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What Apps Do You Use? (Part 2)

What Apps Do You Use? (Part 2)


A listener asks ”What apps or tech do you use to help manage your finances?”

In part 1 of this two-part show we spoke about budgeting and expenses. In part 2, II talk about:

  • How I use a spreadsheet to track my Investments
  • What is important to track when it comes to investments
  • PersonalCapital: A tool to aggregate investment accounts.
  • Fidelity / Schwab / Vanguard / Other: How free tools from these companies can help but also their limitations.
  • What to do with Credit Cards
  • Why a password manager is important

Find out more about Mike at and connect at


Matt: 00:00:00

Welcome to real financial planning broadcast on w K X L and available

Matt: 00:00:04

wherever you get your podcast I’m Matt Robson joined as always by Mike Morton

Matt: 00:00:08

of Morton financial advice and host of financial planning for entrepreneurs

Matt: 00:00:12

A fantastic podcast The Mike Morton

Matt: 00:00:13

podcast Mike

Matt: 00:00:14

welcome back

Mike: 00:00:16

Thanks Matt It’s good to be here.

Mike: 00:00:17

I like that You still have

Mike: 00:00:18


Mike: 00:00:18


Mike: 00:00:19

up behind You there

Matt: 00:00:20

Well I’m

Matt: 00:00:21

feeling extremely patriotic now an old

Matt: 00:00:23


Matt: 00:00:23

Um you know it’s

Mike: 00:00:25

but where’s where did you put the kids’ artwork?

Mike: 00:00:27

Where did that go Don’t tell me you put it it in the in the

Matt: 00:00:30

You know there’s there’s a story

Matt: 00:00:32

to be had in this And I’m gonna go ahead and tell it real quick I have the same

Matt: 00:00:35

problem that a lot of parents have, which is you have treasured children’s

Matt: 00:00:38

artwork What do you do with it after a certain amount time And I was introduced

Matt: 00:00:43

to an app I won’t even say the name of it cause I don’t want to sued for

Matt: 00:00:47

libel but you people are like, oh, use this app It’s great You just take a

Matt: 00:00:50

photo and it’ll store it like a filing system you a digital version then you

Matt: 00:00:55

can throw out your doodle Well, I was obsessive and I read the fine print and

Matt: 00:01:00

it turns out that they get intellectual property rights to whatever you

Mike: 00:01:06


Matt: 00:01:07

submit with them which

Matt: 00:01:08


Matt: 00:01:08

weird because it means like, well what if your children’s

Matt: 00:01:11

artwork includes like selfies?

Matt: 00:01:14

Or like, I don’t know really good Or it includes photos Like they own all that

Matt: 00:01:20

up I’m not worried it’s gonna end up on a mug but it’s like you no longer Own

Matt: 00:01:25

this stuff, and it can be used anywhere throughout the universe commercial

Matt: 00:01:29

purposes or who knows what other purposes including you know they have

Matt: 00:01:32

rights to personal

Matt: 00:01:33

information about The whole thing is weird So anyway

Mike: 00:01:35

How long.

Mike: 00:01:36


Mike: 00:01:36

speaking of AB which we’re talking about today, but I’m curious,

Mike: 00:01:40

how long was the legalese

Mike: 00:01:42

document that you read through

Matt: 00:01:43

it it was long but I what I did

Matt: 00:01:45


Matt: 00:01:45

I scanned

Matt: 00:01:46

down to personal information which was like section four So you know, like I to

Matt: 00:01:51

the good stuff It wasn’t like a situation where the You sign the iTunes user

Matt: 00:01:55

agreement You know they did south park about that where it turns out that you’ve

Matt: 00:01:58

agreed to attach yourself to other human beings become a human sent iPad Um that’s

Matt: 00:02:04

that’s not what was going on with this but still, it’s just a good reminder as we get

Matt: 00:02:08

it into discussion about apps and tools to use Read the fine print And I I should

