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Personal Capital Review [#1 Money Management App] 馃挼 - YouTube
Channel: Tiffany Thomas, Your Wealth Mentor
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hey there, Tiffany Thomas with
wealthy Tiffany dot com and in today's
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video I'm gonna be going over the money
management tool that I absolutely love
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to use it's called personal capital
because I have heard too many people say
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oh I forgot about the subscription that
I have and I finally checked my bank
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account and it's been going on for a
year I completely forgot about it or
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people just saying they aren't very good
at budgeting their money they have a
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hard time at keeping track of everything
that's coming in and going out and they
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don't want to take the time to sit down
and write out all of their expenses
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every month so if you struggle with
budgeting your money or maybe you need a
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better outlook on your retirement
accounts what you are investing and the
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fees associated with that personal
capital is a great free resource that
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will help you manage your money a lot
better and give you a clearer picture on
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your full financial situation you can
see your net worth in there you can
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analyze what you're invested in compared
to the S&P 500 and a few different other
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things they just have such a robust
system that I really really like
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personal capital and honestly I use mint
as well mint calm but men doesn't have
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as good of a retirement section inside
of their application so that is one of
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the major reasons I prefer personal
capital over mint and know this is not a
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sponsored video I personally use this
and I check it almost every day that
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helps me to manage my finances better I
just want to share this money management
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tool because it has improved my life so
much and it is so helpful and really
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really easy to use so if you don't want
to sit down and write out all of your
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expenses then definitely check this out
and in a minute I'm going to share my
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screen with you and go over all of the
benefits that personal capital has so if
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you are ready to dive right in hit that
like button and we're gonna get started
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here is personal capital com so you can
see what it looks like and it will give
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you a 360-degree view of your money
everything that's going on with your
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money because you can hook all of your
financial institutions and to personal
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capitals so all of you
checking savings accounts credit cards
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mortgages your retirement accounts
everything you can set up and track a
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budget in here if you want to and you
can keep an eye on your investments you
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can see when you receive dividends
things like that you can plan for your
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retirement which is amazing I love love
this part of personal capital and if you
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wanted to take it one step further you
can schedule a call with one of their
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advisors and pay for a service that way
but all of their tools are completely
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free so I want to show you how it shows
your net worth because this is awesome
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as soon as you log into your account it
will show you your net worth right on
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the left side if you're doing it on your
computer or just right at the top if you
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are using the application so you can see
in their little video over here it shows
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your net worth and then all of your
assets your liabilities and then you can
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see a breakdown of all of your accounts
right over to the left so all of your
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investment accounts and your credit
accounts and then it gives you this nice
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little dashboard in the middle so you
can see when your net worth went up or
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even when it decreased you can see your
cash flow how much is coming in how much
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is going out each month and you can set
up that budget if you want to you can
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set certain categories and you can see
exactly how much you're spending on your
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mortgage payment or insurance or
gasoline whatever it is and then it will
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show you your portfolio balance over
time so you can keep track of your
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investments and then of course the
retirement amount that you have so it's
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just a great little app to check out
your entire financial situation and I've
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actually logged into my account because
I wanted to show you guys less it's
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pretty cool this is their retirement fee
analyzer so you can click on planning
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right here and there's a retirement
planner savings retirement fee analyzer
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that's where we are right now and
investment checkup so you can enter in
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whatever amounts you want to or you can
have it pull directly from personal
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capital but you can see by contributing
a certain amount right now I have if you
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were to contribute twelve thousand each
year into your investment accounts and
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maybe you do have an employer match
maybe they match four hundred dollars
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and the annual growth I have it set at
eight percent which is average for the
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stock market and then over here you can
play with the fees so right now I have
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it set at point zero five for your fees
and this is all of the different expense
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ratios that you have associated with
each fund that you're invested in so if
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you're invested in an index fund that
follows the total stock market then for
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my example it would be point zero four
percent expense ratio and then they will
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share exactly how much you're paying in
fees per year based on that fund so
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right now it shows two percent of
earnings lost to fees so annual fees per
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year are at point zero eight percent the
benchmark were you where they say you
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want to be as point five percent so if
we were to increase this and let's say
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we were paying a financial advisor and
we were paying them one percent you can
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see now it changed this to twenty one
percent of our earnings lost to fees
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which is huge so that takes off two
years in retirement so you could have
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retired two years earlier if you would
have kept your fees as low as possible
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and it shows you the told us right here
in total contributions just over five
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hundred nine thousand and I set this up
from age thirty nine to age sixty so you
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can change that you can edit your
assumptions so you can change your
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retirement age maybe you want to retire
at 65 instead and it asks you for your
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company size and how aggressive you want
to be with your risk tolerance so if you
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didn't want to be so aggressive then you
know you could select me be conservative
