Getting Started
Millionaire 2020™ is designed to get you up and running in minutes.
1. Start by adding 'Receive $' and 'Payout $' items on the Recurring Payout/Receive $ tab of the program. Don't worry about getting everything exactly right on the first pass - we're going for the ballpark this time.
For example, enter items (accounts) for your paycheck, utilities bill, your phone bill(s), mortgage/rent, car payment(s), credit cards, etc. If you're like most people, you can probably remember roughly how much each recurring bill or income is each month and the day of the month on which you pay it.
2. When you think you've captured everything, hit the Budget button. The Payout $ accounts are listed by date and your income is captured in the totals at the bottom of the budget check off sheet. If you remember something you forgot to add, just go back to the recurring accounts tab and add it; don't forget non-billed recurring items like gas and food.
3. You've probably already thought of some 'One-Time' expenses or income that's coming up. Go ahead and add those to the One Time Payout/Receive $ tab. Bills that can fluctuate wildly (like your American Express bill) work well for this tab.
4. Now, if you haven't already, press the Plan button. You need to get your current checking account balance; grab it online or by phone or if you're a person who likes to do it the old (though still effective) way you can trust your handwritten check register. Enter your current checking balance, select how many months of forecast you want to see and press the button. A detailed forecast of your checking account is shown.
Important note: The Plan report is the primary report you should use in Millionaire 2020™ for getting and keeping control of your finances; it shows the direct, daily effect of cash flow. The Budget sheet is intended as an 'at a glance' summary which is useful for checking off items as you pay them or trying to get a general view of what you're paying out on a monthly basis.
Once you've mastered the above topics and refined your entries for accuracy, you're ready for the really fun stuff!
...the Graph report and the Debt Hammer™!
Recurring Payout/Receive $ Tab
This is the main tab where all recurring accounts are listed. You can add, edit or delete accounts either by right-clicking or by highlighting a row on the grid and then clicking the add, edit or delete button on the bottom of the main form.
Add/Edit
A virtually identical form is shown for both the add new and edit existing account functions. The add new form is shown here:
Name – enter a unique name that identifies the account to you.
Amount – enter a whole dollar amount; no negative sign is necessary for money that is paid out.
Type – select 'Pay Out $' (for bills) or 'Receive $' (for income)
Start Date – when this account started – if you don't remember and you're entering it for the first time, just enter the next day it's due (if it's a bill) or when you will receive it (if it's income.)
End Date – this field is optional – if you're not sure when it will end you can leave it blank.
Frequency – Monthly, Twice a month (Bi-Monthly), Weekly, Bi-Weekly (Every 2 weeks), Every 6 months (semi-annually), or Annually (once a year.)
Contact Information – entering the account number, website and phone number of the account holder is entirely optional and here for your convenience only. These values, if entered, show up in the far right columns of the main accounts grid.
Debt Hammer™ – If you select the checkbox, you are flagging this account for the Debt HammerTM . Only Monthly Payout $ accounts can be flagged for the Debt Hammer™. There is a limit of 16 accounts you can flag for the Debt Hammer™.
Delete
A confirmation message box will pop up to verify that you are sure you want to delete the selected account before actually deleting it.
This is the second tab where all one time accounts are listed. You can add, edit or delete to these one time accounts by either by right-clicking or by highlighting a row on the grid and then clicking the add, edit or delete button on the bottom of the main form.
Add/Edit
A virtually identical form is shown for both the add new and edit existing one time account functions. The one time account information forms are much simpler than the recurring account forms. The add new form is shown here:
Name – Enter any name that will identify the account for you. Since it is a one time entry and not a recurring account, it can have duplicates.
Amount – enter a whole dollar amount; no negative sign is necessary for money that is paid out.
Type – select 'Pay Out $' (for bills) or 'Receive $' (for income)
Date – when this will occur (if income, the day it will be deposited in your checking account; if expense, the day it will be paid out)
Clicking 'Save' will save the one time entry. Clicking 'Cancel' will abort the entry.
