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Ghostfolio: Open-source wealth management software

ghostfol.io

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Re: Ghostfolio: Open-source wealth management software

#141

Post by RhysU »

vba616 wrote: post #127
multicast wrote: post #70

Earlier quoted context omitted.

"Real" wealth management has a lot more legal work behind it since a non trivial portion of wealth management are topics like inheritance and planing for the next generation. Also wealth management is more focused on wealth preservation than generating high returns, that is more the focus of asset management (e.g. hedge funds, private equity etc.). But since this piece of software is focused on the individual the ter…

>"Real" wealth management has a lot more legal work behind it This is just me, but if I had legal work and deep pockets, I'd hire a lawyer. >a majority of people think that when it comes to finance they can compete on an equal level with experts who do this every day >But if your skilled you surely save a ton of fees. If you are "focused on wealth preservation" rather than "generating high returns", what is the need…

> If I won the lottery, and I just sent, say, a $500M check to a regular discount broker and bought an index fund, is someone going to take it away from me?

Not from you, but the IRS will take 40% of everything when you die.* Only 60%, at best, goes to your heirs depending on state law. Unless you proactively plan.

* Yes, yes the $13M federal exemption but that's a rounding error at the $500M+returns scale.

Re: Ghostfolio: Open-source wealth management software

#142

Post by dagw »

skeeter2020 wrote: post #107

"saying no to spreadsheets in 2023" I just don't get this sentiment. Nothing lets me model free-form questions as quickly, easily and effectively as opening up Excel. I get there are better tools for specialized or defined problems, but the spreadsheet is still my go-to general purpose tool.

Agreed. I have a degree in statistics, years of experience working with data analysis, closer 15 years working with python, know R etc. etc. But if I just want to quickly play around with some numbers to get a quick feel for a problem I almost always still fire up Excel first.

Re: Ghostfolio: Open-source wealth management software

#143

Post by RockyMcNuts »

FrustratedMonky wrote: post #74
Topgamer7 wrote: post #19

Earlier quoted context omitted.

You probably have a house, a car, a 401k, expensive phone, computer(s). At least a good portion of the HN demographic probably fits this description. So you're more wealthy then the person working 2 jobs, living with 3 roommates, commuting by public transit. Wealth is just your possessions with value. This is just being "pedantic about social class".

Technically you are correct. The term "Wealth" is just a word for money. Pedantically, any money can be termed "Wealth". So if I have an extra $5 dollars, I can manage that "Wealth", and I should not get hung up on a term that the ignorant masses associate with a "Social Class". There are no social hierarchies, we are all wealthy on a sliding scale, from 5$ to $5MIL to $50BIL.

money is a particular type of wealth that is used as a medium of exchange, a unit of account, and a short-term store of value. qualities that make something money-like include divisibility, fungibility, portability, liquidity, easy transferability, wide social acceptance.

wealth can take many forms including human capital, social capital, future earning power, you can be wealthy in some way and yet cash-poor

- one of the apparently ignorant masses

Re: Ghostfolio: Open-source wealth management software

#144

Post by erhaetherth »

cryptoboid wrote: post #96
8n4vidtmkvmk wrote: post #41

Earlier quoted context omitted.

I wanted to dispute this but then I remembered that I wasted 2 hours yesterday because Yarn 3 PnP and Typescript weren't playing nice together.

I feel that pain, I've gone through that but I've just switched to Yarn 1 and call it a day

Yeah... I kept it on Yarn 3/berry but set the node-linker back to node_modules and moved on with my life.

Re: Ghostfolio: Open-source wealth management software

#145

Post by infinite8s »

throwaway2037 wrote: post #140
infinite8s wrote: post #138

Earlier quoted context omitted.

> If I won the lottery, and I just sent, say, a $500M check to a regular discount broker and bought an index fund, is someone going to take it away from me? Are the wealth management divisions of every podunk bank and credit union there for a reason? Would I need to hire "protection"? The market might take it away from you. Last year the S&P returned -20% - there goes $100M!

