MoneyWiz 2 helps you track every account, loan, and goal in one place, and setting your net worth correctly gives you a clear snapshot of financial health. Follow the steps below to capture your true net worth inside the app with confidence.
Below is a quick reference that explains how MoneyWiz 2 handles net worth, what it means for your dashboard, and which settings you need to adjust.
| Feature | What It Does | Impact on Net Worth | Where to Configure |
|---|---|---|---|
| Account Balances | Tracks cash, checking, savings, and investments in real time | Positive balances increase net worth automatically | Accounts > Edit > Include in Net Worth toggle |
| Liabilities | Covers loans, credit cards, and other debts | Negative balances reduce net worth, reflecting true financial position | Liabilities > Edit > Assign to Net Worth Group |
| Equity Formula | Calculates Assets minus Liabilities | Drives the exact net worth number shown on your dashboard | Settings > Net Worth > Equity Calculation |
| Currency & Timezone | Standardizes values across accounts in different regions | Ensures consistent net worth across reporting periods | Settings > General > Currency & Time Format |
| Exclude Sensitive Accounts | Allows hiding private accounts from the dashboard | Keeps net worth accurate while improving privacy | Accounts > Edit > Exclude From Net Worth |
Understanding Net Worth in MoneyWiz 2
Net worth in MoneyWiz 2 is the difference between everything you own and everything you owe. The app uses your accounts and liabilities to compute this automatically, but it only works if each account is labeled correctly. Correct classification keeps your dashboard honest and comparable over time.
How MoneyWiz Calculates Net Worth
MoneyWiz 2 adds up all accounts marked as Assets and subtracts the balances of accounts marked as Liabilities. This calculation runs in the background as you add transactions, so your net worth figure stays up to date. If a loan balance decreases, your net worth improves immediately.
Setting Up Your Accounts Properly
Accurate classification is the foundation of a reliable net worth number. You must assign every bank, credit card, and investment to either an Asset or a Liabilities group. Skip this step and your net worth may look misleadingly high or low, which can distort your long term planning.
Step By Step Account Configuration
Open Accounts, tap Edit on each item, and choose the correct type. For everyday cash, select Asset; for credit cards or personal loans, choose Liabilities. Confirm that the Include in Net Worth toggle is active for relevant accounts, and that the opening balances match your real balances to avoid drift.
Customizing Net Worth Settings
MoneyWiz 2 provides a small set of focused options that let you fine tune how net worth appears. From the Settings menu you can control the equity formula, decide which currencies to consolidate, and choose whether to hide sensitive accounts from your dashboard. These choices affect only the display, not the underlying data integrity.
Fine Tuning Equity and Display
Visit Settings > Net Worth and review the equity calculation method. You can usually keep the default setting, but advanced users may want to exclude specific accounts from the computation. Use the Exclude From Net Worth toggle carefully, because hidden accounts still exist in your data but simply do not contribute to the dashboard figure.
Refining Your Net Worth Experience in MoneyWiz 2
Using MoneyWiz 2 with a precise net worth setup turns your daily money habits into clear, visual progress. The steps below help you maintain accuracy and keep the app working for your goals instead of against them.
- Verify that every account is labeled as Asset or Liabilities correctly
- Enable Include in Net Worth for all relevant accounts
- Confirm opening balances match your real balances to avoid drift
- Review equity calculation settings in the Net Worth section
- Use Exclude From Net Worth sparingly and document why you hide an account
- Schedule regular weekly or monthly net worth reviews
- Keep currency and timezone settings consistent across devices
FAQ
Reader questions
Why does my net worth show a different number than my bank statement total?
Check whether all your accounts are tagged correctly as Assets or Liabilities and confirm that each one has Include in Net Worth enabled. Off by one errors often happen when a loan is marked as an asset or when a savings account is accidentally excluded from the calculation.
Can I include or exclude specific accounts from net worth at any time?
Yes, open the account details, tap Edit, and use the Exclude From Net Worth toggle to hide or include that account. This is useful for separate savings you do not want to appear on your main dashboard while keeping the data intact for future reporting.
How often should I review my net worth inside MoneyWiz 2?
Reviewing net worth once a week or once a month helps you spot trends without overreacting to daily fluctuations. Regular check ins catch data entry mistakes early and let you adjust budgets or debt payoff plans before small issues grow.
What happens to my historical net worth if I change an account type?
MoneyWiz 2 recalculates equity from the opening balances you entered, so correcting an account type updates past net worth values automatically. Double check your opening balances to ensure that past snapshots remain accurate and meaningful for long term analysis.