Matt: 00:02:12

say, so look, we are answering this is part two of answering a listener question

Matt: 00:02:17

about Hey Mike what apps and tools and planning devices and programs do you use,

Matt: 00:02:23

or do you recommend, or do your clients use to make financial planning and you

Matt: 00:02:27

know all of our financial management in our lives a little bit it easier this is

Matt: 00:02:31

actually a great thing to say, which is Just because we mentioned something you

Matt: 00:02:36

shouldn’t skip reading the fine print yourself We’re not suggesting that any

Matt: 00:02:39

of these things do cause to sign away the to your kids’ artwork or you know to have

Matt: 00:02:45

yourself attached to other human beings become a human centipede But you should

Matt: 00:02:49

always read the print on this stuff right So listener question It’s a great listener

Matt: 00:02:54

question about what you use We we’ve covered what you use for budgeting Let’s

Matt: 00:02:58

talk about investments What do you use

Matt: 00:03:00


Matt: 00:03:00


Mike: 00:03:02

Yeah so on the investments and this is a good one that you want to

Mike: 00:03:06

track over time Now some people get very obsessive of tracking their investments

Mike: 00:03:11

you know they might check say Daily or hourly where my investment’s doing.

Mike: 00:03:16

And then other people, maybe check every five or 10 years.

Mike: 00:03:20

I just booked the money away in my 401k I must have made some choices about where

Mike: 00:03:24

it’s going so I’ve had clients at both ends of those spectrums where it’s like,

Mike: 00:03:29

oh, I think I’ve got stuff in 401ks.

Mike: 00:03:31


Mike: 00:03:31

don’t know I haven’t checked in quite a few few years

Mike: 00:03:33

and then I

Matt: 00:03:34

that in the in our next

Matt: 00:03:35

episode we are gonna talk about that exact

Matt: 00:03:37


Mike: 00:03:37

That’s right And then I have people you know who who want to talk

Mike: 00:03:40

stock market and stocks and movements and all that kind of stuff but it is

Mike: 00:03:44

important to track over time And today we’re talking about the apps I love

Mike: 00:03:49

tracking your net worth over time.

Mike: 00:03:51

I like doing that once a year I do that in simple spreadsheet So that’s

Mike: 00:03:55

really easy Just kind of like write down everything you own and everything you owe

Mike: 00:03:58

I’m not gonna get into net worth today.

Mike: 00:04:00

We’ll talk about but stick on the investment So the reason

Mike: 00:04:02

you want to track it is just.

Mike: 00:04:04

you’d like it to go go over time.

Mike: 00:04:06

so that’s good.

Mike: 00:04:08

And you also wanna see how you’re adding to it and I like to also

Mike: 00:04:11

look at the diversification That’s the biggest reason that I’m tracking

Mike: 00:04:16

for myself my own investments.

Mike: 00:04:18

So what what do I use I I actually use a spreadsheet All right For tracking my

Mike: 00:04:22

own investments so I I love I use ’em all the time so it was pretty easy for

Mike: 00:04:27

me to build build my own spreadsheet I have I want to say 4, 5, 6 different

Mike: 00:04:32

accounts Between individual retirement accounts 401ks brokerage accounts

Mike: 00:04:37

might be a couple more than that.

Mike: 00:04:39

And I list all the holdings for each of them in one spreadsheet.

Mike: 00:04:43

So each of those accounts five or six accounts might have five or six things

Mike: 00:04:47

and but they don’t change that much over time So once you build it like copy

Mike: 00:04:50

and paste all the ticker symbols and everything and then it rolls up for me

Mike: 00:04:54

I just built a custom spreadsheets to capture , how much I how many I have,

Mike: 00:04:59

how many shares of different things and roll that up into total account values

Mike: 00:05:03

in different asset classes We’ve talked talked about asset here so while you

Mike: 00:05:07

have an ETF you know that’s us large cap And so it’s like oh that us large cap.

Mike: 00:05:11

And I have $10,000 in that And that’s you know some some percent of my

Mike: 00:05:15

overall portfolio So then what I’m looking at in the spreadsheet is the

Mike: 00:05:21

percent I have in each of those asset

Matt: 00:05:23


Mike: 00:05:24

And that’s what is important to me.

