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How do you plan your finances? Do you know your total net worth? You do not have to rely on the services of a costly financial adviser to help you create a personal financial plan. Let’s do a WeVest review to help you make some better personal financial management decisions to secure your financial future. There are plenty of key financial ratios that you need to understand when planning your financial future. Can WeVest solve them? Let’s do a review of WeVest.
WeVest Review: An Alternative to Personal Capital
WeVest is an incredible app that offers personal financial management that enables you to take it suggested steps to increase your net worth. It analyzes the entire financial situation that range from your assets, income, debts, demographics, financial goals, etc. and then offers you recommendations on where to put your money and how to manage your finances.
The user makes the suggested payments on their own. The app helps you to track your progress over time.
You may need to have a personal budget in place to get the most out of the financial planning service. The tool helps to allocate your finances into various buckets such as savings, investment, debts, retirement, college, home etc to maximize your future net worth and this will ultimately help you achieve your financial goals. Personal financial ratios include debt to income, net worth to income multiple, and more. Personal financial management tools like WeVest can help individuals understand their key personal financial ratios that enable them to make future financial decisions.
Let’s get into our WeVest review.
How WeVest works
You have to first signup on the platform. The next step is to enter your financial and household information like your gross income, types of debts, current assets, tax filing status, and retirement savings if it’s applicable.
Finally, link all your financial accounts to the app so that you are able to access all the information in one place. You can let the app know how much extra money you get each month via a slider and then it will make suggestions on where to allocate that money and understand your accumulated wealth position.
I cannot stress the importance of using a personal financial management tool to track your progress to financial freedom. There are so many tools out there to choose from. We have traditionally used Personal Capital, but we understand there are a number of other financial tools out there. Let’s think about WeVest and how it can fit into our personal financial planning.
WeVest app does not have the two-factor authentication security feature or computer registration. To use the app, you don’t have to share your true identity with the system or to link your personal financial statements. You can manually input all your accounts or you can choose to link your accounts.
WeVest has partnered with Yodlee Envestment, a financial aggregation service to handle your banking information. Yodlee allows users to link their banking information in one account. WeVest only gets the read-only capability of your accounts and does not get any access to your login information and cannot alter your personal information in any way.
WeVest Pricing plans
The app gives the first 6 months of your subscription for free. The app has two pricing plans which are a $2 per month or the $19 per year plan. If you choose the yearly plan you can save up to $5 annually.
WeVest % tool that helps optimize your finances
The system has a “WeVest %” that calculates your monthly after-tax income and the total amount of debt. It shows a personal financial ratio of debt to income and in case you don’t have any debts, you get to know how much of your money is increasing your net worth.
Do you understand your personal financial statement?
Your total financial obligations or debts are on the left side of the scale whereas an estimate of your take-home pay is on the right. The income estimate may be higher than the actual take-home pay because WeVest accounts only for federal taxes. Since WeVest only uses the take-home pay, you can create your own household budget. Calculate how much is spared each month and add it to the system via a WeVest % slider.
The app will prioritize the bucket to put the money into first and it will also increase your percentage. Entering any extra money into the tool helps you to increase your net worth and ultimately achieve your financial goals faster.
These type of key personal financial ratios should be automated and WeVest will help you accomplish that. No need to rack your brain on what your personal financial statement looks like. Understand your retirement position within a click of a button.
WeVest Prioritization strategy
To get quality service from the platform, ensure that you feed it with the correct financial profile and your accurate account balances.
Focus on Debt vs. Savings
WeVest prioritizes debt payoff particularly high-interest debts over savings and investments. This exempts the low-interest loans and mortgages. WeVest utilizes the avalanche method that prioritizes clearing of debts first particularly the high-interest debts. Credit cards get the first priority, followed by personal loan, then student loans and then mortgage in that specific order. However, it recommends allocation for retirement saving before mortgage payments. WeVest calculators help to calculate your mortgage payment intervals, home refinancing, credit card refinancing and investment fee costs.
In the above chart, you can see that they have a calendar on when they’d expect you to be debt free. This feature is fantastic and gives people a clear picture of when they will be debt free.
