Financial Mappers Tutorial

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1 Financial Mappers Tutorial How to Make a Debt Reduction Plan (Part A) (Age 35 45) How to Invest Without Debt (Part B) (Age 46 65) Disclosure Statement Financial Mappers is not intended to offer, or be a substitute for, financial advice. Its purpose is to provide a dynamic mathematical model which shows the cause and effect of various financial transactions which are based on the information provided by you and assumptions of future values. This product is purchased as an educational game to understand and learn to manage all aspects of personal finances in a changing economic environment. Default assumptions used by Financial Mappers for returns on investments are based on the approximate average returns in Australia for the fifteen (15) years from the year 2000 where information is readily available in the public domain; except that the program has taken the view that it should not give advantage to one investment class over another. Therefore the income and capital growth for both Shares and Real Estate (both of which are considered Growth Assets) have been allocated the same returns. We consider these assumptions are reasonable for the purposes of working out the estimates provided. Where an estimate produced by Financial Mappers is an amount payable at a future time, such amount takes into account an assumed change in the cost of living between the time of preparation of the estimate and the future time. The program has elected to use the Default Inflation Rate of 2.75% to calculate changes in the cost of living. This rate is the estimated average rate for the 15 year period from the year This rate may be changed by the user and the same rate is used for every year of the program. At times, the program will identify results as being in Present Value. These values have discounted the Future Value by the nominated Inflation Rate. In the Summary Data and the Retirement Plan, the user may choose to view results in either Future Value or Present Value. All Account Balance graphs are displayed in both Future Value and Present Value. When using Historical Data, there may be some limitations in that Managed Funds assume an allocation of 20% for Cash and 40% each for Property and Shares, while the Employer Pension Fund assumes an allocation of 30% Cash, 40% Shares and 30% Real Estate. Not all funds will have this type of allocation. The change in value of real estate is based on the Australian Residential property, whereas real estate held by a Managed Fund or Pension Fund is more likely to be commercial or industrial with some international component. The income for real estate is not based on historical data has been fixed at 5.00% Gross (4.25% Net with 15% of Income allocated to Expenses) and does not change. Normally one would expect the rental income to change from year to year. When using any of the four 10-Year Economic Cycles, the method of calculating Capital Growth for Managed Funds is the same as for Shares. As Managed Funds may have only a small component of Australian Shares, this will be a less reliable indicator. Income earned in the Cash Accounts, Term Deposits & Bonds are the same as the Cash Rate. Normally one would expect a variation in the return of each asset class. For the purpose of this software, the Cash Account Rate is the 90 Day Bank Bill plus 1%. Income is always 4.25% for Dividends on Shares and Managed Funds as there is no reliable data over this time period. Gross Income of 5% for Investment Properties remains the same as for Historical Data. Return on the Employer Pension Fund is always Actual Inflation Rate + 4%. Plencore Online Pty Ltd 2015

2 Sample Debt Reduction Plan Gross Rent is increased at the rate of Inflation. Rents may not rise in value at the same rate as Inflation. The application of taxation due for income and capital gains is limited in its use. The user may select a number of options for taxation. However, where progressive tax rates are used, the future tax is based on the assumption, the percentage tax charged will remain the same, taking into account value of the tax brackets will be inflation-linked. Future tax rates are likely to change from time to time and no account has been made for this possible change. Please ensure the information that you provide is complete and accurate. If the information you provide is incomplete or inaccurate, any information or advice provided is, or may be, based on incomplete or inaccurate information relating to your relevant personal circumstances. For that reason, you should, before acting on the information or advice consider the appropriateness of it having regard to your objectives, financial situation and needs. All assumptions made and forecasts produced using Financial Mappers are based on past performance. Past performance is not a reliable indicator of future performance. You should not rely on Financial Mappers for the purpose of making a decision in relation to any financial product and you should consider obtaining advice from a financial services licensee before making any financial decision. Plencore Online Pty Ltd 2015 Page 1