Mike: 00:05:26

And particularly if you wanna know exactly what I do it’s a spreadsheet I check it at

Mike: 00:05:30

least quarterly usually about quarterly, maybe once a month Um but quarterly I’ll

Mike: 00:05:36

go in and take a snapshot of because it’s updating in real real time The spreadsheet

Mike: 00:05:41

And so every quarter I go in and take a snapshot of exactly what values I have in

Mike: 00:05:47

all those different accounts and all that stuff and save that so I can see quarter

Mike: 00:05:50

to quarter, my progress and that’s what

Mike: 00:05:53


Mike: 00:05:53

do for my own investments

Matt: 00:05:55

Well that

Matt: 00:05:56

resonates for me because I do something kind of similar myself although with

Matt: 00:06:00

a slightly different use which is I concerned And again I I was I was kind

Matt: 00:06:05

of being tongue and cheek kind not when I said we are gonna talk about the topic

Matt: 00:06:08

of What if you have a lot of how many is too many That, that is a theme for

Matt: 00:06:12

an upcoming show because I think for a lot of people nowadays people hold

Matt: 00:06:18

average of last time I checked this it was jobs in your career Many jobs have

Matt: 00:06:24

different kinds of benefits that go them them You might have a 401k you might.

Matt: 00:06:28

have some kind of You might you focus You love your clientele or entrepreneurs they

Matt: 00:06:33

might have stock options or incentives and so you might have stock that vests

Matt: 00:06:37

at a certain point so you might have far lung accounts the major one of The

Matt: 00:06:42

major uses of keeping some kind of a tracker somewhere is so that if you get

Matt: 00:06:47

hit by a bus your next of kin knows what you actually own and can benefit from

Matt: 00:06:54

it Like I’m not saying I have a lot of money We do not Hey thieves out there

Matt: 00:06:58

It’s not worth it Believe me but I want my kids to get everything that we do have

Matt: 00:07:04

And you my spouse may not be of it So anyway So spreadsheet is a good option.

Matt: 00:07:09

What if people are just that’s not their jam are there tools or

Matt: 00:07:13

like bank tools that are kind of prefab that are

Mike: 00:07:15

Yep Yeah, there’s a couple there’s a couple other options, but let me also

Mike: 00:07:18

mention I love That you that use case but make sure cuz usually it is one partner

Mike: 00:07:23

That’s keep you know keeping track of more of the

Matt: 00:07:25

Right for

Matt: 00:07:25


Matt: 00:07:26

people There’s a whole other

Matt: 00:07:27

system that recommend We’re gonna do an episode on that I’m joking

Mike: 00:07:30

That’s right

Matt: 00:07:32

for my wife’s sake

Matt: 00:07:33


Mike: 00:07:34

so definitely Yeah Yeah Yeah Yeah that’ll be the

Mike: 00:07:38

Twitter feed for this episode

Matt: 00:07:40

I promise this episode will blow up If tease

Matt: 00:07:43

online that it’s like have multiple Here’s

Matt: 00:07:45


Matt: 00:07:46


Matt: 00:07:46

do your financial planning

Mike: 00:07:48

here’s how you do do your financial

Mike: 00:07:49

planning that’s right Okay Anyway , So I do agree.

Mike: 00:07:53

That’s a great use case.

