Grow Your Wealth - 01 - Personal Wealth Worksheet.xlsx

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2	Personal Wealth Worksheet
3	Balance Tax Accountants \| Grow Your Wealth Program

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5	Monthly Income		Income and expenses tell you how fast you are moving and how you are getting there. They are the daily engine of your financial life. Here is why knowing these two numbers is non-negotiable: - It determines your "Gap": The space between your income (what comes in) and your expenses (what goes out) is the Gap. This gap is the only money you have available to actually build assets or pay off liabilities. No gap, no progress. - It reveals your lifestyle efficiency: Earning $200,000 means nothing if you spend $205,000. Knowing your expenses exposes lifestyle creep, where your spending rises automatically to match your income, keeping you trapped on a financial treadmill. - It gives you immediate control: You can't instantly change your total assets or mortgage balance tomorrow morning. But you can change your expenses tonight. Income and expenses are your daily steering wheel.
6	Item	Monthly Amount ($)
7	Salary/Wages		Take your weekly or fortnightly after tax payroll amount, multiply it by either 52 (weekly) or 26 (fortnightly) then divide by 12
8	Business Income		The income (not your net profit) your business is making. You can view this on your Profit & Loss Report.
9	Rental Property Income		Money collected from leasing real estate to tenants, including monthly residential rent or short-term Airbnb bookings.
10	Dividends		Your share of profits distributed to you as a shareholder.
11	Interest		Money earned by letting a financial institution use your cash, like the monthly growth in a high-yield savings account or term deposit.
12	Other Income		A catch-all for miscellaneous or one-off inflows, such as government benefits, cash gifts, inheritances, or royalties.
13	TOTAL MONTHLY INCOME	-
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15	Monthly Expenses
16	Item	Monthly Amount ($)
17	Income Related Expenses
18	Employment Expenses		Costs incurred directly because of your job that aren't reimbursed. Example: $50/month for professional association dues, professional courses, or work equipment.
19	Business Expenses		Ongoing costs to keep your business running, including Cost of Sales. Example: $120/month for software subscriptions and web hosting. You can view this on your Profit & Loss Report
20	Rental Property Expenses		Costs to maintain your investment property. Example: $300/month for property management fees.
21	Investment Purchases/Expenses		Costs to manage or add to portfolios. Example: $10 brokerage fee per trade, or a fee paid to a financial advisor.
22	General Expenses
23	Mortgage/Rent Payments		Your mortgage or rental payment. Example: $2,200/month rent or home loan repayment.
24	Utilities		Essential home services. Example: $250/month combined for electricity, gas, and water.
25	Mobile Phone & Internet Cost
26	Streaming Services
27	Subscriptions/Memberships
28	Groceries		Food and household essentials. Example: $600/month at the supermarket.
29	Transport		Costs to keep you moving. Example: $150/month for petrol/gas, public transport passes, or parking.
30	Insurance		Protection for your assets excluding health. Example: $110/month for comprehensive car insurance and home/contents insurance.
31	Health Insurance Premiums & Other out-of-pocket Medical costs		Healthcare costs. Example: $200/month for private health insurance premiums plus $40 for prescriptions.
32	Entertainment		Discretionary lifestyle spending. Example: $300/month for dining out, and concerts.
33	CreditCard/Personal Loan Repayments		The monthly payments made to clear personal debt. Example: $250 minimum monthly payment on a personal loan.
34	Other Expenses		Miscellaneous items like clothing, gifts, or school fees. Example: $100/month for a gym membership.
35	TOTAL MONTHLY EXPENSES	-
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37	Uncommitted Income/(Shortfall on Expenses)	-
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39	Assets (What You Own)		If your income and expenses dictate your cash flow today; then your assets and liabilities dictate your wealth tomorrow. You need both to win. Knowing your assets (what you own) and your liabilities (what you owe) is important as they are the major ingredients of your financial health. If net worth is your destination, assets and liabilities are the map. Now you're probably wondering why tracking then matters: - They reveal your true financial power: You can't just look at one side of the coin. Having $50,000 in savings (an asset) sounds amazing until you realise you have $60,000 in credit card debt (a liability). Looking at both gives you the truth. - They control your leverage: Liabilities aren't always bad (like a mortgage on a growing property), but too many liabilities can choke your cash flow. Tracking them ensures your debt isn't outpacing your ability to grow wealth. - They dictate your financial strategy: - If your assets are low, your goal is to invest and save. - If your liabilities are high, your goal is to pay down debt. Without knowing both, you are just guessing at your next move. Assets put money into your pocket; liabilities take money out; and knowing which way they swing helps you build financial freedom and personal wealth.
