Tracking for Security and Success

July 28, 2022


In the modern world, tracking is everything. Athletes track their stats, environmentalists track the climate, the government tracks our defenses, computer scientists track data, astrologists track stars and any meteors that may be a threat, and companies track their financials. We could go on and on, but one thing is clear, every industry utilizes tracking in one form or another. They use it for protection, transparency, goal setting, and decision making. If all of these industries have found security and success through the use of tracking, why wouldn’t you, an individual, do the same? We think it’s time you start seeing yourself as a business and the first step to doing so is treating yourself as a business. We think it’s time you start tracking.

Unfortunately, as the youngest child to my parents and the youngest grandchild to my grandparents, I was designated at an early age to be my family’s password tracker. Maybe it started the first time I memorized my mom’s password and let her know that she needed to capitalize the first letter. Maybe it began when my dad saw my notepad filled with the login details of my online accounts. Either way, it is my fate to carry the burden of my family’s digital credentials. Many families have the same dynamic and I’m sure many of you play the same role. Unfortunately, this isn’t an option for everyone. Even if it is, we think it’s about time we took it easy on password-keepers. It can be time-consuming and bothersome being readily available to share a password with a family member- especially if it’s their fourth time asking for it this week. Not only that, but treating your passwords so casually is as good as an invitation for hackers and scammers to steal your personal information.

Let’s give our password-trackers a break for once and start storing our login credentials in a more secure manner. We recommend that you consider using a password tracking software. With a password tracker, your benefits include, but are not limited to:

-only needing to remember one master password

-sharing passwords securely

-conveniently auto filling passwords

-use across multiple devices

-guaranteed security

So which software is best? Everyone has differing needs when it comes to password storage. Some people like to have all the bells and whistles, while others appreciate a simple interface. To help you determine which password storage software would best suit your needs, we’ve included a list of several along with their benefits.

Dashlane offers VPN protection, bulk password management, and synchronization across all devices.

LastPass is simple, affordable, and provides full featured browser extensions.

1Password features multi-factor authentication and well structure password organization.

Keeper offers layered encryption, easy access on all platforms, and live 24/7 customer support.

Check these out and let us know what you think. While some of these softwares offer free versions, most of them require a subscription. We believe spending money on one of these tools is one of the best investments you can make. In this digital world, it pays to make sure you’re doing everything to protect your digital assets.

While we often see tracking for the use of security, we more often see tracking as a tool for success. When we refer to tracking in this context, we are talking about measuring progress. Businesses use tracking for cash-flow management, data analytics, identifying problems, and highlighting opportunities. It’s impossible to make a game plan on how to improve your situation if you don’t fully understand where you stand. Much like a business, it can be difficult to set financial goals if you’re not actively tracking your own assets.

Each time a client comes in for a meeting, we review their net worth with them. We do this first, as it allows us to get a full picture of their assets. From there, we normally spend some time reviewing their financial plan and then get into investments and all the rest. In fact, before we meet with new prospects, we usually request that they complete a questionnaire which acts as a personal financial statement. Once received, we can begin putting an outline together for said client. The point is that your net worth is your baseline, and a financial plan can’t be put together without it. While we do review this baseline together in depth at each of our client meetings, it is often only updated several times a year. Businesses rely on tracking their baseline on a regular basis, so we think it’s a smart idea that you do the same.

There are several ways that you can monitor your net worth regularly. You could check your bank accounts, investment accounts, and real estate estimates to calculate your baseline. You could maintain an excel spreadsheet and update that consistently. You could even just task the family password-keeper with the job. The issue with this is that some people have so many assets in so many different places that could make the process near impossible. If you have a stake in NFTs and crypto it can be even harder.

Instead of dealing with the headache of computing your baseline, we recommend you consider a net worth tracker. With a net worth tracker, you can depend on secure software to automatically update your asset value on a regular basis. This software connects all your different asset accounts into one. All you have to do is link the accounts once, then the software takes it from there. Once you’re set up, you can download an app and view your net worth whenever you’d like. With a tool like this, you can ensure you always understand where your finances stand and what steps you can take to improve your finances. Like password trackers, there’s a lot of net worth trackers out there. To help determine a fit for you, we’ve listed several products and highlighted their benefits below.

Mint is a free to use software that features bank-level security, detailed overviews of your financials, and alerts when your bills are due.

Personal Capital is a free tool that offers bank-level security and expense management.

Tiller features budget software, debt tracking, expense tracking, and net worth tracking.

Kubera offers a clean interface, visibility into individual holdings, and links to just about every financial institution.

If you often feel like you are in the dark about your passwords and net worth, tracking software may be the best option for you. It’s time you start treating yourself like your own business and giving yourself the necessary tools to succeed. Try out these products and let us know what you think. At DWM, we are always looking for new ways to provide our clients with security and success. We’re here to help.




Detterbeck Wealth Management is a fee-only financial planning / wealth management company with offices located in Palatine, IL (Chicago area) and Charleston, SC areas serving clients locally and across the country. To contact us about setting up an appointment, please see our contact us page