Share your feedback regarding the Net Worth Report here!

2»

Comments

  • MtnCreed
    MtnCreed Member ✭✭

    It's great to see this foundation report added. I agree with a pervious comment that we have the basics and it would be great to see other improvements (such as saved custom reports) instead of more fine tuning here while the product is young.

    That being said, here are some thoughts on what could be improved on the current experience:

    • My net worth is positive, but it's showing a red/orange line for a positive amount. It would be more appropriate to have this be a neutral blue or green.
    • Daily changes in net worth may be helpful, but this may be less important as users start seeing data over longer period of time. For those like me who love detailed graphs, it's a little underwhelming with only a few months of data. I used Quicken classic for 6+ years, and I never wanted it more detailed than monthly.
    • All accounts are listed under banking. It would be great to see them split up across banking, investment, real estate, etc.
    • Make the floating details more advanced to show the net worth, assets, and debt for the hovered point.

  • FutureEye
    FutureEye Member ✭✭✭✭

    I missed this. Will check and update tomorrow

  • ajbopp
    ajbopp Superuser ✭✭✭✭
    edited December 2023

    @MtnCreed All of your accounts being listed under banking is likely because they were set up that way when you started Simplifi. For instance, my accounts a listed this way

    You can change the type by going into the account's page in Settings, clicking on the three dots on the right, and changing the account type

    Anthony Bopp
    Simplifi User Since July 2022
    Money talks. But all my paycheck ever says is goodbye

  • FutureEye
    FutureEye Member ✭✭✭✭
    edited December 2023

    Hi @Coach Natalie, I checked this net worth when it came in Nov itself as early access. Since I joined in Nov, The history I have is only for 2 months. Instead of 15 years. What would make sense would be the historical net worth view. Otherwise I can just compared, income and spend month on month to take decisions. Networth for last 15 years is what would be eagle eye view of everything.

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭

    Can we make the balance history downloadable in CSV like Mint used to have? I have my own net worth chart in Excel that I use to track this with my Mint historical data going back 9 years.

    I voted on the applicable feature request.

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • I just started a trial membership, and have been adding just a few accounts and seeing how things work compared to my current financial software. I loaded my bank accounts, and an auto loan, for which the balance is higher than the total of my bank accounts.

    When I see my net worth at the top of the dashboard, the figure includes the total of both the bank accounts and the auto loan as assets, which is incorrect. I should have a negative net worth. The coach I chatted with indicated this is how the software is written. The software isn't correct if this is how new worth is calculated.

    Why is the software written like this, and will it be corrected shortly? If not, I will end my membership before the trial period ends.

  • Please add a =/- $$ amount for the period selected as well as a % +/- for the period selected, just like the "Investment Balance" section. This is critical for evaluating your net worth rather than having to manually calculate these things from the data table below the chart.

    If I want to see what % my net worth increased last year, I should easily be able to see that.

    This should be a very easy addition.

  • Net worth chart REALLY needs a +/- $$ for selected time period with a % gain or decrease for selected time period.

    This chart is worthless unless I can see how much my net worth increased or decreased in a given time period by these 2 metrics.

    For example: I like to set goals of a 10% NW increase each year so having that information right there will be critical for most people.

    Currently, I need to manually subtract ending net worth by beginning net worth to see the $$ increase and do more manual calculations for % increase.

    Please make this simple improvement!!!

  • Switched from Mint, but just realized that even though I can upload historic data into simplifi, I cannot track the net worth trend based on that data. The net worth tracking only starts at the time I created the account, which is a big deal breaker for me. The main point of being able to use the historic data is to still be able to see the trend since all the data is already there. This seems to be a feature many users are asking for, especially the ones just switched over from Mint.

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭
    edited January 24

    For the net worth report, it will be nice to include accounts by type (checking, savings, investments). Like the savings tab, only with more accounts.

    Personally, the savings tab is not useful to me as it does not allow investment accounts in it, only accounts classified as savings in Simplifi. Expand the savings tab to allow inclusion of various account types (checking, savings, debt, assets, etc.)

