Sponsored | July 2, 2018 by The Money Wizard
If you’ve spent time on the most popular personal finance websites, you’ve definitely noticed something strange.
These money “gurus” seem to know everything about their finances. How much they’re spending, how much they’re saving, and how much their net worth is increasing. Every single month. How do they all have the time to keep up with such a complicated core?
The secret is in the app. The money app.
It turns out, one of the most popular money apps is Personal Capital. And it’s starting a craze among money bloggers (me included) who want to be smart with their money, but aren’t interested in spending all their time managing their finances.
I’m usually pretty skeptical about new apps. My phone is always running out of space, so I don’t download anything unless there’s a really good reason. But eventually I couldn’t ignore the hype around Personal Capital any longer, so I created an account and checked it all out myself. Now, I’ve got all your most burning questions answered.
What exactly is Personal Capital?
Personal Capital is a free website and phone app that monitors your bank accounts and credit cards, so you don’t have to. Their free software automatically tracks your personal finances, analyzes the investment fees you’re paying, and double checks that you’re on track financially.
Why do people use it?
For some people, spending hours logging into all their bank accounts, credit cards, and investment options is no big deal. For those of us in the real world, wasting all that time gets old in a hurry.
Instead, we’re more likely to ignore our finances for weeks, months, or even years. In the meantime, we lose track of our goals, get charged ridiculous fees, and waste tons of money.
However, Personal Capital puts all your accounts in one convenient dashboard, then uses sophisticated software to build and track your own customized financial plan.
Will Personal Capital help me to (finally) stick to a budget?
Forget about the days when you look back at your bank account and wonder where all your money went. Personal Capital will automatically show you all your purchases, so you can know exactly where your money is going.
And then, you’ll notice something amazing happen. By finally getting a handle on your income and expenses, you won’t be able to help but look for ways to spend less and save more.
How does their software help me invest?
Personal Capital automatically tracks your portfolio performance in one place. So, you’ll be able to easily review your entire portfolio at once. Personally, I was shocked at all the things the tool could do.
- I finally knew how much hidden fees were costing me.
- I got suggestions on how to minimize my risk and maximize returns.
- And best of all, the tools gave me a second opinion on how I was doing, thanks to a sophisticated but easy to understand overview of my personalized financial plan.
Is it safe?
I admit, I’m a little paranoid about these things. But I felt relieved knowing Personal Capital uses AES-256-bit encryption. Apparently, it’s the same stuff used by the US government, and basically impenetrable to brute force attacks.
Here’s the other cool thing. Since the dashboard can’t actually move your money in, out, or between accounts, even if someone managed to get in, all they’ll see if what a diligent saver you’ve been!
In that way, Personal Capital might actually be safer than logging into your online bank.
How much does it cost?
Personal Capital is completely free! They make their money from their separate wealth management services, which you’re under no obligation to join. I’ve been using Personal Capital, totally free, for years!
Sounds like you’re a big fan. Why?
Yes, I’m a huge fan! It’s so convenient to be able to easily monitor all my accounts in one spot, and instead of procrastinating when it comes to money, I’m taking charge and seeing my wealth grow.
It sounds crazy to type out, but in the past two years, I’ve grown my net worth by over $100,000! And I’m convinced a huge reason is because I finally found the best money tool around. But don’t take it from me, see how much you can grow your wealth when you try it for yourself.
