Disclaimer: I’m an affiliate of Personal Capital so I may receive a commission if you sign up and link an investment accounts over a certain amount. You may receive a call from Personal Capital soliciting you to try their paid services but you’re not required to sign up.
If you’ve followed many money management sites and investing sites you’ve probably heard of the free tools Mint and Personal Capital. I used to think of Personal Capital as being the fancier version of Mint for investors. After all, they both have budgeting tools and they both have some investment tools. But they both excel at different things and actually work together well. Together but separate that is.
Personal Capital – Your Investment Manager
In my opinion, here’s the best way to use both. Link up your investments to Personal Capital. This is where it excels- as an investment advisor. Personal Capital’s FREE service will analyze your portfolio and let you know what your risk level is and your current asset allocation as well. It gives a more sophisticated asset allocation than your typical split of just stocks and bonds. It breaks things down to also slice out international and stocks and bonds as well as alternative investments and cash. Their analysis tool also shares their recommendations of appropriate allocation.
In addition to this, Personal Capital will police you investments to look for high expense ratios to make sure you’re not spending more then you ought to for a mutual fund. Overpriced mutual funds. They’re a thing. Don’t let it happen to you.
But here’s where I’d say to stop connecting accounts in my humble opinion. I wouldn’t bother with cash flow. Keep Personal Capital strictly investments like 401k, Roth IRA’s, Rollover or Traditional IRA’s or regular taxable investments. Leave the checking accounts and credit cards to Mint which is IMO the cash flow specialist. Sign up for Personal Capital here.
Here’s an overview of how it works:
Mint- Your Cash Flow Manager
Mint is great for tracking your spend and inflows of cash. It has nice tools to help you budget and track your spending so you know if you’re overspending in a category. You’ll also get alert emails if certain spend exceeds what is typical. This can help you prevent fraud and overindulging yourself. Mint has investment tools but I say leave that to the specialist at Personal Capital and again if you sign up for Personal Capital and link an account now you’ll get a free $20 credit with Amazon.
Escape the Rate Race!
Subscribe to get notified when there is new content to help you escape the rate race!