Mylife calculates net worth by aggregating every financial account you connect and translating balances into a single snapshot of financial health. This automated process helps you see assets minus liabilities in real time, rather than estimating manually.
Behind the scenes, secure integrations pull data, classify accounts, and apply valuation rules so the platform can compute a reliable net worth figure. Understanding how this works makes it easier to trust the numbers and act on them.
| Category | What Mylife Includes | How It Affects Net Worth | Exclusion Notes |
|---|---|---|---|
| Bank Accounts | Checking, savings, high-yield, joint, and foreign currency accounts | Added at available balance, excluding pending holds | Business accounts without clear personal use may be omitted |
| Investments | Brokerage, retirement, robo-advisor, and ETF holdings | Valued using last close price or intraday mark-to-market | Illiquid private equity may be estimated or omitted |
| Loans & Credit | Mortgages, auto loans, student loans, credit cards | Outstanding balances subtracted as liabilities | 0% promotional offers may use contractual balance |
| Property & Other | Primary home, rental property, vehicles, crypto | Asset value minus secured debt equals net contribution | Personal items like jewelry are often excluded |
How Account Aggregation Works
Mylife uses read-only credentials to connect financial institutions without storing passwords. Encryption in transit and at rest ensures sensitive data is protected while the platform maps each account to the correct asset or liability category.
During aggregation, the system normalizes merchant names, merges duplicate accounts, and handles currency conversions. This clean dataset becomes the foundation for accurate net worth calculation.
Valuation Methods for Different Assets
Bank and Cash Accounts
Available balance is used, which subtracts holds or pending transactions that may temporarily block funds. This method reflects what you could actually access today.
Brokerage and Retirement
Securities are marked to market using closing prices or mid-price estimates for intraday views. Fees, accrued interest, and taxes are considered separately in reporting.
Liabilities and Debt
Loans are reported at outstanding principal, excluding prepaid interest where possible. Revolving credit card balances include current statement amounts plus any interest accruals.
Handling Complex and Emerging Assets
For properties, Mylife may rely on recent comps, assessed values, or income approaches depending on data availability. Cryptocurrencies are valued using exchange feeds and may be smoothed over short windows to reduce volatility noise.
Business interests, collectibles, and art are often excluded from automated calculations unless you upload supporting documents. You can manually adjust these items to better reflect true economic value.
Optimizing How You Track Net Worth
- Connect all major bank, loan, and investment accounts for a complete baseline
- Verify asset valuations periodically, especially for real estate and illiquid holdings
- Review weekly or monthly change drivers to spot trends instead of single numbers
- Use manual adjustments sparingly and document major additions or exclusions
FAQ
Reader questions
How often does mylife recalc net worth and what triggers a refresh?
Mylife updates net worth daily for linked accounts when institutions provide current data, with full recalc triggered by new transactions, large balance shifts, or manual refresh requests.
Can excluded assets like art or private equity be added manually?
Yes, you can add manual entries for non-standard assets, attach supporting documents, and choose whether to include them in your reported net worth.
Why does my net worth sometimes drop even though I paid down debt?
A drop can occur when asset values fall faster than debt reduction, or when pending transactions temporarily reduce visible balances before settlements clear.
Does mylife factor taxes or fees into the displayed net worth figure?
Taxes and fees are generally shown separately, with net worth calculated on pre-tax asset values, while breakdown panels may show after-tax estimates for planning.