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Your First Step to Financial Freedom

This is a re-edition of our Personal Capital review posted on March 20th, 2016.

 

If you are like us and you want to achieve financial independence, you need to know where your money is going and you need to know how you are investing your hard earned dollars. We highly suggest you use the best online tool available today and sign-up for free with Personal Capital.

Their free tools aggregate all your accounts in one spot and will help you optimize your spending and investing. It is primordial to know where all your money is going and how are you spending it before you even think about savings. Their advance product offering simply overpasses the competition and since it is completely free, there is no reason not to try it out.

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Track, cut, save

With the beauty of the internet, you can now see all your banking and investing in one single place with a single login. Their platform is clear and very simple. By having all your different accounts in Personal Capital, you can easily see your overall financial health and take the time to relax and enjoy life. Once you can see all your accounts in one place, you will be able to know your progress towards your goals and achieve them quicker.

 

Networth tracker for free.

As we mention again and again in this blog, it is critical to spend less than you earn. The first step towards financial freedom is to know where you are spending your money, then you can focus on how to invest your savings. PC will help you track your income and spending to the cent and categorize your spending. If you have use Mint, this is just like it but with fewer errors and manual corrections needed!

Personal Capital review

We have used Mint but Personal Capital goes one step further and offers great tools for investors such as their Portfolio Fee Analyser that will show you how much you are actually paying to run your investment portfolio. Mint is great for budgeting and simple tracking of bank accounts but what we love about PC is that it was built by and for investors. Their whole platform offers much more to manage your portfolio and includes not only your banking accounts but also your 401k, 403b, HSA, Roth and more. By aggregating all your accounts in one spot, you will optimize your spending and investing.

 

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Made for investors by investors

Any investor, even the smartest ones, can end up overpaying management fees. You might not feel it now but fees can be a huge deterrent to your total investment returns over the long run. Their free platform offers a clear view of your investment portfolio and allows you optimize your holdings. Once you know what you are paying, you can easily assess your investment needs and change your holdings to lower costs options or choose their advisory services to do it for you.

If you are looking for investment advice or portfolio management, they offer advisory services at very competitive prices. Their annual fees are only 0.49% to 0.89% depending on the size of the portfolio. Compared to a traditional adviser, charging upwards of 1% a year, Personal Capital is very affordable you need to seriously consider it if you are looking for advice on your portfolio.

 

how to save on mutual fund fees

 

One of the most important aspects of your retirement planning is not the exact holdings you choose but the asset allocation you choose. With Personal Capital’s Investment Checkup, you can easily see where you are imbalanced and how to make smart adjustments to your holdings to minimize your risk.

 

free Investment Checkup - wealth management

 

Personal Capital will also give you an idea of where your current allocation is on the Efficient Frontier Curve. The efficient frontier curve is the best returns for a certain level of risk. You want to be on the curve rather than above or below. It will then suggest the exact dollar amounts you need in each asset class to succeed and attain your goals. With their asset allocation recommendation tool, you can optimize your portfolio to increase returns without necessary increasing risks, there is really no reasons not to try it out. In addition, another great metric we like to look at even though This is a great tool for any DIY investor that wishes to manage its own portfolio.

 

asset allocation planner.

Why is Personal Capital simply the best

Finally, their retirement calculator is simply the best on the market right now. They use real data and Monte Carlo simulations to estimate realistic financial scenarios for your retirement. We like the Monte Carlo method because it estimates your chance of success with your given allocation and gives you the result in percentage. With little inputs and information, it forecasts your chance of supporting your goals in retirement.

 

Free Retirement Planner

 

Signing-up for your free Personal Capital account is your first step to financial freedom. Over 1 million people use their award-winning tools to manage their entire financial life and we are sure that it will be your go-to tools for many years to come. We wish you best of luck on your path to financial freedom and remember, stay happy! Sincerely, Mr. and Mrs. Xyz.

 

Sign-up today for your free Personal Capital account

 

P.S. This review contains affiliate links so we will receive a small incentive if you choose to sign-up with Personal Capital, we thank you in advance for supporting our blog!

 

2 Comments

  1. I love Personal Capital too. If it had better budgeting features it would be my main go-to. Since it doesn’t, I still use Quicken for budgeting.

    • Xyz

      August 4, 2017 at 4:24 pm

      Good old classic! We don’t really budget, just automatically save first then live on what’s left.

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