There’s a growing number of money apps to choose from. Which is the best one to help you grow your net worth? If you are trying to achieve financial independence and retire early, then it takes more than tracking your net worth. It’s all about getting your hard earned money to work for you.
According to financial advisory firm Personal Capital, the median US household net worth is not sufficient for most investors to realize a comfortable retirement. Net worth peaks at retirement age for those 65 years and up. House and property values may account for the majority of the net worth calculation.
For younger age brackets, net worth is impacted by holding significant debt such as a mortgage and student loans. In addition, the younger generations typically have lower salaries and less assets. But over time, these investments may result in higher net worth households.
My experience with different money apps...
How do you know when you achieved financial freedom? Achieving financial freedom can feel like a moving goal post.
But through trial and error, I’m living proof that financial freedom is within reach regardless of past financial mistakes. It just took the tiniest of tiniest baby steps to start seeing improvements in my net worth.
I first started using apps like Mint to track my different financial accounts, to include student loan accounts. Over time, my financial situation changed. More importantly, my financial goals shifted.
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FIRE goal: Financial Independence Retire Early (FIRE)
Once I paid off my loans, had a higher salary, and owned a condo, I found that Mint did not offer features that would help me reach FIRE. I also wanted to quit my 9-5 job...like yesterday!
That’s why I started looking at other personal apps that offer investing tips from 401K fee analyzer to (early) retirement planning.
So I did some further research after hearing great reviews of Personal Capital by several financial experts.
Depending on your financial situation and goals, there are many great apps to help you along your journey to financial freedom.
With your specific financial goal in mind, assess the key similarities and differences between apps that can help support you along your path to financial freedom...
Personal Capital Advantages
401(K) Fee Analyzer: Help your 401(K) grow faster! In order to maximize your 401(K) balance, Personal Capital’s fee analyzer can help you determine which funds in your retirement plan are costing you the most.
Retirement Planner: Personal Capital can help you determine if you are on track towards retirement and play “what if” scenarios.
Asset Allocation Target: Personal Capital provides their assessment to help you determine if your assets are over or under weighted in any of the major equity categories.
Financial Management: Personal Capital can manage your money and give investment advice.
Free to use: Now that’s a win-win situation!
Of the different money apps I’ve tried, my favorite personal finance tool is Personal Capital. In fact, over 1.8 million people use Personal Capital.
Whether you've been investing for years or a beginning investor, I highly recommend Personal Capital.
Their free financial software has helped me not only keep on track with my money goals, but increase my net worth in ways I could not have planned.
Their free personal finance software allows users to link their financial accounts onto one dashboard. This allows individuals to better track and manage their net worth more efficiently.
Individuals can connect accounts, such as mortgages, checking/savings accounts, credit cards, investments, and so forth. You can also track your cash flow, your spending, how much you're saving, how your investments are doing, and more.
3 Reasons to Use Personal Capital to Grow Your Net Worth
1. Early retirement
Can I retire yet? I asked this question many many times throughout my life in corporate. In order to know if I was even remotely close to financial independence, I played around with different early retirement calculators.
Of all the different calculators out there, Personal Capital offers one of the most in-depth retirement planning calculators. And it’s free to use!
Know exactly where you stand relative to your retirement goals.
2. Manage your net worth more efficiently
Having multiple investments and income streams is important to achieve financial freedom. But keeping track can be a major pain. I can barely remember my passwords to my social media accounts let alone all the other online accounts I have.
Through Personal Capital, you can also securely link all your financial accounts to get a complete picture of your net worth. Over time, you’ll see if your net worth is trending positively.
Then, take steps to make adjustments in your spending and savings habits. Close to 2 million people use the Personal Capital app to track and manage their net worth. Ready to face the numbers?
3. Investment strategy
Need support with investing? I hear ya. Determining your asset allocation and constructing your portfolio can be overwhelming.
The registered advisors at Personal Capital provide a range of financial planning support. This even includes home financing, retirement planning, and stock options.
We all may have similar goals for financial freedom but everyone’s financial situation is different. For a significantly less cost than traditional financial advisors, you can receive a customized strategy just for your specific situation today!