3 Sample Debt Management Report Contents Conventions Used in the Modelling Software 3 Important Information 4 Overview 5 Making a Plan (Advanced Planner) 7 My Salary (& Savings) 8 Credit Card Loan 9 Personal Loan 13 Home Loan 15 Investment Plan (Goals, Home & Investments) 18 Personal Budget Living Expenses 23 Debt Management Report & Loan Summary 29 Debt Servicing Ratio (DSR) 30 Interest Rate Risk Assessment (Home & Investment Loans) 31 Reducing Debt Levels 32 Loan Balance at Start of Year 32 Loan Payments 33 Interest Rates 33 Capital Payments 33 Interest Payments 33 New Loans and Refinanced Loans 34 Make 30 year Plan 35 The Investing without Debt 36 Review 39 Accumulated Wealth Options 39 Good Debt Bad Debt 40 Plencore Online Pty Ltd 2015 Page 2

4 Sample Debt Reduction Plan Conventions Used in the Modelling Software This product is not an accounting type product. It is modelling software which allows dynamic and interactive changes every time an entry is made or a different option selected. To accommodate this flexibility the program operates with the following protocols: The cash flows are divided into two parts. Personal income and expenses are kept in the Personal Budget. The remainder are transferred through a series of accounts. They are used to purchase any major personal financial Goals, (say a car or boat), your Home (together with any major renovations), all your investments and your Retirement accounts such as Superannuation. Assets are purchased at the start of the year from either the Bank Account or the Savings Plan (Home & Investments) allocation. Assets are sold at the end of the year and net proceeds deposited in the Bank Account. The exception is when assets are sold to fund a Drawdown in Retirement, in which case they are sold at the start of the year. Tax is calculated and paid for in the year of liability. Tax due on investment is paid by the Bank Account. Tax due on salary is paid in the Personal Budget. (The Tax Schedule defaults to Australian Tax Schedule plus 2% Flat Tax to provide for Medicare Levy). Most items are entered in Present Value and the program calculates the value indexed at the nominated Inflation Rate. Sales or withdrawals from accounts are entered as a Percentage of the Account Value. Where Management Fees are greater than the Income, the fee is reduced to the value of the income. (Cash Accounts, Managed Funds & Share Portfolio) The program has a set of Default Values which are used until the user opts to change to a Specified Value. (Default Values can also be changed) Loans default to a 20 year Principal and Interest Loan and the user must EDIT the loan to change the Loan Type and other loan parameters. Income is usually calculated as a percentage of the value of the fund. The exception is rental income. This is calculated as a percentage of the value of the property in the first year. You may also enter a dollar value for gross rent and expenses which is Plencore Online Pty Ltd 2015 Page 3

5 Sample Debt Management Report converted to a percentage of the program. After the first year, the rents are increased at the rate of inflation. Be aware that rents may not increase at this rate and other income may not continue to remain as the same percentage of account value. When Income is calculated as a percentage of the fund value, the calculation is the value of the fund at the Start of the year after annual transactions PLUS half the Monthly Deposits LESS half the Monthly Expenses multiplied by the nominated Income Percentage. Capital Growth is calculated as a percentage of the fund value, the calculation is the value of the fund at the Start of the year after annual transactions PLUS half the Monthly Deposits LESS half the Monthly Expenses multiplied by the nominated Capital Growth Percentage. Where Expenses are calculated as a percentage of the fund value, the calculation is the value of the fund at the Start of the year after annual transactions PLUS half the Monthly Deposits LESS half the Monthly Expenses multiplied by the nominated Capital Growth Percentage. Activation Keys (Tick Boxes) allow you to enter data, but remove the data from calculations by unchecking the Tick Box. The data will automatically be included once the Activation Key is ticked. There is no set order in which to enter or change information. However, a good place to start is to enter all your current assets and loans and then follow the arrows for Advanced Planner. In Easy Planner, you should enter Steps 1 to 10 first. Note: You may wish to go to My Plans and work through this exercise. Alternatively, you can read the document following the examples in your software under the Sample Plans. A copy will be transferred to MY PLANS. Important Information There are two sample plans, however, the second plan is an extension of the time period for Part A and explores how to invest without debt. There is one PDF file for both plans. This particular Debt Reduction Plan and Wealth Building without Debt Plan should NOT be considered model plans. It is intended to Plencore Online Pty Ltd 2015 Page 4

