I love Empower, but one thing I struggle with is how to think about the topline net worth it reports vs. what my net worth would be if I actually liquidated my portfolio (due to tax on capital gains). I'm curious if there's a convenient way that you've found to think about that easily (e.g., is there a tool/platform that aggregates/estim…
I love Empower, but one thing I struggle with is how to think about the topline net worth it reports vs. what my net worth would be if I actually liquidated my portfolio (due to tax on capital gains). I'm curious if there's a convenient way that you've found to think about that easily (e.g., is there a tool/platform that aggregates/estimates this), or is the only real way to manually calculate your cost basis from your investment accounts?
I have not found a good tool that will "easily" maintain your cost basis information. Quicken has some of this available, but it is a royal pain to keep it in sync with reality. You need to manually adjust every single sale otherwise it goes out of whack.
I wouldn't overthink it though. That seems more of an interesting fact vs something you need to know on an ongoing basis. I don't imagine very many scenarios that involve full liquidation.
I love Empower, but one thing I struggle with is how to think about the topline net worth it reports vs. what my net worth would be if I actually liquidated my portfolio (due to tax on capital gains). I'm curious if there's a convenient way that you've found to think about that easily (e.g., is there a tool/platform that aggregates/estimates this), or is the only real way to manually calculate your cost basis from your investment accounts?
I have not found a good tool that will "easily" maintain your cost basis information. Quicken has some of this available, but it is a royal pain to keep it in sync with reality. You need to manually adjust every single sale otherwise it goes out of whack.
I wouldn't overthink it though. That seems more of an interesting fact vs something you need to know on an ongoing basis. I don't imagine very many scenarios that involve full liquidation.
Thanks so much, really appreciate the quick reply and your thinking on this.