Here at Investor Junkie, we talk all the time about the best ways you can build and protect your retirement nest egg. But did you know there are useful — and free — tools that can help you know just what you’ll need for your golden years?
High-net-worth individuals typically prefer a higher level of human interaction with their investing activities than what robo advisors offer. They’re willing to pay a relatively high management fee — certainly higher than the 0.25% to 0.50% charged by robo advisors — to get that service level. But when it comes to fees, how high is too high? And how much are you willing to pay for personal service, against the loss of investment return that results from high fees?
Whether you envision yourself sitting by the pool drinking Dom Perignon or jumping in piles of gold coins a la Uncle Scrooge, you can’t deny that the thought of being uber-wealthy makes for a good daydream. And some of us even think we can achieve those untold riches in no time through investing. So is there an investment that can get you rich quick?
Mint is a juggernaut among budgeting programs. It’s been around since 2006, which makes it an old-timer in the world of financial apps. And it’s free to use. I’ve used Mint for several years, and it was instrumental in helping me learn the basics of budgeting.
Robo advisors are among the hottest developments of the financial technology (fintec) era. With their advanced investing and trading algorithms, they can help you grow your retirement and investment nest eggs. But they’re just for technology-addicted Millennials, right? Wrong!
Personal Capital is one of our favorite personal finance software for a reason. While we think Mint is a decent budgeting tool for personal finances, it’s inadequate when it comes to net worth tracking or investment planning. Mint generally targets users who are just starting with their finances, while Personal Capital is more advanced and offers better features.
Remember the days when you had to buy physical copies of software at the store? You’d bring home a box of discs, install them and cross your fingers that the product would do what you wanted it to. After all, once you broke the seal on the box, you couldn’t return it if you didn’t like it. And back then, what you could do with those programs was limited, too. You couldn’t link your bank transactions, pay bills automatically and get updates on your credit profile with the same program. (Did we even have access to our credit profiles 15 years ago?)
To put it simply, Quicken stinks! I’ve been a longtime user of the accounting program, as I’ve mentioned in my Quicken reviews. In fact, I’ve been using Quicken since it was a Microsoft MS-DOS product (now over 25 years ago). But due to the lack of new features, no customer service, getting tired of the constant updates, bugs and somewhat uncertain future — unfortunately, it’s time for me to say good-bye to Quicken.
Which finance software should you use, Mint or Personal Capital? This question is one that’s often asked because both are very popular online tools. At a casual glance, they might seem the same — both are personal finance apps, allow you to sync your financial accounts in one location, and are completely free to use. But there are distinct features that make each one different too.
When you use financial software you want to know that it’s secure, especially if you’re providing bank account passwords so that the application can track your income and expenses automatically. The good news is that many of these financial software companies are very serious about security, and your information is probably protected. Personal Capital is one of them.