6 Sample Debt Reduction Plan demonstrate the features of the program. It is not advising you on how you should manage your debt. Before commencing on detailed personal planning, it is recommended you read the first two sections of the Help File which are Getting Started followed by Disclosure Statements and Methodology. Overview Many people have so much Personal and Home Loan debt, it is almost impossible for them to start saving for the future. For this plan, the focus is going to be on repaying a Credit Card and a Car Loan debt, followed by a concentrated effort on reducing the Home Loan and increasing the equity while interest rates are low. The plan will be limited to 10 years. This will be followed by Part B, where saving plans for after Year 10 are considered without using any further debt. Plencore Online Pty Ltd 2015 Page 5

7 Sample Debt Management Report One should always be mindful that home loan interest rates over the last few years have been extremely low. In fact the lowest for over 40 years. Since the Year 2000, there has been a variation of range of over 3%. In late 2014, rates of under 5% were being promoted by major banks. Can you afford a 3% - 4% rise in your Home Loan Interest Rate? Warning on Fixed Interest Loans: Seek professional advice from your advisor or lender, where you have Fixed Interest Loans and wish to make additional payments. Additional Fees may be incurred. Plencore Online Pty Ltd 2015 Page 6

8 Sample Debt Reduction Plan Making a Plan (Advanced Planner) Using the Icon, select New Plan and complete the information. Plencore Online Pty Ltd 2015 Page 7

9 Sample Debt Management Report My Salary (& Savings) On the Advanced Planner, select the Icon. The salary over the 10 years is expected to rise, so a higher salary for the second 5-year period has been entered. Until all the loan costs are evaluated, no allocation will be made for savings. This plan is a little more complicated because the Home Loan Payments will be withdrawn from the Investment Allocation for the Investment Plan (Goals, Home & Investments) and the Credit Card and Personal Loan will be withdrawn from the Personal Budget. Plencore Online Pty Ltd 2015 Page 8

10 Sample Debt Reduction Plan Credit Card Loan Credit Card Debt, in the example is the most expensive and therefore the user has opted to repay as quickly as possible. The credit card has a balance of $3,000. It has been determined this debt should be fully repaid within 12 months. The program as created one credit card account Credit Card 1. To access the account go to the Icon and a selection of either Personal Loans or Credit Cards will be displayed. For this exercise there is no Introductory Interest Rate but there is a reduced credit card fee in the first year. The Interest Rate has been reduced from the Default Rate of 20% to 12%, with no Introductory Interest Rate. Plencore Online Pty Ltd 2015 Page 9

11 Sample Debt Management Report The program gives you two options when selecting the method of payment. In the first option, Fixed Amount, you have one monthly amount until the debt is repaid. To find out how much you need to repay the debt in 12-months, you need to use a trial and error method until you get an approximation. In this example, the payment will need to be $275 a month. Plencore Online Pty Ltd 2015 Page 10

12 Sample Debt Reduction Plan The second option, Combination, gives you multiple choices which include a percentage of the loan, dollar amounts for various time periods and minimum payment. The program defaults to a minimum monthly payment of $200, however you can change it to whatever you can afford. This figure has nothing to do with the minimum payment on your credit card. It is a self-imposed minimum. If the entries made in the percentage and dollar value, do not meet your set minimum, the program will automatically increase the payment so that the minimum is paid. All calculations are made on a monthly basis and reported in the Data View as yearly amounts. The program has applied the payment of $275 a month. Plencore Online Pty Ltd 2015 Page 11

13 Sample Debt Management Report Graph View Data View The calculation of the Average Interest Rate is an approximation only as the interest for the year is divided by the balance at the start of the year. Plencore Online Pty Ltd 2015 Page 12

14 Sample Debt Reduction Plan Personal Loan The personal loan is a Car Loan of $20,000 to be repaid over 4 years at an interest rate of 10%. The aim is to repay this loan in three years instead of 4 years. Using trial and error, it has been determined you will need to make additional payments of $140 per month for 3 years. You need to be mindful that the program will index the yearly payment so each year you will pay a little more. First you must create your Personal Loan by going to the Icon for Credit Cards & Personal Loans and select the account Personal Loan 1. You may like to change the description to Car Loan. Plencore Online Pty Ltd 2015 Page 13

