But more importantly, trackFI provides the much needed motivation to keep you moving towards financial independence. Through compelling visual dashboards, data analysis and key metrics tracking, trackFI gets and keeps you motivated towards achieving your goals.
The main pillar of trackFI are accounts. Accounts consist of both assets and liabilities such as banks, investment accounts, credit cards, mortgages, loans, real estate and other assets and/or liabilities.
Understanding where your money is and how the account balances fluctuate monthly and yearly provides great clarity on your overall financial well-being.
Expenses consist of all items you spend money on. These include items such as rent/mortgage, electricity, internet, groceries, gas, eating out, etc.
You can think of expenses as typical things you would see in a budget.
Before you can improve something, you need to measure it. Understanding where your money is going every month is the first step.
Incomes are your sources of money that will help you achieve financial independence. These typically include income from jobs, investments or passive streams.
Understanding where your money is coming from and visualizing the power of compounding interest provides added motivation to keep going.
Entries are the culmination of Accounts, Expenses and Incomes that power all the underlying charts, tables, dashboards and insights.
Information provided in a Entry is used to calculate Total Assets, Liabilities, Incomes, Expenses, Net Worth, Years left until Financial Independence, Savings Rate, Current Years Saved and where you could retire to Today, based on your current financial situation.
The cornerstone of trackFI is data visualization and dashboards. After a handful of entries, motivational trends will become apparent.
Unique to trackFI and based on cost of living data, see where you could retire to today based on your net worth and expenses.
Additionally, see how many more years you have left until financial independence, your Savings Rate and Net Worth. Best of all, with each entry, your account becomes richer, allowing for historical analysis.
trackFI will never ask for login credentials to any Financial Institution. Unlike many other financial tracking websites, trackFI does not store financial usernames or passwords.
trackFI was built with customization and flexibility in mind. For the very security inclined, you are free to name your accounts anything you like. For example, rather than representing your Vanguard account as Vanguard, you could name it 401k Retirement.