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Posted on 3/18/24 at 3:01 pm to Pintail
Microsoft Excel or Google Sheets
This post was edited on 3/18/24 at 3:02 pm
Posted on 3/18/24 at 4:05 pm to thunderbird1100
quote:
Cant speak to simplifi but Monarch will let you add multiple real estate properties no problem and mortgages against them. Can even detail them out as primary home, Secondary home, rental property, etc...
Does Monarch pull values from Zillow?
Thats one thing I liked about Mint, even though not always accurate, is it gave you the value of the property and then deducted mortgage to get net worth automatically.
Posted on 3/18/24 at 6:22 pm to TheEnglishman
quote:
i.e. - have a category for tracking business checking and credit card accounts against one another
You would just connect all your accounts and as transactions came through categorize them as business related. You can create any category you want, it's fully customizable. They have a decent set of preset business categories though. You can also rename the accounts to say anything you want.
Posted on 3/18/24 at 6:22 pm to Lsut81
Empower uses Zillow.
Posted on 3/18/24 at 6:23 pm to SG_Geaux
quote:
Quicken Simplifi
We use classic Quicken and are having issues with banks not using their updating system because it’s not the latest tech and has security issues. Having to go back and hand enter every transaction is a PITA.
Posted on 3/18/24 at 6:23 pm to Lsut81
quote:
Does Monarch pull values from Zillow?
Thats one thing I liked about Mint, even though not always accurate, is it gave you the value of the property and then deducted mortgage to get net worth automatically
Yes it tracks properties by zestimates from zillow. For vehicles it uses vinaudit, which personally I don't like as much as it ignores mileage to an extent and condition of vehicle both of which vastly affect car values.
Like for instance it says my wife's 2014 MDX is worth like $15.6k but Kelly blue book on it is about $10k-$11k private sale.
This post was edited on 3/18/24 at 6:26 pm
Posted on 3/18/24 at 6:42 pm to SquatchDawg
quote:
We use classic Quicken and are having issues with banks not using their updating system because it’s not the latest tech and has security issues. Having to go back and hand enter every transaction is a PITA.
Not sure about classic, but Simplifi uses the same connection system (API?) as Mint which, for me, was one of the selling points. Have had no issues so far.
Posted on 3/19/24 at 7:59 am to Dead Mike
Thanks for the info in this thread. Since Mint went down I've pretty much quit looking at everything. Tried Karma for a bit, but its all ads and bullshite.
I'm leaning towards trying Monarch, but just hate paying $100 after the first half off year.
Looking at app reviews, its got 4.8 with 12k reviews as opposed to Simplifi at 4.0 stars.
So maybe its the real deal.
I'm leaning towards trying Monarch, but just hate paying $100 after the first half off year.
Looking at app reviews, its got 4.8 with 12k reviews as opposed to Simplifi at 4.0 stars.
So maybe its the real deal.
Posted on 3/19/24 at 8:41 am to Lsut81
quote:
Thanks for the info in this thread. Since Mint went down I've pretty much quit looking at everything. Tried Karma for a bit, but its all ads and bullshite.
I'm leaning towards trying Monarch, but just hate paying $100 after the first half off year.
Looking at app reviews, its got 4.8 with 12k reviews as opposed to Simplifi at 4.0 stars.
So maybe its the real deal.
Again I cant speak to simplifi, but Monarch has been by FAR the best overall platform I've worked with and is really robust and constantly changing for the better I've seen so far. It took the best parts of everydollar/empower personal dashboard for me and made it all better and in 1 place. The way its laid out and visuals are just so much better, and the option to connect accounts in multiple different ways is nice if say PLAID isnt working change it to MX or something as a connection.
I will say it's probably a waste if you're not more of a power user who likes to get into stuff a bit. For example if you just want to look at things maybe 15-20 minutes once a week and only have a few accounts, it's probably not worth the investment. But the amount of information and customization is pretty great for people who have a ton of accounts to track and want to spend the time looking into things and categorizing and whatnot. If I only had a handful of accounts I'd just do spreadsheet tracking, which I still have but only for cash flow purposes. We just had way too many accounts to keep up with manually now for more robust tracking (probably about 2 dozen different "accounts") so monarch really helps keep things in 1 place. I've definitely been really impressed the few weeks I've been on it. The goals section is really nice to set some goals, attach accounts to track against it and even partially attach accounts if you have 1 savings account for multiple things maybe. Its like I said, pretty customizable.
This post was edited on 3/19/24 at 8:42 am
Posted on 3/19/24 at 8:55 am to thunderbird1100
Does Monarch connect and download transactions from your banks and financial institutions (where you want it to)? Quicken did but there were a lot of duplicates and you could forget getting anything to reconcile correctly between accounts for transfers or payments unless you had a Masters in accounting to go in and fix it.
Posted on 3/19/24 at 9:13 am to SquatchDawg
quote:
Does Monarch connect and download transactions from your banks and financial institutions (where you want it to)? Quicken did but there were a lot of duplicates and you could forget getting anything to reconcile correctly between accounts for transfers or payments unless you had a Masters in accounting to go in and fix it.