Mike: 00:07:54

You want to to have everything written down right for the other person to

Mike: 00:07:58

find but the other place for that really is gonna be in your estate planning

Mike: 00:08:02

So make sure in your estate documents there should be like a cover page that

Mike: 00:08:07

has your wishes, in English, know cuz the the estate planted documents are

Mike: 00:08:11

usually a lot of legalese and then also just list your accounts right there You

Mike: 00:08:15

know that’s so Helpful And for anybody that’s gone through a estate planning

Mike: 00:08:19

or thinking about it just make sure to list everything because trust me if you

Mike: 00:08:24

are are not around and someone’s is your and picking up all the pieces having a

Mike: 00:08:30

page or two just with some organizational

Mike: 00:08:33


Mike: 00:08:34

is gonna

Mike: 00:08:34

make life way better

Matt: 00:08:36

Yes So

Matt: 00:08:36


Mike: 00:08:37


Mike: 00:08:38

so that’s a good use case All right Other tools people that don’t

Mike: 00:08:41


Mike: 00:08:41

spreadsheets come on we don’t want to use spreadsheets

Matt: 00:08:43

thanks for nothing

Mike: 00:08:44

Thanks for nothing Yeah So one I’ve used in the past is called

Mike: 00:08:48

personal personal capital and I haven’t checked them out recently.

Mike: 00:08:51

That was a while ago I know they’ve morphed a little bit but I think it’s

Mike: 00:08:54

still a pretty pretty good platform for combining investment accounts

Mike: 00:08:58

from different Institutions So you got like a 401k over, fidelity and

Mike: 00:09:02

you got brokerage over at Schwab and you got something at Vanguard Like

Mike: 00:09:05

you want to consolidate all that.

Mike: 00:09:07

That’s kind kind the point of or one point I wanna mention around

Mike: 00:09:10

tracking investments It’s not really individual investments.

Mike: 00:09:13

You can track that and follow that and do your your own thing.

Mike: 00:09:16

But really I’m talking about in aggregate you your entire kind of

Mike: 00:09:19

net worth portfolio You want to get a good insight into that because I

Mike: 00:09:23

often find people are either over aggressive but usually they’re.

Mike: 00:09:27

Under aggressive usually there’s cash kind of in four or five or six different

Mike: 00:09:31

accounts You get your emergency fund of cash You’ve got you know some CA

Mike: 00:09:35

you know some short term bonds or cash in your 401k and your brokerage.

Mike: 00:09:39

And you’re like geez 20 30% of my portfolio is actually just cash you know

Mike: 00:09:43

and maybe maybe that’s too high for you so that’s why we wanna we wanna aggregate

Mike: 00:09:46

personal will do that There’s probably

Mike: 00:09:48

some other ones but

Mike: 00:09:48

that’s the only one

Mike: 00:09:49

that I’m

Mike: 00:09:49

familiar with

Matt: 00:09:50

that’s you know it is an interesting point just to circle back to you were

Matt: 00:09:54

saying about the prime use case here being by the way use case is like A sort of

Matt: 00:10:00

more technical way of saying how do people use this It’s what is it with programmers

Matt: 00:10:04


Matt: 00:10:05

engineers It’s like you gotta you think you’re

Matt: 00:10:07

You think your doctors and lawyers, and you have to say

Matt: 00:10:09

everything in Latin to make it

Matt: 00:10:10

sound sophisticated Anyway

Mike: 00:10:12


Matt: 00:10:13

since one of major ways that might use a tool to track your overall

Matt: 00:10:17

investments is You wanna get a bird’s eye view on what you’ve gotten Again I don’t

Matt: 00:10:24

want this to sound Allity we all have so much money It’s just this applies to more

Matt: 00:10:29

people than it seems like isn’t just for rich folks the average person these days

Matt: 00:10:35

is going to have multiple accounts You’re going to have multiple financial because

Matt: 00:10:40

you will have been in multiple jobs.

Matt: 00:10:42

Now you may have had a lot of jobs that Don’t have any type of investment or

Matt: 00:10:47

retirement benefit fine, but, chances are, you’ve had at least more than one or

Matt: 00:10:54

know you something you’ve set up yourself or, you know, you’ve got a house or you’ve

Matt: 00:10:58

got multiple accounts to track And I think what is really hard is Trying to aggregate

Matt: 00:11:05

If you are just using let’s say you’ve got your retirement assets in fidelity

Matt: 00:11:10

and they’ve got a nice interface you can get a lot of really good information

Matt: 00:11:14

but it’s being served to you first of all through their interface And their kind of

Matt: 00:11:18

the way they categorize things And second of all, You’re just seeing one slice of

