The solution is very straight forward to learn–offering ease of use when it comes to inputting sales, recording purchases, running payroll, or building your inventory.ĪccountEdge Pro for Mac has long been a full-featured on-premise accounting system for Mac users. You just need to pay someone to do some of the other financial planning things.AccountEdge Pro is a complete small business accounting and management solution that runs locally on your Mac.
It certainly is a situation where if you are making most of your investment decisions, there's really no need to pay someone 1% to do that. Southwick: But it sounds like Holly has the desire and the smarts to manage a good bulk of her financial life.īrokamp: I think so. I really do think when it comes to big life decisions, it actually is worthwhile to pay a few hundred dollars to get a good assessment on where you are. Unrealistic projections of what they'd get from Social Security. They ran a scenario through the calculator, and the scenario they created was of a couple that was not on track to meet retirement, but 70% of the tools said they were on track because they used faulty assumptions and unrealistic returns in terms of their investment returns.
Part of what we do is try and help people see those blind spots and certainly if you're doing it on your own, you're taking that into your own hands.īrokamp: There was a couple of studies that came out in 2016 looking at various free calculators online, and one of them looked at 36 free calculators. You've solved one problem and created another, and they're not looking at it in context. Some of the tools, if you ask them a specific question, might give you a really specific answer that doesn't take into context the rest of your picture.Īnderson: Some of these Social Security tools, for example, will help you get the maximum from Social Security, but they don't take into account that there's a drawdown from your portfolio while you're waiting.
You don't know if you want to buy this house, or you don't know if you're on track for retirement, you can hire them for just a few hours and they will have access to these higher-powered tools like MoneyGuidePro and some of these other professional-level tools to help you analyze that single question, and then you might be fine being on your own for a few more years until you have another situation where you want help.Īnderson: We were talking about this right before the show started. There are fee-only planners who will charge by the hour or by the project. I would say to Holly that.īrokamp: You don't like that? I would say to Holly that there are other ways to get financial planning help that you don't have to pay 1% for. Ready?īrokamp: Duh, duh, duh! Anyways, that's a good retirement calculator. The calculator that I have mentioned online, a retirement calculator, is with CalcXML and it's kind of a long URL, so here we go. I'm a little surprised that she doesn't find Quicken to her liking because a lot of people really love Quicken. Personal Capital is another one that I know people here at The Fool use and like. Are there other tools that you've shared with RYR readers?īrokamp: Here and there. It is not consumer facing in terms of its intent, so it is for professionals, but if you want to do some really deep dive scenario analysis, it's very good at that, but that may be more horsepower than you need.īro, I know you've featured other Monte Carlo engines and things like that. On the actual software side, what we use is really a market-leading financial planning software called MoneyGuidePro. I think they really struggle in that, but for budgeting they're a great tool. I find them to be very difficult for looking at future scenarios or investing. Everything that I basically spend money on runs through a card of some sort, and so that, for me, is the easiest thing. I can tell you personally that for budgeting I really haven't found anything that works better for me than. Luckily, I feel like our role is a little bit safe. Anderson: I think it's tough to do right now.