Truth be told, there are probably more digital personal finance tools out there than we can even count.
And while lots of options and means there’s likely a perfect tool for everyone — it also means many people either settle or give up the search before they find the one that’s just right for them.
Whether you’re looking for financial advice, want to beef up how you’re budgeting your current cash flow, or need a better view of your overall wealth; in this article we’re going to explore some popular personal finance tools so you can choose the best one for your need.
Personal Capital vs. Mint & Beyond — Why Your Choice of Personal Finance Tool Matters
It’s been found that having the right personal finance tools can actually make your life better.
Why do we think that is? There are several key reasons why great wealth management tools improve not just your financial life but your entire life.
Set Goals and Understand Your Progress Toward Them
Attainable goals are SMART: Specific, measurable, achievable, relevant, and time-bound.
It’s hard to make goals that align with these specifications when the key element that fuels those goals — your wealth — is scattered across papers, devices, accounts, and institutions.
With a personal finance tool that helps you keep track of the right financial accounts, you’ll have everything you need right in front of you to both build and track your progress on important goals for your financial life.
Diversify to Protect and Grow Your Portfolio
It’s not just various locations that make achieving the above goals difficult — it’s also all the various types of assets that a successful portfolio needs today.
Diversification is the practice of investing in different financial sectors to protect your portfolio if any one of those sectors was to generate poor returns. Aside from just fluctuation protection, diversification is also quite important if you want to have your hands in all of the many, changing pots that are generating ROI.
Having a personal finance tool enables you to monitor your asset allocation no matter how varied it is so you can be sure you’re diversified exactly the way you want to be.
Stay on Top of Trends
When you’re able to keep tabs on your diverse portfolio, it’s easier to move quickly and take advantage of changes in the market that are in your favor.
Not sure financial trends swing fast enough that you need to strive to keep up with them?
Then you weren’t watching when Elon Musk changed the value of Bitcoin with a single Tweet.
In a world where you can have traditional fiat money and cutting-edge DeFi assets in your portfolio at the same time, you need to make sure you have a tight grip on both so that you can buy and sell the asset you want to, when you want to, in order to align with the trends that most inspire you.
The Showdown: Personal Capital vs. Mint vs. Kubera
In the Personal Capital vs. Mint vs. Kubera discussion, your choice will be defined by what you want.
Financial planning and advice? Budgeting help? All-in-one wealth and asset tracking?
Keep reading to learn the key features that make each of these tools unique so you can choose the one that best aligns with your goals.
Personal Capital: A Financial Planner with (Paid) Financial Advice
Personal Capital Features
Personal Capital provides a platform where users can bring together their bank accounts, credit card accounts, loan accounts, investment accounts, and tons of other financial accounts to get an accurate overview of all the elements that make up their wealth.
With all of this access to your financial information, Personal Capital is able to do quite a few things: Provide a net worth calculation, give some budgeting advice, offer a 30-day look at cash flow, run their custom fee analyzer to uncover sneaky payments, and more.
However, this dashboard isn’t really what Personal Capital has become known for.
Personal Capital really specializes in, well, personal financial advice. Their bread and butter lies in their team of advisors that offers different levels of white-glove financial management when it comes to services like retirement planning, investment advice, and more.
In our research, we found that these paid tiers are marketed heavily to users once they sign up for Personal Capital’s free tools — another feature that the platform has (unfortunately) become known for.
Personal Capital does have a mobile app for users.
Personal Capital’s security features include encryption, access controls, and fraud detection to keep user data safe.
There is a free version of Personal Capital — the dashboard we discussed above.
However, the paid version offers more features, including access to Personal Capital’s Wealth Management program, in which your investment portfolio is actively managed.
Paid tiers become accessible once investors put $100K+ in their Personal Capital account. Fees start at .89% of the value of assets under management.
Summary: While Personal Capital has basic free financial planning tools, it’s probably best for people who are looking to pay for personalized financial advice.
Mint: A Straightforward Budgeting Tool
In the world of budgeting tools, Mint reigns supreme.
Ultimately, Mint is a tool for analyzing where your cash flow goes every month and helping you create detailed budgets to better direct that money toward your goals.
Mint does this by connecting with your bank, credit cards, and other financial accounts to view and organize purchases into different categories — which can be created both automatically and manually. With this insight, users can get a clear idea of exactly where their money is going.
