*The Living Balance Sheet
*The Living Balance Sheet How accurate is financial forecasting? Many financial planners use both a past and future forecasting to design a financial plan for clients. As a matter of fact, Monte Carlo simulations (computerized simulations designed to model various outcomes and risks) are run to supposedly add credibility to the financial plan outcome. However, why do you need to forecast future results which may or may not happen? Perhaps this allows people to sleep better at night? Life happens. Therefore, why not just keep a personal balance sheet which is easily updated automatically from your existing checking and investment accounts? These online accounts are very secure and can chart your progress 24 hours a day. I use Mint (A Quicken Product) which recently was voted best personal financial service software by PC Magazine for 2017—and it is free. Sure, it takes some time to get all your accounts set up but you will soon find out all this work is well worth the ef