• Anne

Why you need Personal Capital

Updated: Apr 18

Do you track your finances, assets, and liabilities carefully?

It's difficult to do this, especially with our real time spending and investing. Money is quite volatile. I had a difficult time keeping track of exactly where it was in my spreadsheets. Fortunately, there are robo-advisors like Personal Capital that can help lift the load and do most of the work for us.


What is Personal Capital?

Personal Capital is a free robo-advisor website that helps you plan for your retirement, tracks your spending, tracks your net worth, and has many other fantastic features.


Features

  • It graphs your net worth through time.

  • It tracks cash, investments, credit cards, loans, other assets, and other liabilities.

  • It provides real time information on where you are financially.

  • It links to many prominent accounts, such as banks, investment funds, credit cards, and whatnot.

  • It shows your budgeting and cash flow so you can see your income and expenses each month.

  • You can view your entire investment portfolio in one place (I have a bunch of accounts, so this is especially helpful to me).

  • It tracks your emergency fund.

  • See your retirement savings.

  • Get updates on the market.

  • See your transactions and cash flow.

  • See your investment portfolio’s performance.

  • Get a free investment checkup.

  • Plan retirement.

  • Plan your savings.

  • It has a retirement fee analyzer.

  • It gives advice on where to invest or how to shift your portfolio.

  • There are more advanced tools such as human advisors and investment management, though that is not free.

All in all, it's a very powerful tool in understanding your money and keeping better track of it. As Dave Ramsey says, “A budget is telling your money where to go instead of wondering where it went.”


Cons

There aren't that many cons of Personal Capital. I do occasionally have issues with a few things like connections between different accounts and updating. There are some accounts that aren't compatible and don’t link to Personal Capital, so I have to manually update those assets (though if you have a stock account that doesn’t connect, you can put the partial shares you own in Personal Capital, and they will keep up with the market).


Sometimes I have issues with transactions not showing up on my budget or cash flow (though that's an organization error). And for some reason, Personal Capital doesn't think I've been saving anything for retirement this year, even though I have (which is probably also a user error, but I can’t figure it out).


There are a few imperfections, but all in all, I think it's a fantastic program. Plus it’s free, so you can’t beat that!


Why I love Personal Capital

I love Personal Capital. I think everyone should have it. I know there are some other wealth trackers for tracking your net worth, but of the ones I've looked into, I think Personal Capital is more user-friendly, helpful, and gives me everything that I need in a robo-advisor.


Disclaimer

I'm not a financial advisor, I am merely someone who loves finance and has done a lot of recreational studies in it, so don't treat me like a financial advisor. These are my unprofessional opinions.


Challenge

Get a Personal Capital account, it's free, there's absolutely no reason not to do it. If you don't know your net worth, find out on Personal Capital today. (And if you use my link, we'll both get a $20 Amazon gift card!) First off, see where you are financially and then create a goal to get where you want to be. Watching your net worth rise is one of the biggest motivators for me to take care of my money!


Disclosure

Some of the links on this site are referral or affiliate links, meaning, at no additional cost to you, I will make a commission if you make a purchase through my link.

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