Personal Capital Review What You Need To Know

Personal Capital is a rapidly growing digital wealth management company that provides free state-of-the-art financial tools to help people better manage their finances. Having free access to their feature-rich technology-driven platform can help people achieve their financial goals and build wealth.

Personal Capital’s digital wealth management arm provides comprehensive services with personalized financial advisors working with you on your investment wealth strategies.

Personal Capital has become a legitimate player in a strong field of traditional and emerging wealth capital providers. Key contributors include the economist Harry Markowitz, the “Father of Modern Portfolio Theory” used for portfolio construction for wealth management clients. Also,  behavioral economist Shlomo Benartzi has worked on retirement savings studies.

Personal Capital’s free money tracking app gives users access to free easy-to-use tools on its dashboard on a robust digital platform. Personal Capital’s holistic ecosystem allows syncing of financial accounts in one place.  Users can gain insights into their budget, track spending, cash flow, retirement savings, investments, and net worth.

Who Is Personal Capital Best For Personal Capital’s free money tracking can attract all users who want greater control over their finances, but it targets high net worth individuals who will benefit from wealth management. Being able to review your budget, see the inflows and outflows of money, you can become more mindful of your money, set financial goals, and take steps in creating a financial plan.

Is Personal Capital Safe? This question is reasonable to ask when you consider opening an account with Personal Capital or any financial institution and potentially exposing your hard-earned money. Personal Capital secures all data with AES-256 encryption, using the same rigorous standards as the US military.

Know Your Net Worth At Any Time Net worth is among the essential benchmarks you need. Everyone should track their net worth and its asset and liability components. When you log on to your dashboard, your net worth statement is what you see first by design. You get a real-time holistic view of your net worth broken into categories that belong to assets and liabilities.

Closely related to budgeting is the cash flow tool providing another way to look at my finances. I can compare the total cash flow to previous periods. Just like businesses have income, balance sheet, and cash flow statements, Personal Capital’s way of aggregating your accounts, provides different views of your money transactions in one place.

Cash flow gives you a picture of your income and expenses. To be financially secure, you need to spend less than you earn so you can accumulate more savings, pay off debt and invest more to build wealth.

Cash Management Although Personal Capital is not a bank, they have a savings product through FDIC-insured banks, providing up to $1.5 billion in FDIC coverage. That is above the standard $250,000 in any bank per person’s account. You won’t get rich by saving money in this bank or any other with the current low rates.

If you are serious about managing your personal finances and building your wealth, you will want to consider Personal Capital. The company provides an excellent entry for an average person to take advantage of its superb free suite of budgeting and other financial management tools.

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