Rather than spend your hard earned money hiring a financial planner or consulting with one, there are actually countless software programs that would help you in managing your finances. These programs are efficient tools for planning and making all those important retirement calculations.
One software program is MFC, My Financial Coordinator. It literally serves this purpose. It merges all your income streams into a coherent report therefore making managing your assets so much easier to understand and manage.
This software also helps to determine which of your assets you should sell or hold based on performance. It also details all the financial activities you did for the year and helps you estimate your quarterly tax calculations. Doing so prevents you from incurring those annoying penalties from the IRS.
Other benefits the software program includes are the following:
Monitoring of stop/loss
This software helps in your decision-making on a specific asset prior to it losing its significant value because the stop/loss monitoring function works off the highest value recorded.
Quarterly Federal, State and Local Tax Estimates
The MFC software provides an easy one stop source for determining liability information and accurately reporting it thus ensuring on-time payment.
MFC keeps you in the know as well as preventing others from knowing all your investment information. Details on your assets as well as your financial transactions are secure with you and never leave your sight. Any data transferred over the internet are mere stock symbols and never reveal any number of shares that you may have or any of your personal information.
Everything is served to you
Since assets come from various resources, the MFC software groups them all together on the system. All bonds, stocks, mutual funds, certificates of deposit, checking accounts, money market accounts, salary, income from social security, pension, annuities, proceeds from gambling, royalties, income from business and others.
Reporting of monthly income
This feature in the software enables you to see the level of your income on a monthly as well as an annual basis. This to assist you in managing all your financial as well as expense needs.
Calculations on your performing assets
Updates on your performing assets is provided to you by the MFC software program. This would help you in determining which are your non performing assets or under performers. Doing so would be of great assistance to you especially when the time comes to select which will go first when fund liquidation is called for.
You have the power and control
Absolute power in terms of your finances provides absolute control as well as flexibility as this software program enables you to indicate the Federal, State as well as any local adjustments or deductions in the computation of your gross income and liability in taxes.