I have spent the entirety of my adult life focused on my finances and mine and my family’s financial health. Nearly every day I talk with co-workers, family, or friends that floor me with their foolish (naive?) ideas about alternative investments, spending $X on toy #348, etc. While it was fun to speculate, that’s all I did, speculate. That was the impetus to start this blog.
At the same time, I was busy building my financial spreadsheets in Excel and focusing on improving my family’s financial health and increasing our net worth while minimizing the tax effects of our efforts. I spent countless hours in Excel (and admittedly still do). I’m a self-proclaimed Excel junkie, which probably stems from my days in investment banking. Yes, I love the CTRL-E-S-T key stroke.
A few years ago I heard about a program that basically did everything I was doing in Excel without the leg work. It tracked your assets, liabilities, and expenses. That company is Personal Capital.
I will admit that I thought it was too good to be true at first. I also very a little wary giving all my login information to an outside company.
Since then I have become a strong supporter of Personal Capital. I recommend you check it out for the follow reasons.
Overall Snap Shot
Personal Capital allows you to see an overall picture of your financial life, from your checking and savings accounts to your investment accounts, to you credit cards and the like. All in on place. Inputting all of these figures from our numerous accounts used to be a tiresome activity. Personal Capital makes it easy to see. Best of all, the overall picture is presented in a clear, easy-to-follow manner.
Retirement planning is often over-complicated and avoided by many people in today’s society. Personal Capital tracks your progress toward retirement and uses monte carlo simulations to give you a likelihood of your retirement plan’s success.
Once you complete your profile and goals, Personal Capital recommends target allocations for you.
Personal Capital also recommends when it might be time to rebalance your portfolio based upon your intended asset allocation.
While there are many benefits to the program, where it lacks is in its budgeting features. While I don’t budget, I know there are many, many people who do. Perhaps a combination of You Need a Budget and Personal Capital could be a match!
The best part about Personal Capital is that its free to sign up and use their basic tools.
Click here or on the below image to sign up for free.
Disclaimer: This review contains affiliate links and Sunscreen Your Green may be compensated if you choose to register with Personal Capital.