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Monday Night Finance- Volume 36

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Monday, 19 October 2020 / Published in Monday Night Finance

Monday Night Finance- Volume 36

How to Invest On Your Own Without a Financial Advisor

Do you work with a financial advisor? Do you believe that he or she has your best interests at heart? If your financial advisor has a “fiduciary” duty, he or she must act in your best interest. But did you know that many advisors don’t have any fiduciary responsibility. That means that they can suggest investments for you that would bring in large fees for them, even if it costs you more money. Have you been burned by a financial advisor in the past and want to do it on your own? That is the premise of this article, written by Andy Hill of Marriage Kids and Money.

I wanted to learn as much as possible about investing so I wouldn’t get burned again. That’s part of the reason I started this podcast … to learn, grow and help my family get to the next level. ~Marriage Kids and Money

In this article Andy provides advice to someone with no previous investment experience who wants to invest his own money after have a bad experience with a financial advisor. Andy provides the listener with 7 pieces of advice. The first option is to hire a fee-only fiduciary financial advisor. Unlike a “fee-free” advisor who is paid by the investments he steers you towards, you can also pay a financial advisor for his or her time. These fiduciary advisors must act with your best interests in mind and may help you get started on the right track until you can build up your own knowledge to invest. If that doesn’t sound good to you, Andy suggests reading as much as possible to learn about investing. The remainder of the article explains how to set up low fee investment accounts and how to shop for “automated” diversified portfolios through index and target date funds.

Saving Rate: How to Calculate It and 3 Ways to Increase It

Do you know how much of your paycheck you save each week? If not, you should. According to famous blogger Pete Adeney, your savings rate (and savings rate alone) tells you how many years you are away from retirement. For instance, if you save 5% of your income, you need to work for 66 years before you retire. If you’re able to save 50% of your income, you can retire in 17 years. But how do you calculate savings rate? And how can you increase it so you can retire?

Saving Rate is the percentage of income a person sets aside every year. The money does not need to be held in cash and can be used to buy assets. The important part is that it is not spent. It is saved or invested for spending in the future. ~Financial Freedom Countdown

In this article, John from Financial Freedom Countdown shows you how to calculate your savings rate. If you use a budgeting app, like CountAbout, this should be easy for you. To calculate your savings rate, you first need to calculate your net income (gross income minus taxes). Then you subtract your spending from your net income and divide again by the net income. (This is illustrated in great detail on the post). Want to benchmark yourself? John states that the average savings rate in the US is about 9%. Finally, the article breaks down tangible tips for how you can increase your savings rate.

20 Best Gig Apps to Find Work in 2020

Are you familiar with the gig economy? With the rise of the internet, it’s possible for nearly anyone to become their own independent contractor. New apps are bringing together workers and employers like never before. Are you interested in working for yourself but have no idea where to start? If so this article is for you.

Most job seekers are now applying for jobs on online platforms such as gig economy apps. Current gig economy statistics indicate that this is the future of the job market. According to a study done by Gallup, 36% of US workers are gig workers. ~Financial Wolves

In this article, Kyle from Financial Wolves breaks down how the gig economy works and how to make it work for you. In the gig economy, you work as an independent contractor and trade your time for money. There are lots of potential different avenues for doing this. The best gig for you depends on your skills, the amount of time you have available, and your interests. For instance, if you have limited time to devote to your gig, you may be interested in taking surveys for money through an app like Survey Junkie. If you have more time and love dogs, you might want to sign up to walk other people’s dogs on Rover. Check out the article to find your perfect gig!

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What you can read next

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Monday Night Finance- Volume 35
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Monday Night Finance- Volume 22
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Monday Night Finance- Volume 20

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Reviews

Shirley Hou
CountAbout was Perfect
15-03-2017

I was looking for finance software to use as treasurer of the parent-teacher association at my child's school. CountAbout was perfect - it had all the register features and download capabilities that I was familiar with from desktop Quicken, but it has the advantage of being in the cloud so I can use it from any computer.

 
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Amanda Sherlock
25-08-2020

I started using Quicken in 1987, before I had my own PC. I continued using it for years, frustrated by the frequent breaks in the synchronization. Finally I took the leap and used Mint for a year or two. Free software is worth as much as I pay for. Finally, in 2019 I found Countabout. The synchronization is great and I am happy to have a product that's easy to use and reliable. The customer support is excellent and very responsive to my questions.
There aren't as many bells and whistles as Quicken but the simplicity outweighs the complications.

 
Barbara Ann Feeney
16-05-2016

I switched from pencil and paper on grid accounting paper, then to a Google spreadsheet, then to CountAbout. Really happy with how this app makes it easy to track how I doing, staying (or not) on budget.

 
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Steve P.
22-09-2017

My search for a cloud-based alternative to Quicken is over! Very easy to transfer my Quicken data and customize my account. Thank you CountAbout!

 
‏@davepurcell
15-11-2016

I rarely tweet endorsements, but -- after years of using/hating Quicken, Countabout is awesome for tracking home budget/finances. Thx!

