Staying on Top of Your Finances with Personal Capital

Keeping track of assets, income, liabilities, and daily expenses manually can be a tedious task especially when there are numerous accounts involved (checking, savings, investments, and mortgage accounts). This is where Personal Capital comes into play. Personal Capital is a FREE and easy-to-use platform driven by data analytics which helps track these accounts while providing a detailed analysis on your financial health even till retirement. This platform is similar to Mint, however, based on my experience, Personal Capital is a lot easier to understand with a much more robust calculation engine and it has a much cleaner look.
The main benefits of Personal Capital based on my experience with the platform are as follows:
 - Tracks a lot of existing accounts with updates done very frequently.
- Excellent analytics dashboards which displays your net worth, cash-flows, income, and expenses giving the user the ability to forecast future expenses.
 - Algorithms that compute your investment portfolio performance and allocation across all your accounts as well as the fees you pay on each account (giving you the insight needed to optimize that account).
 - Retirement Planning
Based on market conditions and asset location, Personal Capital uses algorithms to forecast the median and 10th percentile projections of your future net worth till and after retirement. This allows you to get a feel on how much you should be contributing towards retirement based on your spending goals post-retirement and taking your social security into account. The platform also breaks down the tax-deferred, tax free, and taxable portions of your net worth.
Final Verdict: Personal Capital is a FREE and easy-to-use platform that helps track income and expenses as well as project future cash flows and net worth. Based on my experience, it is the best of such platforms out there today. I recommend this platform to provide insights as well as help keep you on track to being financially free and achieving FIRE status!


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