Author Topic: Any good net worth tracking tools out there?  (Read 5908 times)

Mo Money

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Any good net worth tracking tools out there?
« on: November 28, 2013, 07:22:14 AM »
I have been tracking net worth for years on networthiq.com.  But alas, the site owners have not been maintaining it, and it's going down the tubes fast as various functions become inoperable. 

So what tools are out there to track net worth?  If it's free and cloud-based, that would be great, but I'd appreciate any input. 

Honest Abe

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Re: Any good net worth tracking tools out there?
« Reply #1 on: November 28, 2013, 07:42:42 AM »
I use Mint, pretty happy with it

twbird18

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Re: Any good net worth tracking tools out there?
« Reply #2 on: November 28, 2013, 08:30:00 AM »
I like personal capital for tracking net worth.

arebelspy

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Re: Any good net worth tracking tools out there?
« Reply #3 on: November 28, 2013, 08:42:19 AM »
Make sure you grab your data from NetWorthIQ while you still can.

I've been using it for a few years as well, and continue to do so, but I also track in Excel at the same time.

Mint is great for tracking spending, but I find it sucks for tracking net worth for a number of reasons.

Excel is best, IMO.
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Honest Abe

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Re: Any good net worth tracking tools out there?
« Reply #4 on: November 28, 2013, 09:42:19 AM »
Mint is great for tracking spending, but I find it sucks for tracking net worth for a number of reasons.

Why's that if I may ask?

arebelspy

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Re: Any good net worth tracking tools out there?
« Reply #5 on: November 28, 2013, 11:52:45 AM »
Doesn't sync with all accounts, doesn't let me input my own numbers (for, example, home value, cash held, assets held that don't have online accounts yet have changing values, like notes, etc.), can't revise / edit historical numbers, etc.

It's just inaccurate.  I love Mint, am a huge fan, but their net worth is basically useless for me.

For others with a much simpler financial life it could be a useful start, but I'd still recommend someone move to something like NetWorthIQ (and then Excel), but YMMV, obviously.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

Spork

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Re: Any good net worth tracking tools out there?
« Reply #6 on: November 28, 2013, 12:30:27 PM »
I've said this elsewhere, but I say again:  gnucash

Pros:
* free
* opensource (if you want to hack at it)
* probably the most "correct" when it comes to accounting
* auto updates of stock/fund/etc prices
* your personal data is local to your system and not stored out on someone else's site

Cons:
* not as slick as a lot of the alternatives
* built-in graphing/charting is not so great (but it's open source and you can make your own if you are so inclined)
* not as well integrated into online accounts (which I actually see as a plus but others may not).  This is mostly because it's more designed to be used in some European environments.  It will import normal file formats (MS money, quicken, etc).

I like it because it runs on Linux (which is what I use) but it will run on Win/Mac too.  And because it's super easy to parse the backend file and do all sorts of fun things with it.
« Last Edit: November 28, 2013, 01:05:08 PM by Spork »

mjs111

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Re: Any good net worth tracking tools out there?
« Reply #7 on: November 28, 2013, 12:43:59 PM »
I just use Excel.  There's a bunch of graphing functions in there as well.

Mike

chasesfish

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Re: Any good net worth tracking tools out there?
« Reply #8 on: November 28, 2013, 03:15:39 PM »
Excel.  Assets minus liabilities = net worth

Bruised_Pepper

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Re: Any good net worth tracking tools out there?
« Reply #9 on: November 28, 2013, 03:43:23 PM »
+1 to Excel.  It's easy, and you more than likely already have it. 

ender

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Re: Any good net worth tracking tools out there?
« Reply #10 on: November 28, 2013, 07:28:14 PM »
I use Mint for quick picture stuff but track two financial stats in a google doc - net worth and net investment worth. Right now I'm using Mint to give me this information though :)

Charlotte

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Re: Any good net worth tracking tools out there?
« Reply #11 on: November 29, 2013, 05:03:48 AM »
We have a spreadsheet that I update at the end of every month.

Liquid/semi-liquid assets + Real estate equity + Vehicle equity + Retirement = Total net worth (with a beginning of year comparison and a last month comparison)

dadof4

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Re: Any good net worth tracking tools out there?
« Reply #12 on: November 29, 2013, 12:11:15 PM »
Doesn't sync with all accounts, doesn't let me input my own numbers (for, example, home value, cash held, assets held that don't have online accounts yet have changing values, like notes, etc.), can't revise / edit historical numbers, etc.
Most of these issues are quite simple to fix in Mint. In your accounts, there's a tab for "other" - you can manually add anything you want there. I have cash, cars and a loan I've given to a family member.


arebelspy

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Re: Any good net worth tracking tools out there?
« Reply #13 on: November 29, 2013, 01:40:57 PM »
Doesn't sync with all accounts, doesn't let me input my own numbers (for, example, home value, cash held, assets held that don't have online accounts yet have changing values, like notes, etc.), can't revise / edit historical numbers, etc.
Most of these issues are quite simple to fix in Mint. In your accounts, there's a tab for "other" - you can manually add anything you want there. I have cash, cars and a loan I've given to a family member.

If I'm doing that might as well just change an excel cell - faster and less work.

The advantage of Mint is the automated bits.  For me, that's tracking spending.  If I'm manually updating, like with tons of net worth items, what's the use of the tool?  Excel becomes more useful.

Thus why I track spending in mint and net worth in networthiq and Excel.

Less work, more flexibility, and more ways to view and use the data.

Like I said, I'm a huge fan of Mint and evangelize it a lot, but it's not a good tool, IMO, for net worth.  YMMV.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

dadof4

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Re: Any good net worth tracking tools out there?
« Reply #14 on: November 29, 2013, 08:25:53 PM »
If I'm doing that might as well just change an excel cell - faster and less work.

The advantage of Mint is the automated bits.  For me, that's tracking spending.  If I'm manually updating, like with tons of net worth items, what's the use of the tool?  Excel becomes more useful.

Thus why I track spending in mint and net worth in networthiq and Excel.

Less work, more flexibility, and more ways to view and use the data.

Like I said, I'm a huge fan of Mint and evangelize it a lot, but it's not a good tool, IMO, for net worth.  YMMV.
For me, with holdings spread among several retirements accounts, brokerages, real estate properties, savings and checking accounts, Mint is a godsend. They are all automated, and keeping track of them with a spreadsheet would be too much work to do very often.

I agree you lose some flexibility, but the ease of having everything in one place (and most of it automated) trumps that.