Adding Income


The Income section is where your clients' income streams are stored. We handle income differently from a lot of other planning tools. We don't think day to day living expenses should be included in a plan-especially in the accumulation phase. We think planning should focus on bigger and longer term items, not budgeting.

Let's take a look at how we do handle income. We have five different types of income:

The first of these income types-Payroll, we exclude from goal-based plans. This gets back to our philosophy of what should be included in a plan. Since salary is mainly used to meet day to day living expenses, we do not want to have it in plans. Your client's savings should be entered as contributions to the appropriate accounts. 

The other four types of income are pretty straightforward. Enter the gross amount of the income, the start and end year, and the inflation rate for that income stream.

Let's take a look at an example. John has a rental income of $25,000 per year, and he intends to keep renting out the properties until he dies. He also assumes an inflation rate for that income stream of 3%, so here's how we would enter it.

To add an Income, go to the Profile tab and select Finances.

Under Finances, select Income then click Add a New Income.

Enter the information of the rental income. Once you are done entering the Income, click Save and this income is ready to use in your client's plans.


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