Matt: 00:11:23

the overall picture And so I it does make sense to that you would want some kind

Matt: 00:11:28

of a central place to just get a sense or to be able to give to your financial

Matt: 00:11:33

advisor what the whole picture looks like What’s the diversification Right What’s

Matt: 00:11:38

the overall of risk set up that you’ve got And what is your overall net worth

Matt: 00:11:43

Are you I mean for for us personally We were worthless people for a number

Matt: 00:11:49

of years

Mike: 00:11:50

You’re Matt

Matt: 00:11:51

Well thanks man

Matt: 00:11:52

thanks man but from a but from a financial standpoint I assure you that

Matt: 00:11:57

we many years for many Because our net liabilities net liabilities were higher

Matt: 00:12:02

than our So you know anyway knowing that knowing that and knowing scale

Matt: 00:12:06

out tip the scale out of that status seems like a to me seems like a valuable

Matt: 00:12:10


Mike: 00:12:12


Mike: 00:12:12

And you know You want to look at everything because it is important just

Mike: 00:12:17

again building building awareness and understanding and if you haven’t done

Mike: 00:12:20

it for a few years or you’ve never done it and you got a a partner and you

Mike: 00:12:24

got a couple of jobs like who knows, you really don’t have insight into

Mike: 00:12:28

those past 401ks Are they aggressive Are they not Are they even invested?

Mike: 00:12:31

I’ve met so many people that like oh yeah I put money into my individual

Mike: 00:12:35

retirement account I think it’s still in cash know this is like years later,

Matt: 00:12:40

Or is it in

Matt: 00:12:40

A managed fund

Matt: 00:12:41


Mike: 00:12:41

it’s good to

Matt: 00:12:42

Is it right Yeah

Mike: 00:12:44

exactly We talked all about that, so that’s really important So I will

Mike: 00:12:48

mention, and then on , using your account fidelity or Schwab and using

Mike: 00:12:51

that aggregator they’ll tell you oh, are you on track for retirement There’s lots

Mike: 00:12:54

of good tools within there But again as Matt said it’s only showing you that

Mike: 00:12:59

slice And that might be if that’s most of your net worth then that’s great use

Mike: 00:13:04

that tool Fantastic And that’s one of the reasons you might look at consolidating

Mike: 00:13:08

but if it’s not, if it’s 50% of your stuff cuz your 401k is somewhere else

Mike: 00:13:13

then it’s not really really that helpful.

Mike: 00:13:14

It’s, not really given in any kind of accurate data That’s where

Mike: 00:13:17

where these aggregators be good on the topic of consolidation.

Mike: 00:13:20

I’m sure we’ll get to this in our future episode on Do you have too many 401k

Mike: 00:13:24

accounts or too many accounts there are are good reasons for aggregating,

Mike: 00:13:28

accounts of of what I mean transferring oh, I’ve got an old old 401k Should I

Mike: 00:13:32

transfer that to my IRA at fidelity?

Mike: 00:13:34

Because fidelity has all my other accounts or should I transfer it to

Mike: 00:13:37

Schwab Cuz that’s where I do my banking there’s good reasons to maybe do that

Mike: 00:13:41

And this would be one of is so that You can get get most your stuff all

Mike: 00:13:44

in one login so you can see and use the tools that that provider’s given

Mike: 00:13:49


Matt: 00:13:49

You know I I

Matt: 00:13:51

it funny You were mentioning, I was joking being worthless but it is an

Matt: 00:13:56

interesting question because it does change your picture There are now I’m

Matt: 00:14:01

gonna sound like a dork there are sub use cases to knowing exactly your overall

Matt: 00:14:07

net worth is Maybe this is an episode we should do about about net worth you could

Matt: 00:14:10

be in the position where you’re going for a loan you’re going for a mortgage

Matt: 00:14:14

You wanna you need to have a and I on what is that Or the grim use case we

Matt: 00:14:21

were talking about a moment ago, if you got hit by a bus are you what kind of

Matt: 00:14:25

a financial position is your estate in?

