BUDGETING
Empower Personal Dashboard: Honest Review
Hey friends, It’s Steve from Feasible Creative.
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Empower Personal Dashboard is a free net worth tracking tool I use to get a view of my overall financial picture. While I’m a big fan of using it, not everything is 100% perfect, so make sure to read this entire newsletter to see if it’s the right fit for you.
Today, I’ll share my unbiased take on this net worth tracker by covering key pros and cons to consider.
Empower Background
Empower is a financial services company on a mission to “empower financial freedom for all”. While mainly providing investment management and advisory services, its Personal Dashboard is a net worth tracker giving you insight into your budget, investments, and other assets or liabilities.
Like other financial tools, this dashboard securely connects to your accounts, aggregating data into a consolidated platform for analysis.
With this in mind, let’s cover some key pros to consider.
Pros
Free: It’s tough to beat $0. There’s a caveat though, so make sure to keep reading through the cons section as well.
Investing Analytics This view provides comprehensive investment tracking and performance analytics across the accounts you connect. For example, you can compare your portfolio’s performance vs. benchmarks like the overall US stock market:
Transactions: Similar to many budget apps, this dashboard gives you insight into your transactions, including areas like spend at grocery stores or your paychecks. Also, as an added bonus, you can export this data as a .CSV file and analyze within a spreadsheet.
Cons
Upselling: While the tool is free to use, you’ll likely run into instances where Empower suggests booking a call with their investment professionals. Technically this is a ‘lead magnet’ for Empower, where you’re offered something for free (the dashboard), while they hope to ultimately get business from you.
If you’re not interested in paid services, you can simply use the free dashboard like I do.
Learning Curve: You’ll likely feel overwhelmed the first time using things, since there are a lot of charts and data to navigate through. After playing around for a little while, it’ll become much easier to use.
Budget Feature: Simply put, the budget portion of the dashboard isn’t great in my opinion. Basically, all you can do is track your transactions vs. a monthly target amount. Still though, the net worth tracker portion is quite useful, so the lack of budgeting features shouldn’t be a dealbreaker.
From here, the choice is yours but I recommend giving this tool a try!
Talk Soon,
Steve
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Disclaimer: The content provided in this newsletter is for informational and educational purposes only. It is not intended to be a substitute for professional financial advice. Please consult with a financial advisor before making any financial decisions. This newsletter may contain affiliate links, which means I may earn a commission if you make a purchase through these links, at no extra cost to you.
Empower Personal Wealth, LLC (“EPW”) compensates Feasible Creative LLC for new leads. Feasible Creative LLC is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.