I set up a comparison account at my regular brokerage that contains a full copy of my asset allocation (normally I different classes in different accounts for tax minimization). Exactly – I recommend a management service like this for people who would otherwise be afraid to or who are not interested in learning enough about investment, accounts, and taxes. It’s hard to recognize a loss in purchasing power because the number keeps going up. 1 thing I did notice in the spending area was when I first signed up it had a lot of transactions placed in a “uncatagorized” category. More information on Investopedia here: The Philosophy of Mr. Money Mustache. Since most people have old 401(k) plans kicking around from previous jobs, the results here will generally be stunning because most company 401k plans invest in terrible, high-fee funds. I’ve used Quicken for many years, but it took me FOREVER to get my configuration setup the way I like it (and I’m an accountant). http://www.investopedia.com/articles/exchangetradedfunds/08/market-equal-weight.asp. Solid, objective advice is needed in a bad way by most people and is worth the fee as long as it is reasonable. Mint opens with a busy text page – the left column is the same with all your accounts. If you do get yourself an account, the final feature worth exploring is the “retirement planner” – a tool that allows you to project how well off you’ll be in retirement based on your current spending and savings rate. It sounds like this might be just what I need. I’m a user of Mint and big fan of MMM. I also like how I can easily export stuff into Excel using Yodlee. On the plus side, I do appreciate that they send me a notification everytime I use the card. It sounds like they do a variation of fundamental indexing. The statistical likelihood of someone hacking Mint and getting access to all the accounts (and then quickly acting on it on all accounts simultaneously before anyone notices and sends out emergency alerts) is far lower than the likelihood that you’ll be autosubscribed to something you didn’t realize, or have a fraudulent charge to your debit card. chris boyd On the other hand, I wouldn’t mind an email with a summary of my weekly spending. I’m considering adding them as a portion of my portfolio in the near future. Login with username, password and session length, How many ways can you say "I don't want you to manage my money. The portfolio managers are all CFA’s (I think actually everyone who works for this firm nation-wide are CFA’s no small feat!) 10 days was far, far too ridiculous for me to consider using it for anything, as my strategy involves occasionally shuffling money about. Like you said, I use Mint almost entirely for the “Trends”, and mostly the net income trend at that. Sir Osis of DeLiver For example, after I first published this article, many readers came out with favorable reviews for Betterment (automatic investment in existing index funds with lower management fees, in exchange for less personalized service), so do your research before signing up with any paid financial management service. For more casual sampling, have a look at this complete list of all posts since the beginning of time or download the mobile app. You might be interested in my testing of PC. October 11, 2013, 2:34 pm. Quicken uses the same connectivity as Mint for connecting to probably 60% of the financial institutions it covers, so your credentials are stored in the cloud there as well. It is similar to Mint, and it is also free to use. This may sound like I’m being contradictory, saying that I’m not willing to give Personal Capital my financial information, but then explaining how I do so with other companies. Not useful when trying to really examine net worth. If you have the time, energy, interest, and discipline you should without a doubt manage your own assets and save the 1% advisory fee. It is more labor intensive but given what is at stake I think it is a reasonable balance between enabling insight into my financial status and securing these valuable resources. Finally, I’d add that the transfer money option scared me a little bit. New and Improved: The article above was updated in August 2015 to reflect some new Personal Capital features. Doesn’t look as pretty as PC, and doesn’t auto-download account info. No way I’m ready to pay for that. Although the product links are noticeable, they are generally relevant and quite possibly useful to Mint users, so they do not bother me. You are then presented with your “Dashboard”, a screen that gives you your Net Worth, Cash Flow, Portfolio Balances, looks something like this: Your accounts are down the left, income and spending are front and center, and clicking on anything lets you zoom in on the details of what makes up that category. Personal Capital is based right here in my hometown of San Francisco. keep an eye on blogs like this one and make a point of swooping in to answer questions if a blogger writes a review or mentions the company. Vanguard, Capital One 360, Lending Club, Your 401(k), your mortgage. Multiplying the expected loss by the probability of it happening yields an expected value in the pennies or low dollars depending on your assumptions. I have tried Personal Capital in the past and lost interest because I had a hard time linking a few of my assets. That took a while on Mint but now it’s working very well! William Bernstein (long proponent of low cost investing) even said that he thinks only about 1% of people are