How Personal Capital Tracks my Net Worth

Personal Capital is my favorite net worth tracking app/website. I absolutely love it. It has helped me increase my net worth so much since I started using it several years ago, and it’s ridiculously easy to use.

I first learned about the Personal Capital app from one of the myriad personal finance blogs that I read, so I decided to try it. So many personal finance bloggers have reviewed Personal Capital or use it that I figured it much be pretty secure. I have never regretted it, and I’m so grateful that it has been silently tracking my net worth. I have learned so much.

In order to use Personal Capital, you will need to be comfortable linking your banking and credit accounts. This way, the program can track your balances and payments. I currently have credit card accounts, bank accounts, vehicle loan accounts and a few manual accounts that are through private lenders and are unable to link. By using manual accounts, you will have to track your payments and balance yourself in order to keep up with it.

Because of my student loans, I’ve been in the red, so to speak, since I began using Personal Capital. But, I continue to see an upswing. I’ve reduced my debt by around $20,000 in the past few years, as well as further building my pension fund through my employer. This has, in turn, increased my net worth quite a bit (always a good thing!)

Being able to see everything in one fell swoop is VERY helpful for me. Spread sheets and logging every single expense in a budget tracker stress me out, but Personal Capital makes it so I can just see the overall big picture. This is MUCH easier and less stressful for me. If you’ve never tried tracking your net worth, you should really give it a go. It will definitely open your eyes to exactly what your situation is right now. Then, you can begin to either fix it or make it better.

Do any of you track your net worth?! What apps and/or websites do you use?

10 Poshmark Tips from a Year of Selling

 

*this post contains affiliate links*

My best friend has a love affair with thrift stores. She loves everything about them and will spend hours searching through every item to leave with the best deals. I started selling on ebay a few years back, and we joked about reselling as a business for a while. Then, one day, I said “let’s do it. If you buy stuff, I’ll list it.” Of course, I meant it, but I also assumed we were just still talking. We were not. She started dropping off boxes of stuff to me at work, and it was list and sell or be crushed by the mountains of name brand clothing. The rest is history, so we began this whole selling on poshmark thing.

1. The more you list, the more you sell. Yes, you should list consistently most days of the week if possible, but I’d also say you should put up more in the beginning. If I had to do it all over, I’d probably try to get up at least 20 in the first week and do that consistently until I’m at 100 items.

2. Share your closet as often as possible. Because of Poshmark’s algorithm, the more you share, the more your items are at the forefront of people’s brand searches. We use Superposher to share our items and relist, and I’ve never been more happy to spend $40 per month in my life. This has saved me SO much time and gotten me many more sales than if I had to just share our closet myself over and over. However, I would probably wait to start your Superposher trial until you have at least 100 to 150 items in your store because having less than that just won’t lead to as many sales. This is our SuperPosher referral link if you want to get $10 off your first month: https://superposher.com/refer/?r=69d519df-9aba-4488-a950-c635c1f72dc5

3. Your pictures need to be awesome. This is super easy to accomplish, even without a camera. I use my iPhone. Use a plain white background, and edit your pictures, so that your colors are true to the item. I use PhotoRoom, and yes, I actually pay the monthly fee for it. It’s been super helpful, and having the pro version removes the watermark and gives you more options when cutting out your background. Plus, it’s not that expensive, and it’s a tax deductible business expense. If you’re serious about selling on Poshmark, it’s best to take on some minimal expenses in order to make your closet stand out.

4. Decide on a storage system. I started out with diaper boxes, but now, I use clear plastic totes that I bought at Big Lots. I also found these on Amazon that are actually a better deal than I got at Big Lots I tape a number to the front of the tote (1 through 16 so far) and track what item goes into which tote in a spreadsheet. Why a spreadsheet? ..because you can put a row in alphabetical order. I put my sheet into alphabetical order by brand, so that I can more quickly find which box I stored the item that has sold.

5. Include measurements on all adult clothing. I’ve only had to go back and measure one or two kids’ clothing items, but it’s always best to include measurements for adult clothing. I include waist, inseam and length for shorts and pants,  and I include shoulder to hem length and armpit to armpit measurements for shirts and dresses.

6. Buy as cheaply as possible. We thrift everything and sell things from our own closets when we get tired of gently used items that are still in good condition. We also get things for free from friends and family when they’re looking to get rid of items. Our major source is shopping the bins. You can’t beat $1.49 a pound for clothing.

7. Use the free priority shipping supplies from the post office. You can order them for free and have them delivered right to your door, so you never run out. For Poshmark, you can use any Priority shipping supplies including flat rate envelopes and boxes.

8. Double bag items when you ship. I use these clear polybags for each item with a “thank you” sticker and then inside the priority shipping envelope or box. Putting your items in a clear polybag first will keep them clean and dry if there are any mishaps during shipping.

9. Track all of your expenses, and keep your receipts organized. I keep a current supply spreadsheet with the date, description and amount I paid for each business supply I bought. Things in this category generally include: shipping tape, polybags, “thank you” stickers, pens, printer, laptop, printer ink, etc.

10. For the love of God, make your items look presentable. My items are always clean and de-wrinkled before I start taking pictures. This clothing steamer is much easier to use than an iron. Nothing makes your closet look worse than your items just thrown on a bed or floor haphazardly. Make sure you always disclose any flaws in your items as well, including but not limited to stains, rips, tears, pulled threads, missing buttons, etc.

This list is specific to selling on Poshmark, but we also crosspost some items. We’ve had excellent luck selling kids’ clothing on Kidizen.