Focus on Savings vs. Retirement
WeVest puts into consideration that an emergency fund should be worth at least three months of your expenses and should come before putting any retirement savings in place. However, WeVest also takes into consideration your federal tax obligations only and so the recommended totals given for savings and retirement are calculated to be on the higher side.
Focus on investments vs. retirement
In most cases, WeVest prioritizes other financial milestones like paying off debts over retirement and investing. If you don’t have any debts or you have low-interest debts like a mortgage, WeVest recommends tax-advantaged retirement savings over brokerage investments.
WeVest considers yearly federal retirement contribution limits based on your tax status when it recommends retirement savings. However, it won’t account for any applicable catch-up contributions and therefore you will have to keep track of how much you’re investing. WeVest does not offer suggestions on the type of investments to make nor the brokerage services to use.
Millionaire Mob recommends Robinhood dividends app, which is an ideal investment app that can help you build and track your dividend growth portfolio and continually reinvest proceeds to increase your income and achieve your financial goals. Robinhood dividends are paid instantly and is a great way to increase your income. The Robinhood app is not yet compatible on this platform. Keep an eye out for further updates on Robinhood and WeVest for more information.
Financial future projections tool
WeVest displays your future projections as you save, invest or pay debts. It also shows your net worth information alongside a savings comparison and your next upcoming financial event, after you answer all financial queries and link your accounts. You can click on the “Net Worth” or “Next Upcoming Event” to access the forecast of how your financial future will be based on the current account balances and status.
WeVest suggests for you the next months’ financial actions that help you remain on the course so as to achieve your financial goals. It gives you a customized or personalized financial plan based on the information you give.
Each bucket recommendation has a forecasting tool that lets you project how fast you can achieve certain goals, including: paying off debts, saving up for an emergency fund, pay off your mortgage etc. You can make changes to see different results and it won’t affect your default settings or recommendations.
Being able to access your future projections based on the current money actions can help you to keep watch on your current spending.
Peer comparison feature
WeVest peer comparison feature helps to compare your financial picture to other users using the demographic criteria. It uses the comparisons such as age groups where it uses “over 40” or “under 40” and income “over $100,000” and “under $100,000”. The peer comparison helps you to see how your money situation measure up against others in your peer group. This can help you understand if you have accumulated wealth compared to others in your age group.
I love this feature. This is such a great idea. Everyone wants to know a benchmark against themselves and this is a great way to do this. This can help motivate others to clean up their financial position if they are behind the curve.
Pros and Cons of the WeVest app
Let’s analyze a few of the pros and cons of using the WeVest application for your personal finances. Here are the pros and cons from our WeVest review.
Pros from our WeVest review
- The WeVest app keeps your information safe and secure as it does not need all the users’ personal details to make financial suggestions and to create a personal financial plan.
- I like how WeVest has a convenient dashboard where the user can view all their financial accounts on a single dashboard.
- It has a peer comparison feature that helps you to see how your accumulated wealth position measures up against others in your peer group.
- WeVest has forecasting tools that the user can use to see how fast they can become debt free, save up for an emergency or plan how much money to save for retirement purposes.
- WeVest is ideal for beginners who want to start managing their money and understand key personal financial ratios.
Cons from our WeVest review
- The WeVest app use is somewhat limited as it can’t help users who file their taxes as heads of household or married filing single.
- After-tax income estimate information is inaccurate and is based on a users’ federal rate.
- The forecasting graphs are visually unappealing and not clearly visible.
- The accounts have read-only capabilities and thus the app cannot make payments on your behalf.
WeVest Review Conclusion
WeVest is the best personal financial planning tool and can help you establish your net worth and forecast your future financial position. The app helps to calculate the key financial ratios and creates graphs that forecast your future net worth based on your current picture. I hope this WeVest review has given you valuable insights and you will utilize this amazing app to establish your financial position and to attain your financial goals.
What are you doing to build your personal financial statement? Do you know your own key personal financial ratios? Through Millionaire Mob, you will get access to an exclusive free trial. Based on the above, I highly suggest that you give WeVest a try. Sign up for WeVest now. What do you think of our WeVest review? Have you tried this yet? This can be a great product for you to understand your accumulated wealth over time and secure your financial future.
I suggest that you sign up for WeVest to give it a trial against other personal financial management tools. This is a great tool that can help you achieve financial freedom.
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