15 Sample Debt Management Report View Graph View Data Plencore Online Pty Ltd 2015 Page 14

16 Sample Debt Reduction Plan Home Loan You should select account Home 1, enter the details and then EDIT the loan. However, this plan will be using a 20 year Principal and Interest Loan with Default Interest Rates and No Loan Costs. This is the same as the Default Loan. Plencore Online Pty Ltd 2015 Page 15

17 Sample Debt Management Report View Graph View Data (Years 6 10) Plencore Online Pty Ltd 2015 Page 16

18 Sample Debt Reduction Plan Plencore Online Pty Ltd 2015 Page 17

19 Sample Debt Management Report Investment Plan (Goals, Home & Investments) If you open the Investment Plan (Goals, Savings & Investments), using the Icon you will see how much your Home Payments will be. So far, no allocation has been made to savings. For now, the program just want to save enough to meet regular home loan payments until the Credit Card and Car Loan have been repaid in full by the end of Year 3. The amount saved for the first three years is approximately 15% of salary. Thereafter it is increased to 20% of Salary for years 4 to 10. The amount can be increased because there are no other debts to service. Note: If you go to Extract Reports - Debt Management Report/Loan Summary, the Report has a section, Salary Savings, detailing what percentage of your Salary is allocated to paying Home and Investment Loans. Plencore Online Pty Ltd 2015 Page 18

20 Sample Debt Reduction Plan Enter the Salary 1 account, using the Icon and include your Percentage of Salary Invested each Year. This is also referred to in the program as Investment Allocation. The Investment Plan (Goals, Home & Investments) graph now displays in blue the balance of funds after loan payments which are currently being transferred to your Transaction (Bank) Account. Plencore Online Pty Ltd 2015 Page 19

21 Sample Debt Management Report With this information a schedule of Additional Payments can be designed so that most of the savings will go to the repayment of the loan. The following schedule of payments will allow the Home Loan to be repaid in 10 years. Plencore Online Pty Ltd 2015 Page 20

22 Sample Debt Reduction Plan By making the additional payments, $71,494 in interest has been saved and by the age of 45 years, the plan will be debt free. This will leave you with 20 years to save for your retirement, and have a little extra spending money for lifestyle choices. For this example, the user has elected to reduce the savings from 20% to 15%. The amount you choose to save is a choice between extra money for lifestyle choices now and in the future. Choices for future lifestyle can be thought of as Deferred Pleasure. Plencore Online Pty Ltd 2015 Page 21

23 Sample Debt Management Report Your final Savings Plan will be: Plencore Online Pty Ltd 2015 Page 22

24 Sample Debt Reduction Plan Personal Budget Living Expenses The single most important thing you can do if you have debt problems is to create a detailed budget of your Personal Living Expenditure. The budget is divided into 10 categories, each with a set of prefilled labels. You can over-type these labels, to make your own list however, you cannot restore the original list. All entries in the Personal Budget are listed in Present Value. This allows you to do long term planning without worrying about Inflation. The figures will autofil to the right for both the Savings and Retirement Phases. However, you can overtype the value in any year and the new figure will autofil to the right. To reset the row, re-enter the figure in Year 1. The budget is designed so that you can list items which are Optional. Optional Expenses are those which you could stop spending if you were in a financial situation where your income is reduced through illness or unemployment. These are also expenses you may reduce if you want to make some sacrifices to your personal lifestyle spending while you make an extra effort to clear your debts. All items are listed as Active. By unchecking the box, you can suspend that expense. If you don t want to take the time to do a full and detailed budget, you can just enter one figure in the first row of the first section, Commitments or one value for each category. Note on Unallocated Expenses: This is money, left over for a Rainy Day is available for Personal Expenses, but as yet it has not been allocated to any category. Unallocated Funds will cater for unexpected expenses. If the value is a negative number, you have allocated more money to expenses than what is available. For this example, the program has entered a list of personal expenses of $57,580, of which $5,000 are Optional Expenses. Currently the Personal Budget is displaying the following: Plencore Online Pty Ltd 2015 Page 23

