Very nice! Awesome tech stack too; a welcome change from all the React/Next.js projects these days.
Ghostfolio: Open-source wealth management software
151–160 of 162 posts
Re: Ghostfolio: Open-source wealth management software
#152Earlier quoted context omitted.
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?
A manual action where I multiply and divide all actions. It works, bit hardly. Won't do it again. A next time, I'll probably try to do a sell all old stocks for X/stock, and then buy all for X/splitamt/stock to handle this.
Re: Ghostfolio: Open-source wealth management software
#153I 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
That's true. UX is not the best. But it has a lot of features and works reasonably well once you got used to it.
Re: Ghostfolio: Open-source wealth management software
#154Earlier quoted context omitted.
How did you handle stock splits?
A manual action where I multiply and divide all actions. It works, bit hardly. Won't do it again. A next time, I'll probably try to do a sell all old stocks for X/stock, and then buy all for X/splitamt/stock to handle this. https://github.com/ghostfolio/ghostfolio/discussions/1072
I think there's a python package for Ghostfolio, I assume we can automate this process
Re: Ghostfolio: Open-source wealth management software
#155Earlier 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? 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.
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Re: Ghostfolio: Open-source wealth management software
#156Why did the site hijack the back button? I tried to return to HN but it just kept reloading into the ghostfol.io site...
I am always baffled by people who actually use the back and forward buttons. I guess I just assume that everyone opens links by right-clicking and opening in a new tab. Is there some reason why back and forward is a better or even useful option?
Cmd+click! Right clicking to open a link in a new tab is uncivilized.
Re: Ghostfolio: Open-source wealth management software
#157Can someone not just make a wealth management spreadsheet in Excel? If anyone has a good one, can you share or sell to me?
Is this the sort of thing you are after? https://cspersonalfinance.io
This is so good. I've tried so many homebaked spreadsheet trackers and semi-complete side project sites. This one looks like it strikes a good balance between feature completeness and simplicity
Re: Ghostfolio: Open-source wealth management software
#158Earlier quoted context omitted.
nah. Most of wealthy people I've interacted with have refined/specialized workflows that are something similar to 5 excel spreadsheets. Build a tool that allows people to organize their 5 spreadsheet and you win.
I've tried a number of tools that promise to "automatically" pull all of my transactions and assets in and create a dashboard for me, but I always end up back with a group of spreadsheets. My current setup is: 1. Overview spreadsheet that shows my current net worth (fed from my other spreadsheets), a monthly snapshot of spending, income, and assets, and number of months until FIRE based on my trailing 12 month spend…
Can you share your spreadsheet templates or talk about how one would go about creating something useful?
Re: Ghostfolio: Open-source wealth management software
#159Earlier quoted context omitted.
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…
Do I have to list every asset type and their relationships, to make a point about a word?
I don't think it is surprising that the word "wealth" is used by a lot of people in different ways.
I was accused of using the word incorrectly as in "Wealth" means only "Rich" people. I was wrong because a lot of "non-Rich" can also manage their "Wealth". Someone in the comments even considered having 5Mil of assets to be NOT Rich, NOT wealthy.
It seemed like in the comments there was push back that just because they are managing their "Wealth" that they are NOT Wealthy, and so don't lump them into that category.
Instead of "Wealth" meaning, long list of asset types.
I think maybe that is the point. If you have enough 'assets' and free time to ponder the concept of "wealth" as units of exchange and the nature of money and future earning power, then you are probably "Rich" to many people.
So if you are needing a software tool to manage your "Wealth" then you probably have more "Money/Assets/Fungible Stuff" than most, like >5% of worlds population, so you could be considered "Rich". Then because you are "Rich", "Wealthy", "Have lot of Money", yes, you can be grouped with "Rich" and people can have opinions on the group of "Rich" people.
So I think it is ok to assume if someone needs tools to manage their "Wealth", that I can assume they are "Wealthy".
Re: Ghostfolio: Open-source wealth management software
#160Earlier 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…
I agree. Most private money managers are not worth the cost: 75bps per year (or more) on managers balance. I recommend: Half your age in percent (30yrs old -> 15%) invested in 2yr US Treasury notes, plus remaining in low cost S&P 500 ETF. You will beat 99% of "wealth managers" after a decade, and 99.9% after two decades.
Do you have any data to support this?