Yes it connects and downloads all transactions. Keep in mind when you CATEGORIZE the transactions between accounts they have a section of essentially non-income/expense categories you can use so it doesnt count that transaction as an income or expense if you will. These are their "Transfer" transactions and you can categorize them however you want.
Example: I have a C.C. connected and each transaction comes through and it's an expense category I categorize those to and this shows up automatically in my budget "spent" section by category.
Once I pay the credit card, there's a debit (subtraction) from my checking account that's 1 transaction that shows up, and then a credit (Addition) transaction that shows up to the credit card account as the payment. Both of these transactions I code under the "Transfers" section so it doesnt count either as income or expense since it's not really either as I've already categorized all the individual c.c. transactions as expenses as they come through. Again you put whatever categories you want in the transfer section so I have a "credit card payment" transfer category so when i see the debit and credit transaction for a credit card payment I just select that and it will just see those transactions as transfers not income/expense.
You can even do this for things that get nutty like: I transferred money from my checking account to my brokerage account, then bought a bunch of stocks with that money. You get 2 transactions from that PLUS whatever transactions you bought stock wise it will show up. So I call the checking account to brokerage account debit/credit transaction "Transfers" and then I setup a "buy" category under transfers for when I buy stocks/ETFs/whatever in my investment account so it doesnt count ANY of those as income/expenses. so it could look something like this:
Checking account (-$1000) Category - Transfer
Brokerage account (+$1000) Category - Transfer
SCHD (-$500) Category - BUY
VOO (-$500) Category - BUY
It treats all 4 of those as transfers in that case and not income/expense.
This post was edited on 3/19/24 at 9:14 am
Posted on 3/19/24 at 12:53 pm to thunderbird1100
quote:
I will say it's probably a waste if you're not more of a power user who likes to get into stuff a bit.
Normally look a couple of times a week, looking at investments and net worth.
A little budgeting just to see where things are going, but nothing too heavy.
5 different investment platforms
2 banks
2 mortgage companies
My biggest thing is home values being pulled automatically for net worth reasons. Reason I was asking if Simplifi does that, but can't find the answer anywhere. See a post from 2020 where people said you had to manually add home values, but that was 4yrs ago and they may have intergrated zillow or the likes by now.
Posted on 3/19/24 at 3:15 pm to thunderbird1100
That answers my question. Quicken did all of this in a similar way but was very clunky and sometimes imported duplicates. Then two of our primary banks quit downloading all together due to Quickens platform it became a PITA.
Posted on 3/19/24 at 5:43 pm to Lsut81
quote:
Normally look a couple of times a week, looking at investments and net worth. A little budgeting just to see where things are going, but nothing too heavy. 5 different investment platforms 2 banks 2 mortgage companies My biggest thing is home values being pulled automatically for net worth reasons. Reason I was asking if Simplifi does that, but can't find the answer anywhere. See a post from 2020 where people said you had to manually add home values, but that was 4yrs ago and they may have intergrated zillow or the likes by now.
I can understand why you’d want everything updated dynamically, but I feel like home value is in a whole differently ballpark than the other assets that compose your net worth. You’ll have all of these cash and investment assets that are stated at face value and/or actively traded valuation, in which case the dynamic updates reflect true current value, and then a relatively illiquid house asset that may or may not be in the same ballpark as the Zestimate.
If you’re tracking net worth over time, I feel like you’re likely to see a fair bit of noise from home value fluctuations that don’t necessarily correspond to anything actionable. I don’t feel like you’re getting any benefit over manually updating/assessing home value on an annual or quarterly basis. But your mileage may vary.
This post was edited on 3/19/24 at 5:45 pm
Posted on 3/19/24 at 6:14 pm to Dead Mike
quote:
I don’t feel like you’re getting any benefit over manually updating/assessing home value on an annual or quarterly basis.
Very true... So I guess the question would be does Simplifi allow you to enter multiple mortgages and multiple property assets (manually or Zillow)?
Posted on 3/19/24 at 7:22 pm to Lsut81
I manually update my home value in Monarch. I don’t find Redfin or Zillow estimates to be accurate because the zip code reference is too large to get quality comps. I don’t love the massive swings in net worth it can have when I manually update (an automatic update would be more subtle week to week) but it’s better than the automated.
I let it automate the value of cars but I agree with earlier poster that the values are a tad inflated.
I let it automate the value of cars but I agree with earlier poster that the values are a tad inflated.
Posted on 3/22/24 at 8:50 am to Dead Mike
Went ahead and downloaded Monarch. Very robust and lots to set up, but enjoying thus far.
Going through and setting up all the category rules right now, as prob 50% of my monthly spend is work travel, so glad I can separate and have a true look for budgeting.
Going through and setting up all the category rules right now, as prob 50% of my monthly spend is work travel, so glad I can separate and have a true look for budgeting.
Posted on 4/12/24 at 11:46 pm to Pintail
I primarily used Mint to keep tabs on current value of accounts and upcoming bills. Has anyone found a good alternative for that feature? I started using Quicken Simplifi, but I haven't enjoyed it and importing of data from Mint threw everything off.
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