How to Be Your Own Money Manager - Passiv + Wealthica

Today we’re going to focus on how to best track your investments, as well as your net worth.

This is of course critical, as you need this data to determine:

1. How much more do you need to be financially independent and retire?

2. Whether you are trending in the right direction
(i.e. Is your net worth actually growing to get you closer to that early retirement and financial independence number?).

Tracking your net worth and investments is no longer something that you have to do manually, by tediously entering your numbers from all your different accounts into a spreadsheet. You also don’t have to do that boring data entry over and over again, every time that you want an update.

So for this episode, I brought on the creators of two free tools available to Canadians. The first is a net worth tracking tool called Wealthica. While the second is an investment tracking and automation tool called Passiv (which I’ve already been using for years to manage, automate, and get reports on my investment portfolio).

Questions Asked:

1. We’re going to be talking a fair bit about tracking our net worth in this interview, and how we can automate it. But before we get into that, how should we be defining “net worth”, and how do each of us actually benefit by tracking it?
   
   
2. It used to be that in order to track your investments and net worth, you’d be stuck with whatever your banking or investment provider gave you, and oftentimes you had to use a spreadsheet to get a holistic view of all your accounts. It seems that now, we are transitioning to more open banking where that is no longer necessary. Can you speak to what’s been happening in regards to this, specifically here in Canada?
   
   
3. For anybody that hasn’t heard of your tools before, can you each take us through what it does, especially when it comes to saving Canadians time, and helping automate some of the more tedious parts of being a do-it-yourself investor, and net worth tracking.
   
   
4. Looking at your sites, there seems to be some overlap in terms of what you each provide. Can you take us through the differences between Passiv and Wealthica? Is there a specific type of investor that each tool is more suited for?
   
   
5. One of the big developments that many of us have noticed is that your tools are now integrated with each other. Can you take us through what that means for us the end users? And how does that helps us be more efficient and save more time with our investments and net worth tracking? 
   
   
6. Brendan, when I spoke with your team offline, they mentioned that users get more functionality if they use one of Passiv’s brokerage partners like Questrade. Can you speak to what users can and can’t do depending on which brokerage they are currently using?
   
   
7. Some of us get nervous about using tools where we need to enter our login credentials for the different companies that we bank with or do our investments through. Can you talk about the technology that’s being used here to keep everything safe? And are we potentially breaking the terms of service with some of these institutions we bank with by entering this private information?

Resources:

You can click here to open up a free Passiv account (Questrade members also get the free upgrade to the Elite Member Plan. 

You can sign up to Wealthica for free here.

Free tickets to the Canadian Financial Summit: Sign up anywhere for free on buildwealthcanada.ca to get free tickets to the digital event once they are ready (the annual event is on September 22, 2021).

Your Mortgage Questions Answered: Since it's real estate season here in Canada, we also mentioned our resident mortgage expert who can answer your mortgage questions for free. You can sign up for a free call here (there is no cost and no obligation to select any of the lowest cost mortgages that he's able to find in from the 60+ lenders that he monitors.

Investing Course: The investing course was also mentioned in the intermission, which you can try risk-free for 60 days here.

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