I talked about Personal Capital in a recent post and have also received some questions about it over the last few months. The more I use it and explore its features, the more I like it – and more than that, the more I think it’s worth using.

 

At a high level, here’s what it does:

 

  1. Aggregates all your accounts in one, easy-to-view place, including both assets and liabilities
  2. Calculates your net worth in real time
  3. Provides you with your transaction history (including filters to view transactions over specific dates and for specific categories, making it easy to see how much you spent on food or gas, for example, over any given time period)
  4. Displays your investment portfolio, including balances, holdings, allocation, and performance, making it easy to see how much you have invested and how that money is invested
  5. Analyzes your fees. Remember those expense ratios? Personal Capital displays the expense ratios for all your holdings so you don’t have to go look them up.
  6. Provides you with a retirement planning tool so you can start to plan for how much you should be saving to reach your target retirement age. (There are a lot of unknowns the younger you are, but I think this is a great place to start to play with different scenarios. If you’re closer to retirement age, this is a good check to see if you’re on track.)

 

You can read another review of Personal Capital, with screenshots included, here.

 

There is a lot of great information provided in one tool. If you take the time to learn the basics of financial planning (my intent is that this blog is a great resource for you to do just that), use a tool to help you consolidate, and then spend a little time reviewing your finances, I think you will be way ahead of the game. A little knowledge and action can go a long way!

 

UPDATE: I received many requests after this post and honored them all. However, I am no longer able to fulfill all of those requests. (Initial offering: So here’s what I’m offering: If you set up a Personal Capital account (I have no affiliation with the tool, I just like it) and link your accounts to it, I will then sit down and review it with you. We can review where your many is going each month, discuss your net worth, walk through the expense ratios for the funds you own, answer any questions you may have, etc.)

 

Many of you are in the area, so we can meet in person. If not, we’ll find a way. I want you to feel you are on the right financial track, and I’m willing to spend the time to help you do so. So let me know, and we’ll make it happen.

 

Thanks for all your support and questions!

 

Here’s to Letting Luc!

 

Oh, and one last thing – I’ve also posted the June Edition of What I’m Reading to the blog, which you can check out here. I share a book and two articles, one of which discusses the true costs of home ownership.

 

Until next time,

 

Lucy


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