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down here and it will change all of
these amounts up here so now you can see
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that a total of twenty four percent of
your earnings would be lost to fees and
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you would lose three years in retire
instead of two years so you can just
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play around with us and check out how
much you're actually losing by paying
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higher fees so maybe if you're comparing
two different funds that you want to
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invest in and one has a higher expense
ratio you can come in here and see what
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the return would be and how much you
would be losing and that way you can see
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ok well it's worth it because maybe that
fund has a higher growth percentage
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maybe it's all the way up to 9% so you
can just play around with this which is
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really really cool and then I want to
show you the retirement planner so this
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will tell you how good of shape you're
in to retire when you want to so right
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now I'm at 99 percent which is excellent
shape you can come down to the bottom
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and update your savings amount you can
have it show what is actually in your
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personal capital account so it's pulling
from the accounts you have linked to it
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or if it's something different then you
can update that and change it and then
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also retirement spending you can change
that as well whatever you think you're
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going to be spending in retirement and
then it shows you this graph up here and
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you can see ok if these conditions
remain the same then by age 100 this is
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what the amount would be in your
retirement accounts so pretty cool and
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then I also want to show you under
investing you can check out your
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performance over time so you can see
exactly how well you've done compared to
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and the US stock market or foreign
stocks US bond foreign bond or
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alternatives the blue line is my
investments that I have and then the
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orange line is the US stock market so
you can see I followed the US stock
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market pretty closely with my own
investments but I am a little bit above
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the US stock market so that makes me
feel pretty good but you can just kind
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of take a look at this and see how you
are doing
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are you outperforming the market if
you're investing in individual stocks
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and if you're not maybe you should just
switch over to a stock market fund but
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that's just kind of fun to play with so
there's lots of different options in
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here you can see your individual
holdings so it pulls from your
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Fireman accounts exactly what you're
invested in you can see the total
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balances and allocation you have maybe
you are heavily allocated in stocks and
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you need to move some of that money over
to bonds the u.s. sectors and you can
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also just take a look at the banking
side of things you can check out your
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cash flow you can set up that budget if
you want to and you can take a look at
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your bills and make sure that you've
paid everything on time it'll show you
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your last payment that you've made and
then with the overview you can go to
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your dashboard and this lilyc just like
what we saw in that video from personal
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capital you can check out your net worth
and see how it's grown over time or
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maybe gone down over time and then you
can take a look at all of your
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transactions over time and this is
really nice if you're looking for maybe
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a specific transaction maybe you bought
something and it's broken and you want
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to return it but you're not sure which
credit card you bought it on you can
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come in here and do a search for the
place that you bought it at so it's
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really just convenient it's a convenient
way to keep an eye on all of your
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finances and especially if you are one
that forgets about subscriptions that
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you've signed up for or you just have a
hard time keeping an eye on your money
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because you can open this app on your
phone every day and it will take maybe
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30 seconds or so to load your accounts
refresh everything and then you can have
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a clear picture on exactly what is
happening with your finances you can see
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if a payment was made or if there was
income that came in and just track your
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money better and over on the left you
can see your net worth and all of the
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different accounts that you have how
much money is in each individual account
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or if it's a mortgage how much was left
on your mortgage another nice thing is
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that if you have a car you can enter the
amount that your car is worth so that
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you are tracking that actual net worth
and if you have properties then you can
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enter in the amount that the property is
worth or they can even pull the amount
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from Zillow so it just gives you a
really clear picture on your complete
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net worth so this is just a quick
overview on personal capital you can see
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how it works what it looks like some
features of benefit
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in there and if you're wondering if this
is safe to hook all of your financial
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institutions to personal capital I've
never had any problems with personal
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capital or meant for that matter and
I've been using it for quite a long time
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so I personally trust the website and
don't have any issues that way all right
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hopefully that was helpful and you can
actually see what personal capital
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offers and how you could use it yourself
to improve your money management and
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improve your investments and I do have
my referral link below in the
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description so if you do want to get a
free $20 gift card to Amazon you can use
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that link and you just need to hook one
of your investment accounts to a
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personal capital and as a side note if
you are interested in getting two free
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stocks
Weavile is doing a promotion right now
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if you open a free account with them and
then deposit at least $100 you'll get
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two free stocks valued up to a $1400
I'll leave my referral link below in the
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description if you want to get two free
stocks and if you found this video
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helpful please hit that like button and
share it with someone else who would
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like to hear this information and please
let these subscribe button to subscribe
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to my youtube channel that will really
help me out and we can get this content
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out to more people and don't forget to
the little bell to get notified on when
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I do post new videos thanks so much for
watching I'll see you in the next video
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