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A new net worth milestone?

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  • fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 673
    Joined: 01/26/2017

    Personal capital is a good service, I suppose, but Fatlittlepig is not convinced that obsessively checking your net worth daily or multiple times a day is healthy. Fatlittlepig will periodically delete the app and redownload it at a later date. Don’t forget your worth as a human being has nothing to do with your net worth.

    #212096 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1866
    Joined: 09/16/2016

    I use Vanguard to track my investments and wealth. What do you all get out of Mint or a Personal Capital? Just to track spending?

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    I was with PC for several years, able to duck most of their phone calls.

    I started getting a bit irritated with their tracker as they changed the profile assessment of the Vanguard small value cap fund I had which suddenly threw my allocation % way out of whack (and right after I did some re-balancing which added to the frustration).  At the time I decided to continue with them at the time just because of the fund consolidation factor.  But not soon after my wife’s Simple IRA account started having issues with logging in that couldn’t resolve itself.  After a few months I looked into it and it seemed the Simple IRA login page had changed and needed to be updated on Personal Capital’s side.  I sent them an email explaining the issue and gave them the new login website to make it super easy for them.  They sent me a speedy initial email saying my concern was upgraded to their problem solving team or whatever it was called, but after 3 months of no resolution despite my follow up emails I finally deleted my profile with them.

     

    Probably for the better; I used to look at my index literally every weekday evening which can’t be good for mental health.

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    That is the holding pattern I am in now.  Sounds like I will become one of the spreadsheet guy.  Better learn how to use Excel  

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    I deleted my account with Personal Capital after the first time they called me.  I didn’t want to use a central tracking site like that anymore anyway.  I deleted my mint account too.  I just manually keep track of everything through my Vanguard account.  I find it fun updating my totals every month or so and seeing the numbers rise.  All of our spending is on one credit card (for the airline miles) so we can easily track our spending there.

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    Add me to the list of keeping track of everything through Vanguard.  I have to manually enter my wife’s 401k, which is in three funds right now.

    For the net worth figure, once or twice a month I open up four or five windows and update my excel sheet.  Sometimes I even pull a wholesale value on the cars, plus a rough estimate of personal property.  Takes about two minutes plus about five minutes looking and tinkering.

    Personally I don’t track spending, it’s just not that interesting to me.  I buy what I’m going to buy and my wife does the same.

    I’ve been tempted to try personal capital but the thought of giving all my logins to another site gives me the creeps.

    LEVEL 1 WCI FORUM MEMBER.

    #212097 Reply
    Avatar Dicast 
    Participant
    Status: Physician
    Posts: 400
    Joined: 01/09/2016

    I use personal capital and I’ve only ever been called one time. I told them I subscribe to boglehead theory and they seemed to get it. I’ve used the same line each time a financial advisor calls me and for the most part is has been very successful in shortening their push. I have had thoughts of deleting my personal capital at a certain net worth but I do find it useful for combing through past transactions. When I’m taking my home office deduction, calculating all of our power bills, etc it is much easier to search PC for my power company and have 12 transactions from the year pop up.

    Get outside of your bubble.

    #212106 Reply
    Liked by Zaphod
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3614
    Joined: 01/08/2016

    Why are all you people answering your phones?!

    #212117 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1381
    Joined: 12/07/2016

    Why are all you people answering your phones?!

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    Great question!  I actually don’t answer any phone calls I don’t recognize.  I figure if it’s important, they’ll leave a message.  BUT, Personal Capital left me a message.  Of course, I didn’t call back.

    #212137 Reply
    Liked by Peds
    Avatar Dicast 
    Participant
    Status: Physician
    Posts: 400
    Joined: 01/09/2016

    @peds
    I use a call blocker that catches most stuff now but I don’t mind answering a call from a company I use.

    Get outside of your bubble.

    #212262 Reply
    Avatar Financial Naive MD 
    Participant
    Status: Physician
    Posts: 29
    Joined: 05/05/2019

    I have used Mint for several years, never get a phone call.  However, I am more concern about Cyber Security than annoying phone calls.  If someone hacks in to their data bases, our user names, passwords and security questions are at stake.  We could wake up one day and someone has sold all the stocks for us.  They are unlikely to get money transferred into their accounts, but would be a disaster I don’t even know how to solve.  Just a thought.

    #213006 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2132
    Joined: 01/03/2017
    I have used Mint for several years, never get a phone call. However, I am more concern about Cyber Security than annoying phone calls. If someone hacks in to their data bases, our user names, passwords and security questions are at stake. We could wake up one day and someone has sold all the stocks for us. They are unlikely to get money transferred into their accounts, but would be a disaster I don’t even know how to solve. Just a thought.

    Click to expand…

    That’s a risk for anything financially related on the internet from you credit cards, bank accounts, investment accounts, etc.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #213010 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 793
    Joined: 02/11/2019

    I guess I will go back to stuffing money under the mattress and burying gold in the backyard.

    “Never let your sense of morals prevent you from doing what is right.”

    #213053 Reply
    Liked by PhotonsRGR8, Hank, Tim
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018

    “We could wake up one day and someone has sold all the stocks for us. ”

    I would suggest you understand brokerage agreement.
    And your banks and credit cards…….
    “ We will reimburse you for any financial losses that result from unauthorized activity on your accounts.”
    Those little agreements are kind of important.

    #213071 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1866
    Joined: 09/16/2016

    “We could wake up one day and someone has sold all the stocks for us. ”

    I would suggest you understand brokerage agreement.
    And your banks and credit cards…….
    “ We will reimburse you for any financial losses that result from unauthorized activity on your accounts.”
    Those little agreements are kind of important.

    Click to expand…

    Though I wonder how many banks and brokerages have an out for when you’re handing your username and password out to third parties.

    LEVEL 1 WCI FORUM MEMBER.

    #213535 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018

    “Though I wonder how many banks and brokerages have an out for when you’re handing your username and password out to third parties.”

    Actually I asked the question of Chase and Fidelity and got the same answer.
    1) If it is to a company or group, I am covered. Things like TurboTax, Personal Capital have access and restrictions and responsibilities between the entities. Any loss would be covered since data sharing was the only access I authorized.
    2) If I give out user name and password to a third party, I am responsible for loss. It is your electronic signature, you authorized them to act on your behalf.
    Same as making someone an authorized to write checks or pay personal bills.

    Not sure of all the third parties you are referring to, but I would read the fine print (if any). For example, an FA can have trading capabilities and fee withdrawals. Yes you need to understand that withdrawal authorization. Most likely Fidelity would deny liability if your FA cleaned you out or changed the beneficiaries. You do know that separate limited user names and passwords and forms are available for those reasons I assume.
    That was kind of my point, when you click a button that says “I Agree”, know what you are signing. Know your bank and brokerage policies. Handing out user names and passwords isn’t a great personal practice. The reality is, no one will cover losses if you contributed to them. Never heard of anyone losing money from “unauthorized access”.

    #213639 Reply

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