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forecasting overview video transcript:
The Excel, your finances, forecasting spreadsheet. It's a powerful tool for helping you predict your future financial position. This video is a brief overview of how the spreadsheet works at the top. You input your age beginning year. It can be changed as well.
In general, all the cells that are highlighted yellow are the cells that you can type. What you want to do next is label whether each year is a working year or retirement year button that you will grow to love as the copyright button. So any cell that you're in, if you hit copyright it, copies it the whole way to the end of the forecast.
So I put w in there and to hit copyright and then copied the whole way over to the very end I can then. And put an R wherever I would like for retirement years. And I can copy those to the right. So now the retirement goes to Hawaii, out to 90.
You really want to figure out how you want to do your forecast. You can try to do one all-encompassing forecasts like this one that has all your working years and retirement years combined. However, this can be confused. And you have full control to add as many forecasts as you would like. If you want to have a retirement forecast and a working year's forecast, it's very simple.
You can just rename this one, working years and head. Okay. And that relabeled the tab. You can then copy this forecast. And label this one entire meant years
and head. Okay. On that one. So if you were beginning with the work in years and you started with your current age, obviously your retirement years would be once you retire. So it's age 65 is when you're going to retire. It's 2014. Then you would want to put that year in here.
Now this has taken us to 114 years old. It might be a little impractical to project out that long. So I'm gonna remove some of those last years
and you do that by clicking this button remove the last year. Conversely, you can hit add the next year and it will continue to add years. So you can see the years are increasing here
and the same way on the working years tab, you would want to remove the years to get down to 65.
And that way you would have what your beginning balances would be for all the different categories to input as a starting. For retirement years with Excel, your finances, forecasting spreadsheet, you have full flexibility to build as many forecasts as you want. And it's completely up to you. My recommendation as you go through all the videos and get started with a forecast and learn how the spreadsheet works.
And once you do that, make a determination on how you would like to handle the various forecasts. Obviously the farther out your forecast. The harder it is to be an accurate prediction because of the flexibility. You can have a five-year forecast, the options are limitless. A few other keys that I want to show of how the spreadsheet works, that are crucial to make sure that you understand what is going on.
Anything that you enter up here in cashflow appears in column. Down below. So we have general spending, large expenses income, and then you can add loans asset with loans, investments, and as many income sources as you need to.
So up above, if I have an item labeled giving any one of these gray cells down below, I can select it. And those options. Are going to appear, sell your finances has definitions of what each of these mean, but you can change them to be whatever you want to suit your needs for your forecast. If you add an item such as income and then determine later that you don't want it, all you do is type, delete in the, in the label cell.
And you'll see the word deleted. Below it, you then hit the delete button up top and it will remove it
the same time. If you have multiple employers, you can add as many of these incomes as you need refer to the adding income video for more on how to fill in the details of the income side. On any one of these sections, you'll see yellow cells from the far left column. These are here to allow you to add or delete more items.
So if you have more items coming out of your paycheck and you need to add more lines, you'll click the dropdown, click add and hit the add button. Whatever had the word add beside it is copied and added below the bottom of that. And the same way you can select any yellow cell, pull the dropdown, selectively and hit the delete button.
If you select more than one to try to delete at once, you're going to get this message that says you cannot delete more than one item at a time, just hit. Okay. And remove one of the delete items. I'm just going to hit, delete on my keyboard. To remove that item. Now, if you hit delete the item that had the word delete this gone, as you get familiar with how the spreadsheet works, you have full flexibility and to adapt it to your finances, please watch the videos that show you how to add income loans, asset with loans and investments.
There is very important information and those videos to make sure you understand how the spreadsheet is. Including the spreadsheet is using absolute values and summing up these totals up here. And depending on whether you have it labeled money out or money in, you also have the option of money and are out.
So you need to watch the videos to make sure you understand how this is working. The worst thing you can do and using the spreadsheet is to double count income or expenses or savings. And this video is we'll walk you through how to make sure you're not double counting those things. If you determine you don't like the name you gave your particular forecast, you can also just click rename forecasts and you can name it something else.
I know what changed the tab down here. The name that is up here once you've learned how to use a spreadsheet and you get your financial information and. I believe you will find this invaluable for knowing if you're on the right track to accomplishing your goals. Whether you have enough money saved for future vacations, retirement college, or whatever, it may be Excel, your finances, future forecasts can help you on the way.
Thank you.
