Master Net Worth Tracking with Excel or Google Sheets

Since the premiere of Excel in 1982, it has been a widely utilized tool for people to manage their financials and monitor assets. Google Sheets, while simpler than Excel, provides the edge of universal access due to the widespread use of Google accounts, and specific sharing capabilities to enable others to see the information. However, the newcomer, Kubera has started to create a buzz in the realm of asset tracking and portfolio management. This article will compare these platforms and decipher if Kubera holds advantages over Excel or Google Sheets.

Understanding the Complexity of Excel and Google Sheets

Excel and Google Sheets offer intuitive interfaces that allow you to sort information into columns and rows, enabling you to see transparent, simplified data. They are also versatile, being capable of managing a wide array of asset types. However, to exploit Excel or Google Sheets to their maximum potential, it is necessary to delve into more advanced features.

The utilization of formulas is essential to transform these applications into effective financial management tools. Despite mastering regular formulas, challenges may arise when you need to automatically update your asset values. This process usually requires manually gathering data from the internet and crafting complex formulas to calculate and update asset values, a task that can be cumbersome and time-consuming with no simple alternative.

The features of Excel and Google Sheets:

• User-Friendly Interface: Both Excel and Google Sheets feature intuitive designs that allow users to easily organize and format data in rows and columns, making complex information more digestible;
• Data Visualization Tools: They come equipped with tools to create a variety of charts and graphs, enhancing the ability to visualize data trends and patterns effectively;
• Formulas and Functions: A wide range of built-in formulas and functions are available, enabling the performance of complex calculations and data analysis;
• Customization and Flexibility: Users can customize their spreadsheets with conditional formatting, pivot tables, and various add-ons to tailor their data processing needs;
• Collaboration and Sharing: Google Sheets offers real-time collaboration with multiple users, while Excel has introduced similar features through Office 365 integration;
• Cross-Platform Accessibility: Excel and Google Sheets can be accessed across different devices, ensuring data management flexibility;
• Scripting and Automation: Both platforms support scripting (with VBA for Excel and Apps Script for Google Sheets), allowing for the automation of repetitive tasks and complex workflows;
• Integration with External Data Sources: They can connect to various external data sources to import and analyze data, including real-time data from the Internet;
• Template Availability: Numerous templates are available for a wide range of uses, from budgeting and project management to inventory tracking;
• Security Features: Both tools provide robust security features, including data encryption and the ability to set user permissions to control access to sensitive information.

The Innovative Approach of Kubera

Kubera offers a platform that combines the familiarity of a spreadsheet with the advanced functionality of portfolio tracking software. You can easily add assets like you would in a traditional spreadsheet, but Kubera goes a step further. Unlike Excel and Google Sheets, Kubera can directly connect to a bank, brokerage account, or live data feed to fetch updated asset values automatically.

Seamless Asset Management with Kubera

• Kubera supports connections to online brokerage accounts, tracking their value in real time;
• Furthermore, it allows you to add stock tickers from prominent stock exchanges worldwide;
• Cryptocurrency buffs can fetch the latest balances from major crypto wallets and exchange accounts, or simply add coins to track the value of a crypto portfolio in the preferred currency.

Kubera boasts reliable connectivity to thousands of online banks globally, tracking the value of homes with real-time data from Zillow (US only), and estimating the real-time value of vehicles and the market value of owned web domain names. The platform supports all major currencies and instantly converts asset values to your preferred portfolio currency using the latest exchange rates.

Data Consolidation and Security with Kubera

Kubera also solves the challenge of managing related documents. Instead of organizing your documents in a separate location such as Google Drive or Dropbox, Kubera allows you to make notes and upload documents against every asset, debt, and insurance information you have entered. It also features a Safe Deposit Box section for storing important documents like wills, power of attorney, tax returns, and more. All these features are designed to provide a comprehensive, secure platform for all your financial documentation.

Kubera also addresses the concern of premature sharing of financial information. The last thing you want is to share your wealth information with family or friends right away for fear of judgment or unsolicited financial advice. Kubera allows you to nominate a beneficiary and a fallback contact (trusted angel) who would receive your information only when you’re inactive for a certain number of days and don’t respond to Kubera’s attempt to reach you. This unique feature ensures a safe transfer of your information to your loved ones only when required.

When to Use Kubera over Excel and Google Sheets

If you are content with a simple way to track what’s in your bank accounts and 401(K), Excel or Google Sheets may suffice. However, if you have diverse types of assets across multiple platforms and wish to track their values regularly, Kubera is the recommended solution.

Transitioning from a spreadsheet tool like Excel or Google Sheets to Kubera is a straightforward process. As Kubera’s interface is designed to resemble traditional spreadsheets, users familiar with spreadsheet tools will find it easy to adapt to Kubera’s platform. The additional features offered by Kubera, such as automatic updating of asset values and secure document storage, further simplify the process of managing and tracking your financial assets.

Conclusion

In conclusion, for novices or those with simple asset tracking needs, Excel or Google Sheets may be sufficient. However, for individuals with diverse assets and the need for regular updates, Kubera offers a superior solution. Its unique features, such as automatic updating of asset values, secure document storage, and the innovative “life beat” check, make it an excellent tool for comprehensive, advanced asset management and portfolio tracking. Transitioning from spreadsheet tools to Kubera is also seamless, thanks to its familiar interface and comprehensive features.