Personal Capital Review 2022: My Favorite Money Management Tool

I talk a lot about Personal Capital and I haven’t done a full review of it in awhile, so it is time because I use this app ALL THE TIME!!! Seriously, I don’t have to log into 12 different accounts to see my full financial picture. It’s just one now. I log in and my Personal Capital account refreshes all of my other accounts within about a minute or so and I can see everything IN ONE PLACE.

I can see if my investments dropped, if I missed a payment, if I got charged a late fee, everything. 

In this blog post you’ll learn how Personal Capital has helped me the most and the benefits of using a digital way to track your money.

I am Tiffany Thomas with wealthytiffany.com, millionaire and financially free. If you are looking to do either of those things, then make sure to subscribe to my YouTube channel!

There are a lot of financial elements included in Personal Capital. I’m going to do a quick overview of how Personal Capital works then talk about my favorite elements of Personal Capital in detail.

And, yes, I do have a referral link, if you are interested in signing up for their free account, you can click here–> https://personalcapital.sjv.io/Tiff

Personal Capital, first off, is free. You don’t pay for it. If you wanted to work with one of their financial advisors, then you’d pay for that service, but just using their platform is completely free. Which is awesome!

You’ll be able to see your full financial picture in just one place, very quickly. All of your bills, your savings, your checking, your 401k and any other retirement accounts. Plus, it will show you your net worth and how much more you’ll need for retirement. It can even show you if you go over your budget.

In order to get all of these amazing benefits, first, you’d set up your account. Personal Capital will ask you for your basic info and then you’ll want to hook all of your financial accounts to Personal Capital. And I mean ALL of them so you can really get a detailed overview of your FULL financial picture.

This would include things like:

  1. Bank or credit union accounts. Which means you’d have your checking, savings and money money accounts hooked to Personal Capital.
  2. Mortgage, if you have one.
  3. 401k retirement account.
  4. Credit cards. I have my credit cards hooked to Personal Capital. For example, my Discover IT, Capital One Quicksilver, Capital One Spark (which I just opened for my business), Chase Visa and my Venmo credit card.
  5. IRA.
  6. Roth IRA, which I have at Vanguard.
  7. Brokerage account, which I recently switched to IBKR (Interactive Brokers). I also have a small amount in a brokerage account with Webull.
  8. HSA, health savings account. I have mine with Lively.
  9. Any auto loans.
  10. Any other financial accounts you may have.

All of my different accounts listed above are able to be hooked to Personal Capital. Their platform is compatible with lots and lots of different companies that you may have your financial accounts with so it would be pretty rare that you aren’t able to hook all of your financial accounts to Personal Capital.

Once you have all of your accounts linked, you can also add any assets or liabilities you may have.

For example, you can list the value of your car. If you own a home or rental properties, you can list all of those properties. You can enter the value of the properties manually or you can have them find the current value of your properties.

Once you’ve got everything inside Personal Capital, they will show you a lot of really interesting things about your financial situation.

