Understanding the My Wealth philosophy
Managing your wealth should not become a full-time job.
Tracking every payment, everyday purchase, or financial movement can provide great accuracy. However, that accuracy comes at a cost: it requires time and constant attention. When tracking becomes too demanding, it is often eventually abandoned.
My Wealth therefore takes a different approach: focus on the information that is genuinely useful for understanding and growing your wealth.
You do not need to copy every payment or bank movement. What matters is being able to answer a few questions: what do you own, what do you owe, how much is your wealth worth, what income does it produce, and how much can you invest regularly?
Represent your situation rather than your bank statement
My Wealth focuses on the elements that make up your wealth: property, savings accounts, shares, funds, SCPIs, cryptocurrencies, precious metals, cash investments, loans, and other assets or liabilities.
To get started, you can therefore enter:
- the assets you currently own;
- the debts that reduce your net wealth;
- the current value and amount invested when this information is relevant;
- recurring income and expenses associated with your assets;
- your investment goals.
My Wealth does not try to reproduce your bank statement. It builds a clear representation of your financial situation that you can update at a pace suited to your needs.
Build a representative budget
You do not need to know that you spent €5 at the bakery last Monday.
That information ultimately adds little value when managing your wealth. Knowing that you spend an average of €500 per month on food, €1,200 on housing, or €300 on leisure is much more useful.
In My Wealth, the budget is therefore based on income, expenses, investments, and transfers planned according to their frequency. It should be representative enough to reveal your actual financial capacity without necessarily being accurate to the last cent.
This approach provides a simple estimate:
income − expenses − charges and loan payments = amount available after budgeting
The result helps you determine what you can reasonably save or invest without having to analyse a long list of transactions.
The budget is not an end in itself. Its main purpose is to answer another question: how much can you invest to grow your wealth?
To configure this projection, see Preparing your monthly budget.
Track your investments without keeping your broker's books
The same principle applies to shares, ETFs, funds, and other financial investments. In My Wealth, what matters includes knowing:
- what you currently own;
- the value and amount invested;
- how your investments have changed;
- the income they generate;
- their place in your overall allocation.
The history helps you understand how your wealth changes. It is not intended to reproduce your bank's or broker's complete ledger with every intermediate movement.
To decide how to organise your investments, see Adding an account, property, or investment and Understanding history and evolution.
Connect wealth, income, and investment capacity
Total value describes only part of your situation. Wealth can also generate rent, dividends, interest, SCPI income, or other passive income.
My Wealth connects this information to help you follow a simple cycle:
Wealth → Income → Budget → Investment capacity → New investments
Once your wealth is structured, you can examine its allocation, concentration, debt, income, performance, and your goals. The aim is not to accumulate data, but to have the information you need to understand your situation and make decisions.
Choose a level of detail you can maintain
Every additional piece of information must be entered, imported, checked, or corrected. Very detailed tracking may suit some users, but it becomes less useful if it is too demanding to maintain over time.
Start with the elements that have a real effect on your view of your wealth. You can then add more detail whenever it serves a specific need.
The right level of accuracy is the one that allows you to regularly track:
- your gross and net wealth;
- its evolution and allocation;
- its performance and the income it generates;
- your recurring expenses and the amount available after budgeting;
- progress towards your goals.
Perfectly accurate software that you stop using after a few weeks ultimately provides no value. A tool you can easily maintain for several years, on the other hand, becomes much more useful.
My Wealth therefore seeks a balance between accuracy and simplicity. Ultimately, the best wealth management tool is not the one that records the most data. It is the one you actually continue to use.