actually capable of managing their own assets. How do you feel about the idea that they could sell your information in the future? Our fees are 1% up to $2mm, .75% $2-5mm, .5% $5-10mm, and .25% for $10mm plus. We have a $40mm institutional client that gets charged .10%. But I did give PC a shot after Mr 1500 wrote about it a while back. Last year was hit and miss, but now I can link to all my accounts. July 23, 2015, 12:17 pm. So instead, they allocate your assets more evenly across sectors and sizes, which effectively makes you buy stocks lower and sell higher. Pre-tax, I’m up 7.35%, and they’re up 4.45%. October 12, 2013, 12:17 pm, I’m in software security, and I tend to share your view about the expected value of potentially losses. Go ahead and click on any titles that intrigue you, and I hope to see you around here more often. We used mint for years but got no actual action out of it. sobezen Your savings accounts and brokerage accounts are very much unlike a credit card account. To repeat, I do not have much experience with them yet, so I cannot recommend them from personal use (yet). I wasn’t familiar with Personal Capital, so I’ll look into it. (5:46) What it means to be a “Mustachian” and how Pete optimizes in his daily life. Which is more standard, but confidence has been hurt. That really reduces the time spent hunting for classification errors. Many people equate Mr. Money Mustache with FIRE. I’ve met quite a few people this year who are great at making gobs of money, but just not motivated to do anything with it. Camp Mustache – Q&A with Mr. Money Mustache, Afford Anything, & The Military Guide. That’ll work too. Doing your way will at least automate part of it, without any loss of privacy, though. Ah well, Mr. Geek and I just put all our accounts in one spot and share. Also, can bonds be broken out differently October 12, 2013, 7:58 am. I’m a hardcore Quicken user as well and love the power of categorizing spending and income so I can make detailed reports to share w my family. I see I can do that with Mint with a simple search so Im going with Mint for now. If you don’t mind hopping over to Reddit, I posted return details here: http://www.reddit.com/r/personalfinance/comments/1oafg0/update_comparing_index_investing_to_personal/. Financial services like Mint and Personal Capital provide a wealth of customer information for these companies. Another Questioner Pop – I found those weekly emails to be silly – the wise investor does not benefit from getting a weekly update on how the random market fluctuations affected their portfolio balance. You’re sort of right about that: younger companies like Personal Capital, Lending Club, Republic Wireless, Treehouse, etc. I don’t think Yodlee quite meets my investing needs either, but for now I am using a Google docs spreadsheet with formulas that fetch Google finance prices in order to do my asset allocation. Since my benefit from these tools (and from using credit cards) is considerably higher, I happily place my bet. I find both Mint and Personal Capital to be significant life simplifiers, because they make things automatic. Another Questioner Money Mustache himself. Accidents will occasionally happen and you read about them in the news frequently. Mint recommends FutureAdvisor, like it recommends many other services. FinancialFairway The most useful comments are those written with the goal of learning from or helping out other readers – after reading the whole article and all the earlier comments. http://www.investopedia.com/articles/exchangetradedfunds/08/market-equal-weight.asp. I use Mint and have no zero complaints. DR 007: How to Retire at Age 30 [with Mr. Money Mustache] Advertiser Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. You’ll even see it in the reviews section of products on Amazon.com It’s a reasonable approach for these companies to use: taking the customer support out to the people. I’ve been letting PC manage just over $100k for me since early February, in a similar try-before-I-buy scenario. After five months of skepticism and trial, I have to reluctantly admit that this company is a worthwhile addition to the modern financial landscape. Stephanie :), Joel Farris October 12, 2013, 11:56 am. October 13, 2013, 10:26 pm. I did a bit of research and noticed everyone else had already tried out the company and written reviews. sobezen I was in some security sessions in a software conference where the presenter showed some pretty eye-opening/scary stuff. Just make sure your defensive stance doesn’t creep into other areas of your life, as it’s a poorer way to live in general: http://www.mrmoneymustache.com/2012/06/11/get-rich-with-trust/. If so, can any of you smart tech-y people here advise me on the steps to take to end the account in a way that also disconnects the data? He's got 12 money tips that could help you retire earlier too. No mortgage, over $300k in money markets funds . Jim, perhaps you’re using a different version of Quicken than I am, or you have it set up differently. I haven’t played around with it too much and I’m not trying their management, but another product to consider. It’s hard for Mr. Money Mustache to admit that not everyone has exactly the same interests and skills, but this is one example of it :-), Plex Luthor :-(. A 10 post introduction to one the newest and most influential personal finance authors! However, much like MMM I feel if you are already mindful of your spending and savings, you probably already have plans in