  1. Net worth: They list your net worth at the top. They take all of your assets and subtract out all of your liabilities, which gives you your net worth. You’ll want to grow this number over time and since you’re using the app, you can check your net worth anytime you want within just a few seconds.
    1. They will give you the number for your net worth, but they also show a graph of your net worth so you can visually see if it’s gone up or down over time.
  2. They categorize all of your accounts for you, so you can see at a glance, the total amount of cash you have. Plus, a graph so you can visually see the totals over time.
    1. They’ll add up everything in your checking and savings accounts and show you the total balance.
    2. They’ll categorize your stock market investments together, your HSA (health savings account), brokerage account, Roth IRA, 401k, etc so you can see where your investment amounts are currently at.
    3. All of your credit cards will be shown together so you can keep an eye on the total balance on all of your credit cards.
    4. Any loans you have is another category they’ll show you.
    5. Mortgages are another category (in case you’re like me, with multiple properties.
    6. And last, all of your assets or items of value you entered.
    7. Under all of these categories, you can click on anything inside of the category and then it will show you the breakdown. 
      1. For example, if you clicked on one of your credit card accounts, you’ll be able to see all of the transactions on that card.
  3. You can see a list of all your transactions. If you don’t want to click on a category and then see individual transactions for that one category, you can click on ‘transactions’ and get a full list of every single transaction that’s been made on all of your accounts. I love this because I can see immediately if a payment has gone through or if rental income is actually in my checking account.
    1. I don’t know if you’re like me, but sometimes I get nervous with auto pay and I wonder if the bill has really been paid. When you use Personal Capital, you no longer have to open each of your accounts to make sure the auto payments went through. You can just open the Personal Capital app (or open it on your laptop) and see every payment in one place within seconds.
    2. Also, by seeing a list of all your transactions, you can see if there’s a subscription you forgot about (and cancel it, of course, if you aren’t even using it) and make sure you received any refunds you were waiting for.
      1. Just to share a quick example, I recently did a huge flooring project at the house I just moved into. Turns out, I bought too much flooring and ended up returning some. I went to the flooring place. Told the worker what I had to return. He said to bring it around back and they could load it onto the fork lift and put it back in their warehouse. He’d check it and make sure it wasn’t opened or damaged and then he’d process the return for me.
      2. I did exactly that and he told me I didn’t need to drive back around to the front and come into the building again to get a receipt; that he’d process it and email me the confirmation.
      3. The next day came and when I checked Personal Capital, I still didn’t see a refund, so I called the flooring place.
      4. The guy that answered the phone was the one that loaded the flooring and he remembered me when I gave my number. He checked on the refund and said something went wrong with the computer and that he’d process it right now and to check my email in about 5 minutes.
      5. He did end up processing it and I checked Personal Capital the next day and saw the refund on my credit card. Phew. 
      6. It was really easy to check for the refund because I was already opening the Personal Capital app to make sure things were on the up and up and I didn’t have to remember which credit card I used because they are linked in Personal Capital.
  4. Not only can you look for things you may have forgotten about, payments that were made, refunds that were given, but you can also look at the trends of your transactions.
    1. Are you spending a lot of money at your favorite restaurants?
    2. Are you spending a lot at the gas station. And I’m not talking about buying gas (although that is pricey right now as well), but are you buying a lot of snacks/drinks?…
    3. Or do you have a lot of Amazon purchases?? One click…
    4. Since you’re able to see everything in one place, it’s easier to start noticing trends and start making adjustments to spend less or spend more on what’s really important to you.
  5. By seeing all of these transactions, you can also set budget amounts in Personal Capital for any categories you’d like.
    1. You can see how much you’re spending on housing or transportation or shopping and set a certain amount for each category and then see when you go over your budget, or when you’re about to go over your budget and make sure to adjust.
  6. Personal Capital will also show you your complete portfolio and your holdings.
    1. This is pretty cool because you can compare your investments to something else, like the total U.S. stock market or the S&P 500.
    2. If you invest in individual stocks and an index fund, you can look at your holdings and then select what you want to compare them to, like the U.S. stock market. Then see if you really are doing a better job investing than if you were to just buy an index fund that follows the total U.S. stock market. That is really helpful. Sometimes people may think they are doing a better job by choosing individual stocks, but you can actually tell, by using Personal Capital, because they are viewing your actual investments and then comparing them to a certain index.
  7. Another great benefit of Personal Capital is their retirement section.
    1. I also use Mint.com, which is very similar to Personal Capital (I started using Mint before Personal Capital and have just kept using it, but I don’t think everyone needs to use 2 of these types of apps, I’m just a nerd like that). 
    2. BUT, Personal Capital’s retirement section blows Mint’s out of the water.
    3. Once you’re retirement accounts are all hooked, Personal Capital will show you how much you are paying in fees.
      1. And, as a side note, you may not even realize you are paying fees because most funds, not all, but most, have an expense ratio that you pay. It’s not a line item, so you won’t see it on your statement, but you’re paying it.
      2. And with Personal Capital, they’ll show you just how much that is. Then you can analyze if you need to switch what you’re investing in to lower your fees.
      3. They also show how much you pay in fees over time if you continue investing the way you are.
      4. You can also enter in the age you want to retire and with how much and they’ll help you figure out how much you need to be investing.
      5. It is super awesome.
  8. Personal Capital will also show you your cash flow.
    1. How much money is coming in and the expenses.
  9. There’s also a financial planning section that shows if you are in good shape to retire when you want and how much is in your emergency fund and how much debt you’ve paid down this year.
    1. It’s nice to see an overall picture of the progress we’ve made, it helps us to keep going when we can see that progress. 

I’m sure there’s other things I’ve missed, but these are the main things I use Personal Capital for.

And honestly, I really do believe when we can see where we are with our finances, then we can set goals and work toward where we want to be. But if we don’t even know where we are currently, how will we know what we’re working toward? How will we know we’ve made progress? How will we know how to get there? We won’t.

Make sure you are tracking your finances and setting financial goals to help you progress along your financial journey to financial freedom!

And if you are interested in signing up for Personal Capital, click here to use my referral link and get your free account set up today!

Personal Capital Advisors Corporation (“PCAC”) compensates Wealthy Tiffany LLC for new leads. Wealthy Tiffany LLC is not an investment client of PCAC.

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