Click here to watch videos: https://www.xlyourfinances.com/videos.html
In general, all the cells that are highlighted yellow are the cells that you can type. What you want to do next is label whether each year is a working year or retirement year button that you will grow to love as the copyright button. So any cell that you're in, if you hit copyright it, copies it the whole way to the end of the forecast.
So I put w in there and to hit copyright and then copied the whole way over to the very end I can then. And put an R wherever I would like for retirement years. And I can copy those to the right. So now the retirement goes to Hawaii, out to 90.
You really want to figure out how you want to do your forecast. You can try to do one all-encompassing forecasts like this one that has all your working years and retirement years combined. However, this can be confused. And you have full control to add as many forecasts as you would like. If you want to have a retirement forecast and a working year's forecast, it's very simple.
You can just rename this one, working years and head. Okay. And that relabeled the tab. You can then copy this forecast. And label this one entire meant years
and head. Okay. On that one. So if you were beginning with the work in years and you started with your current age, obviously your retirement years would be once you retire. So it's age 65 is when you're going to retire. It's 2014. Then you would want to put that year in here.
Now this has taken us to 114 years old. It might be a little impractical to project out that long. So I'm gonna remove some of those last years
and you do that by clicking this button remove the last year. Conversely, you can hit add the next year and it will continue to add years. So you can see the years are increasing here
and the same way on the working years tab, you would want to remove the years to get down to 65.
And that way you would have what your beginning balances would be for all the different categories to input as a starting. For retirement years with Excel, your finances, forecasting spreadsheet, you have full flexibility to build as many forecasts as you want. And it's completely up to you. My recommendation as you go through all the videos and get started with a forecast and learn how the spreadsheet works.
And once you do that, make a determination on how you would like to handle the various forecasts. Obviously the farther out your forecast. The harder it is to be an accurate prediction because of the flexibility. You can have a five-year forecast, the options are limitless. A few other keys that I want to show of how the spreadsheet works, that are crucial to make sure that you understand what is going on.
Anything that you enter up here in cashflow appears in column. Down below. So we have general spending, large expenses income, and then you can add loans asset with loans, investments, and as many income sources as you need to.
So up above, if I have an item labeled giving any one of these gray cells down below, I can select it. And those options. Are going to appear, sell your finances has definitions of what each of these mean, but you can change them to be whatever you want to suit your needs for your forecast. If you add an item such as income and then determine later that you don't want it, all you do is type, delete in the, in the label cell.
And you'll see the word deleted. Below it, you then hit the delete button up top and it will remove it
the same time. If you have multiple employers, you can add as many of these incomes as you need refer to the adding income video for more on how to fill in the details of the income side. On any one of these sections, you'll see yellow cells from the far left column. These are here to allow you to add or delete more items.
So if you have more items coming out of your paycheck and you need to add more lines, you'll click the dropdown, click add and hit the add button. Whatever had the word add beside it is copied and added below the bottom of that. And the same way you can select any yellow cell, pull the dropdown, selectively and hit the delete button.
If you select more than one to try to delete at once, you're going to get this message that says you cannot delete more than one item at a time, just hit. Okay. And remove one of the delete items. I'm just going to hit, delete on my keyboard. To remove that item. Now, if you hit delete the item that had the word delete this gone, as you get familiar with how the spreadsheet works, you have full flexibility and to adapt it to your finances, please watch the videos that show you how to add income loans, asset with loans and investments.
There is very important information and those videos to make sure you understand how the spreadsheet is. Including the spreadsheet is using absolute values and summing up these totals up here. And depending on whether you have it labeled money out or money in, you also have the option of money and are out.
So you need to watch the videos to make sure you understand how this is working. The worst thing you can do and using the spreadsheet is to double count income or expenses or savings. And this video is we'll walk you through how to make sure you're not double counting those things. If you determine you don't like the name you gave your particular forecast, you can also just click rename forecasts and you can name it something else.
I know what changed the tab down here. The name that is up here once you've learned how to use a spreadsheet and you get your financial information and. I believe you will find this invaluable for knowing if you're on the right track to accomplishing your goals. Whether you have enough money saved for future vacations, retirement college, or whatever, it may be Excel, your finances, future forecasts can help you on the way.
Thank you.
Click here to watch videos: https://www.xlyourfinances.com/videos.html
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All of XLYourFinances' spreadsheets are protected by copyright laws. Breaking into the spreadsheet’s macros or breaching its password protection not only makes guarantees of the spreadsheet’s usability and support for the spreadsheet null, but is also considered a copyright infringement, as the methodologies and techniques utilized are proprietary and owned by XLYourFinances, LLC. Please refer to the terms agreement for more details on the terms of use.
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