In Finance

Personal Capital Review – The Best Personal Finance Tool Ever

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First, check out our post about Mint, it’s a great budgeting tool and place to start planning your financial future. If you want a little more beef and better investment planning, keep reading.

Personal Capital is an excellent tool for tracking your net worth and performance of various investments. Similar to Mint.com, PersonalCapital.com is able to visualize your financial situation with slick graphs and responsive elements. Seriously responsive, kudos to their developers, both the site and mobile app are lightning fast. It’s also FREE.

All Inclusive

Every single one of our financial accounts have been added with no problems. So far our checking accounts, savings accounts, 401k and IRAs, and mortgage were able to be added for tracking. We also added the house as an asset and Zillow’s Zestimate is used to track market value, removing the need to manually update it. We have been using Personal Capital since January 2016, and it has been great at depicting our net worth, including month-to-month changes.

Cash Flow

You can drill down and isolate performance of ‘cash’ accounts (checking/savings) or investments to see which direction and to what degree things are moving and shaking (hopefully up!).

My favorite section, ‘Cash Flow’, is similar to Mint’s ‘Net Income’ trend. You can easily see how much money has come and gone this month, last month, this year, or last year. Check out this example (not ours):

personal_captial_example_cashflow

Investing

Unlike other personal finance tools that make money by advertising or recommending credit cards, Personal Capital’s core business model is focused on selling investment advisory services to a small segment of users. This is totally optional and we don’t use this service. However, if you’re looking for some investment advice and financial planning, their fee’s are very competitive and not commission based, so you just pay an annual percentage of the total assets under management. Note: you might get a friendly phone call from a Personal Capital adviser after signing up, feel free to kindly offer a thanks-but-no-thanks.

While they do track bank accounts, credit cards, 401ks etc, they really strive to make sure users are doing well with investment accounts. The main investing section pits your total portfolio against various indexes/segments:

portfolio_6mos

With a few clicks you can see how you’ve been doing over the last 30 or 90 days, 6 months, this year, or last year. This tool is all about visibility. Sure, your individual investments probably have similar charts/graphs etc, but seeing an overall picture of funds, and comparing performance of said funds in one place is incredibly helpful.

Retirement Fee Analyzer

The Personal Capital Retirement Fee Analyzer offers a look behind the scenes of your retirement accounts to reveal how much you’ll end up paying in fees and whether you can save by choosing different investments within your plan. You can change values like annual contributions, employer match, and estimated growth and the tool will automatically adjust the expected percentage of earnings lost to fees.

retirement_fee_analyzer

Retirement Planner

In addition to calculating fees over the long run, Personal Capital has a Retirement Planner tools that allows you to project your retirement income. Of course this is nothing but a fancy algorithm making all sorts of assumptions, but it’s still great to have some inkling as to whether or not you’re on track.

retirement_planner

No matter where you fall on the spectrum of wealth, having the knowledge and data to see where you are going is invaluble and will only benefit you going forward. Using Personal Capital is a super simple and efficient way to track all of your finances. Did I mention that it’s FREE!

Sign up by clicking the banner below, the longer you wait, the longer you’ll be in the dark about what’s happening with your money.

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