This took forever to get my accounts all in. Over several years I have tried to use it. They had issues logging in to various accounts of mine. There is still one that doesn’t work, but I am OK letting that be. It’s just a high yield savings account as part of our emergency fund strategy, so I am find with it not working. I can manually update the value there over time. If you want to join and give me a referral bonus, join Personal Capitol via this link.
One thing I like right off the bat is that I can also add my home value. So I have my loan in there, but that is balanced by tracking my home’s value. I use Zillow for that, but I have found it to be a bit off. My home is right on the border between the more expensive town (better schools) and a less expensive town. They have a tendency to factor some of those homes in when calculating my home’s value.
I am just jazzed up to have all the other numbers in the system. So this post will effectively be my review on what I am excited about with this tool.
The first thing that I like is the overview. I like knowing at a glance what I have. This was available to me from my primary bank; which could also do the check in to all your other accounts. Still, the bank version did not allow me to add my approximate home value nor my car loan, so a big check plus for Personal Capitol.
Now since we move money between accounts a lot, the budgeting option could be a bit off. I am curious about that, and my approach so far for those debits is to delete those transactions. They don’t count.
Now since several major retirement accounts were not in Personal Capitol (PC), the performance data doesn’t seem to work. My hunch here is that only the last 30 days of data are available for PC to download, so they can’t get the old data. Still, this will be good going forward starting November. I will do my October status updates manually.
The allocation side of it looks really good. The problem is that about 30% of our investments are not classified, so I will have to manually classify that. The problem there, and I will have to look at a few perspectives to clear that up. I should only take a short while.
Looking at the retirement planner, I see that they add a spot for the kid’s education. Well I did not add my kid’s 529, so I guess I should. Our plan is to use that for his education, and the rest is for him to pay. There should be plenty there for a state school, and well I will have to account for that in their scenario. I also see the default inflation rate is 3.5%. While historically a bit above average, the average for the US for the last 100 years is about 3.25%, I expect it will be closer to 3%. Over all, this page really helps with the playing with FIRE scenarios. In our case, we look good for 90% of our scenarios with our current spending estimate, savings rate, and retirement date. I suspect I will be playing around with this quite a bit in the future.
Their fee analyzer looks good in terms of spotting the high fee investments. I will be looking into those. I do not understand how my annual fees of below their 0.5% benchmark means I will lose 10% of my earnings to fees. That will be the subject of a future post.
The investment checkup looked pretty good to me, and the results were straight forward. I need to clear up the allocation issue I mentioned earlier to use that. It will be the subject of a future post
Overall, I think that PC is a good product, and I do think that folks should use it. I should add that I use a password manager, so I do not use simple passwords for anything. I highly recommend that to everyone!