If you want to achieve your financial goals, you need to know what you are worth and keep tabs on it.
Strictly speaking, your net worth is assets minus liabilities. In other words, your net worth is what you own vs what you owe. This tool focuses on investments, not debts, so it is more of an investment tracking dashboard if you want to think of it that way. Most investment trackers only support stocks. This one supports stocks, ETFs, and mutual funds but also offline assets like individual bonds, private funds, real estate, and collectibles.
Your net worth is likely spread across several different financial institutions, account types, and asset categories. Consider that people accumulate wealth all over the place in the form of mutual funds, individual stocks, a 401k at their current job, a 401k from a previous job, cash in the bank, a vacation rental, and a valuable collection of 18th century works by Shakespeare.
Your net worth changes daily and should be checked at least every month.
To determine your net worth you could jot down some notes on a piece of paper but it wouldn’t be very precise, not to mention it would be out of date very soon.
You could use a financial planner but that is expensive and you miss the opportunity to understand and control your finances on your own. There are online brokerages that offer net worth tools, but they want you to roll all your money over to them. You know the old saying about "putting all your eggs in one basket"? Some of these places will call you all the time trying to sell you investment products. That is so annoying. We won't do that because, a) we don't even collect your phone number, and b) we are software developers!
Now if you are savvy with numbers and data you could create your own DIY spreadsheet. These can be fun, almost like a hobby, but they are time consuming and miss conveniences like stock market integration, automatic backup, security measures, and easy access from mobile devices. This tool was born out of our obsession yet frustration with net worth and investment tracking options!
The Wealth Meta Net Worth Dashboard (NWD) makes your life better because:
- The NWD tells you your current net worth and keeps it organized in a place you can return to in the future from any device.
- For stocks, ETFs, and mutual funds the NWD looks up the current market price and recomputes you net worth automatically. Stocks and ETFs are refreshed once per minute. Mutual funds only change once per day.
- The NWD computes your asset allocation (say 52% stocks, 48% bonds, etc) and lets you configure your target allocation goals (say 50% stocks, 50% bonds). This is essential for knowing where your risk profile is and regular rebalancing to keep your assets in line with your goals. With the previous example figures, this person would sell 2% of their stocks and put that into bonds in order to get back to their goal 50/50.
- Alternative dashboards like yahoo finance and google finance only focus on stocks and don't allow you to track offline assets and private funds.
- 1.0.2 March 5th, 2018
- For assets with a ticker symbol the main menu now displays the ticker symbol instead of the name and quote data instead of the total value. This can be configured under settings.
- UI updates for navigation, asset and account views.
- Bug fix for chart labels in rare cases.
- Quote API improvements.
- 1.0.1 March 1st, 2018
- Bug fixes for UI / mobile and 1 day charts.
- Adds support for money market / cash funds with a NAV of $1.
- 1.0 February 25th, 2018
- Initial release!