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Personal Capital Review 2020 - Tutorial [Best Money Management Apps] 馃挼 - YouTube
Channel: Tiffany Thomas, Your Wealth Mentor
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hey there, tiffany thomas with wealthytiffany.com and in today's video i'm
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going to share with you the tool that i
use to attract my net worth and all of
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my expenses together and before we dive
in if you're ready for financial freedom
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comment freedom below in the comments
and if you're serious about
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fast-tracking your financial freedom
click the link below this video in the
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description and i can help you do that
alright let's dive in and talk about my
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favorite free tool to use to track your
net worth and all of your expenses and
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this is called personal capital and it's
a lot like mint.com if you've heard of
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that one and but i like personal capital
better because of their retirement
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section it's yeah it's just so much
better than mints and so i want to share
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with you a few things and that I really
love about personal capital and you know
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if you aren't tracking your spending
habits or if you have a hard time
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budgeting this is a great tool to use
because it makes it a lot easier to
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track all of your expenses track your
income track your net worth in just
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seconds it's a free app that you can use
you can also use it on your computer but
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you just download it and you connect all
of your different financial institutions
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so if you have different credit cards
like a Discover or a Visa American
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Express you can connect all of those to
personal capital and you can also
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connect your bank account so if you even
even if you have a credit union or an
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online checking or savings you can
connect all of those accounts and that
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if you have a mortgage you can connect
to that account and if you're like me
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and have rental properties you have
multiple mortgages and you can connect
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all of those I haven't had any problem
connecting any of my accounts with
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personal capital and they've had them
all in their in their system so you just
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type in what your bank is if it's a lie
then you just type it in and you can
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connect your checking and savings
account
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and you can also connect all of your
retirement accounts so if you have an
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IRA or a Roth IRA or even a 401k and
thing that's related to money I have
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that all connected in one place in
personal capital so I can just log in
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and they updates all of your accounts
and it just takes maybe a minute or so
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if that and they're all up to date and
then you can see if you got paid if you
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got your paycheck or rental income came
in or if a check cleared or if your
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utility bill was paid and then you can
also see how much your retirement
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account has gone up or if it's dropped
and you can see if you have stocks a
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brokerage account you can see you know
how much your stocks have gone up over
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time or if they've gone down over time
and then you can start to track your net
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worth - so they show and I'm going to
show you a little quick tutorial on it
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in just a moment so you can actually
visually see it but they let you track
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your net worth over time which is really
helpful if you are on the path to
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financial freedom and you want to have a
certain amount invested and as that you
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can reach your financial freedom number
and they they track that for you so
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they'll take you know everything that
you own so all of your stocks and you
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might have in a brokerage account or
your IRA and then they take all those
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things that you own money in your
savings money in your checking and then
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they subtract out everything that you
owe so if you have a car payment and you
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can connect to that but they'll - out
your car payment how much you have left
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on your card Lo and I should say and
then if you have a mortgage they'll
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deduct out how would you have left on
your mortgage and all all of your
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expenses and so everything that you owe
and then they give you your net worth
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number so you can watch that go up over
time
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fully it's going up um but it's just a
really simple tool to use and it's
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really helpful if you are struggling to
kind of have a budget or even just pay
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attention to your finances or if you're
working toward a certain financial goal
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and it's just such an easy tool to use
because all you have to do is hook all
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of your financial institutions so it'll
take a little bit to get it set up and
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but not you know it's not going to take
forever
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maybe like 30 minutes or something I
guess that depends on how many accounts
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you have and if you remember the
passwords but once you get that set up
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then it's super easy and you can
download the app that they have onto
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your phone and you know in the morning
you can just log into the app and it'll
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update it and you can see like I said
everything that has happened that day so
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far and previously and then you can
track everything like your you know your
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net worth in your retirement and they'll
even give you recommendations they kind
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of compare you to other people in your
age group and kind of say oh you know
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you're saving a little less than the
majority just so you know you can have
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an idea of course you don't have to
follow any recommendations they give and
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but it's just kind of interesting to see
where other people stand compared to you
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and you can start to improve that over
time and since it's all in one spot and
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you can kind of go back over the past
year and just you know look at
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everything that you've been able to
accomplish that year and celebrate that
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and get excited to have an even better
year in the next year and so let me show
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you the tool really quick and I'm gonna
share my screen with you guys okay so
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this is the personal capital website so
you can just click on their sign up
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button to sign up for a free account
that's completely free um and we're just
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gonna do a little demo we're gonna watch
their demo so I can give you an idea and
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you can see exactly how it works
so I'm just going to pause this
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so you can kind of see how it works in
here so over to the left and they show
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your net worth right at the top so you
can see you know what your assets are
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what your liabilities are so everything
that you own and then - everything that
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you owe and this is your net worth so
you can track that over time and then
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they link all of your bank accounts and
so if you have something with the Bank
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of America or with Chase and it just
links to your accounts and then it shows
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you the amounts that you have in there
and then like I said you can link all of
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your investment accounts so if you have
a 401k they have a merit rate on here
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fidelity and then it just gives you the
amounts and you can see right here like
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it was updated four minutes ago three
minutes ago so and usually when I log
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into it it will update all of the
accounts so most of them will say
