are being used for the current calculation.
Tracking History
The Net worth over time chart shows your progress across different timeframes (1 month, 1 year, All time, etc.). This helps you see the long-term trend of your wealth building, smoothing out the daily market noise.
Managing Assets & Liabilities
- Entity Details: Click Entity details to see tracked assets and liabilities, their latest values, and linked relationships.
- Quick add: Use the Add more section to add an asset or liability without completing the full Fact Find. This is ideal for fast tracking (you can always refine details later).
- Duplicates & merging: If you add something that looks similar to an existing item, you may see a duplicate prompt. You can keep both, or merge them into a single tracked item.
- Linked liabilities (property): On a property entity, you can link a mortgage (or other liability) to calculate net equity and loan-to-value ratio (LVR).
- Edit History: If you have a major change (like a property valuation update), you can click Edit history on a category to set a backdated value. This ensures your historical charts remain accurate.
- Fact Find Sync: For the best experience, keep your Fact Find updated. The tracker will automatically pick up the latest values from your forms.
- Tax structures: Legal ownership structures (trusts, SMSFs, companies) are managed in Fact Find under Tax Structures, and can be used as owners in portfolio transactions.
Long-term history (20+ years)
If you add a value far in the past, Rask will build your history in the background. You can keep using the app while your All time chart fills in.
Tips for accurate tracking
- Connect your feeds: Ensure your bank accounts and portfolios are connected for automatic daily updates.
- Categorise your cash: Use the Cashflow tool to ensure your bank balances are correctly classified.
- Update major assets: Aim to update your property and vehicle estimates at least once a year.