place to reduce debts and save too and do not need to a strict budget. Regrettably, I didn’t read the fine print and deleted the old account when RBC Bank was taken over by PNC Bank, and I lost all of my past net worth info. The battle of screenshots could take up several articles in itself, and each company has its advantages. The risk here is that one of these enterprises could be thoroughly compromised akin to the 2005 compromise of Card Systems Solution, the 2007 compromise of TJ Maxx, the the 2011 compromise of the Sony Play Station Network or the recent compromise of Adobe. Any yodlee.com users out there? WageSlave My personal stuff….sitting there doing nothing that was productive and would allow for any life-work adjustments. Mr Money Mustache lovers will rally around her frugal lifestyle and appreciate her general badassity and commitment to the MMM lifestyle. October 12, 2013, 6:30 am. I just had to know the logins. PC, however, is more powerful when it comes to reporting on investments you may have. Stuart S This is a good point Mrs. My version of Quicken requires me to enter my password each time it retrieves information from a financial institution. *Most relevant quote from The Four Pillars of Investment: “Performance comes and goes but expenses are forever.”, To keep things non-promotional, please use a real name or nickname(not Blogger @ My Blog Name). I don’t know much but I do know better than that! … I dig how these pieces of software can show you your financial past, but equally love how they can help you plan ahead. She was inspired by Mr Money Mustache and now lives in a trailer. (And that’s not just to protect against hackers, but because individual institutions can fail — tying up your assets even if they’re eventually covered by insurance — or have non-security-related problems with their systems, etc.). Mr. Money Mustache is the website and pseudonym of 47-year-old Canadian-born blogger Peter Adeney. If your credentials to, say, your favorite Web forum are compromised (which is much more likely than your bank itself being successfully attacked), and you use the same username and password for your financial accounts, that could be bad. My PC advisor got upset that I wasn't interested in his spiel on tax efficient investments back when I only had 401k and roth savings, then I cancelled my "free" account with them and moved to Mint. Newer to the scene is their 401k Fee Analyzer. Also on Trends, why do you find Mint’s trends feature more useful than our cash flow feature? donster Great post! October 11, 2013, 5:54 pm, You may be confusing “Fee-Only” with “Fixed Fee.” Fee-Only is characterized by not accepting commissioned based on the investment recommendations and only a fee from the client in order to deliver objective advice. They are very different from me in their approach to money, and for those people a 0.9% fee for good management is actually a good thing. Eventually I found that the brokerage was locking my token, apparently due to unauthorized attempts to access my accountl. That isn’t really a knock on Personal Capitol, it’s just more so timing. Recently, they changed this to 2-3 days. Some of the PC features are nice but there is not enough to warrant a switch from Mint or – even worse – using both. I can’t generate a great screenshot for that since I retired ten years ago, but I can vouch that their predictions are realistic as long as you verify that the target spending value is reasonable for you. Total assets of 3.7 million. Moreover, PC has a minimum of $100,000 and charges 0.95% at that level. October 18, 2013, 9:58 pm. Sadly, I don’t believe it works for folks outside the US. October 12, 2013, 2:08 pm. I also would hope that the “adviser” is a CFP and not just some series 7 broker carrying around that title. One reason why is because FutureAdvisor gives you concrete recommendations for your brokerage and retirement accounts for free. 1winedude Get a decent spreadsheet, retain control and you’re done. It wasn’t any good back then so I went back to Mint.. I wish more companies did this! Lastly, sometimes I find it helps to look at things holistically and understand how I treat money first and my own financials values/goals. My version has no language for storing passwords. October 11, 2013, 3:07 pm. October 12, 2013, 6:41 pm. This has become increasing obvious since Mint deleted investments from the budget category. They stopped calling me a while back. © Mr. Money Mustache. For example, when confronted my own dashboard screen like the one above, I was shocked to see $9000 of income and only $854 of spending in the past 30 days. For now we’ve chosen not to use these free tools. The Mr. Money Mustache blog comments and forum feature robust arguments. Personal Capital doesn’t do that. How is this useful, and why is this the only thing available to show with a widget on Android? Because of this, we’ve saved up a comfortable nest egg of just over $1 million, invested in a mixture of 401(k), IRA, and taxable account Vanguard index funds. Toe in high-value services makes me take a solid second look at you need engage. I found it interesting that a business account in a mostly-stock portfolio. free use! Using spreadsheets… Mint working in other countries happy with it too much cash because I it... Or a dollar amount very easy Quicken or csv format and import into... T finished investing the proceeds the platform is cool, but confidence has hurt! 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