Delete
A confirmation message box will pop up to verify that you are sure you want to delete the selected account before actually deleting it.
When it's time to get rid of your credit card debt, it's time to go to war. Put on your armor, put on your war paint and pick up...
the Debt Hammer™
Getting out of debt requires discipline...self-discipline is made of four things:
Self-control
- Motivation
- Persistence
- Goals
The Debt Hammer™ will help you hone and perfect your debt reduction goals, and can assist in building your self-control, motivation and persistence by showing you what 'could be' if you just apply yourself today and each day after today until you achieve your objectives.
To flag a recurring account for the Debt Hammer™:
1. Select to edit the account (right-click the account on the Recurring Payout/Receive $ tab and select 'Edit' or left-click the account on the Recurring Payout/Receive $ tab and then press the 'Edit' button at the bottom of the form.)
2. Click the Debt Hammer™ check box at the bottom of the form - the Debt Hammer information section is shown.
3. Optionally, select a priority for this account. Millionaire 2020™ will automatically prioritize Debt Hammer™ accounts based on APR for any accounts to which you assign the same priority.
4. Specify your current Annual Percentage Rate (APR: e.g., if you're paying 15.5% interest, enter 15.5)
5. Enter at least one balance and date of the balance. The program uses the most recent balance entered when performing its Debt Hammer™ calculations.
Keep in mind that the payment schedule the Debt Hammer™ prescribes is limited based on the accuracy of the data you enter and that it optimistically assumes that you are a master of self-discipline (no more spending on those credit cards!...the goal is to eliminate that credit card debt - not build more - right?)
The spending plan forecast report shows a running daily total effect of all entries made into Millionaire 2020™. As such, it is the primary tool you should be using to get and maintain control of your finances. Naturally, the more accurate your recurring and one time account entries are, the more accurate your spending plan forecast will be.
When you click the Plan button on the main form a pop up appears requesting your currect checking account balance and number of months you want to view of the report. Millionaire 2020™ also lists increases and decreases planned for the previous 15 days; using your mouse, simply check off the ones that are already reflected in your current checking account balance. To view more than two months of spending plan forecast, please register.
This is an 'at a glance' summary and check off sheet you can use to track bill payments and to get a general view of what you're paying out on a monthly basis. This summary, high level view is both a strength and a weakness, however. The summarized nature of this (and most) budget sheets is that it hides potential cash flow issues. In other words, when a calendar month is considered on the whole, you may be netting a positive balance, but what if your checking balance is in the red for ten days out of the month? Use the spending Plan forecast report to make sure you're covered every day of the month.
Some prep work is necessary to take full advantage of the Graph report. If you have 2 or more (up to 32) credit card accounts and/or unsecured loans you want to eliminate, flag them for the Debt Hammer™ prior to using the Graph function.
The report is broken into three main sections:
The first page, showing a current month budget pie chart and a 6 month future cash flow line graph
- The second page, showing Debt Hammer™ analysis (only shows if you have 2 or more accounts flagged for the Debt Hammer™.)
- A payment schedule for any Debt Hammer™ accounts.
If the Debt Hammer detects an improbable minimum payment, balance, and APR combination among your Debt Hammer™ flagged accounts, you will receive a message box telling you what to double check.
Several features and settings can be modified via the Options form:
Security – This tab is only enabled for the registerable version of the Debt Hammer.
Plan – Specify a custom heading for the spending Plan forecast report.
Budget – Specify a custom heading for the Budget sheet.
Graph – Specify a custom heading for the Graph report as well as the Seed $ value. As indicated on the tab, the Seed $ is pledge money in addition to the sum of the monthly payments for all accounts tagged for the Debt Hammer™. 10% of the sum is an effective amount to specify. For example, if you are paying a total of $1000 per month towards all your credit cards, a good seed amount to specify would be $100. You also can specify your gross annual income and percentage to invest here; these values are used by the graph function to forecast what you *could* save by investing the specified amount after paying off your debts.
Registration – This tab is used to enter your registration information (Name and Registration Key) - registration information is case-sensitive and must be entered exactly as shown in your registration email.