25 Sample Debt Management Report Commitments Home Utilities Plencore Online Pty Ltd 2015 Page 24

26 Sample Debt Reduction Plan Education Health Shopping Plencore Online Pty Ltd 2015 Page 25

27 Sample Debt Management Report Transport Entertainment Savings Plencore Online Pty Ltd 2015 Page 26

28 Sample Debt Reduction Plan Miscellaneous As you enter the expense, the Budget Summary Graph will display the result. However, where values are small the item may not be clear as is the case in Year 1 when there are insufficient funds to meet the costs. You will recall you have increased the payments on your Credit Card and Car Loan. The option would be to decrease the loan payments or decrease some of your optional spending listed about. Data View (Years 1 5) Plencore Online Pty Ltd 2015 Page 27

29 Sample Debt Management Report View Graph You can zoom into any section of the graph by placing your mouse on the graph and dragging to the size you want. Plencore Online Pty Ltd 2015 Page 28

30 Sample Debt Reduction Plan Debt Management Report & Loan Summary On the ReportsTAB, Debt Management Report, you will find a Loan Summary for the first 5 years of the program. This Loan Summary page can be converted to a Debt Management Report. The report is designed to give strategies as to how you can manage your debt and display the results of what actions you have taken to reduce debt. When the page first opens you will see two variables for which you can change. The reason for these two items will be explained later. The page opens on Graph View This graph shows the Loan at the start of each year and is divided into three categories. In addition the Debt Servicing Ratio is displayed. The second graph shows the Regular Loan Payments together with any planned Additional Payments. Plencore Online Pty Ltd 2015 Page 29

31 Sample Debt Management Report The third graph displays the allocation of Capital and Interest for each year. The more capital that is repaid, the quicker the loan will be repaid and the less interest charged. The Data View is divided into different sections, for which a detailed description is given. Debt Servicing Ratio (DSR) The Debt Servicing Ratio is the percentage of After-tax Income spent on all loan repayments. Lending institutions will assess your DSR before approving a loan. Usually the DSR is likely to consider only the minimum payment requirement. The program calculates two Debt Servicing Ratios, one without additional payments and one with additional payments. To assist, the program has given a word description to replace the percentage. The percentages are listed under the LINK. Note how the first DSR remains High for the 5-years because you have elected to make considerably high additional payments. However, when these are not included, the DSR is reduced to Moderate for the last two years. Plencore Online Pty Ltd 2015 Page 30

32 Sample Debt Reduction Plan Interest Rate Risk Assessment (Home & Investment Loans) You will recall that there was an option to enter a value for the Interest Rate Increase. The default value is 2.00%. The Interest Rate Risk Assessment is a means to evaluate the risk of having to find more money to service loans which have Variable Interest Rates, and the interest rate rises by the nominated percentage. In this case, the rise would be 2.00%. This risk assessment tool will take into account any currently planned Additional Payments. If you have to make higher regular payments, you can cut back on your voluntary additional payments. This assessment is limited to Home and Investment Loans. The following is the additional funds you would need to find in any year should interest rates rise by 2% in that year. Because there are no planned additional payments for the first three years, an additional $224 a month ($2,688 a year) would be required, if interest rates rose by 2%. Because there are planned additional payments in the last two years, the risk is reduced as the user has already planned this buffer. Plencore Online Pty Ltd 2015 Page 31

33 Sample Debt Management Report Reducing Debt Levels The program assumes that all your choices about additional payments have been made before this page is viewed. This section is to give further help where it may be required. Sometimes personal lifestyle choices will need to be sacrificed in order to recover from your past spending indiscretions. The second entry, related to a Percentage of Optional Expenses, defaults to 50%. The aim of this section is to demonstrate how much additional capital you could repay, and thus less interest costs, if you divert a percentage of your optional spending to repayment of debt. The calculations are an approximation only as they do not take into account the interest saved with reduced levels of debt. In addition, the average interest rate of all loans is used, whereas you would mostly likely make the additional payments to the loan with the highest interest rate. In this example, it is estimated at if you used 50% of your optional expenditure to help repay debt you would save $2,652 in interest over the 5-year period. Loan Balance at Start of Year Plencore Online Pty Ltd 2015 Page 32