Matt: 00:14:26

So there’s just so many reasons why being able to keep track of that makes a ton of

Matt: 00:14:31

sense me And of course the political one I used work for a member of con Congress

Matt: 00:14:35

who heard from economist there’s this idea of value Add To goods right Like

Matt: 00:14:41

you take a piece of lumber, you turn it into a piece of furniture it’s called

Matt: 00:14:44

value add And in Europe they actually tax it’s called a that a value added tax Like

Matt: 00:14:49

when you add value something and this economist was saying , through education

Matt: 00:14:53

you can go through the same process with human capital And he turned that into in

Matt: 00:14:57

political speeches to saying what were we need to do is add value people And it was

Matt: 00:15:02

great pains we tried to tactfully explain to him what you’ve just said is that all

Matt: 00:15:06

your constituents Are worthless and that what you to do is add value to them.

Matt: 00:15:11

All right.

Matt: 00:15:11

I’m way

Matt: 00:15:12


Mike: 00:15:12

And then text them That’d be great

Matt: 00:15:13

right Tax That’s what the government does but all right

Matt: 00:15:16

Let’s you mentioned cards a minute ago.

Matt: 00:15:18

Let’s cover credit quickly Any

Matt: 00:15:20

tools you use

Mike: 00:15:21

Yeah before we get, before we get credit cards, one thing I wanted to

Mike: 00:15:24

mention that I I really like a tool is called M one finance And I ran across this

Mike: 00:15:29

a couple years ago M one people can check it out, but what I like about it, it’s

Mike: 00:15:33

a kind of of like a brokerage, where you can put money there into retirement like

Mike: 00:15:36

an individual retirement account or just a right brokerage account And what’s cool.

Mike: 00:15:40

about it neat is using technology to make your own robo advisor Is basically

Mike: 00:15:46

it is So instead of like using wealth front or betterment and just their

Mike: 00:15:49

models which you can pick, some of the different models and kind of tweak them

Mike: 00:15:52

you can a a hundred percent make your own and say I I want to this $10,000 into

Mike: 00:15:57

these five stocks at these percentages

Mike: 00:16:01

and then, , do that just automatically click of a button so you can make your

Mike: 00:16:05

own portfolios and the robot M one finance will update it when you add

Mike: 00:16:10

more money or subtract money it’ll automatically rebalance And this is

Mike: 00:16:14

a pretty interesting one I I use it Here’s a use case here’s how I use M

Mike: 00:16:18

to finance for kids money for the future So I I wanna provide my kids a

Mike: 00:16:23

little bit of cushion or something.

Mike: 00:16:24

Maybe they want a down payment for a house in 15 years So I’m adding

Mike: 00:16:28

a few bucks a month into a portfolio That I’ve set up an M one finance and

Mike: 00:16:34

every time few bucks roll in there, it automatically rebalances it buys

Mike: 00:16:38

whatever is low and I’ve set up a portfolio That’s a long term portfolio

Mike: 00:16:42

for the far future So I was able to tweak, exactly which ETFs I wanted in there.

Mike: 00:16:47

And then as I add money to it it automatically rebalances So that’s

Mike: 00:16:50

just just a good tool I found pretty interesting with technologies

Mike: 00:16:52

you know Matt mean everything just moving lightning speed.

Mike: 00:16:55

, so that’s a a really good one that I thought was using robots

Mike: 00:16:59

and computers

Mike: 00:17:00

in a

Mike: 00:17:00


Matt: 00:17:00

one Okay That’s cool all right Yeah Credit

Matt: 00:17:02


Matt: 00:17:03

alright Yeah Credit cards

Mike: 00:17:04

So credit cards we talked about it a little bit You only wanna make you

Mike: 00:17:09

are paying off your credit card every month and so that’s the the important

Mike: 00:17:13

thing here, uh particular, what do I use?

Mike: 00:17:17

I’m not a credit card hacking person.

Mike: 00:17:19

I do not like trying to find the best deals and rotate my credit cards

Mike: 00:17:23

and try to get ones to and track the points like drives me nuts so I

Mike: 00:17:27

got a very simple through fidelity.

