Spreadsheet: hate it or love it.
Once upon a time the trusty old spreadsheet was the only tool available to track someone’s wealth. But that is no longer the case.
The question we have for you, is do you track your wealth? And if you do (probably using Excel) how is it going?
Good old Excel. There are two clear groups. Those that absolutely hate Excel, and those who love it.
If you belong to the first group, the case for switching to an online app to track your wealth is already won. Either you are not using a spreadsheet, or the one you are using is not that informative. Regardless, you probably want to up your game to keep your wealth under control.
If however, you actually love Excel, then the arguments get more interesting.
Is your spreadsheet good enough?
Excel lovers tend to build an architecture first, and add complexities as they go along. But once built, changing the core structure of a spreadsheet is daunting (who doesn’t dread those DIV/O! messages!) – to the point that it is probably easier to start from scratch. And that is a seemingly monumental task, especially because people tend to fall in love with their own models.
What do you do when you realise you’ve not been tracking your data the right way, to give you the metrics you need? It’s not always easy to know the exact metrics you want when you first start. The resulting headache is, you would probably need to change the structure of your model. But even if your model is perfectly built and looks uber neat, how much manual updating do you need to do, and how often?
Is it convenient?
That is the ultimate question: how convenient is it to use and keep up to date? If you have broker accounts, stocks, holdings in multiple currencies, how long does it actually take to update all your values?
With Exirio you can add assets in over 10 different currencies, and you can forget about updating FX rates each time. We do it for you. And as for public instruments, we are right in the middle of polishing off our most exciting new features. Accounts integration and public prices updates. The former will enable you to connect your banking and broker accounts to your Exirio account. Each time you login you will see your updated balances and investment portfolio values.
The latter means that even if you are not comfortable using your login details (which Exirio would never see anyway) to connect your providers, we will give you updated valuations for your stocks, funds, ETFs, bonds, cryptocurrencies, precious metals (and the list goes on)! So each time you login, your overall wealth and your valuation will be based on the latest prices for anything that has a public price. Now, that’s convenience.
Third-party access
And if you are still not convinced, let us ask you a question. Let’s assume for a second that you are a husband, and maybe a father. And that you have been tasked with the bookkeeping role of the family assets. How easy would it be for your wife to decipher your model? And if you wanted to show your assets and performances to an external financial advisor? Would you actually send him your file, giving out your own password?
With Exirio you can very easily give access to your account (to view and/or to edit) to both (or to anyone else), and even set an emergency access user in case you don’t login for a long time.
So there you have it! We certainly hope we’ve convinced you of the benefits of moving your wealth tracking online. And furthermore, if in the future you find an app that works better for you, you can download ALL the data you have on Exirio and take it wherever else you choose to go. We are not trying to keep you with us by making it hard to switch. We want you with us because you like us best! (And if you don’t, please let us know and we’ll do all we can to make it better!)
