About
WHAT IS MYFINPRO?
MyFinPro is DIY (Do It Yourself) personal finance planning web tool to quickly project your personal finance in future and analyze different choices you have! The tool is for all adults, whether young starting their college or career or older to be considering retirement. It is holistic view of personal finance with all components included.
It is holistic, and includes all aspects of finance as they all interact affecting your wealth and cashflow in future. Taxes are at the center of all that and myfinpro pays attention to tax consequences of your decisions.
MyFinPro is for all ages and all financial situations. You typically accumulate wealth earlier in life and consumes/sustains it later in life. Wealth accumulation takes time and analogies are used to help understand that. The MyFinPro tool helps to understand how your wealth and cashflow is changing over time.
Wealth changes over time slowly based on cashflow and choices you make on where and how you spend your wealth. Following analogies may help.
Calories you have and burn will determine your weight over time. It can go up or down.
Cash flow will determine your wealth and net worth over time. It can go up or down.
Fluid flow (inlet and outlet) determines how the fluid reserve changes over time.
You are constantly faced with choices you have to make that affect short term cashflow Or long term wealth changes, Myfinpro helps to understand these changes by projecting wealth And cashflow in the future and showing the impact of the choices you are making.
Save more or spend more?
Lease or buy car, how often?
Private or public school?
Private or public College for kids?
SHORT TERM CASH-FLOW QUESTIONS.
Traditional IRA or Roth IRA?
Rent or buy home?
Spend more or less on vacations?
Eat out more or less?
What in 10, 20, 40 year?
Inflation impact?
Where to invest – stocks or bonds?
Long term wealth concerns.
Investment return and risks?
How to minimize TAX?
Impact of Govt rules like RMD?
SO, HOW DOES MYFINPRO HELP ME ?
Guidance for “financial decisions now” with "vision of your future”
WHAT IT IS?
- User Friendly Application
- Personal Finance tool
- Ballpark numbers and estimates
- Detailed financial model
- DIY (Do It Yourself)
- Quantitative Analysis with feasibility
PRIVACY
- No Sales
- No link for Bank accounts
- No Personal Data sharing
WHAT IT IS NOT?
- Replacement for “financial advisor”
- Replacement for “Tax Consultant”
- Investment Advisor
- Fortune Teller
- Future Predictor
- Guarantees or Promises
KEY FEATURES
Summary of key features of MyFinPro planning tool:
| Capabilities/Features | Future Projections | Details |
|---|---|---|
| Holistic view | Includes all components – income, expense, investments, distribution, saving, loan, assets and taxes. | |
| Compute and absorb cashflow | Built-in smartness to balance cash flow each year, automatically save or distribute from default account. | |
| Compute taxes based on income and residence | Estimates taxes you owe based oon actual income each year, tax-type of each investment, state you live, and cost-basis of investments (which are tracked). | |
| Understand different tax methods for investment accounts. | Understands and tracks cost basis, when investments are taxed and underlying constraints like RMD. Differentiates between short term and long term gains. | |
| Smart distributions from investments | Supports different type of distributions – fixed amount, variable amount tied to investment return, … | |
| Flexible outputs, user selected | View the results in your preferred way or focus area. Smartly determines type of chart based on the results you want to view. |