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Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

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Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#191

Post by purple_turtle »

workworkwork71 wrote: post #142
danielheath wrote: post #128

Earlier quoted context omitted.

Trusting some random VC-backed SAAS not to sell my data is (to me) as mad as trusting that the tide won't come in - it would be astonishing if they _didn't_ sell my data. My bank has both commercial & cultural reasons not to sell my ID & transaction history. They might still do it anyways, but it's at least plausible that they wouldn't, if only due to the harm to their reputation if it ends up in the papers.

I'm a founder in this space (Fulfilled - posted above). Here's the reality: You're right that incentives matter. But selling your data would be idiotic for us, same reason it would be for your bank in that trust is the entire business model. If we want to monetize insights from aggregated data, we'd do it in-house and offer you better products. Example: Why sell your mortgage readiness data to some broker when we cou…

Some banks at least are selling customer data.

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#192

Post by purple_turtle »

Klonoar wrote: post #116
GoatOfAplomb wrote: post #8

I love the idea of keeping my finances private while still having a useful tracker/planner. And I love that this would give me some protection against a new version making things worse. I also love the option to write my own plugin or to hack the source code itself (even though I probably wouldn't). But I don't think I'm willing to give up fully automated data refreshes at this point. I have too many accounts to trac…

This is one where I don't quite get the angle of hosting locally to preserve privacy. By nature of the economic system, you must interact with 3rd parties, unless you somehow live a life where you can manage to be all crypto or (increasingly harder) cash based. At that point, there is no real benefit to privacy outside of ensuring that whatever institution(s) you work with aren't doing anything odd. I'm open to missi…

Giving access to the same info to more people is reducing privacy.

I prefer to not give to even more people.

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#193

Post by purple_turtle »

embedding-shape wrote: post #12
GoatOfAplomb wrote: post #8

I love the idea of keeping my finances private while still having a useful tracker/planner. And I love that this would give me some protection against a new version making things worse. I also love the option to write my own plugin or to hack the source code itself (even though I probably wouldn't). But I don't think I'm willing to give up fully automated data refreshes at this point. I have too many accounts to trac…

> I love the idea of keeping my finances private I'd love that too, but I'm not sure it's even feasible or possible, at least in the EU country where I live. I, like most people (I think?) need to file taxes each year, and those include my new positions, or what positions have disappeared, including how much I have in savings. And, the only way for me to keep savings without losing money, is to keep it in a bank, so…

Giving access to the same info to more people is reducing privacy.

I prefer to not give to even more people.

In the same way as my doctor knowns some private health info but to keep it private I would prefer to not give it to my employer.

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#194

Post by adverst »

sahaskatta wrote: post #28
jryio wrote: post #21

For those interested in this type of single entry accounting (and by extension double entry) Here are some other ones I've tried and used in the past: https://copilot.money https://lunchmoney.app https://ynab.com https://beancount.io https://hledger.org

Few more to consider: https://www.monarch.com/ https://useorigin.com/

I use monarch, I don't think it is very good as an 'investment tracker' (what wealthfolio claims to be). It's fantastic as a more general personal finance/budget tracker.

For example - I have to reclassify loads of transactions for it to track close to correctly. Say treasuries - purchase at a discount, then at maturity redeem for full amount. You can enter them as buy/sell, but then it wont properly report to cashflow, or give you a good classification as to what type of income that was.

Similar with stocks and short term/long term. It means that even though all the info is there it's not as useful as I'd like for showing total income broken out as types of income to help with tax planning etc.

I still use it so the annoyances are not too extreme, but if there were a tool that did a better job of the investment side I'd switch.

Looking at the wealthfolio features I'm not sure it handles any of that any better though, but it does seem to break out dividend/interest income.

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#195

Post by zephyreon »

bob_theslob646 wrote: post #190
conradev wrote: post #160

Earlier quoted context omitted.

I manage all of my finances with Beancount ( https://github.com/beancount/beancount ). It has a native document store and I primarily use it to archive all of my statements to share with my accountants via Fava ( https://github.com/beancount/fava ). It’s not pretty, but it’s all in one (local) git repo. Language models are great at turning those statements into Beancount postings and fixing errors, but the local ones…

>A double-entry bookkeeping computer language that lets you define financial transaction records in a text file, read them in memory, generate a variety of reports from them, and provides a web interface. Why would someone need this? How do you use this?

