If you are serious about building wealth, it is absolutely essential to have some type of personal finance software tool in order to examine your finances and track progress. It would be nearly impossible to understand your personal finances without an organized system in place. Without a doubt, Personal Capital is the most pristine software tool I have come across. But don’t just take my word for it…use google to realize it”s praise. I urge anyone who is serious about getting a better handle on their finances to acquire this tool immediately. It is a wonderful tool that combines all of your accounts and channels of finances into one place. It is your one-stop-shop tool for personal finance. Another reason to acquire it…it’s free!
Dash Board Functions:
Net Worth: Net worth is the calculation of assets minus liabilities. It encompasses everything you own from liquid to ill-liquid assets and liabilities. The end goal is to build wealth and thus increase your net worth.
Investable Cash: Shows the amount of cash within checking and savings account available for spending
Market Movers: Shows various market indices and their performance over different lengths of time. You can then compare your personal holdings against these performances.
Cash Flow: Shows the amount of either positive or negative cash flow over different periods of time.
Budgeting: Shows either cash flow, income, or expenses over a period of time. In addition, you have the ability to compare levels of income and expenses in comparison to previous timelines to track positive or negative progress. You can also label various income and expense sources to truly understand how money flows in and out of your possession.
Resources: The software tool offers the ability to dive into insights provided pertaining to finance and personal finance.
Portfolio Balance: Shows how much is within your investment portfolio. You can dig deeper and track progress over periods of time and understand personal investment holdings, balances, performance, allocation, and US sector diversification.
Retirement Savings: A sub-tool used to project your retirement picture. After all, the goal is to stop working one day right?
Deeper Tool Aspects:
Transactions: the tool offers the ability to view every possible transaction regarding your finances down to the last penny.
Bills: you have the ability to insert bills and due dates to stay on track with timely payments.
Investing Holdings: shows the holdings you possess which includes share amounts, price, change, and performance.
Investing Balances: shows the balances of your selected accounts.
Investing Performance: shows the performance of your selected accounts.
Investing Allocation: shows the various investments contained within your portfolio investments. This conveys an up to date look at how much and where your money is selected among different assets classes.
Investing US Sectors: shows the percentages of investments applicable to the US sectors
Planning Retirement Planner: a tool designed to provide an in=depth look at your projected retirement
Planning Investment Check Up: a detailed analysis of your investments. This is very informative and important.
Planning Retirement Fee Analyzer: analyzes various fees associated with different accounts you possess.
Advice: Financial Advice and Resources: additional resources to have personal contact with personnel.