Understanding Net Worth in MoneyWiz 2
Net worth in MoneyWiz 2 is calculated as total assets minus total liabilities, displayed in the app dashboard after you configure accounts and categories. The app syncs balances from linked banks and manually entered transactions to reflect current net worth figures in real time, helping users track financial position across devices. You can view net worth trends over custom date ranges directly in the Reports section, which uses transaction data from connected accounts and manual entries to generate charts and summaries.
MoneyWiz 2 supports multiple currencies and automatically converts balances using up-to-date exchange rates, ensuring that net worth calculations remain accurate when you hold accounts in different countries. The app pulls historical transaction data from linked institutions, allowing users to review past net worth snapshots and compare current totals against previous periods for better financial planning.
Setting Up Accounts and Balances
To set net worth correctly, add all asset accounts such as checking, savings, investment, and retirement accounts, plus liability accounts like credit cards and loans in the Accounts section. Each account requires a starting balance, which you enter manually or import via OFX, QIF, or CSV files, and MoneyWiz 2 uses these figures to calculate your initial net worth baseline upon first setup.
Linking External Accounts
MoneyWiz 2 supports direct bank connections through services like Plaid, enabling automatic balance syncing for linked accounts without manual entry. Users can connect accounts from major banks and financial institutions, and the app periodically fetches updated balances to keep net worth calculations current based on the latest available data from those institutions.
Tracking Assets and Liabilities
MoneyWiz 2 categorizes accounts into assets and liabilities, and you can assign custom tags and icons to differentiate between account types such as cash, investments, real estate, and debts. The app aggregates balances from all linked and manual accounts to display a consolidated net worth figure, which updates as you record transactions, adjust balances, or add new accounts.
For investment accounts, MoneyWiz 2 allows manual entry of current market values or linking to brokerage platforms that provide balance feeds, ensuring that asset valuations reflect real-time or near-real-time data. Users can also track liabilities by entering outstanding loan balances and interest rates, and the app factors these into net worth calculations to show a complete picture of financial health.