Every one of us would love to lead an abundant life that is free from financial hardships. Unfortunately, this is never always the case for most people. As such, they have to work extremely hard to make ends meet.
So, what if someone revealed to you a secret that could transform your life by tracking your finances and getting sound financial advice? Well, that is what one innovative software by the name Personal Capital does for you.
Want to master more about it? Read our unbiased Personal Capital review below.
Personal Capital Review 2017
This financial management platform is meant to connect all your bank accounts to allow you to track your spending and focus on your investments. As such, this platform will teach you how you can take control of your finances and makes as much wealth as you wish without much trouble by offering you investment advice.
This way, you will be able to lead a financial life that you are only used to see with the filthy rich.
How It Works
To start using Personal Capital you have to visit their website and set up an account. You can do this by keying in a few of your personal details such as email address, mobile number and creating a password.
Your phone number is necessary for verification purposes. Personal Capital lets you link all your accounts so that watching them and growing your portfolio is a breeze. Some of the data you can get by using Personal Capital include daily transactions, account balances, net worth, asset allocation, income expenditure reports, investment returns just to mention a few.
With all this information at one point, you can find out more about your finances without much hassle. That aside, you can also take advantage of Personal Capital and plan your financial future. It allows you to set reminders and see what is due in the future. This means that you will plan efficiently and decide the next step for your finances.
For starters, Personal Capital is available free of charge. You will start paying when you need fee-based help.
About the Founder
Personal Capital is the brainchild of Bill Harris who is a celebrated personal finance coach and a software developer. He has lots of experience in the financial world as he has worked for financial giants such as Paypal and Intuit.
Bill firmly believes that everyone can take advantage of technological advances to get their finances back on track and get sound financial advice. With Personal Capital he has helped thousands of his clients make as much wealth as he owns today.
What You Get With Personal Capital
Personal Capital has several tools and features that will help you improve your investment performance and spending. They Include
– 401(k) Fee Analyzer
This is an excellent tool that you must have even if you don’t intend to invest your cash with Personal Capital. It reveals to you the amount of money you part with as fees on your employer-sponsored 401(k) plan. Most people are always unaware of such information. The analyzer even goes a step further to help you rearrange your plan in such a way that you won’t part with much money as fees.
– Mutual Fund Analyzer
The mutual analyzer tool is designed to show you the tax cost proportion of your funds. The ratio is important in helping you find out the portion of your funds’ annual return that is taxable. The mutual fund analyzer will let you move your cash into tax adequate funds.
– Cash Flow Tool
This feature functions as a budget tool by tracking your income and expenses by date, category, merchant just to mention a few. Besides, it helps you monitor and settle your bills on time monthly. And that is not all. This tool will also help you manage your debts.
– The Investment Checkup
This tool comes up with a personalized financial plan that analyzes what you hold currently and your plans. It offers a risk evaluation to your portfolio and helps you establish goals for it. If you are a young investor, this tool will act as an eye opener for you and what you must do to enjoy your retirement.
– Monitor Your Net Worth
Personal Ability allows you to monitor your net worth on a regular basis and makes adjustments that will improve it with time. Moreover, it allows you to view your net worth anytime you wish.
– Weekly Financial Snapshots
The weekly snapshot emails sent by Personal Capital to their users are incredibly valuable. The show graphic information on how you are spending currently and compares it to the previous months. Besides, this tool lets you view how your properties are trending. With these emails, you don’t have to log into your account to find out whether your net worth is going up or down.
– Tax Optimization
This feature is advanced unlike the others incorporated into investment management platforms. It will help you reduce your yearly income tax payment.
– Dedicated Investment Advisor
Each client at Personal Capital is given a dedicated investment advisor to help you and give you sound advice. It’s better to have such an advisor even if your intention is not to invest with Personal Capital.
– The You Index
This feature is meant to track how your equity investments do, including Individual stocks and ETF’s within your portfolio.
– Mobile Apps
Personal Capital apps can be easily downloaded online and are compatible with almost all devices. The mobile version includes everything that is present in the desktop version. Besides, they are user-friendly.
Personal Capital has security features that are second to none. In fact, bank level or military grade encryption is used to protect your account.
– It is available on many devices, and the apps are user-friendly so that you can track or check accounts while on the move.
– The platform is user-friendly
– Personal Capital offers a broad range of financial services
– Has friendly reminders
– Offers tax information
– Has free investment fee analyzers
– Has a tool to categorize your assets
– Investment management fees
Verdict: Is Personal Capital Worth Purchasing?
Overall, we believe that this software is very useful and thus worth consideration by anyone looking to keep track of their finances to lead a more successful life. It offers something different from its rivals that make it stand out as a financial tracking software. It is for this purpose that we highly recommend that you try it out today.
While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.