Insights on Personal Capital (Empower) and Mint for FI Dashboard
Speaking from my experience using Mint, and my observation on Personal Capital (now Empower Personal Wealth), this is US-based. I’ve been living in Australia since 2017, and at no point have I ever used a personal finance app or software in Australia, and still sticking with Excel for mainly everything. Over the past few months, I’ve been tinkering with Microsoft Copilot AI, and there’s definitely potential integrating AI with our FI Dashboards.
I’ll be focusing as a project on integrating AI on our FI Dashboards for the next few months. This will be AU focused on accumulating our Net Worth. Integrating our US assets and investments won’t be considered as this may trigger US/AU tax implications especially on foreign tax credits. Since US is focused on 401K and ETFs, we can invest in US ETFs within our super without triggering PFICs or any tax implications. However, I’m also considering integrating Singapore, so still working on deciding whether building a buffer for this type of research is feasible. Our FTC are rolling off soon, so our next viable option is to relocate to Singapore. Our net equity here in AU is significant, so unless Singapore offers us a deal we can’t reject, otherwise, we’ll stay put.
Thinking about syncing our investment accounts accounts (in today’s environment) would make me cringe just because there’s always that cybersecurity risk in which we’ll be at the mercy of the app or software. There’s also the synchronization risk of syncing with different platforms into one.
As for Australia, considering syncing our Superannuation accounts is a joke. Either due to privacy issues, or the risk of external environment risks. However, syncing mine and Kathy’s super accounts when assessing our investments is essential, so building our own dashboard is a high priority. As for Property, negative gearing is a tax strategy and has its own tax implications, so the method we’ll be using is net property equity as this method is much simpler.
Goal is to see what we can use from Personal Capital Dashboards, and make it AU user friendly focusing on our accumulating our net worth. We no longer need to budget as our personal finances are automated, so asset categories will be the core focus, and not necessarily budget categories.
