Set up your accounts
The first step to using the Build My Wealth app is to set up your accounts.
There are two main types of accounts: Assets and Consumer Debt (a.k.a. liabilities).
What is an asset?
An asset is something you own that has value. This includes but are not limited to the following:
Cash
Savings Accounts
Checking Accounts
Digital Wallets
Real Estate
Retirement Accounts
Fixed Income Securities
Cars
Your collection of Starbucks tumblers
Your total assets show how well you’ve allocated your time and income to resources that could provide value for you in the future.
What is a liability?
A liability is something you owe to a company or person. This consists of all your loans or debt. This is also what we call utang in Filipino.
You acquire this debt by purchasing goods or services through a lender. In exchange, the lender receives monthly principal payments with interest from you.
How to add an account:
Go to Accounts.
Click Add Account.
Choose between adding an asset or consumer debt.
Choose the type of account.
e.g. Cash for the money in your walletClick Proceed.
Enter the details of your account.
Click Add.
Click Create another account to add more or click the X button in the upper right corner to return to the Accounts dashboard.
