Personal Capital is free to use and is the best free personal finance app to track your net worth, analyze your investments, and plan for your retirement future. I’ve been using their free tools to manage my finances since 2012 and have seen my net worth skyrocket.
Personal Capital is also a digital wealth manager that invests your money for you for a fee of 0.89% or less, depending on how much you invest with them.
I’m not a user of their digital wealth management service because I invest everything myself after having spent 13 years working in the financial services industry at Goldman Sachs and Credit Suisse.
I’ve personally spend over 1,000 hours consulting with Personal Capital between 2012 and 2015 in their offices in San Francisco and Redwood City. I’ve sat down with senior management countless times to get insights about the company, their strategy, and their growth. As a result, no other personal finance writer else has as much insights as I do about Personal Capital.
I had lunch with Mark Goines, Vice Chairman and Eric Weiss, Chief Marketing Officer in San Francisco to get an update about their operations as of 2H2018. At that time Personal Capital had grown to over 300 employees with a new office in Atlanta, Georgia.
As of 3Q2022, Personal Capital now has close to 1200 employees. They also run roughly $21.3 billion in client assets under management and track assets of 3.3 million registered users who use their free financial app.
I highly recommend everybody sign up to track their net worth, analyze their investments, and plan their retirement cash flow. The firm is clearly doing well and will be around for a long time to come.
Five Main FREE Personal Capital Features
Once you sign up for Personal Capital, you can take advantage of all their free financial tools to help you manage your money. Here are the main highlights.
1) Retirement Planner. This tool helps you to know if you’re on track to retire, and even allows you to make adjustments for major life changes, such as job/career/income changes, illness, childbirth or saving for college.
2) 401(k) Fund Allocation. Even though Personal Capital can’t manage your employer sponsored retirement plan, they can analyze the plan and make asset allocation suggestions based on all of the investment options available in the plan.
3) Net Worth Calculator. Track your assets and liabilities so that you can quickly find your net worth at any time. This tool will help you to really know if you’re on track to reach your long-term financial goals.
4) Cash Flow Analyzer. Use this tool to create a budget, where you can track all of your income and expenses whatever the sources may be. This will help you see where you’re spending mone so that you can free up income for savings, investing, and debt payoff.
5) Investment Checkup tool. This can provide a risk assessment of your portfolio, including your retirement plan. It will make suggestions to help you improve your asset allocation plan and make it consistent with your goals and personal preferences.
Personal Capital Is Free To Use
Personal Capital, founded in 2011 by the former CEO of Intuit and Paypal, has the best free financial software today for people serious about achieving financial freedom sooner, rather than later. If you’ve haven’t done so already, I highly recommend you sign up. The more you are on top of your finances, the better you can optimize your wealth.
Not a day goes by where I’m not thankful for leveraging the internet and all its free resources to help keep track of my money. Personal Capital has really allowed me to easily keep an eye on my finances so I can free up more time to spend with my family. There is no rewind button in life!
About the Author: Sam began investing his own money ever since he opened an online brokerage account online in 1995. Sam loved investing so much that he decided to make a career out of investing by spending the next 13 years after college working at Goldman Sachs and Credit Suisse Group.
During this time, Sam received his MBA from UC Berkeley with a focus on finance and real estate. He also became Series 7 and Series 63 registered.
In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $200,000 a year in passive income. Sam is also the Wall Street Journal bestselling author of Buy This, Not That. He spends time playing tennis, hanging out with family, and writing online to help others achieve financial freedom sooner, rather than later.
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