Let's Draw Your Financial Picture
Required Review
If you have not done so already, now is a good time to review the How-To articles on the basic components of the WealthNav web-application (web-app), which will help you draw your financial picture and help make this section make more sense. You can access that document here
Step 1, Draw the boxes that represent the Assets
On a sheet or paper, for each Asset you tallied on the previous page, draw a box. In the middle of the write the name of the asset. Usually its easiest to draw the Asset boxes in the middle of the page. The box to draw looks like the picture on the right.
Step 2, Draw the boxes that represent the Earns
On the same sheet of paper, for each Earn type you tallied on the previous page, make an Earn box, and put the name in the middle of the box. Usually its easiest to draw the Earn Boxes on the left side of the sheet. The Earn box to draw looks like the picture on the right.
Step 3, Draw the boxes that represent the Liabilities
On the same sheet of paper, for each Liability type you tallied on the previous page, make an Liability box, and put the name in the middle. Usually its easiest to draw the Liability boxes below the Asset boxes. The Liability box to draw looks like the picture on the right.
Step 4, Draw the boxes that represent the Burns (Expenses)
On the same sheet of paper, for each Burn (expense) type you tallied on the previous page, make an Burn box, and put the name in the middle. Usually its easiest to draw the Burn boxes to the right of the page. The burn box to draw looks like the picture on the right.
Example of Financial Picture from Previous Page
Here is a diagram of the example accounts given from the previous page. Note if instead of building your picture up by-hand with a pen-and-paper, you can also use a program (free) called draw.io. (That is used in the diagrams above). Find the link to draw.io here
Example of Financial Picture from Previous Page
Next up, we will work through the Action Lines you would need to take note of (and some additional accounts we might need.)