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Personal Capital Review 2022 [Millionaire's Favorite Money App] - YouTube
Channel: Tiffany Thomas, Your Wealth Mentor
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i talk a lot about personal capital but
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i haven't done a full review of it in a
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long time so it's about time to do that
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because seriously i use this app all the
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time i log into it almost every day if
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not every day to see my full financial
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picture i can see if my investments
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dropped if refunds came through how much
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is in my savings all of my financial
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details and i can see it very quickly in
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just one place today's video you're
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going to learn why i like personal
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capital so much and all of the benefits
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of using personal capital i am tiffany
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thomas with wealthytiffany.com and i
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achieved financial freedom and became a
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millionaire if you are looking to do
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those things as well hit that like
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button and hit the subscribe button and
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we are going to dive right in there are
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a lot of things included in personal
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capital so i'm just going to do a quick
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overview on how personal capital works
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and then talk about the benefits of
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using personal capital and yes i will be
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leaving my referral link below in the
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description if you are interested in
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signing up for personal capital which is
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completely free then you can use my link
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below so i appreciate you helping out
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the channel like i just mentioned
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personal capital is completely free you
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can use their platform without paying
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for it and they do have a service if you
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wanted to use a financial advisor then
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you can pay for that but what i use is
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just completely free first you will set
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up your personal capital account by just
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entering in your basic information and
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then you will hook all of your financial
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accounts to personal capital and i do
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mean all of them so that you can see
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your full financial picture in just one
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place this would include things like
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your bank account if you have a certain
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bank or credit union that you use for
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your checking and savings accounts then
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you will log into personal capital and
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then they will ask you to select your
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bank or credit union and then it will
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populate all of your financial
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information from that bank or credit
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union into personal capital so you'd
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have your checking and your savings and
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even a money market account if you have
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one of those you'll also hook your
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mortgage if you own a home your 401k
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with your current employer or even
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previous 401ks all of your credit cards
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for example i have my credit cards
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hooked to personal capital i have a
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discover it card a capital one quick
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silver card and actually i just set up a
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capital one spark for my business and i
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also have a chase visa credit card so
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all of those are hooked to personal
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capital so i can see all of the
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transactions on my credit cards in just
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one place you'll also hook your
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brokerage account i ended up just barely
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switching over my brokerage account to
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ibkr interactive brokers and if you're
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curious to know why i did a video on why
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i decided to do that so i will leave a
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link above and below in the description
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you can check that out later on and i
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also have a little bit of money at a
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brokerage account with weeble so i have
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all of those accounts hooked to personal
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capital and i also have an hsa a health
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savings account with lively so i have
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that hook to personal capital and lively
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uses td ameritrade for the investing
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portion of your hsa and if you have
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questions about how to invest with your
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hsa i did a video about that so i will
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leave a link above and below in the
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description and then if you have any
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type of loans a personal loan or an auto
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loan then you will hook those to
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personal capital as well once you have
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all of your financial accounts hooked to
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personal capital then you can see your
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full financial picture in one place very
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quickly so every time you log into
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personal capital it will refresh all of
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those accounts that you have hooked to
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it and then you can see if payments went
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through or your rental income came in or
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if you got charged a late fee for
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something you can also add any assets or
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liabilities that you may have you can
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add in the value of your car or if you
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have rental properties or even your own
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home you can add in that value and if
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you don't know the value then personal
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capital uses i think zillow to give you
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the value of your home so that's pretty
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nice as well but you can just manually
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enter in all of your assets and
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liabilities so you can make sure that
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everything is covered in your financial
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picture once you have all of your
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information hooked to personal capital
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there's a number of different things
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they will show you the first thing
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they'll show you is your net worth so
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they take all of your assets minus all
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of your liabilities and then they give
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you your net worth and you can track
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this over time hopefully it is growing
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over time instead of decreasing but it's
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nice to quickly see what your net worth
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is especially if the stock market is
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rising or real estate is rising then you
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can see how much your net worth is
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rising it's also nice because they give
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you the number but they also give you a
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graph so that you can see visually over
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time how much it has gone up or
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decreased but we hope that's not the
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case they will also categorize all of
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your accounts for you so they'll list
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all of your mortgages together all of
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your credit cards together all of your
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checking and savings accounts together
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and they'll give you a total balance for
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each of those categories so you can see
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at a quick glance oh i have this much in
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real estate or this much in my savings
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or i have this total balance on all of
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my credit cards and also the total
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balance for any loans that you might
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have and then you can see how much you
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have in assets or liabilities that you
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entered in at the beginning and under
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all of these different categories you
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can click on the individual account for
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example if you're looking at your credit
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cards and there's a visa in there you
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can click on that and then it will show
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you all of the transactions on your visa
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credit card and i love this because you
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can immediately see if a payment has
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gone through i don't know if you're like
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me sometimes i used to get nervous about
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doing auto payments and i would wonder
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oh did that auto payment really go
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through or did it not but i don't have
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to log into each of my accounts i can
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log into personal capital and see oh yep
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that one went through that one went
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through and i can put my mind at ease
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and by having all of your transactions
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in just one place it's easier to notice
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if you forgot about a certain
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subscription and then you can cancel
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that subscription and start putting that
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money toward something else like
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investing your money you can also see if
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a refund was processed this happened to
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me recently i did a huge flooring
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project in the house that i just moved
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into and it turns out i bought a little
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extra flooring so i needed to return
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that flooring so i got back in my car
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went around to the back of the place he
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unloaded the flooring and then he said
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okay i'll just send you an email
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confirmation and process the refund and
