I know a lot of the big financial services companies have their own proprietary financial planning / wealth management tools. Are there any open source tools in this space?
I would like to project my finances out through the rest of my life, including things like:
- Income and spending. Course-grained.
- Retirement Accounts. Growth and Distribution.
- Other investments.
- What If analysis. e.g. what if I have a huge unexpected expense, perhaps medical. What if I help put my kids through a more expensive university?
I think you get the gist. Having a tool like this helps you make better decisions now. You can see if you are on track, as well as play around with the impact to small changes now (e.g. bumping up 401k contribution).
I have the skills to build this myself, but it would be a lot of work and I'd like to first explore what's already out there. If I were to do this myself I imagine it would be a collection of jupyter notebooks. Monte Carlo simulations would be run so that I can test a range of things (e.g. rather than saying investments grow at 5%, I could simulate a range of 3% - 10%). I'm thinking the final output is essentially a stacked graph, year by year, showing net worth and projected expenses.
Submitted November 26, 2021 at 08:16AM by tp_username https://ift.tt/3cNngNH
