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