It’s actually pretty great if you’re type a about keeping your finances in check.

Check out https://plaintextaccounting.org/

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#196

Post by qiine »

BrenBarn wrote: post #105
ryandrake wrote: post #52

Earlier quoted context omitted.

Quicken is getting even more and more disappointing. Used to be, you'd use what Quicken calls "direct connect" where the client software itself connects to your bank's servers and pulls down your transactions and balances. They also had this "quicken connect" where the client software connects to Quicken servers, who, in turn, contact your bank--making Intuit an unwanted middleman. Slowly, but consistently, Quicken h…

My understanding is that part of the problem is that many banks do not provide that kind of "direct connect" functionality anymore. Some used to provide OFX but no longer do. Also, financial regulations aimed at "open banking" (like PSD2) bizarrely seem oriented towards enabling middlemen like Plaid. They don't require anything like "each individual customer must be allowed to access their individual data by using an…

> bizarrely yeah...

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#197

Post by swores »

juliusceasar wrote: post #148
jstummbillig wrote: post #143

Earlier quoted context omitted.

> it would be astonishing if they _didn't_ sell my data. Sell the data to whom?

Financial data is the most valuable data there is. Such a naive question.

I’m not sure why you read their question as being either surprised or disbelieving?

I’ve worked in marketing enough to know that all sorts of less-interesting data gets bought and sold, yet alone financial data, but even if limiting the context to “for marketing purposes” I wouldn’t know, and would be interested in being told, which companies actually are buying that sort of financial information.

And as the user has now explained in a comment further down the thread, they weren’t limiting their curiosity to just marketing profiling so there’s an even wider scope to their question.

But hey, easier to just call them naive than to give them the benefit of the doubt and engage constructively.

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#198

Post by ndriscoll »

jstummbillig wrote: post #181
AmbroseBierce wrote: post #162

Earlier quoted context omitted.

Yeah I was taken a back as well, "sell gold? To whom??" To the people buying gold, is not reasonable to have to pinpoint who exactly that might be given there is not shortage.

That is because of both of your biases (which is understandable) and me, not specifying why I am asking. "it would be astonishing if they _didn't_ sell my data." If the "who" was answered with "... to Kim Jong Un, glorious leader of the DPRK" you might raise a brow. That is probably not what they meant. Maybe the author meant "... to the legal buyer of the new company, as part of the content of the company"? Maybe th…

Obviously to anyone willing to pay a price. Have you ever looked at those cookie banners? "In order to give you the best experience, we share your data with our 759 partners..."

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#199

Post by NoboruWataya »

bob_theslob646 wrote: post #190
conradev wrote: post #160

Earlier quoted context omitted.

I manage all of my finances with Beancount ( https://github.com/beancount/beancount ). It has a native document store and I primarily use it to archive all of my statements to share with my accountants via Fava ( https://github.com/beancount/fava ). It’s not pretty, but it’s all in one (local) git repo. Language models are great at turning those statements into Beancount postings and fixing errors, but the local ones…

>A double-entry bookkeeping computer language that lets you define financial transaction records in a text file, read them in memory, generate a variety of reports from them, and provides a web interface. Why would someone need this? How do you use this?

It's just a way of keeping track of your finances. If you just have a single bank account and nothing else, then it probably doesn't give you much. But if your assets and liabilities are spread across multiple bank accounts, brokerage accounts, credit cards, loans, P2P/angel investing platforms, etc, then it can be a good way to get a holistic overview of your finances in one place and can help with things like tax returns.

(I don't use beancount but I use GnuCash which is a very similar concept.)

Re: Show HN: Wealthfolio 2.0- Open source investment tracker. Now Mobile and Docker

#200

Post by mwexler »

I am actually quite frustrated with the state of "Open Banking" access in the US. No matter which tool I use across open source or just something I hack myself (or a spreadsheet), I still have no easy way to get to my banking and investment data. Plaid and other "aggregator/scrapers" are not designed for a single user. Tiller and Lunchapp seem OK, but now I have yet another party involved in the process.

Why is there not an aggregation service that literally lets me go directly to my financial institutions to pull down my data and put it into whatever I want? A Plaid, Finicity, Yodlee, MX for the user, not the mass-traffic developer?

I guess, like price engines and free hosting, the business model isn't there to support a thing that just helps folks.

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