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  • net worth app

    Hello all:

    Kind of a funny question -

    I have installed an app on my iPhone called WealthPlus Net Worth. It is a simple app that allows me to create categories (eg, brokerage account, HSA, 529, Roth IRA, money market...)and enter dollar values in the categories to keep track of net worth.  I thought that this was a nifty way to keep tabs over time, and produce fun charts etc...

    My wife recently asked me if this is safe to have this info on the app? In other words, could someone access this and I become a target?  This did not even occur to me, until she brought it up.  I am really not that concerned, but maybe I should be?  The app is password protected...

    Anyone have thoughts on the safety of doing this? Even if someone was able to access this, they would simply know my net worth (which I guess I would rather keep private), but this is in no way linked to individual accounts...it is simply dollar amounts that I compile and enter into the app.

    Thanks!!

  • #2
    If it's just dollar amounts then the risk is, as you state, some hacker just knowing your net worth. Probably not a big deal. I use an excel spreadsheet and update it at the end of the year for keeping track of net worth progress.

     

    The bigger thing I would be concerned about is the app selling your information to companies who then bother you based on your net worth.

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    • #3
      I have an old school app called “a spreadsheet”, which allows me to do the same and also keep all of my financial information behind my own password-locked computer. Check it out!

      (Edit: Apologies for the wisecrack but could not help myself. A simple spreadsheet does the trick.)

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      • #4
        you can add the fund name and number of shares to vanguard.com and they will track changes to the balances.  I prefer this since I don't have to give out any passwords and it is easier to track.  I do need to manually update the number of shares after my 401k semi-monthly purchase but I'm ok with that.  the spreadsheet method is fine too but that requires a little more manual entry with share price fluctuations (unless there is a way to automate this)

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        • #5
          Spreadsheets?  Jeez y'all are some high-tech wizards.  In my day we wrote it down on the back of an envelope... :lol:

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          • #6
            I use sigfig. You can access it by computer or with an app. You can link it to your existing accounts so it will automatically update or you can enter it your self and create lists of individual buckets/accounts. I enter the stuff in myself.

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            • #7
              i use personal capital app to look at my networth. it works well for me.

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              • #8
                Use Quicken for NW and keep track of fund share amounts, bank transactions, cc and such.  Use Spreadsheets to track an accounts performance quarterly along with a spreadsheet to track retirement accounts relative to goals and return/tax projections.   The issue is defining NW for yourself, though there are alot of opinions on the subject beyond the basic formula of NW= Assets - Liabilities.

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                • #9




                  Spreadsheets?  Jeez y’all are some high-tech wizards.  In my day we wrote it down on the back of an envelope… ?
                  Click to expand...


                  An envelope? Luxury.

                  We used to use a sharp stone to scratch it into the wall of the cave.

                   

                  This thread could easily descend into a Four Yorkshiremen bit very easily. Worth looking up on YT if you don't get the reference.

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                  • #10
                    I use Mint and like it.  I set up Personal Capital but prefer Mint.  Mint has good phone widgets.

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                    • #11
                      if you follow the news daily you will see how frequently there are hacks into any number of online entities.

                      not only should you NEVER consolidate all your financial info into a single app such as a net worth, you should use different passwords for every single financial entity you have e.g. your bank, retirement etc.

                      as the first reply said, you need to get real basic and use a spreadsheet and manually enter it in and keep it offline.

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                      • #12







                        Spreadsheets?  Jeez y’all are some high-tech wizards.  In my day we wrote it down on the back of an envelope… ?
                        Click to expand…


                        An envelope? Luxury.

                        We used to use a sharp stone to scratch it into the wall of the cave.

                         

                        This thread could easily descend into a Four Yorkshiremen bit very easily. Worth looking up on YT if you don’t get the reference.
                        Click to expand...


                        Before someone beats me to it.... your family had a cave?!! ************************ 1%ers.

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                        • #13
                          I just downloaded this wealthfront net worth app.  I don't see what the benefit of it is, it is basically just like an excel spread sheet you enter data into.  I don't see why you would worry if someone hacked it, it doesn't seem to link to any of your accounts.  I agree with being cautious with financial institute passwords.   I use double identity for most of my accounts.

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                          • #14
                            If you enter ANY information that is identifying (you did), you have increased the potential of ID theft substantially. Your email alone can be liked to anywhere else data was exposed now or in the past. Link email to loan data, tax return date, and your brand new wealth overview can put a target on you. The scope of some of the data breaches is such that someone is likely trying to sell your data. Congratulations, your email name and wealth spreadsheet greatly enhanced your value for anyone looking to ripoff your ID



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