{"id":27591,"date":"2022-06-26T11:41:46","date_gmt":"2022-06-26T11:41:46","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=27591"},"modified":"2026-03-23T16:12:10","modified_gmt":"2026-03-23T16:12:10","slug":"economic-balance-sheet","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/economic-balance-sheet\/","title":{"rendered":"Economic Balance Sheet"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"How should an expected inheritance be classified on an economic balance sheet?\",\n    \"text\": \"Jill Thomas is 29 and has just found out that her aunt Pearl is independently wealthy and planning on leaving her a large inheritance. This expected windfall should most likely be classified as which of the following? A. Financial asset. B. Extended asset. C. Financial liability.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The expected inheritance is best classified as an extended asset. Until the inheritance is actually received and becomes a realizable financial asset, it is an expectation of future wealth rather than a current financial asset. In economic balance sheet terms, such expected windfalls are treated as extended assets when assessing a client\u2019s overall resources and risk capacity.\",\n      \"dateCreated\": \"2026-01-21\"\n    }\n  }\n}\n<\/script> <script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"@id\": \"https:\/\/analystprep.com\/study-notes\/images\/economic-balance-sheet-img1\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-1536x1209.jpg\",\n  \"url\": \"https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-1536x1209.jpg\",\n  \"caption\": \"Economic Balance Sheet Illustration\",\n  \"width\": 1536,\n  \"height\": 1209,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  },\n  \"isPartOf\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/economic-balance-sheet\/\"\n  }\n}\n<\/script><\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/DFH8EvMXfCk\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<h2>The Economic Balance Sheet<\/h2>\n<p>An economic balance sheet is a snapshot in time of an investor&#8217;s assets and liabilities. But rather than just capturing physical and\/or financial assets, as does the traditional balance sheet, the economic balance sheet also captures what are known as extended assets and liabilities. <em>Extended assets and liabilities<\/em> include intangible or invisible assets and liabilities. An example could include the present value of future earnings, a.k.a. <em>human capital<\/em>.<\/p>\n<p>$$ \\text{Financial capital} + \\text{Extended capital} = \\text{Total wealth} $$<\/p>\n<p>$$ \\begin{array}{l|r|l|r} \\underline{\\textbf{Assets:}} &amp; \\underline{\\textbf{Value}} &amp; \\underline{\\textbf{Liabilities and}} &amp; \\underline{\\textbf{Value}} \\\\ &amp; &amp; \\underline{\\textbf{Economic Net Worth:}} &amp; \\\\ \\text{Equity portfolio} &amp; $1,400,000 &amp; \\text{Car loan} &amp; $9,000 \\\\ \\text{Lakehouse} &amp; $700,000 &amp; \\text{Mortgage} &amp; $250,000 \\\\ \\\\ \\underline{\\textbf{Extended}} &amp; &amp; \\underline{\\textbf{Extended}} &amp; \\\\ \\underline{\\textbf{Assets:}} &amp; &amp; \\underline{\\textbf{Liabilities:}} &amp; \\\\ \\text{PV of future} &amp; $2,100,000 &amp; \\text{PV of expected future} &amp; $1,500,000 \\\\ \\text{earnings} &amp; &amp; \\text{consumption} &amp; \\\\ \\\\ &amp; &amp; \\underline{\\textbf{Economic Net Worth}} &amp; $2,441,000 \\\\ &amp; &amp; \\text{Economic net worth} &amp; \\\\ &amp; &amp; \\text{(Economic assets \u2212} &amp; \\\\ &amp; &amp; \\text{Economic liabilities)} &amp; \\\\ \\\\ \\underline{\\textbf{Total}} &amp; \\underline{\\bf{4,200,000}} &amp; &amp; \\underline{\\bf{4,200,000}} \\end{array} $$<\/p>\n<p>An example economic balance sheet is shown above. This balance sheet aims to calculate the economic net worth, different from traditional net worth in that it aims to capture all forms of wealth, not just financial assets and liabilities. It is thought that capturing an investor&#8217;s varying forms of wealth may enable a more precise asset allocation.<\/p>\n<p>Investors typically begin their working careers with extremely high levels of human capital. The idea is that this human capital will slowly be converted over the investor&#8217;s lifecycle into financial capital, as shown in the graphic below. Lifecycle funds attempt to capture the same changes over an investor&#8217;s working life by shifting from riskier equity allocations as an investor is younger to more conservative bond-heavy allocations as the investor renttires. According to studies, human capital has 70% of the characteristics of fixed income and 30% of those of equity.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-36495\" src=\"https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1.jpg\" alt=\"The Economic Balance Sheet\" width=\"1590\" height=\"1252\" srcset=\"https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1.jpg 1590w, https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-300x236.jpg 300w, https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-1024x806.jpg 1024w, https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-768x605.jpg 768w, https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-1536x1209.jpg 1536w, https:\/\/analystprep.com\/study-notes\/wp-content\/uploads\/2022\/06\/Img_1-400x315.jpg 400w\" sizes=\"auto, (max-width: 1590px) 100vw, 1590px\" \/><\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Jill Thomas is 29 and has just found out that her aunt Pearl is independently wealthy, and planning on leaving her a large inheritance. This expected windfall should <em>most likely<\/em> be classified as which of the following?<\/p>\n<ol type=\"A\">\n<li>Financial asset.<\/li>\n<li>Extended asset.<\/li>\n<li>Financial liability.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p><strong>The correct answer is B:<\/strong><\/p>\n<p>While the expected income will be a financial asset when it is realized, up until that point, it is most appropriately classified as an extended asset. Financial professionals should consider extended assets when planning for client&#8217;s futures. In this case, Jill can be expected to have a higher risk tolerance now due to the presence of the extended asset.<\/p>\n<p><strong>C is incorrect<\/strong>. Liabilities represent expected money owed and would not be relevant from Jill&#8217;s perspective.<\/p>\n<\/blockquote>\n<p>Reading 4: Overview of Asset Allocation<\/p>\n<p>Los 4 (b) Formulate an economic balance sheet for a client and interpret its implications for asset allocation<\/p>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"background: #1a73e8; color: #ffffff; padding: 14px 26px; border-radius: 999px; text-decoration: none; font-weight: bold; font-size: 16px; display: inline-block;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a><\/p>\n<p style=\"margin-top: 10px; font-size: 14px; color: #555;\">Access CFA Level III case-based practice questions, item sets, and study notes focused on economic balance sheets, risk capacity, and asset allocation strategy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\ufeff The Economic Balance Sheet An economic balance sheet is a snapshot in time of an investor&#8217;s assets and liabilities. But rather than just capturing physical and\/or financial assets, as does the traditional balance sheet, the economic balance sheet also&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[571],"tags":[],"class_list":["post-27591","post","type-post","status-publish","format-standard","hentry","category-cfa-level-iii","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Economic Balance Sheet and Asset Allocation<\/title>\n<meta name=\"description\" content=\"Learn how to construct an economic balance sheet and how it is used to assess assets, liabilities, and guide asset allocation decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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