I have not taken the leap into Monarch Money, but I agree it appears to be the best. My problem with any of these providers are they seem to not show the picture for the way each client thinks about it and how a Financial Planner needs to make considerations. Example: Income - is this salary or take home pay? Social Security - Is that Gross or Net? I am finding that software is as equally as fragmented as my clients in terms of their money language, so it's not nearly as scalable given the variety of vernaculars. / JC
Since Monarch is pulling income & expense data directly from connected financial accounts, it’s almost always going to be net/after-tax/take home dollars.
But it still seems to do the best job at simplifying a person’s cash flow and it even has some nice Sankey charts similar to some of the other tools we use as I mentioned in this recent Linkedin post:
I have not taken the leap into Monarch Money, but I agree it appears to be the best. My problem with any of these providers are they seem to not show the picture for the way each client thinks about it and how a Financial Planner needs to make considerations. Example: Income - is this salary or take home pay? Social Security - Is that Gross or Net? I am finding that software is as equally as fragmented as my clients in terms of their money language, so it's not nearly as scalable given the variety of vernaculars. / JC
Since Monarch is pulling income & expense data directly from connected financial accounts, it’s almost always going to be net/after-tax/take home dollars.
But it still seems to do the best job at simplifying a person’s cash flow and it even has some nice Sankey charts similar to some of the other tools we use as I mentioned in this recent Linkedin post: