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Financial Statement

A financial statement is a formal record of the financial activities and position of a business, person, or other entity.

Profession: ???

Income

Income is money that comes into your bank account on payday.

Salary:

Salary is the income you get from your profession.

Passive Income

Passive income is money earned from an asset which requires little or no ongoing effort. Here, it is a sum of income from investments which have a cash flow. Increase passive income by investing in assets.

Total income:

The sum of all income. Essentially, this is your passive income plus your salary.

Expenses

Expenses incure throughout life. They are outgoings every payday and directly link to your liabilities. Check your liabilities to see how they affect different items in your expenses.

Taxes:

Tax is an unchangable figure based on your salary.

House Mortgage Payment:

You can gradually pay off your house mortgage with these smaller payments. See what's left to pay on your house mortgage by loooking at this item in the 'Liabilities' section of the financial statement.

Student Loan Payment:

You can gradually pay off your student loans in small payments. See what's left to pay on your student loans by loooking at this item in the 'Liabilities' section of the financial statement.

Car Loan Payment:

If you a car you can gradually pay off your car loan in small payments. See what's left to pay on your car loan by loooking at this item in the 'Liabilities' section of the financial statement.

Credit Card Payment:

You can pay off purchases made on your credit card debt in small payents. See what's left to pay on your credit card by loooking at this item in the 'Liabilities' section of the financial statement.

Retail Payment:

If you have any retail dept in the 'Liabilities' section of the financial statement you can pay it off in small payments here.

Other Expenses:

This is the basic cost of living. For example, weekly grocery shopping and paying bills. This figure cannot be changed.

Child Expenses:

If you have children they may add liabilities to that section of the financial statement. This excludes school costs.

Bank loan payment:

If you have borrowed money from the bank, you will pay it off with 10% interest in small payments as shown here.

Children:

This is the number of children you have.

Per Child Expense:

This is the total cost of having a child, should you have more than one this will be multiplied by that number.

Totals:

Total Expenses:

This is the sum of all expenses.

Monthly Cash Flow:

This is your total income with total expenses subtracted. This number will be added to your bank balance.

Assets

Assets are resources with economic value that an individual or company owns or controls with the expectation that it will provide future benefit. You can get assets from making deals or through life happenings.

Bank Balance:

This is how much money you currently have in your bank account. Don't let this get below 0 if you have a negative cash flow or you will lose the game!

Liabilities

Liabilities are the debts or obligations that come with your investments and other life choices. These are paid off in small payments at payday but you can choose to pay these off at any time. Be careful not to go bankrupt if you do pay them off early.

House Mortgage:

You have this much left to pay off your house motgage.

Student Loan:

It costs a lot of money to train up for your profession, this much infact! You have this much left to pay off your Student loan.

Car Loan:

Cars are expensive! You have this much left to pay off your car loan.

Credit Card:

You've been using your credit card to pay for things so have accumulated debt. You have this much left to pay off.

Retail Debt:

Those shoes were nice...but you have to pay for that. This is how much you have left to pay off from your retail therapy.

Bank Loan:

You borrowed money so you coud afford that nice ... thing. Now you have to pay back 110% of what you borrowed!

Pay off this liability in full.

How to Play Wealth Quest

Purpose:

The purpose of Wealth Quest is to create a passive income that is greater than your total expenses.
Goal = passive income > total expenses
You can get an idea of how far you are from achieving this by looking at your goal tracker, displayed in your financial statement and on the main screen. It’s not that simple though… the goal will change depending on your total expenses. So to win you will have to keep your expenses down and your passive income flowing in!

How do I increase my passive income?

If you land on a DEAL or LIFE card, you could get the opportunity to gain an asset that provides a positive cash flow. An example could be a property that you invest in. If that property is rented out, you could get passive income without doing any extra work! How nice. Be careful though, each opportunity should be carefully considered as they don’t all provide the same benefits. Some may provide you with quick cash, while some may be slow burners which slowly push you towards your goal. So keep a close eye on your financial statement so you can make well calculated decisions.

How do my expenses change?

Expenses are what you pay out at payday. They are determined by your liabilities which you can pay-off or accumulate throughout the game. Your aim is to pay off your liabilities so that your expenses are less! This means you don’t need so much passive income to win the game.
As an example, you have a home mortgage of £38000 to pay off. You pay £400 every pay day towards your mortgage until your mortgage is £0. Maybe you get lucky with some stocks (... I mean skillful) and earn lots of cash; this might be a good time to make a bulk payment to your mortgage.

So I just need to get rich to win?

Not really, no. Your aim is to afford to live without working. You may start off in a really high paid profession but as a result your expenses may be more; if you want to leave your job early, you could very quickly go bankrupt without an income but high expenses. You want to build up your passive income to cover those expenses every payday so you don’t have to worry about bankruptcy.

What happens if I go bankrupt?

Unfortunately this means you have lost Wealth Quest. But that doesn’t have to be the end… start again and maybe try a different strategy, make different investment decisions, or maybe pay off some liabilities a bit sooner… or later.

This is the flow...
Step 1: Select an occupation

Higher paid professions usually have higher expenses so your goal post is a little further away to start. But maybe it’ll be easier to invest in assets with a higher income…

This is the flow...
Step 2: Check on your financial situation then spin the wheel of life!

Make sure to keep checking your financial statement to stay on top of your finances. Who knows what the wheel of life will throw at you?... a payday?... a deal to buy assets? … or some other random life occurrence that could make or break the bank?

This is the flow...
Step 3: Follow the instructions for the tile the wheel lands on.

PAYDAY - your total income and total expenses will be paid. Make sure to check your financial statement after payday as this could change your position in the game.
DEAL - you have a choice. Invest or don’t… just remember, you’d have to get very lucky to increase your passive income without investing.
LIFE - s**t happens. You might win, you might lose, but you have no say over it sometimes so roll with the punches and check your bank balance afterwards.

This is the flow...
Step 4: Go again!

You keep getting turns until you win or lose. Ie. you go bankrupt (lose) or your passive income is greater than your expenses (win)!

Remember:

You can pay off liabilities at any time, just make sure you don’t go bankrupt!

Borrow from the bank

You can borrow from the bank with an interest rate of 10%. You can see this in your 'liabilities' section of your financial statement.

Borrow from bank:

Spin the wheel to see what this month holds!

How many shares you would like to buy: