Your Financial Timeline

Frequently Asked Questions

About FutureLife

What is FutureLife?

FutureLife is a tool designed for you to view, edit, and share a lifetime’s worth of data in a quick and simple way. Input as much information as you can about your financial situation, and FutureLife will create a map of your financial future instantly.

How is FutureLife useful?

FutureLife will help you analyze your financial standing by allowing you to easily spot areas that you can optimize and improve and see how much you gain on investments and savings over time.

All calculations are based on information and assumptions provided by you regarding your goals, expectations and financial situation.

Folders & Scenarios

What are scenarios and how do I use them?

A scenario is any hypothetical situation that may affect your financial situation.

Scenarios come in handy when you want to compare the financial path of multiple “what if” situations (e.g. getting married, moving, having children), which you can easily do with our comparison tool. You can create and store several different scenarios.

How do I edit data in my scenario?

Click any row year in the spreadsheet to edit your income, expenses, the allocation of your cash surplus, assets and liabilities.

You can edit a single year, a group of years, or all of them by selecting the appropriate choice before saving your changes in each tab.

What are folders used for?

Use folders to organize different financial scenarios. For example, you may create a main folder to store a current account of your financial situation, and another folder to reflect a drastically different life scenario (e.g. your mother’s finances after retirement).

Hint: Edit the name of any folder or scenario at any time by clicking the ‘Edit’ button in the top right corner.

Why would I need to duplicate my scenario?

We all question the future. What if you got a better paying job? Moved to a larger city? Continued to grad school? Had Children? The list is endless.

We created an option specifically to quickly address these “What if’s,” by allowing you to duplicate and then edit a pre-existing scenario with new values to reflect the different financial scope of each situation.

How do I duplicate my scenario?

1. Click the ‘New Scenario’ button, and select an existing scenario to import your current data

2. Enter a name that suits your alternate case scenario.

How do I compare Scenarios?

Visually compare 2 scenarios by clicking the ‘Compare’ button on the righthand corner.

Calculations

How is my FutureLife calculated?

FutureLife uses the following formulas in its calculations (All estimates are based on current U.S. economic data. You In can change any of them to your liking.)

Assets (in first year) = (Savings) + (Stocks) + (Bonds) + (House Price) + (Any Other Assets)

Liabilities (in first year) = (Credit Cards) + (Home Mortgage) + Car Loan) + (Student Loans) + (Any New Liabilities)

Income (first year) = user input of take home pay from onboarding x 12

Income (any after 1st year) = Previous Income + Previous Income x Growth Rate

Expenses = (Rent Payments + Eating Out + Insurance + Utilities + TV/ Internet + Phone Payments + Grocery Costs + Entertainment + Gas/ Parking + Public Transportation + Education + Family Expenses + Any New Expense x 12) + Any Yearly Expense ) x Growth %

Assets (after 1st year) = Previous Assets + (Previous Assets x Interest Rate)

Liabilities (after 1st year) = Previous Liabilities + (Previous Liabilities x Interest Rate) - Payment

Net Worth = (Income – Expense + Assets – Liabilities)

FutureLife Report

How do I download or share my report?

You must be signed in to receive your report. Click on Your Report and enter your email and the report will take a few minutes to generate and will be emailed to you. You can add up to 5 email addresses. i.e. partner, accountant, trusted adviser.

Other

Is there a mobile app?

We are currently working on a mobile app for Apple iOS and Android. For now, we have made a mobile optimized website for you to use on your phone.

Terms To Know

  • Income: Your annual income before taxes
  • Expenses: The sum of Rent Payments + Debt Repayment Payments + Insurance Payments + Utilities Payments + Cable/ TV/Internet + Phone Payment + Grocery Costs + Entertainment + Gas/Parking + Public Transportation + Education Costs, Family Expenses, and anything else you add! Note that a default growth rate of 3% is applied unless you change this in the spreadsheet
  • Assets: The sum of all of your cash, savings, stocks, bonds, funds, home equity and other items of value you might have
  • Liabilities: The sum of all of your financial obligations including credit cards, mortgage, car/ student loans and any other debt
  • Net Worth: Your total assets minus total liabilities

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