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updated three seconds ago so it's pretty
up to date which is nice and then you
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can also connect you know any credit
cards that you have you know like a
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capital one card and all of your
different financial accounts and then it
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gives you all of the balances right over
here and then it gives you these nice
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graphs too so you can see your net worth
you can see you know you can track it
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for the last 90 days or even further
back and but you can see it going up
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over time and they also show you know
how much cash you have on hand and then
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they'll give you you know if you're
following some stocks or the stock
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market and they'll give you a quick
glance at the stock market and then it
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shows you know your cash flow so it'll
show your income for the month and then
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your expenses so you can see oh you know
I'm getting pretty close to maxing out
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and where I want to be spending this
month and they also give you a budgeting
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tool which I haven't fully utilized but
I think you could really utilize this
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very well and you can set up your you
know certain budget categories that you
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would want to have
than there may be of a clothing budget
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or a outing eating out budget but you
can just see kind of where you're at and
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track that each month to make sure
you're on track to where you want to be
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so you're not overspending in certain
areas or even overall for the month and
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then they kind of just give you a
breakdown on these different categories
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so they have your mortgage restaurants
how much you spent that month that month
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and automotive groceries all sorts of
things so they categorize everything
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that's coming in and you can change the
categories too if you don't want that
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certain category so you know it makes it
nice you can customize it to how you
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want it to be so if you do want to just
use this for your budgeting tool and you
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can manipulate it and you know set up
your own categories so it works for you
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and it will over time it will figure out
okay you keep changing this certain item
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let's say well I'll give you an example
so I have an HOA that I pay each month
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and for whatever reason they think it's
a pub and so they put it in there as a
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restaurant and so I've changed that
category and so it doesn't shows a pub
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it shows as my HOA but you can
manipulate that and then over time it
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kind of determines okay if you keep
changing this then we're just going to
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auto change it but you can always change
it over time and then they also give you
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your portfolio balances so you can track
you know all of your investments that
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you have so that's super convenient and
then it will show you the retirement
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savings for this year so you can see if
you're on track or not and then it will
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show you your cash flow so you can see
what's coming in and what's going out
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and so that you can really stick to your
spending goals and I'll show you a
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comparison over last month which is kind
of fun to see and then they have their
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retirement planner which is awesome so
in mine
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I put
there that I wanted to retire by age 40
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so you enter in your own age and then
when you want to retire and they'll kind
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of tell you okay to be on track you need
to have so much invested and then
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they'll tell you okay you're not really
on track right now
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um but you may want to change XYZ or
something like that so it's kind of fun
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to play around with this tool and they
give you just so that you can you know
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better optimize your retirement or your
financial freedom funds so it'll work
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better for you and then I absolutely
love this tool it's the fee analyzer so
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a lot of people don't pay attention to
the fees that they're spending so which
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with each fund that you're invested in
in say a 401k or an IRA there is an
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expense ratio and a lot of people don't
realize that because it's not a separate
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amount that's coming out and but it's
it's part of the fund and so with this
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fee analyzer you can see how much you're
actually paying in fees and how much
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you're losing over the years by paying
such high fees so it really helps you
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pay attention to okay I want to pick a
fund that has a really low fee so that
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I'm not losing out on so much money
because it sounds really small for
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example um you know a lot of when I had
my previous job a lot of the funds were
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around a 1% fee a 1% expense ratio which
sounds low but is actually super high um
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and then with Vanguard they have funds
that are point zero four percent which
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is huge difference so if you are paying
attention to that
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you can come in here and enter in you
know what that 401 K fund is that you're
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considering best investing in and see
how much you're going to lose and fees
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and just fees alone so if you take a
look at this
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it's telling us for these certain
conditions that you're losing 21 percent
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of your earnings to fees I don't know
about you but I would rather keep that
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so I love this tool you can analyze
different funds and see how much you're
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going to miss out on if you don't have a
fund with a really low expense ratio and
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they also have an education planner and
I haven't really utilized this and but
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it kind of tells you how much college
could cost and maybe 10 years in the
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future or 15 years in the future so you
can kind of plan on if you you know are
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planning on helping pay for education
for your kids so they have this little
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planner that breaks it down so you can
see what your goal should be and in
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order to you know save enough to pay for
education so that is a little tutorial
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on personal capital and if you guys are
interested in signing up for the free
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tool I'm going to leave my referral link
below and you can get 20 bucks to Amazon
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and if you sign up and then link one of
your retirement accounts so if you have
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a 401k or a Roth IRA or an IRA or some
other type of retirement account all I
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have to do is link that account and then
you will get 20 bucks to Amazon and I
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look at the same so if you're interested
in that I'm Millie my referral link
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below so that you can use that if you
want to um but I just wanted to share
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this tool with you because honestly it's
amazing and it makes your makes managing
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your finances a lot easier and tracking
your net worth a lot easier and working
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toward financial freedom a lot easier so
hopefully you guys found this video
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helpful and if you did please like it
and share it with someone else who would
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like to hear this information and if you
are serious about becoming financially
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free make sure you click the link below
this video in the description and I can
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help you do that and you guys please
comment below and tell me what other
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videos you would like me to make for you
I would love to do that and I will see
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you in the next video thanks
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