34 Sample Debt Reduction Plan Loan Payments Interest Rates The calculation is an approximation where loans are repaid in part of the year as in the case of the Credit Card. Capital Payments Interest Payments Plencore Online Pty Ltd 2015 Page 33

35 Sample Debt Management Report New Loans and Refinanced Loans In this example there are no new loans or refinanced loans. By selecting View Report, the above information may be converted to a PDF File, which is called your Debt Management Report which you can print or save to your computer. The Report will include strategies on how to manage and reduce debts. Plencore Online Pty Ltd 2015 Page 34

36 Sample Debt Reduction Plan Make 30 year Plan In this example, by the end of Year 10, all debt has been repaid. The plan will be free to apply that 15% of Salary Savings to investments and have more funds for personal expenses. The choice of how much you save is a personal one and no recommendation is made. Go to Plans Sample Plans and make a copy and rename the plan as Sample Debt Reduction Plan: Part B. (Note the PDF File is the same for both Part A and Part B). Plencore Online Pty Ltd 2015 Page 35

37 Sample Debt Management Report The Investing without Debt The program will now add the anticipated salary for the next 20 years, saving only 15% of salary for investments. As no allocation has been made to specific accounts all the funds will be deposited in the Transaction (Bank) Account earning 5.95% a year. (Default Rate) Plencore Online Pty Ltd 2015 Page 36

38 Sample Debt Reduction Plan At the end of Year 30, and the start of your retirement, you would have saved close to $1,416,594 which is $627,756 in Present Value. If the Investment Plan had some growth assets, say allocate 80% of your savings to a multi-sector Managed Fund, where the dividends are reinvested and 20% of the fund had Imputation Credits, your investments at the end of 20 years would be considerably higher. Plencore Online Pty Ltd 2015 Page 37

39 Sample Debt Management Report The Present Value of Investments at the end of Year 30 would be $982,973. It is estimated these assets would generate an income of $62,885. Plencore Online Pty Ltd 2015 Page 38

40 Sample Debt Reduction Plan Review Use your Review Page to consider the outcomes from the plan on a year by year basis. Accumulated Wealth Options If the plan were to employ a sensible debt management program, say for the purchase of an Investment Property, the accumulation of wealth over the last 20 years would be considerably more. In addition most people would have your Employer Superannuation. If the balance of your fund was $50,000 at age 35, (and using a return of 7%, with 1% each for Management Fees and Contribution Fees), you could expect an Account Balance (Present Value) of $ Without any loans, this plan shows you could expect to retire with the Present Value sum of $1,460,000, provided all the estimated rates of Plencore Online Pty Ltd 2015 Page 39

41 Sample Debt Management Report return were achieved. This may be improved with a small investment property, and small loan, funding from the rental income. Good Debt Bad Debt Consider the two types of debt Good Debt and Bad Debt. Bad Debt is consumer debt which does not grow your wealth. If you want to increase your personal wealth, saving for your personal lifestyle expenses is something to consider. Your Financial Mapper allows you to set financial Goals and save for your personal expenses such as cars, boats, holidays etc. Good Debt is debt which can be used to increase your wealth by using Other People s Money. Examples of Good Debt would be to borrow to buy either a home or an investment property. However for the debt to remain Good Debt instead of Bad Debt you need to apply some sensible rules to your loans. The following are some strategies for Good Debt: Have a deposit of 15% to 20% and the money required for the purchase expenses which will be about 5% of the purchase price. As a good guideline, save enough deposit, so that you don t have to pay Mortgage Insurance which can be substantial. Ensure you can comfortably repay the loan in 20 years. You may take a longer term, but if so, make sure you can afford to make additional payments so that the loan is paid in 20 years. Make sure you can afford to keep the loan if interest rates rise by 2% to 3%. Try to keep your DSR, without additional payments to Moderate. Plencore Online Pty Ltd 2015 Page 40

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