For anyone who needs a hosted/paid/slick alternative, there is https://kubera.com Disclosure - I work at Kubera.
How successful has the [COMPETITOR] vs Kubera pages in footer technique been for y'all?
Ghostfolio: Open-source wealth management software
71–80 of 162 posts
Re: Ghostfolio: Open-source wealth management software
#72Does 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 actual book- and portfolio-keeping.
Re: Ghostfolio: Open-source wealth management software
#73Isn'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.
Wealth is an industry term. It doesn't imply that one should be wealthy (rich) to use this tool. Wealth management is a tool for planning your own personal wealth for the future. 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 >…
K.
You're right, you can classify the term "Wealth" as any free capital.
So if I have an extra $5 I can manage that "Wealth".
Re: Ghostfolio: Open-source wealth management software
#74Isn'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 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.
Re: Ghostfolio: Open-source wealth management software
#75Repo: https://github.com/ghostfolio/ghostfolio Trailer: https://www.youtube.com/watch?v=yY6ObSQVJZk
> trailer
I'll wait for the teaser
Re: Ghostfolio: Open-source wealth management software
#76Call me old fashioned but I just add everything under 'other accounts' on vanguard, and call it a day. It's close enough for my taste. I imagine other brokerages offer this feature too and vanguard has pretty much the worst reputation for ux out there.
Yeah, Schwab can track other accounts from Fidelity, Vanguard, etc.
I’m probably a minority but I don’t micromanage my wealth. General account level information is good enough. I also do not trust wealth managers, usually their advice is terrible. Schwab automatically assigns a person on your account after a certain wealth threshold. They call me occasionally to make sure I’m aware of the risks which of course I am.
Re: Ghostfolio: Open-source wealth management software
#77Call me old fashioned but I just add everything under 'other accounts' on vanguard, and call it a day. It's close enough for my taste. I imagine other brokerages offer this feature too and vanguard has pretty much the worst reputation for ux out there.
Yeah, Schwab can track other accounts from Fidelity, Vanguard, etc. I’m probably a minority but I don’t micromanage my wealth. General account level information is good enough. I also do not trust wealth managers, usually their advice is terrible. Schwab automatically assigns a person on your account after a certain wealth threshold. They call me occasionally to make sure I’m aware of the risks which of course I am.
Their advice isn't necessarily terrible, it's just strongly biased towards them making a buck off you.
Re: Ghostfolio: Open-source wealth management software
#78Anybody 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
Can ledger track performance over time (which I assume Ghostfolio can). Does ledger (or the eco-system around) come with integration towards sources which categorize assets, and can it easily give a breakdown of the exposure according to such categorizations (per industry, per region, etc.)?
I don't know about ledger, but gnucash can track performance over time[1, 2]. I don't think Gnucash can do your second ask on its own.
[1] https://www.gnucash.org/docs/v5/C/gnucash-guide//chapter_inv...
[2] https://www.gnucash.org/docs/v5/C/gnucash-guide//rpt_standar...
Re: Ghostfolio: Open-source wealth management software
#79Had trouble hitting back on the browser. Major peave.
Is this able to plot different Roth + 401k strategies to maximize tax advantages and returns? Also figuring in your small business activity and write-offs? Big picture.
I've been watching YouTube videos explaining various strategies and ways to bank yourself. Totally pissed me off that no one told me all of this before. My lack of knowledge has really hosed my finances bad and I was the person that would help coworkers figure all this stuff out. I found a lot of people just leaving their money in money market funds in their matched 401 and they were very apprehensive about doing anything. Even saw a trained broker do this.
People are leaving a lot of wealth on the table because they don't know the laws and how they can get rich moving their money around and they will not go to advisors for various reasons,again, mostly out of ignorance. I hear advisors often don't know these laws or fail to tell people.
I had no idea you could get a solo 401k and completely self-direct the investments (I.e put the money into your business or a friends). Searched Fidelity and was able to dig up the PDF forms.
I always thought it was evil to borrow from your 401k,and indeed every document you find on this throws up scary words and harsh language and intermixes the topic with withdrawals. Powerful source of funds that people avoid out of fear and ignorance.
I'm not concerned with watching balances but would like something that can present scenarios for various vehicles and suggest different courses of action.
I want to start a small business, what is the best way for me to fund that without risking to much or getting hosed on taxes...
Re: Ghostfolio: Open-source wealth management software
#80Earlier 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…
Sounds like you'd like Tiller. It's what I use. Pulls all your transactions and balances into speadsheets and then you can use their templates or your own from there. I have wealth dashboard, spending, etc...