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • Bgz
    Bgz Member ✭✭

    Simplifi should use Mint/ any other financial software imported transactions to back calculate net worth. At the very least, it can be a monthly net worth for historical data (and not daily). All the data needed to calculate exists..!

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭

    Good news - net worth balance import from other apps/sources is in the works.

    I rather import balances. I know my Mint history is inaccurate for balances as I did not reconcile the accounts against the bank statements. I also fixed my balance history to reflect reality and the transactions are not reliable enough to calculate balances from them.

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • Bread01
    Bread01 Member ✭✭
    edited February 10

    I'm coming from Mint after 12 years and good Net Worth reporting was one of the primary reasons I used Mint. I'm trying Simplifi and hoping they improve the Net Income and Net Worth reports to be at least as useful as it was for Mint to justify my subscription cost. These two reports and monitoring account balances made up the majority of my usage, so that is why I am here providing my feedback on the Net Worth report.

    1.) To improve the usefulness of the report, the Net Worth report needs to be displayed with Total Assets, Total Liabilities, and Net income as a line overlaying the two bars. Net Worth is calculated as Assets minus Liabilities. Being able to see the total assets and total liabilities on the same chart with the Net Worth line provides more meaningful context of the drivers of the change in net worth. Is the change being primarily driven by asset increases, decrease in debt, or both? Or maybe your assets and debt both increase significantly, but your net worth is barely affected. How much does monthly net income impact the change in net worth? You can't understand those things without the monthly total assets and total liabilities to go along with the net worth amount on the same report.

    2.) The Net Worth report is essentially the same as a balance sheet and is a point-in-time report. Net worth fluctuates daily and those daily fluctuations are usually meaningless. Current Net Worth and reporting by month are by far the most useful ways to report on net worth, historical net worth, and net worth changes over time. I suggest the Net Worth report show current net worth and end-of-month net worth on a monthly basis, even if you use a custom time period of years. There is a lot more variation in monthly numbers than yearly net worth numbers would suggest.

    Simplifi, please seriously consider making these improvements to Net Worth Reports for Mint users like me who are hoping Simplifi can be a suitable alternative to going back to using Excel or another product. I have included an example of the most useful Mint Net Worth report that showed data and information in a useful way (last 12 months with net worth by month, including total assets, total liabilities, and net worth) and I am hoping Simplifi can provide something similar. Thanks for listening.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

  • Bread01
    Bread01 Member ✭✭
    edited February 11

    I want to add that the table with total asset, total liabilities, and total net worth by month at the bottom of the net worth report is excellent to have and definitely meets one of my must have requirements for a tool like Simplifi. Thank you for including this.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

  • DannyB
    DannyB Superuser ✭✭✭✭✭

    @Lakewatcher

    Net worth is a matter of adding up all your assets - all that stuff you own that has positive value - and then subtracting all your liabilities - all that stuff you owe someone else for. If your assets are of less value than your liabilities, you will have a negative net worth. That’s not just how Simplifi works, it’s how finances work. A tool like Simplifi can help you understand your finances, but it can only work with your actual assets and liabilities.

    One thing you can do if you haven’t already, is to add your non cash assets to Simplifi. For instance, you can add car’s current value as an asset. You can find the estimated current value of your car on the Kelly bluebook website. Depending on how long you have owned the car and how much you financed you may still have a negative net worth but it will be more accurate. On the other hand if your car value is higher than your loan balance this will bring you positive unless you have other liabilities.

    Danny
    Simplifi user since 01/22
    Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • chae1020
    chae1020 Member

    I used the mint networth upload tool. I uploaded all the accounts and it says X number of transactions accepted or whatever the message says that it was successful. However, when I look a the actual net worth report it is still missing, seems like it only pulled in cash and savings accounts. It doesn't pull in the history for retirement, brokerage or other investments. Is this normal?

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭

    No, the behavior you see for investment accounts is not normal. More info on the discussion below.

