1. I hate giving my data to a third party
2. There always ends up being some limitation that forces me to exclude part of my assets, doesn't let me handle something the way I wish, etc
I never liked the big heavy ones with all the bells/whistle integrations that want your password so they can log directly into your financial accounts. And the integration would always break, causing my net worth to swing by double digit percentage points. I ended up spending more time nursing the integration than actually watching my net worth.
This is a bit simplistic. It’s more focused on setting a target return and cash flows consistent with your current life plans. Whether this is a defensive or more aggressive position is really up to you and your goals. But Wealth managers are about putting an investment strategy in place to achieve that. They also help actively manage your portfolio to address macroeconomic trends.
This is just me, but if I had legal work and deep pockets, I'd hire a lawyer.
>a majority of people think that when it comes to finance they can compete on an equal level with experts who do this every day
>But if your skilled you surely save a ton of fees.
If you are "focused on wealth preservation" rather than "generating high returns", what is the need for skill?
If I won the lottery, and I just sent, say, a $500M check to a regular discount broker and bought an index fund, is someone going to take it away from me? Are the wealth management divisions of every podunk bank and credit union there for a reason? Would I need to hire "protection"?
Warren Buffett famously said he "upon his passing, has directed the trustee for his wife’s benefit to “put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.”
And Barack Obama reportedly put all his assets in government bonds when he became President to avoid conflicts of interest.
Obviously not everyone takes this sort of simple approach, but some famous examples seem to prove it's possible.
[1] https://www.gnucash.org/docs/v5/C/gnucash-guide//chapter_inv...
[2] https://www.gnucash.org/docs/v5/C/gnucash-guide//rpt_standar...
Yes, Ledger can do all those things. No, it doesn't do this "out of the box".
I do most of these things. Simple, by adding meta-tags to my ledger. I'm just now working on consolidating on all my willy-nilly scripts and tools. And then plan to turn this into an actual "investment dashboard" ala ghostfolio but using the ledger as source.
In the end, a plain-text-ledger is just a of database. And the ledger query language (e.g. bean-query-language) a way to query it and produce reports.
So, what you are asking is more like "can SQLite categorize assets, give a breakdown of the exposure according to such cats per industry, region etc". Well, sure it can. But it's a bit of a strange question.
https://github.com/berkes/bullboard-rs https://github.com/berkes/tabula
Again: early. But tabula is my consolidation of random "beancount/ledger" stuff regarding running my small business and startup. And bullboard my consolidation of random "beancount/ledger" stuff regarding everything investment related. The latter is just a CLI tool for now, and barely works. But once the businesslogic is done, I plan to add a web-interface alike ghostfolio to it. A tad simpler, I think, though.
Is this able to plot different Roth + 401k strategies to maximize tax advantages and returns? Also figuring in your small business activity and write-offs? Big picture.
I've been watching YouTube videos explaining various strategies and ways to bank yourself. Totally pissed me off that no one told me all of this before. My lack of knowledge has really hosed my finances bad and I was the person that would help coworkers figure all this stuff out. I found a lot of people just leaving their money in money market funds in their matched 401 and they were very apprehensive about doing anything. Even saw a trained broker do this.
People are leaving a lot of wealth on the table because they don't know the laws and how they can get rich moving their money around and they will not go to advisors for various reasons,again, mostly out of ignorance. I hear advisors often don't know these laws or fail to tell people.
I had no idea you could get a solo 401k and completely self-direct the investments (I.e put the money into your business or a friends). Searched Fidelity and was able to dig up the PDF forms.
I always thought it was evil to borrow from your 401k,and indeed every document you find on this throws up scary words and harsh language and intermixes the topic with withdrawals. Powerful source of funds that people avoid out of fear and ignorance.
I'm not concerned with watching balances but would like something that can present scenarios for various vehicles and suggest different courses of action.
I want to start a small business, what is the best way for me to fund that without risking to much or getting hosed on taxes...
- It’s counterintuitive, but during your saving years you’re better off if the market’s doing poorly because everything’s on sale. If you’re retired you want the opposite.
- Frequently looking at your net worth is a big distraction. Just focus on the things you can control, like your savings rate and expenses.
PP is easier to set up though, it's a plain old Java desktop application.
https://www.portfolio-performance.info/en/
Edit: it works well for crypto too, you can track anything that has a count and a price.
I’ve been exploring such projects off late myself. I found https://github.com/ananthakumaran/paisa to be a really clean and well implemented project on similar lines. It already handles a bunch of asset classes familiar to the country I’m residing in which is tempting me to give it a shot sometime soon!
I’m probably a minority but I don’t micromanage my wealth. General account level information is good enough. I also do not trust wealth managers, usually their advice is terrible. Schwab automatically assigns a person on your account after a certain wealth threshold. They call me occasionally to make sure I’m aware of the risks which of course I am.
The amount of websites that don’t support control+click indicate to me that most people don’t use the method.
Edit: but regardless it’s not okay to hijack the back button.
Though I haven't yet seen a part of this tool that makes projections. Did I miss that?
All I need to do is keep track of whatever I transfer to my broker and number of securities purchased for each type of security.
Works well enough for an investor. Does not work well enough for a gambler (day trader) :p
it's not open-source (yet) but we're giving you all the data of connected portfolios and bank accounts via api and it's free if you just want the data. Also we are investing a lot of time in asset matching and market data (even options are supported), something all the other tools we've tried fell short of (especially global stocks and multi currency accounts).
