Once you finish entering all your data, LifeAssets displays a linear timeline graph (starting with your current age and running to age 100) that displays all your income, assets, and liabilities. The graph attempts to project how much money you’ll have at retirement based upon your current assets, how much income you’re making, what your pension or 401k is going to produce in the future, and how much your current liabilities are going to steal away from your future earnings. Dragging your mouse along the timeline while you have the floating Financial Summary window open allows you to view your projected net worth at any point in your future.
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LifeAssets 1.0 offers an interesting twist on the way you view and plan for your financial future. While programs such as Mint and Quicken tend to focus on the rearview mirror, letting you look at your actual expenses to see how you’ve spent your money, LifeAssets tries to set your focus forward, so that you can see where your financial future lies.
To get you started, LifeAssets first needs to collect some detailed personal information, including your birthdate, intended retirement date, and most importantly, a complete accounting of all your personal financial information. And it’s important to note that the more thorough you can be about your income and expenses, the better LifeAssets is able to determine how much money you’ll have in the future. Also, there’s no way to import any of your existing financial information.