• Steve Santora

First take on Personal Capital after a month

Updated: May 9, 2019

Ok, so this is a review, but it's more of a story. I tend toward not using these type of app's since I felt that I could address my overall financial wellness without. Just save as much as you can and invest wisely.. Right ? However, the app is pulling in so much information that I'm thinking that I might have a breakthrough realization based on the data it's pulling. The categories I like are the budgeting and cash flow category. In the very least my wife was somewhat impressed that all the information was there. We do use the same credit card so it makes it easy to see the spending habits of the household. In a few days I have a scheduled call with one of their financial advisors. Curious to see how that goes, since I'm a bit of a skeptic when it comes to investment advise on where to place money or certain "hot stocks". So after a month with Personal Capital here's my take: Good free app to track expenses and financial assets. A lead generation tool for the personal capital financial advisors that want you as clients. They want to put you in balanced portfolios based on income and charge a fee for assets under management. I think I recall .89%. The normal story is that you need to be buying lots of stock all the time. I'm more inclined to make smaller regular contributions and If a larger chuck of cash exists I tend to want to hold it until the market really takes a dive. We'll see how I do with that. Additionally, I consume a good bit of financial, investing and money saving information. However I was recently surprised by a few things. You can contribute to a Roth if you make over the maximum amount allowed through something called a backdoor Roth. You can divert regular contributions from the company 401k to a outside IRA through a non-hardship in-service withdrawl. Not all companies or investment organizations allow it, so you'll have to ask. Another was contributing to your Health Equity Savings account for the year prior to maximize the tax benefits. Here's a referral link to Personal Capital that will earn you $20 : https://share.personalcapital.com/x/jmcUAM

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