Personal Capital Review 2021 – Pros And Cons

What gets measured gets managed – Peter Drucker in The Practice of Management. I am sure, everyone has found value in some form of measurement to track goals which are important to them.

What is Personal Capital? Personal Capital is a Registered Investment Advisor with over $12B in assets under management. They are ranked #3 on RIA Channel’s list of the Top 100 Wealth Managers in 2019, as featured in Forbes.

Personal Capital provides a free tool which enables you to track your net worth; cash flow, budget, emergency fund. It also provides information with respect to your investments such as asset allocation, performance against benchmarks, any hidden fees which are eating away your retirement savings.

Net Worth Tracker In order to figure out your net worth, we must track what we own (assets), minus what we owe (liabilities).

Personal Capital Dashboard

Cash Flow Tracker

The solid line shows where you are this month against the same time (dotted line) for the previous month. The Cash Flow tracker is one of the best features to visualize if you are on the right track or adjustments need to be made.

Budgeting Personal Capital added the budgeting feature at a later point. When you first create an account, Personal Capital uses your last month expenses to define your budget. You can also set your monthly budget if you don’t believe the prior month is an accurate representation going forward.

Emergency Fund This is a sum of all your linked bank accounts. I use a strategy to earn over 8% interest on my emergency funds with various bank accounts. So this feature is useful to know my total emergency cash, across all accounts at a quick glance.

Retirement Savings

This is a visual gauge for this year’s net inflow into your investment accounts. This is not how much you have saved in the previous years. But rather to see how much you are putting money aside this year.

Personal Capital Planning Now we come to the most exciting part related to our Financial Freedom Countdown. Retirement Planning The Personal Capital Retirement Planner indicates if you are on track for retirement based on all your assets and liabilities. You can also setup goals for the future such as amount needed for a child’s education or a kitchen remodel; and the planner takes all of that into account.

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