    I opened a ticket with chat support from the web app. A ticket can be opened via the mobile app too. Other users are having the same issue.

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • chae1020
    chae1020 Member

    I tried opening a ticket and they kept giving me the run-around. Try this, try that…etc. It seems to work for a manual account. But as soon as it's linked to an actual account and it is categorized as an investment account it no longer shows in net worth reporting. If you edit the account type to banking, then it shows up in net worth. At the end of the day, they wouldn't create a ticket for me.

  • chae1020
    chae1020 Member

    The net worth reporting seems to work for "banking" type accounts (savings and checking). But the reporting doesn't work for investment accounts. When importing net worth history, it says it is successful. However, it doesn't show up in reporting. Under account settings when after changing the account type from investment —> to banking, the historical net worth shows up in reporting. After changing it back (banking —> investment) it no longer shows up in net worth. PLEASE FIX.

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭

    @chae1020 - odd that Simplifi will not open a ticket.

    I saw the fix is in today. Log out of Simplifi, clear your browser's cache and cookies, and log back in. Ensure that the footer on the dashboard of the web app says version 3.99.1. Then, you should see your history.

    Fix is pending in the mobile app.

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • Vinorixus
    Vinorixus Member

    Hello friends :)

    I was directed here to add my feedback regarding networth- I think the networth report is fantastic but something I do regularly is check my networth summery whenever I open the app

    I find it very annoying that I have to scroll through two other summery cards until I reach the networth card every single time

    On mint, whatever summery card you leave is the card that’s selected the next time you open the card- so it was great having my networth graph always at the top of the app every time I open it as that’s the thing I care about the most :)


    Here’s what I wish Simplifi would have in terms of networth:

    Ideally:

    • A summery card displaying networth and banking information (cash/debt) combined
    • Networth Graph on the Networth Summary card, preferably with a configurable duration

    At minimal:

    • The ability to rearrange summery cards so that I can set the networth card to be first/default anytime the app is opened!

    These are all quality of life suggestions which I would be grateful for should you decide to take them into consideration! Thank you ^^

  • FutureEye
    FutureEye Member ✭✭✭✭

    For the mobile app issue with networth retirement accounts is there an eta on the bug?

  • maddy
    maddy Member

    I am new user moved from Mint. I noticed just like others that net worth is calculated every day but shown only once for a month in the report. It would be nice if there is a graph that shows the net worth over days instead of months!

    Now my main concern. I believe the net worth is not getting calculated accurately. Let me explain. When I sync all my accounts on the last day of the month (usually in the morning/afternoon time), the app calculates its net worth for that month at the point of time. However please note that my bank accounts, investment accounts or the credit card accounts are not up to date at that point of time as the last day is not over (my saving account interests are calculated at the end of the day!). So when I sync next day (first day of the next month), it pulls all the data from previous day which is good. But unfortunately those data from that day are not getting calculated as net worth for the previous month! which is completely making me insane! I see the transactions all showing for that last day but the net worth did not include that. So obviously the net worth is not accurate for that month! The report needs to handle this use case.

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    @maddy, I think what you're experiencing is due to the Net Worth Report being based on account balances, not the transactions in the account. So, if the account is connected to the bank, and the bank doesn't provide an updated balance until the next day, that's how the data would be reflected in Quicken Simplifi.

    With that, if you think something else may be going on and you'd like to do some troubleshooting, you are welcome to create a new post in the Community so we can take a closer look outside of this feedback post, or contact our Support Team directly.

    Alternatively, if you'd like to see a change made to the current design of the Net Worth Report in Quicken Simplifi, such as using transactions instead of balances, I'd suggest creating an Idea post so other users can vote on it and our product team can review it.

    I hope this helps!

    -Coach Natalie

  • FutureEye
    FutureEye Member ✭✭✭✭

    Mobile app networth issue is fixed

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    We appreciate everyone's feedback on the Net Worth Report!

    -Coach Natalie

This discussion has been closed.