Other features include bill payment reminders, credit score reporting and monitoring, alerts for unusual spending or overages, portfolio tracking, a tool that catches hidden fees, saving goal creation, and calculators to help budget for large expenditures like houses and loan repayments.
Yes, Mint provides a mobile app for users who want to engage with their budgets on the go.
Mint is equipped to safeguard user data with security scanning during data transfers, multi-factor authentication, and remote deletion.
Mint is free to use. However, it’s important to note that this means the company generates revenue through advertisements and a cut from the credit cards and other products it recommends. For that reason we suggest double-checking all of their recommendations as they have a vested interest beyond just your financial success.
Summary: Mint is a good basic budgeting platform for people who need help tracking where their money is going and planning for expenses.
Kubera: An All-in-One Tracker for Your Wealth, Important Documents, and More
Kubera, named for the Lord of Wealth famous in Indian mythology, is a complete personal finance tool that helps users organize and keep track of all of their assets and net worth from a single, easy-to-use platform.
Kubera is a standout in the Personal Capital vs. Mint vs. alternatives debate because of its focus on monitoring and optimizing net worth across a wide variety of asset classes and financial accounts.
Kubera is as easy to use as any spreadsheet and allows you to automatically add and track your credit cards, bank accounts, investments accounts, cryptocurrency accounts, and pretty much any other financial accounts (see what we connect to here!).
In addition, you can manually add traditional assets (investments, debts, etc.), physical assets (jewelry, art, etc.), and even digital assets (domain names, trademarks, etc.) to get the most complete view of your portfolio as is possible.
Tickers for individual stocks and cryptocurrencies make it possible to watch the markets from the comfort of your Kubera dashboard so you can make fast and smart trading decisions.
Diving into DeFi? Kubera is one of the only personal finance tools on the market that makes it possible to track cutting-edge DeFi assets right alongside your more traditional ones.
And to take it another step further, Kubera even integrates with leading asset experts (such as Zillow in the U.S.) to feed your Kubera dashboard with the most up-to-date value of your homes, vehicles, and web domains.
Want to check out all your investments — and how they impact your net worth — at a glance? With Kubera’s charts you can. Kubera’s beautifully designed charts and visual analysis features enable you to track investment performance, asset allocation, and changes in net worth in real-time.
What also sets Kubera apart is its unique spin on retirement planning with its beneficiary management feature. This capability ensures the safe transfer of your entire portfolio of assets, financial information, and important legal documents to a designated beneficiary.
Kubera doesn’t currently offer a mobile app. Instead, their small, dedicated team chooses to continually improve their easy-to-access web app according to market shifts and user feedback.
Kubera employs bank-level security, cutting-edge encryption practices, and two-factor authentication. We also keep your banking and crypto credentials safe using industry-leading third-party financial account aggregator services.
Summary: Kubera is the best all-in-one wealth management tool for high-net-worth individuals, global citizens, cryptocurrency investors, and anyone else who is interested in tracking all their wealth assets, financial information, and even legal documents in a single, safe place.
How to Choose the Right Personal Finance Platform
Now that you’ve got the lowdown on what the leading personal finance tools offer, it’s time to make a choice.
Lucky for you, we’ve already created a set of steps for choosing a good fit when it comes to your wealth management platform:
- Define your financial goals
- Identify the features you want in a personal finance app that’ll help you achieve these goals (Need help with bill pay? Understanding your net worth? Investment advice?)
- When you’ve found an option or two that suit your desires, make sure they also suit your needs (cost, security, customer service, etc.)
- Finally, don’t forget to read the reviews before making a final choice!
For a more comprehensive walkthrough of the above steps, we strongly recommend you check out our guide to How to Choose the Best Wealth Management App in 2021.
Personal Capital vs. Mint vs. Kubera: Which One Will You Choose?
Personal Capital is a financial planner that focuses on (paid) personalized financial advice; Mint is a budgeting tool; and Kubera is a tracker for your various wealth assets, important documents, and more.
Whichever wins out in the battle of Personal Capital vs. Mint vs. Kubera will depend on what you need the tool to do. No matter which one of these different solutions you end up choosing, we hope this article helps you pick the financial management tool that best suits your needs.