Mike: 00:17:29

I use fidelity for some of of my accounts And so I got a simple like one

Mike: 00:17:33

and a percent cash back That just goes straight into my fidelity account Super

Mike: 00:17:37

easy no problem So that’s what I use for my main one of my main credit cards

Mike: 00:17:41

is fidelity and then my other credit card is through chase and I like their

Mike: 00:17:45

interface a lot and they have some good credit cards That’s actually my

Mike: 00:17:48

business credit card they usually run some pretty good promotional points.

Mike: 00:17:52

This one does cost money, so I don’t necessarily recommend it but I think

Mike: 00:17:56

when I got it it’s got an annual fee the chase card I think think I have

Mike: 00:18:01

the Sapphire chase Sapphire card It’s like a hundred bucks a year.

Mike: 00:18:04

So I I don’t really recommend that you don’t wanna be paying for

Mike: 00:18:06

your credit card but this this one gave me sort of a thousand bucks

Mike: 00:18:09

when I I signed up for it So I was like, eh, I I just kind of went it for that

Mike: 00:18:14

one , getting the that rewards up front I am paying a fee now, so I want very

Mike: 00:18:19

cognizant of that aware that I’m paying $100 a year for the privilege of using

Mike: 00:18:24

that credit card So I have to make sure the points are whatever’s gonna be good

Mike: 00:18:27

ongoing or I I might make a switch but those two Those are the two in terms of

Mike: 00:18:31

credit cards that I personally use So the apps I’m going into chase I’m going

Mike: 00:18:35

into fidelity and monitoring that.

Mike: 00:18:36

But really all I’m doing is making sure the auto pay is set and

Mike: 00:18:41

making sure I have enough money in

Mike: 00:18:43


Mike: 00:18:43

checking account that when the auto auto

Mike: 00:18:44

pay kicks

Mike: 00:18:45


Matt: 00:18:45

Right And you and that’s I I think a lot of what was embedded in the listener

Matt: 00:18:50

question is is the interface easy Does it make your planning easier to do And

Matt: 00:18:55

it sounds like with of those it’s yes.

Matt: 00:18:57

As long you set up the auto pay

Matt: 00:18:59

Is easy to do

Mike: 00:19:01


Mike: 00:19:01

That’s the really thing Just making whatever set the autopay Now I did

Mike: 00:19:05

wanna mention in , on financial planning because is what I do with clients of

Mike: 00:19:10

course, is , we’ve talked about Budgeting investment, you know tracking investments,

Mike: 00:19:15

tracking your budget, sure you’re paying off your credit card looking at your

Mike: 00:19:18

net worth Well we combine all of that and try to predict the future because

Mike: 00:19:22

people want to know am I I doing the right things am I setting myself up for

Mike: 00:19:26

success five years from now 10 years from now 30 years from now how should

Mike: 00:19:30

I doing things And so We use financial planning planning software to predict

Mike: 00:19:35

that future and say like well on the the road you’re on with your income and

Mike: 00:19:39

expenses and savings and investing Here’s what what it might your value of of your

Mike: 00:19:44

accounts At some point in the future And so so I use financial planning software

Mike: 00:19:48

software There’s a bunch of ’em out there.

Mike: 00:19:49

I use one called right capital so people can look it up but these are.