40	Item	Current Value ($)
41	Business Assets		You can view these on your Balance Sheet Report
42	Business Bank Accounts/Cash		Money sitting in your business checking or savings. Example: $15,000 in a business operating account.
43	Office & Computer Equipment		Physical gear used for work. Example: $2,000 for a laptop, monitor, and desk.
44	Business Owned Motor Vehicles		Vehicles owned under a company structure. Example: A delivery van valued at $25,000.
45	Business Investments		Stocks or property owned by the business entity itself. Example: $10,000 in a corporate investment portfolio.
46	Customer Invoices (Unpaid)		Money owed to your business by clients (Accounts Receivable). Example: An outstanding invoice for $3,500 for work completed.
47	Other Business Assets		Intellectual property, specialized tools, or inventory. Example: $5,000 worth of stock waiting to be sold.
48	Personal Assets		Your everyday cash and emergency funds. Example: $12,000 in a high-yield savings account.
49	Personal Bank Accounts/Savings/Cash		The current market value of your primary residence. Example: A home valued at $750,000.
50	Approx. Value of your Family Home		The resale value of your personal cars or bikes. Example: A personal sedan worth $18,000.
51	Motor Vehicles		The market value of real estate you rent out. Example: An investment unit valued at $450,000.
52	Investment Properties		The current value of your personal liquid investments. Example: $30,000 in an index fund and $2,000 in Bitcoin.
53	Shares/ETFs/Crypto		Your retirement fund/pension balance. Example: $85,000 accumulated in your super fund.
54	Superannuation Balance		High-value personal items like jewellery, art, or expensive collectibles. Example: An engagement ring valued at $6,000.
55	Other Assets
56	TOTAL ASSETS	-
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58	Liabilities (What You Owe)
59	Item	Balance Owing ($)
60	Business Liabilities		You can view these on your Balance Sheet Report
61	Business Loan Balance/s		Principal amounts owed on business setups or expansions. Example: A $40,000 small business bank loan.
62	Business Credits Card Balance/s		Outstanding balances on business cards. Example: $3,200 owed for last month's business travel.
63	Business ATO Owings		Unpaid taxes owed to the ATO. Example: $6,000 owed for the quarterly tax statement
64	Supplier Payments (Owing)		Money you owe to vendors for goods/services received (Accounts Payable). Example: $1,500 owed to a materials supplier.
65	Chattel Mortgage Balance/s		A specific loan used to buy business equipment or vehicles where the asset stands as security. Example: $15,000 remaining on the delivery van loan.
66	Personal Liabilities
67	Mortgage Balance		The remaining payout amount on your family home loan. Example: $520,000 left on your primary home mortgage.
68	Investment Loan Balance/s		Debt against your investment portfolios or properties. Example: $310,000 mortgage on your rental unit.
69	Car Loan Balance/s		Debt on your personal vehicle. Example: $8,000 remaining on a car loan.
70	Personal Loan Balance/s		Unsecured loans for personal use. Example: $5,000 borrowed for home renovations.
71	Credit Cards Balance/s		Total outstanding debt across personal credit cards. Example: A $1,200 balance on a Visa card.
72	Personal ATO Owings		Personal income tax debt owed after an assessment. Example: A $900 tax bill from the previous financial year.
73	Other Debt		Any other liabilities, such as Buy Now Pay Later balances or private loans from family. Example: $400 remaining on a retail payment plan.
74	TOTAL LIABILITIES	-
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76	Your Wealth Snapshot
77	Total Assets	-
78	Total Liabilities	-
79	NET WORTH	-	What You Own (Assets) - What You Owe (Liabilities) = Net Worth. Before you can map a route to where you want to go, you have to know exactly where you are standing. It is a financial reality check because it strips away the noise. It doesn't care how much you earn; it only cares about what you keep and is the best starting point for your money. - It kills the income illusion: Earning six figures looks great, but if your debt matches your assets, your wealth is zero. Net worth shifts your focus from looking rich to being wealthy. - It tracks real progress: Budgets look at your months; net worth looks at your lifetime. If this number is growing year over year, you are winning. - It provides instant clarity: It turns money from a vague source of anxiety into a concrete scoreboard you can actively improve. You cannot manage what you do not measure. Find this number, and you find your starting line.
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