 
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Richard Luna
03-02-2021

I'm a one-person real estate brokerage and having accurate financial records and being able to easily search transactions and generate reports is crucial. I'd been using Quicken for Mac for 10+ years and wanted to migrate to using a Chromebook instead of a Mac, to do that I had to find a replacement for Quicken.

The replacement had to be online; available from my phone, tablet, etc., and no software installations almost every year. I immediately dismissed any 'free' financial software (Mint, etc.) - I believe that you get what you pay for and there is no such thing as 'free.'

I settled on Tiller and CountAbout and subscribed to both; I quickly decided that a spreadsheet is not what I wanted. I wanted something that worked a lot like Quicken and CountAbout fit the bill. It took me awhile to fully embrace it but once I did I've been very happy and would not go back to Quicken even if they offered a fully online version. The few times I've had a question about using CountAbout I've always gotten a response by the end of the day - and often in an hour or less. If feels like I'm working with a small enterprise that's interested in putting out a superior application, improving it and solving issues and responding to questions. I'm very satisfied!

 
David M.
16-07-2016

CountAbout is as easy to use on my mobile as it is on the desktop and it provides me with the same or better information than Quicken.

 
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Jim Powell
17-03-2018

Vastly superior to the execrable Quicken, which caused me to have to choose a new bank password every time I used it. CA is fast, simple, and all you need unless you have a complicated investment portfolio. Its almost fun!

 
Nate E.
05-02-2016

Fantastic! I finally found a great replacement for Quicken! CountAbout is entirely cloud-based, so you can access it from whatever OS you happen to be using. And the mobile app isn't hamstrung like Quicken's. No looking back for me, this is a great app and a great service!

 
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Jeffrey Wilk
02-04-2018

Great product and great customer service. Thanks!

 
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Keith Hurst
22-05-2020

I've been trying to ditch Quicken for years, finally a worthy replacement, but it's so much more, so clean and intuitively designed. I was really surprised and delighted to find a full featured iphone app that meets all my needs.

 
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Nancy
10-08-2018

I love CountAbout! I have hated Quicken for years, but didn't have an alternative. Now I do! I love that the cost is only $9.99 per year for the basic service (which is all I need). You can upgrade for more features, if you need them. But for personal use, the basic plan is just fine. When I found CountAbout, I gleefully gave Quicken the boot and I haven't looked back or missed it at all. Bye bye Quicken!!!

 
Widgets to Compare Monthly Spending in Active Categories
17-02-2017

Huzzah! I can add widgets now and already made one to compare my monthly spending in my active categories to my budget. Excellent. That tool is one of my favorite features in a personal finance product.

 
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Ann
28-06-2021

Countabout's concept is awesome. I track checking and credit cards by transactions, and investments by total only. The reason for four stars is that periodically the investment accounts refuse to update the correct amount. Then, I have to unlink the account, delete the account then set up the account a second, third or fourth time. Often times, when trying to link a new account, CA logs me out. If you have patience, CA is a hundred times better than Quicken, but not yet perfect. Still trying to set up a credit card account after 6 attempts. At some point, it will click.

 
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Dana Linder
29-03-2019

This is an incredibly well thought out program.

It imports QIF files perfectly. I tried a number that failed miserably.

It has a function that emails reminders about scheduled transactions. That is an extremely useful function that I hadn't seen anywhere.

Tech support is second to none. All my questions were answered in detail within hours (sometimes minutes).

The companion phone app is very simple. You can browse, search, enter transactions and see scheduled transaction. That's really all you need on the phone.

It's one failing for me is that I have a transaction that I have a transaction that occurs on the 3rd Wednesday of the month, and it's not possible to set that up. It's easy enough for me to change the date of next transaction when I enter the current one.

I am extremely impressed with the company. The trial is free for 15 days. You have nothing to lose.

 
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Colin R. Vine
13-07-2021

I have been using Countabout Basic for a few months now and love the program. It is far and away better than any other personal finance program I have used.
I would recommend Countabout to anyone. Give it a try. The web interface is easy to use on my Chromebook and on my Android phone and tablet.
When I have had a query, the company has written back almost instantaneously. Great service!

 
My Bank Tracker
24-11-2016

...you won’t be bombarded with ads when you log in. Mint, for example, uses targeted ads to help keep the platform free. All in all, CountAbout could be a good choice for Quicken and Mint users who want to start fresh with their finances without losing their past transaction history.

 
Mark Goldfarb
20-01-2017

I love the software – nice and clean – the categories was a must have that your competitors are lacking.

 
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Wayne Everett
07-02-2022

I have been using Countabout for over 2 years. I got sick of quicken continuing to "improve" itself with crap I did not want, even if they did not increase their costs constantly. Countabout has done everything that I need. I have 20+ accounts linked and all is great!

 

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About Us

CountAbout® is an easy-to-use online personal finance application that imports data from Quicken and Mint and automatically downloads data from banking, credit card, and retirement accounts. With no software to install, we’re anywhere you have an Internet connection. Our platform is stable, secure, and totally private. Our dedicated customer service team is friendly, knowledgeable, and quick to respond.

Never lose track of your finances, or the big picture, with CountAbout. Sign up for a free 45-day trial today.

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Madison, WI 53715
(608) 313-5629

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