Mike: 00:19:53

Really geared towards financial advisors right So financial advisors would use

Mike: 00:19:58

this platform to model the future with their clients And then the clients can

Mike: 00:20:02

see the reports or have access I really like write capital because my clients

Mike: 00:20:07

can log log in and , play with scenarios themselves What if I wanna retire Or

Mike: 00:20:11

what if I spend a little bit less What if I wanna spend a little bit more

Mike: 00:20:14

there’s all all kinds of dials stuff It makes it very easy for them to go in but

Mike: 00:20:18

I’m not aware in terms of that I think there are some tools out there but I

Mike: 00:20:21

just don’t know So maybe some listeners can tell us where you can do that kind

Mike: 00:20:25

of thing on own financial planning software predicting income investments

Mike: 00:20:29

expenses throughout time and see,

Mike: 00:20:31

How likely

Mike: 00:20:32


Mike: 00:20:32

you to be able to retire

Mike: 00:20:33

the the way you want

Matt: 00:20:34

I’ve used

Matt: 00:20:35

some of the

Matt: 00:20:35

online myself Just to get a quick sketch of like if I were to save 10%

Matt: 00:20:42

more given a bunch assumptions where would I be at I’ve actually found those

Matt: 00:20:47

to be pretty useful for just ball parking Not that they’re necessarily right they

Matt: 00:20:51

just you can plug in A lot of the basic assumptions of like social security

Matt: 00:20:57

What percent are gonna earn every year on investments how much income what

Matt: 00:21:02

level of spending should expect in retirement And it’s not so much that,

Matt: 00:21:07

obviously math is math but it’s not so much that each of those answers is

Matt: 00:21:12

precisely right It’s being able to compare different scenarios that I find useful

Mike: 00:21:16

That’s exactly

Mike: 00:21:17

right and I wanna pause Matt, because that’s exactly it’s comparing the

Mike: 00:21:22

different ideas of what you could do And in our minds we cannot pull all that

Mike: 00:21:28

together our brain cannot process All those inputs and and calculations and

Mike: 00:21:33

through time So by looking at the software and changing a toggle what if I want to

Mike: 00:21:38

retire four years earlier How much less do I need to spend throughout retirement

Mike: 00:21:43

now you have sort of an answer to that question in a ballpark you know know

Mike: 00:21:46

in a range but like an answer that you can you can have fruitful conversations

Mike: 00:21:50

now in comparing you know should we do

Matt: 00:21:53

Right And it’s also to me in terms of sensitivities again all kinds of

Matt: 00:21:57

assumptions in this sensitivities know you have different things you could in

Matt: 00:22:01

this but a little bit more you have you could do You could save a little bit go

Matt: 00:22:05

for a higher paying job go for a higher Well you could figure out how sensitive

Matt: 00:22:09

it mean in terms of your lifestyle , you could figure out how sensitive out well

Matt: 00:22:12

actually, if you save a little bit more, you have the it turns out well actually

Matt: 00:22:15

if you the job but you don’t want and and it helps you to make decisions like that

Matt: 00:22:19

A lot of that stuff is available you to make decisions like Hey we’ve got about

Matt: 00:22:22

30 seconds You had one more can Google it Hey we’ve got about 30 seconds You

Matt: 00:22:26

had one more point that I found really valuable in here which is everyone should

Matt: 00:22:29

have password protection these days What

Matt: 00:22:31

do you

Mike: 00:22:31

Yeah, I think password Yeah I think password protection is critical These

Mike: 00:22:34

days I use one, password the number one and then password is good pass is good.

Mike: 00:22:40

There’s other ones that are great it’s critical going it’s critical going back

Mike: 00:22:43

to our estate planning and having partners and a Put I put put I put everything

Mike: 00:22:48

into that password manager because again if something were to happen to me

Mike: 00:22:54

then all of my account information and logins and everything are all place

Mike: 00:22:58

For someone to

Mike: 00:22:58


Mike: 00:22:58


Matt: 00:22:58

it seems

Matt: 00:22:59


Matt: 00:22:59

a small point It’s really not nowadays All right Mike Morton Wow

Matt: 00:23:02

We covered a lot of ground really not nowadays All right Mike Morton

Matt: 00:23:05

Wow We covered a lot of ground here.

Matt: 00:23:07

Great listener question Thanks so

Mike: 00:23:09


Matt: 00:23:09

us through it

Mike: 00:23:10


Mike: 00:23:11

Thanks for joining us on financial planning for entrepreneurs.

Mike: 00:23:14

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Mike: 00:23:18

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Mike: 00:23:22

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Mike: 00:23:28

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Mike: 00:23:30

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Mike: 00:23:33


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