TLDR video available here. 

Why another personal finance management app?

A question I frequently get from family and friends is “how do I invest my money?”. Well, the answer depends. It depends on your circumstances, whether you have debt, if you have people financially dependent on you. It is determined to a large degree by how old you are, and whether you have excess exposure to an asset class. There are many factors determining what you should do next. But there are solid, guiding principles that everyone can apply. Most people just need a starting point. Compoundly  applies those guiding principles to your individual circumstances, suggests next actions and a hub to track your financial wealth and habits.

Why Compoundly?

Compoundly  is derived from the word describing the wonder of “compounding”. It provides you with next actions that you can take with the ultimate goal of compounding your wealth. It’s a hub for your personal finances scattered around several financial apps and spreadsheets. It’s a place to bring together your income, spending, financial goals, assets and liabilities, all in one place combined with an AI tutor that helps you keep on top of it all. It teaches you to make better financial decisions.

An AI that can tailor actions to your situation

Compoundly  uses AI combined with our own algorithms to achieve three useful outcomes:

  1. It collects all the information that a real world personal advisor would ask you to establish your unique circumstances.
  2. It educates you and suggests changes. It doesn’t provide official financial advice. Treat it like a teacher that can impart good financial habits.
  3. It gives you easy ways to track your financial journey (including smart, AI automated goals!) – primarily with the Compoundly Score and Rank.

Why do I need another Score? I have one from the Credit Agency!?

Well, you do but that only tracks your borrowing habits vs your income. They have no clue what you do with your excess cash or your 90% exposure to crypto! What Compoundly  tracks and encourages are your wealth building habits.

We have a Score system out of 1,000 and 8 Ranks  ranging from “What’s Compounding?” to the “Ninja Compounder”. The score and the rank are independent from how much money you make. You are rewarded for good financial decisions and penalized for bad ones. Everyone understands credit scores, but the Compoundly Score actually rewards you for doing the right thing instead of punishing you for having less. And last but not least, we have a point-based system because score keeping is fun! It gives you a target to work towards to climb up to the next Rank!

We think the Ninja Compounder is a rare breed – almost a unicorn. If you are one, well done!

So what do I need to do?

You need to complete a Compoundly Assessment which could take somewhere between 10-30 minutes depending on whether you are on top of your finances or not. And you need to take it regularly. I won’t lie to you – there is some effort required on your part. You should add up your income, expenses and provide reasonable estimates for your asset values and liabilities. You should know your interest rates. These can be automated down the line but until we figure out a safe and universal way, you should fill out the Assessment, at least once a month. Think about it this way: 30 minutes per month for a richer lifetime is a small price to pay.

OK but why should I give you my private financial data?

You don’t have to because privacy was our design choice. We implemented two features that make it extremely difficult, if not impossible, to tie your finances back to your person.

  1. You don’t have to provide your real personal data. We are collecting the bare minimum to provide reasonable suggestions and habits. You don’t have to provide your surname. You don’t even have to provide your real first name (it is just used in greeting you after sign in). You can also use a different birthday although keeping your birth year the same or very close to your actual birth year will yield much better results from the AI mentor. Time horizon is key to investing decisions.
  2. ALL your personal and financial data is stored using encryption at rest. Should there ever be a breach of the Compoundly  database, it should just show hashed data – meaning gibberish.

Also, you don't provide any bank or brokerage account details. The downside is you do need to spend the time to input the numbers. The upside is privacy.

Sounds great! How do I begin? And is it free?

We are giving everyone one month free access to test the platform with all its features (AI mentor, smart Goal suggestions and even the Charts are really cool!). After that it’s $9.99 per month (regional pricing applies but the cost will be along those lines). AI tokens and hosting are not free.

Assessments will always be free so you can get a new Score and Rank  if you wish to remain a free user, meaning you can still see if you’re making progress in your financial journey. However, all other features ranging from the AI mentor to goal tracking will be locked.

Can’t I do most of this in Excel?

Can't I do most of this in Excel? Sure. But who wants to maintain spreadsheets every month when you could have a dashboard that does it for you?

Ready to find out your score and Rank ? Sign up and take the free assessment!