My Go-To Financial Tools and Why I Use Them
A Personal Rundown of Banking, Investing, and Net Worth Tracking
Since I often get asked about the products and tools I use, I figured it’d be simpler to list them out and share my thoughts on each.
Net Worth Tracking
I track my net worth in two ways. I used to rely on Mint, but since it shut down, I’ve switched to Empower (formerly Personal Capital). I like how it lets me monitor my cash, investments, credit, and more in one place.
That said, I’m a bit old-school, so once a month, I pull the data from Empower and plug it into an Excel sheet. It’s a simple way to see how my net worth changes over time—nothing fancy, just helps me keep things straight.
I don’t use a budgeting tool myself, but I’ve heard good things about Monarch Money if that’s something you’re into.
Banks
Bask Bank: They offer three options: a savings account with a solid interest rate, a mileage savings account that earns American Airlines miles, and a checking account with 1% cashback—not bad at all. To decide between the mileage account and the regular savings, I found this article by Award Wallet helpful: For me, being in the 25-30% tax bracket and valuing miles at 1.7-1.8 cents each, the mileage savings account makes the most sense, so that’s where most of my money sits. Pick what works for you, though.
Discover Bank: One of my first accounts since I already had a Discover credit card. They offer decent interest rates and throw in a free checkbook, which is nice.
Charles Schwab Bank: This one’s a hidden gem. The standout feature? Unlimited ATM fee rebates worldwide [I was refunded a fee for withdrawing Euros in Paris]. If you’re interested, here’s my referral link
Others: I also have accounts with Chase, Wells Fargo, and Bank of America. I keep them because I have credit cards with these banks, and it’s easier to make small, frequent payments from linked accounts than from an external one.
Financial Institutions
Vanguard: Most people recommend Vanguard for investing, and that’s fair—they’ve got great funds and low fees. But when I was starting as a resident, I didn’t have the $3,000 minimum needed for their mutual funds, which turned me off. You can buy ETFs instead (no minimum), but you can do that on any platform, so it’s not a Vanguard exclusive. I kept trying to come back to them, but it never fully clicked for me.
Fidelity: This is my go-to. Most of my retirement accounts (401k, 403b) were already with Fidelity, so it made sense to use it as my main investment platform. The customer service has been fantastic in my experience, and I even use it for my backdoor Roth IRA. I love that you can buy mutual funds or ETFs with almost no minimum, perfect for getting started.
Other Tools I’ve Tried
Betterment: I used this robo-advisor back when I was reading The White Coat Investor and wanted to avoid screwing up my finances. You tell it your stock-bond split, and it handles the rest. Simple and beginner-friendly.
M1 Finance: It’s great if you know your investment mix—like 80% stocks, 20% bonds—and want to automate the process. Just set up a monthly contribution (say, $100), and it allocates and rebalances everything for you—no hassle. That said, I’ve heard the back-office support can be a bit shaky when tax season rolls around, so it’s something to keep in mind.
Acorns: This was my “round-up” app. Spend $4.80 on coffee? It rounds up to $5 and invests the $0.20 as a fractional share. Small potatoes, but over time, those acorns grow into a tree.
Wealthfront: Similar to Betterment, so I don’t have much unique to say here. It’s another solid robo-advisor option.