Pefin Manages Your Entire Financial Picture As an Advisor
Managing all aspects of your finances is easier than ever. There are great online tools for budgeting, investing, and achieving savings goals. Pefin strives to bring it all together and also learn all about your financial situation as an advisor or planner. It’s kind of like a mint , but for your entire financial picture.
You link your accounts, enter some details, and Pefin will show you how every aspect of your finances looks like over time, depending on what’s going on in your life. They call it an AI financial advisor. The tool is in beta right now, so it’s free, but after a couple of months it will cost $ 6 / month for the first year (promo for the first 10,000 users) and then it will be $ 12 / month. … It doesn’t sound like a lot, but considering the fixed costs, it’s quite expensive. However, if you are thinking of hiring a consultant and want a complete picture of your finances, the price can be worth it.
If Mint is all about budgeting , Pefin is your financial timeline: a timeline that captures all of your life milestones and their value over time. When you add a new milestone, the graph changes to show you how much you will be saving and spending year after year.
For example, if you are planning to have a child, you can list it as a life event and Pefin will ask you a series of questions about your plans with that child: private or public school? How much will you save on college? From now on, your financial schedule will change. For example, you will see that your retirement savings will decline in certain years (for example, when it’s time to pay for school). You will also receive advice on how to plan for these financial goals.
Of course, in order to work, Pefin must get information about your income, so when your income changes (ideally, when you earn more), the schedule changes with it. It also learns your spending habits over time. Overall, it gives you an accurate picture of what your financial life will look like in a year, in five years, and, in fact, for the rest of your life. Everything is interconnected, so any steps you take will affect your overall picture.
In addition, the tool has a ton of other useful features. It estimates how much you earn in social security, for example, based on your income. He will tell you how much you can expect to pay taxes and what taxes you will pay.
Since the tool is in beta testing, not all features are available yet, but the main ones are there and are worth checking out. Eventually, Pefin will also include an investment section for you to analyze your portfolio and offer suggestions.
They have given access to 3000 Lifehacker readers, so you can check it out at the link below and subscribe to receive your invitation. Nothing replaces personalized advice from a living, breathing financial planner , but this tool gives you a solid and complete picture of what your money will look like over time, which is great for long-term planning.
You can subscribe to access and see for yourself by clicking on the link below.