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i was like okay great well the next day
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came and i still haven't received an
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email nor had i received a refund
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because i'm checking personal capital
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all of the time so i waited another day
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and then i called the flooring company
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and asked where my refund was and the
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guy that answered happened to be the one
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that loaded my flooring and he said oh i
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remember you let me check on your
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account and he said there was some
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glitch in the computer that it froze or
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something so it never processed so he
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went ahead and processed that and said
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okay check your email in five minutes
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you should get the refund the next day
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and i just logged into personal capital
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all of my accounts updated and i was
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able to see that i did get that refund
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and i didn't have to log into my credit
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card and other accounts not only can you
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look at all these transactions and see
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that your payments went through or
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refunds were received but you can notice
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trends that might be happening with your
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transactions you can see if you are
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spending a lot of money at chick-fil-a
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going out to lunch every day or at
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zuppa's or maybe you're going to ross a
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lot or maybe you have a lot of purchases
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on amazon you can start to see that
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trend because you can see all of your
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transactions in one place instead of
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logging into a certain credit card and
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then logging into another credit card
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and not really seeing everything
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together and once you start noticing
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those trends then you can start to make
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adjustments you can start to eat out
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less or spend less on amazon all right
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enough about the transactions since all
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of your finances are in one place you
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can set up budget amounts within
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personal capital which can be nice if
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you're not using a budget elsewhere you
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can set up a certain category for
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groceries or for transportation your
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mortgage whatever it might be and then
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set budget amounts for each category and
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then you can see in personal capital if
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you are going over those budgets or if
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you're getting close to the budget and
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you know you shouldn't be spending any
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more in that certain category personal
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capital will also show you your
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portfolio your investments and your
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holdings which is pretty nice so if you
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are investing in index funds and
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individual stocks you can also compare
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your investments to a certain index like
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the s p 500 or the total u.s stock
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market and since within personal capital
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you have all of your investments they're
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giving you the accurate picture on if
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you are outperforming that certain index
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the u.s stock market with your
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individual stocks and your index funds
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or if you are not outperforming that i
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think sometimes people try to outperform
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the u.s stock market and they think that
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they are but in actuality they may not
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be so with personal capital they will
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show you if you are accurate or not and
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then you can make adjustments in your
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investments i know i have liked looking
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at this to see if i really am
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outperforming the market or if i'm not
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since i do invest a lot in a certain
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index fund but i also have some
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individual stocks and speaking about
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investments personal capital also shows
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you a retirement section and this is
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pretty awesome i also use mint.com it's
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another free app you can use and it's
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very similar to personal capital but
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with personal capital's retirement
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section it is much better than mints
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personal capital will tell you if you
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are paying a lot in fees and i really
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like this feature because a lot of
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people don't actually know they are
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paying fees when they are investing in
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certain funds most index funds not all
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of them but most of them have an expense
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ratio associated with them and a lot of
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people don't realize they are paying for
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that expense ratio because it's not a
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line item on your statement but with
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personal capital since you've given them
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access to see what you're investing in
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they can tell you what those expense
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ratios are and how much you are paying
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in fees so that is super cool and if you
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are paying a lot in fees then you can
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make changes you can switch to a
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different index fund you can also see
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when you'll be able to retire you can
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set certain goals how much you want to
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have in retirement the age you want to
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retire and it will show you if you are
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on track or not personal capital also
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shows you your cash flow just at a quick
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glance you can see how much income has
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come in and the expenses that have gone
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out you can see your cash flow just very
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quickly and i did mention this just a
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second ago but they have that financial
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planning section so you can see if
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you're on track for retirement but then
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you can also see how much is in your
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emergency fund and how much debt you've
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paid down this year and i really like
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having this visual because if we are
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paying down a lot of debt then that
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gives us the incentive to keep going but
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if we aren't really seeing that or
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paying attention and we might start to
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slow down on paying off our debt but if
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we can see how much we've paid then we
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can continue to pay that debt off it's
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just nice to see that overall picture
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and we can really track our progress and
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stay on track with where we want to be
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and i'm sure there are other things that
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i haven't mentioned about personal
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capital but those are just a few of the
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highlights and honestly i really think
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that it makes a difference when we can
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see our full financial picture when we
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were actually checking what we are doing
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with our finances because we can set
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financial goals and we can make progress
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toward them and we can track that and by
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using a free app to do this we don't
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have to handwrite everything and do math
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in our heads it's all calculated for us
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and there's nice graphs in there that
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makes it even easier to see our progress
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it's important that we know where we are
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currently with our finances so that we
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can set those goals so that we can know
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where we are going because if we don't
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know where we are now then how will we
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set goals to improve to make progress we
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won't be able to comment below and tell
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me if you are already using personal
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capital or if you're using another app
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to manage your finances and if you
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aren't using personal capital you can
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click on my referral link below and get
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your account set up so that you can
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start tracking your finances and setting
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financial goals and work on becoming
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financially free whether we are working
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toward paying off our house which i just
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did recently or if we are working on
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saving up for a down payment on a house
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or paying down our debt whatever it is
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if we are able to track our finances and
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keep that very very simple then we can
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achieve our goals even sooner and if you
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found this video helpful please hit that
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like button and share it with someone
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else who would like to hear this
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information and hit the subscribe button
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to subscribe to my youtube channel and
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to the little bell to get notified on
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when i post new videos and if you want
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to see even more content for me check
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out the videos on the side of the screen
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thanks so much for watching i'll see you
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in the next video
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