41–50 of 162 posts
Repo: https://github.com/ghostfolio/ghostfolio Trailer: https://www.youtube.com/watch?v=yY6ObSQVJZk
Typescript tells me that it will start to break soon if it ever gets abandoned. JavaScript packages are one of the fastest routing rotting set of dependencies.
Isn't "wealth" a misnomer. Do people with real wealth really use open source tools? Or do they have meetings with their accountants, bankers, brokers. This is really "wanna be wealthy" tools.
For example, you add all your accounts/investments and have the software calculate how much you need to save so that by age 65 (retirement) you have $X which you will need so that by the time you reach life expectancy (say 90 y/o) you have > 0$ left.
There is other stuff you can add in, like "I would like Y$ saved by 20XX so that I can purchase a house. How will that affect the amount I need to save now and how much will that affect my savings at retirement."
> Or do they have meetings with their accountants, bankers, brokers.
It is probably a good idea to have a financial advisor do this for you since they have the know-how (and certification depending where you live) and will know about regional benefits you can apply which can increase your "wealth". However, if you want to do this yourself because you know the space then there is software like this, or Wealth Simple for example.
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.
Earlier quoted context omitted.
What do you define as wealthy? If you read bogleheads / fire blogs, there are plenty of people I would define as wealthy that self manage their assets. A lot of them use spreadsheets, some use free / cheap software online.
Everyone in my family with a net worth over 5MM self-manages their assets. Many financial advisors/managers are percentage based commission which ends up being about as close to a scam as you can get without it being unethical. (very much just my own opinion here) I don't trust industries that use ignorance to line their pockets, which is why I manage my own wealth.
The original comment says that no-one is using apps...what do you think wealth managers use? Wealth managers are usually the same products that are re-skinned for professional use with a few added features that most advisors should know how to do themselves...but usually don't (I worked for someone managing nine figures who didn't understand that you could use Excel to do calculations, so he would sit there with a calculator and hardcode every number...this man is worth $10m+ himself).
If you have the ability, I appreciate that some people have neither the time or inclination, do it yourself. At medium levels of wealth (more than $1m and under $50m), you are likely unable to access good advice so this is really the sweet spot for doing it yourself (if you prefer simple financial products, financial advice largely exists as a service in this bracket because people choose to invest in extremely complex products that are designed to give financial advisors something to charge money for...if you have a DC pension and are investing in ETFs, 99% of financial advisors cannot do anything for you).
Isn't "wealth" a misnomer. Do people with real wealth really use open source tools? Or do they have meetings with their accountants, bankers, brokers. This is really "wanna be wealthy" tools.
You don't get wealthy by giving someone else 1% of AUM for performing on-par with a passive investment in index funds you could self-manage. So, sure, this is "wanna be wealthy", but what even is "wealthy"? I have a plan using spreadsheets and other tools that is on track to take me into low-mid double digit millions prior to retirement, I can't imagine giving someone 1%, which can be six-figures or more, every year for clicking some buttons. At some point managing my own wealth is worth more investment of my time than any other occupation.
Anybody care to define "wealth management" as opposed to run-of-the-mill personal accounting? Why would I use this instead of ledger[1], for example? - [1]: https://ledger-cli.org/doc/ledger3.html
Earlier quoted context omitted.
Curious to hear what you're looking for from a wealth management product. With banking / brokerage platforms like Alpaca, it's possible to create an open source roboadvisor, but I'm not sure who the market would be. Someone who is interested in algorithmic trading would go directly access the API's, and someone who wants a hands off experience could choose from existing products, or get bundled services from a big ba…
Yes I've done a lot of customer discovery interviews in this space, and what resonates is a quote: "People like spending their money, not spending time with it." Outside of people who money manage for a living, most analysis tools seem to fit into a "low frequency, low pain" problem for individuals in the "retail" segment. UHNW have so many assets they need tailored help. And people with huge pain in debt don't have…
I talked with small financial advisory firms (1-3 advisors) to see if there were some backend tools to help them with client work. There's some initial data gathering and entry, but the value is the coaching and psychology rather than the hard numbers.
Anybody care to define "wealth management" as opposed to run-of-the-mill personal accounting? Why would I use this instead of ledger[1], for example? - [1]: https://ledger-cli.org/doc/ledger3.html