By this dumb reasoning of unrealised losses, you should never invest in any security (bond or stock) else the exact same scenario may happy. You are destined for the poor house without taking equity index risk in this generation.

I was explaining why capital preservation is important with this (albeit) dumb example. Obviously someone with $500M is going to be a bit more sophisticated about it (there are reasons hedge funds that return 15-20% annualized charge 2 & 20 - or some now do 3 and 30 with a 5yr lockup).

Re: Ghostfolio: Open-source wealth management software

#146

Post by matanrubin »

andix wrote: post #43

I am using Portfolio Performance for a while now. Need to check how it compares. PP is easier to set up though, it's a plain old Java desktop application. https://www.portfolio-performance.info/en/ Edit: it works well for crypto too, you can track anything that has a count and a price.

I found Portfolio Performance to be non-intuitive and very hard to use

Re: Ghostfolio: Open-source wealth management software

#147

Post by matanrubin »

berkes wrote: post #72
ak39 wrote: post #44

Does it handle stock splits, consolidations, dividends etc? Calculating returns (basically tracking growth) is a non-trivial problem.

Yes, somewhat. Not as proper as it should. But it does the job. Esp with such events as splits, mergers, renames you can see it's not a very professional setup. I've had to hack around it by adding and then nulling some assets like "emission claims". Or, in my country, dividend-tax is extracted immediately so I now hack around that by adding that tax as "fee" to ghostfolio. It works. But isn't a replacement for actua…

How did you handle stock splits?

Re: Ghostfolio: Open-source wealth management software

#148

Post by olddustytrail »

RhysU wrote: post #141
vba616 wrote: post #127

Earlier quoted context omitted.

>"Real" wealth management has a lot more legal work behind it This is just me, but if I had legal work and deep pockets, I'd hire a lawyer. >a majority of people think that when it comes to finance they can compete on an equal level with experts who do this every day >But if your skilled you surely save a ton of fees. If you are "focused on wealth preservation" rather than "generating high returns", what is the need…

> If I won the lottery, and I just sent, say, a $500M check to a regular discount broker and bought an index fund, is someone going to take it away from me? Not from you, but the IRS will take 40% of everything when you die.* Only 60%, at best, goes to your heirs depending on state law. Unless you proactively plan. * Yes, yes the $13M federal exemption but that's a rounding error at the $500M+returns scale.

Aw, the poor little workshy brats. If there's three of them they'll have to struggle by on $100 million each. By the safe withdrawal rule, that's just $4 million a year each indefinitely.

Cry me a river.

Re: Ghostfolio: Open-source wealth management software

#149

Post by vba616 »

infinite8s wrote: post #145
throwaway2037 wrote: post #140

Earlier quoted context omitted.

By this dumb reasoning of unrealised losses, you should never invest in any security (bond or stock) else the exact same scenario may happy. You are destined for the poor house without taking equity index risk in this generation.

I was explaining why capital preservation is important with this (albeit) dumb example. Obviously someone with $500M is going to be a bit more sophisticated about it (there are reasons hedge funds that return 15-20% annualized charge 2 & 20 - or some now do 3 and 30 with a 5yr lockup).

>hedge funds that return 15-20%

This is always a scam. Madoff died in prison, you know.

Re: Ghostfolio: Open-source wealth management software

#150

Post by vba616 »

upon_drumhead wrote: post #129
vba616 wrote: post #128

Earlier quoted context omitted.

>e.g. sitting in cash I read somewhere (but didn't do my own research) Schwab's business model these days, maybe others, is making money off idle customer cash, now that they don't charge trading commissions. They may not want customers to buy anything. With interest rates up so much, I would guess it is even more lucrative?

With VMRXX giving a YTD compound yield of 5.41% ( https://investor.vanguard.com/investment-products/mutual-fun... ), I've actually been happy to have parked a bunch of cash and not touched it.

It isn't going to compound though, at least that's what long term rates imply.
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