How SimpleMoney can help track your portfolio

This is a sponsored guest post by Pranshu Maheshwari, founder and CEO of SimpleMoney

Taking stock of our personal finances by building a Personal Financial Balance Sheet is a very important step in boosting our financial health. But it can be immensely challenging for many of us because our money is kept across a range of locations: bank accounts, real estate, the financial markets, gold, under our mattresses.

Just within the world of Equities and Mutual Funds, we often deal with multiple fund houses, stockbrokers, registrars and portals, leaving us with a collection of usernames and passwords. The persevering souls amongst us don’t give up so easily, so we do our best, uploading account statements and downloading pre-built Excel calculators, making a few data entries along the way.

I built SimpleMoney in 2016 in response to my personal frustration at having to sit in front of convoluted Excel spreadsheets, trying to figure out how much money I had. Even as a math and finance aficionado I was dismayed by how many hours it took me. I can’t imagine how discouraging this might be to people who want to invest in the financial markets but feel completely overwhelmed by the steep learning curve.

SimpleMoney is a free and completely automated mutual fund and equities tracker that uses machine learning technology to pick up data from investment-related emails and provide consolidated information about your investments. For many, if not all of our users, it’s the first time they get to see all their mutual funds and equities without any manual uploads or data entry. Using it takes just three clicks.

Besides the magical “aha” moment of realizing how much money they have, investors find SimpleMoney useful because it helps them make decisions about their portfolios. As with all investments we might make, it’s important to use strategy and precision to make sure that our funds align with all those things in our life that we can control and that we have reliable information about: our financial goals, expenses, income and risk tolerance. All of these factors change with time, and it’s important to make sure our portfolio keeps up with these changes.

SimpleMoney shows you the XIRR for each of your funds over a range of time horizons, and using CorrectCompare™, our proprietary comparison algorithm, you can check to see if your funds are outperforming the market. If a particular fund isn’t doing too well, you can check to see if it is out of exit load, or how much exit load you will have to pay depending on the units you redeem.

We also have a Capital Gains calculators so that you won’t have to spend more time trying to figure out what grandfathering means. Family members can track their cumulative portfolios in one profile, creating subfolios for each member, and creating financial goals that you assign specific funds to.

With the exception of those trying to make a quick buck on stocks, many of us invest in financial markets to compound our wealth and beat inflation so we won’t have to wallow in worry when we have to pay for a child’s education or when we retire. Investing, despite all the panic-mongering that we see in the media, shouldn’t cause anxiety in us. Portfolio tracking and monitoring help prevent us from falling victim to the vagaries of the financial markets and ensures that our money can be made liquid when we need it.

SimpleMoney takes just three clicks to set up:

  • Visit our website and log in using the email ID that you use to track your investments (you can add multiple email IDs after the first login)
  • Wait a few minutes while your data is collated; you will get an email once your portfolio is ready to view.
  • Experience that magical moment of seeing your portfolio in one place!

Go ahead. Give it a try. It’s free and it takes seconds to set up. And if you try it, let me know what you think. I’m at support@simplemoney.in.

Author Bio: Pranshu Maheshwari is the Founder and CEO of SimpleMoney, an endeavour born out of his own personal finance tracking frustrations. Pranshu has lived most of his life in Chennai, which is where SimpleMoney is based, and he is an alum of the Wharton School of Business. SimpleMoney is Pranshu’s third company and is backed by Y Combinator and 500 Startups

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