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Financial Fate Financial Planning Software Review


Financial Fate is personal financial planning software.

Financial Fate: Much More than a Retirement Calculator

Financial Fate / Trademark of Financial Modeling Solutions, Inc.

Create Your Own Financial Plan with Financial Fate:

Financial Fate is financial planning software designed for use by the general public. Now a free download, this software walks you through preparing a realistic financial plan and requires no special training, yet is detailed enough for financial planners to use to prepare an analysis for clients. Financial Fate tells you at a glance if your money management practices will lead to being financially solvent for life or if you need to make some changes to avoid bankruptcy.

Get a View of Your Financial Future:

As data is entered in Financial Fate, you see your ending net worth change on lower left side of the display. The ending net worth number reflects the funds left over at the proposed end of life. If you have a spouse, the end of life variable is for the longest-lived person. To see net worth in today's dollars, just hover your mouse over the tool tip question mark. As you enter your financial data into the software, the ending net worth amount changes dynamically.

Required Financial Documentation:

Click on What You'll Need when you first start Financial Fate to determine what documentation and information is needed to get started on designing your financial plan. This documentation includes, but is not limited to, recent credit card statements, income tax returns, and your social security statement. Financial Fate explains how to get a social security statement if you don't have a recent one.

Getting Started with Financial Fate:

Financial Fate starts with a financial plan populated with $50,000 in income so you can click around the software and understand how and why figures change. Get started by entering the year and ages for you and a spouse, then change the income data to reflect your own income.

Financial Fate is easy to use with tool tip question marks next to data entry fields. Use your mouse to hover your cursor over a tool tip to get further explanation of what information you will need to enter into the software.

Getting Around Your Financial Plan:

The on-screen interview in Financial Fate walks you through completing the financial plan. Enter personal information, then click Next at the bottom of the screen to move forward in the plan. The Back button takes you to previous parts of the the financial plan and you can enter comments or reminders for later reference by clicking on the Comment button. You can also move to any one of the 10 financial planning topics in Financial Fate by clicking on a topic in the left navigation bar, then clicking on a tabbed subsection that neatly organizes each topic.

Understand Numbers Behind the Data:

Financial Fate shows you the data that is used to generate reports, which makes it easy to trace back to figures entered. Seeing how financial data is used takes the mystery out of using the financial reporting to make decisions, and it teaches how one financial decision can impact others.

You can also click on Assumptions at the bottom of many personal finance topics to view the percentages Financial Fate used for calculations and you can change the percentages if you need to.

What-If Scenarios for Your Financial Plan:

Financial Fate not only gives you a realistic picture of your financial future, it's also an excellent tool for running what-if scenarios to help with financial planning after you establish your financial plan. For example, you can try using different contribution amounts to 529 college plans or different mortgage options to see the impact these would have on future finances.

Financial Planning Reports:

Financial Fate reports show immediate and future effects of financial decisions:

  • To-Do List: Suggested financial activities implemented in the first year of financial planning.
  • Cash Flow Plan: Year-by-year cash flow reporting.
  • Investment Plan: Investments details, shows the effect of liquidating assets.
  • Asset Allocation: Year-to-year recommendations for for retirement funds, educational funds, and regular taxable funds and stocks.
  • Balance Sheet: Personal balance sheet lists year-by-year assets, liabilities and net worth.
  • Estimated Income Taxes: Personal taxes each year into the future.

Financial Fate Financial Planning Software Review:

Aydren Simmons and Monty Hothersall of Financial Modeling Solutions, Inc. are on a mission to empower people with active involvement in their own personal financial planning at a reasonable cost.

Simplified Financial Planning
Personal finance topics in Financial Fate are well-organized with tabbed sub-topics, and tool tips offer enough assistance with determining what to financial data should be entered. The amount of time required to complete a financial plan depends on how extensive your personal financial situation is. A recent college grad will typically have less information to enter than a married couple with three children and a vacation home.

Your Financial Planning Results
Results from Financial Fate are a very close approximation and forecast of the results of your financial decisions. Because Financial Fate is not designed to give you exact results, tax code updates will only be available in the event significant changes are made to tax laws. You can change your personal income tax rates and other assumptions in the software to fit your situation.

Backing Up Your Financial Plan
Be sure to always back up data in any financial software you use. To back up a data file in Financial Fate, click on Import & Export on the upper left and follow the directions given.

Financial Fate is Recommended
I am very impressed with the level of detail Financial Fate offers in the financial plans it produces. I recommend you enter all the personal finance information you have to get the most accurate forecast.

Financial Fate is intended for use as an informational tool and does not provide any specific legal, investment or tax advice. While no crystal ball exists to tell you exactly how financial decisions will play out in the future, Financial Fate produces a realistic financial planning forecast that can be reliably used for short-term and long-term financial planning.

Financial Fate is now a free download. Visit the Financial Fate Web Site for more information and to download the software.

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