Once a month I will be answering a question from my readers. Please submit your question to me by e-mail at firstname.lastname@example.org. I will pick one each month to answer.
Question – How do I keep track of all the statements and accounts that I have?
– Deb R.
Answer – As a former Wealth Manager who oversaw the management of millions of dollars of individual and corporate accounts, I had access to very sophisticated software that tracked asset allocation, risk ratios, tax efficiency, fee expenses, weighted total returns and more. As an individual doing it yourself, I can understand that the task of keeping it all together is daunting to say the least. But there are many inexpensive on-line tools that can help you. It’s just a matter of picking the right one for your needs.
Some software will just keep track of your cash flow while others will integrate a portfolio, too. Below are a few tools that I have found:
- www.QuickenOnline.com – A tool that I use for my personal accounts. I also recommend QuickBooks for business accounts, but prepare for a steep learning curve.
- www.MEnvelopes.com – A tool that Financial Advisors have recommended for years.
- https://getpocketbook.com/ – Lots of valuable information on how to save, reduce debt, and build wealth.
- www.mint.com – A tool to aggregate all of your accounts into reports that will tell you if you are on track or not.
If you have any experience with the above tools, I would love to hear from you about it.
Click here to see a special report on portfolio tracking tools. Subscribers will receive a free PDF of the report that they can download.
Coaching Question – How do you keep track of what you own?