Reinvesting dividends, managing monthly contributions, and rebalancing tasks make the process of determining your performance complicated. Investing your knowledge in things like an Aeroplan card can help you reward travel plans for future traveling. Alongside this, there are even apps and software out there that can help make your life easier.
Personal Capital is a tool that should be used daily because it lets you link any investment. Once linked, the software manages asset allocation, performance, and fees. There are graphs that help you compare returns, and they help you breakdown your portfolio’s asset allocation. A 401k Fee Analyzer tool is also included with the software. It calculates fees that you pay in a 401k and the effects throughout the investing time horizon.
Morningstar is a robust investment tracking tool. After you submit your portfolio, the software will evaluate your investments. The program also has advanced features, such as an X-Ray tool and a star ratings tool. The X-Ray tool gives you mutual funds or ETF data. The tool also provides information about style box ratings, industry sectors, stock sectors, and geographic exposure.
Mini is a popular budgeting tool because it is also a portfolio tracker. By using the program, you can link your credit cards, bank accounts, and investment accounts in a single location.
Motif lets users invest in small sectors; it has 90 themed portfolios. The company has a $250 minimum and charges $9.95 for each portfolio. You should not use Motif for a retirement fund, but it is a nice tool for investing tasks.
The app and the site syncs with over 90 brokerages so that you can track your 401k and investments. You can also view charts that break down your risk level and asset allocation.
How To Double Your Investment
If you invest in a non-speculative portfolio that has investment grade bonds and blue-chip stocks, you can double your money. Your portfolio will not double within a year, but it will double over time. Blue-chip stocks returned nearly 10 percent within the last 100 years, and investment grade bonds have returned about six percent. If your portfolio is evenly divided, it should provide an eight percent return. The overall amount will quadruple 18 years later.