Accounting for Anomalies. The human psychology is complex, and it’s obviously impossible to predict every irrational move investors might make. But, those who have studied behavioral finance have concluded that there are a number of thought processes that push us to make less-than-perfect investment decisions.
KMyMoney supports investment accounts and can retrieve online stock quotes. Personal finance reports can be configured in a number of ways, and KMyMoney widgets can be installed to add further functionality, such as a pop-up calculator and date selection calendar. The interface looks clean, and it’s easy to navigate and less dated than some of the other personal finance options for Linux. There’s even a nifty account setup wizard. KMyMoney’s online user manual is an excellent resource that takes you step-by-step through all of its features. They’re not as numerous as those offered by GNUCash—it doesn’t have a classification function, for example—but if you don’t need all of those features, why pay for them?
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If you want to calculate your own finance charge, you have to know your credit card balance for each day of the billing cycle. While your credit card statement won’t list each day’s credit card balance, you can use your statement (or your online transaction log) to figure out the balance. Start with the balance at the beginning of the billing cycle. Then, add or subtract from the balance each day you have new transaction. Let’s say your APR is 12% and your billing cycle is 25 days long. You started the billing cycle with a balance of $100. On Day 4, you made a $100 purchase. On Day 20, a $25 payment was credited to your account. Your daily balance for each day during the billing cycle would be: Day 1 – 3: $100. Day 4 – 20: $200 ($100 purchase). Day 20 – 25: $175 ($25 credit)
Cockiness: Investors want to believe they are good at what they do. They aren’t likely to change investment strategies, because they have confidence in themselves and their approach. Similarly, when things go well, they are likely to take credit when it fact their good results come from outside factors or sheer luck.
Best for Wealth Management: Personal Capital. Personal Capital. Courtesy of Personal Capital. Personal Capital is a personal finance and wealth management app that allows you to manage your assets and investments along with your everyday spending accounts. The service integrates with more than 14,000 financial institutions so you can link your accounts within the app. While you can connect to your bank account to track spending and create a monthly budget, the app really shines in helping you track and optimize your investments. You can track your portfolio by account, asset class or individual security. With built-in intelligence available on the tablet version of the app, you can discover opportunities for diversification, risk management, and discover any hidden fees you may be paying. Comparing your own portfolio to major market benchmarks allows you to determine whether you’re on track to meet your investment goals. Personal Capital provides registered financial advisors who can provide you with customized advice tailored to your goals.