When you say "(yet)", are you referring just to the API code or everything? Because I'd love to use this if I could host it myself.
I’d love to open source the dashboard first as it is probably useful to self-host and just feed with your own data. Let me know if you have any questions.
JavaScript packages are one of the fastest routing rotting set of dependencies.
I'll wait for the teaser
On the other hand you have some onlyfans girls flashing their ass for 10 seconds getting thousands or even millions.
I just don't get this sentiment. Nothing lets me model free-form questions as quickly, easily and effectively as opening up Excel. I get there are better tools for specialized or defined problems, but the spreadsheet is still my go-to general purpose tool.
Edit: took me a while to find it, but the last similar too I tried was https://projectionlab.com/, and while paid, it's UX is way better.
I love projects like these exists, but not being able to download the data automatically from my accounts was a dealbreaker for projects like GNUCash.
Is it "a thing" that you post your stuff in Reddit, Dev.to, and a random "Awesome" repo on GitHub and then use that as "social proof"?
"Seems legit." - Some guy on Yelp
GNU Affero General Public License v3.0
Disclosure - I work at Kubera.
The premium hosted edition of this service isn't inspiring confidence if their front page, presumably residing within the same cloud infrastructure, can't handle the HN hug of death.
Operational issues aside, I love seeing open source self-hosted breaking into retail wealth management. Right now, it seems everybody I speak to that isn't a professional or institutional investor defaults to a frankenstien combination of spreadsheets and/or web frontends exposed by banks and 'standard' wealth management sites like Wealthfront/Bettermint.
With banking / brokerage platforms like Alpaca, it's possible to create an open source roboadvisor, but I'm not sure who the market would be. Someone who is interested in algorithmic trading would go directly access the API's, and someone who wants a hands off experience could choose from existing products, or get bundled services from a big bank.
I'm squarely in the frankenstein of spreadsheets, but also made a mobile frontend in https://jch.app The people I've talked to who use spreadsheets do it because it's fun.
Outside of people who money manage for a living, most analysis tools seem to fit into a "low frequency, low pain" problem for individuals in the "retail" segment. UHNW have so many assets they need tailored help. And people with huge pain in debt don't have much time, or lack the wherewithal to manage spreadsheets or analysis apps.
For example I would like to calculate the impact of wash sale or seeing the tax impact for selling from certain lot (in terms of short/long term taxes). And if you did these what would your tax impact look like if you sold things at expected mark growth rate (or certain value you set).
Normalize spreadsheets as evergreen technology. Say no to weeb3 in 2023.
Do people with real wealth really use open source tools?
Or do they have meetings with their accountants, bankers, brokers.
This is really "wanna be wealthy" tools.
For example, you add all your accounts/investments and have the software calculate how much you need to save so that by age 65 (retirement) you have $X which you will need so that by the time you reach life expectancy (say 90 y/o) you have > 0$ left.
There is other stuff you can add in, like "I would like Y$ saved by 20XX so that I can purchase a house. How will that affect the amount I need to save now and how much will that affect my savings at retirement."
> Or do they have meetings with their accountants, bankers, brokers.
It is probably a good idea to have a financial advisor do this for you since they have the know-how (and certification depending where you live) and will know about regional benefits you can apply which can increase your "wealth". However, if you want to do this yourself because you know the space then there is software like this, or Wealth Simple for example.
So if I have an extra $5 I can manage that "Wealth".
You don't get wealthy by giving someone else 1% of AUM for performing on-par with a passive investment in index funds you could self-manage. So, sure, this is "wanna be wealthy", but what even is "wealthy"? I have a plan using spreadsheets and other tools that is on track to take me into low-mid double digit millions prior to retirement, I can't imagine giving someone 1%, which can be six-figures or more, every year for clicking some buttons. At some point managing my own wealth is worth more investment of my time than any other occupation.
This is how advisors are typically paid, but this isn't all that they do. Empirically, as people make more money, they turn more to advisors and away from self-directed or robo apps.
Lots of people have opined on why, if you follow the trade publications for advisors. To me, the reasoning comes down to risk: if you have a lot at stake then you will pay money for a lawyer to review for $$$$ per hour. If you have a lot of money you will pay 1% if you can feel more comfortable that the advisor is handling all the aspects of it and you can sleep better at night.
I don't trust industries that use ignorance to line their pockets, which is why I manage my own wealth.
So you're more wealthy then the person working 2 jobs, living with 3 roommates, commuting by public transit.
Wealth is just your possessions with value.
This is just being "pedantic about social class".
The term "Wealth" is just a word for money.
Pedantically, any money can be termed "Wealth".
So if I have an extra $5 dollars, I can manage that "Wealth", and I should not get hung up on a term that the ignorant masses associate with a "Social Class".
There are no social hierarchies, we are all wealthy on a sliding scale, from 5$ to $5MIL to $50BIL.
Build a tool that allows people to organize their 5 spreadsheet and you win.
1. Overview spreadsheet that shows my current net worth (fed from my other spreadsheets), a monthly snapshot of spending, income, and assets, and number of months until FIRE based on my trailing 12 month spend and income.
2. Spreadsheet tracking stocks I own + their current value
3. Spreadsheet tracking my crypto transactions (that I run a script against to get the cost basis and current value to plug into spreasheet 1)
4. Lunchmoney.app - website that I use to track and categorize spend. This data fees into my overview spreadsheet.
