Tuesday, August 21, 2007

NetWorthIQ.com Full Review

As many of you are already aware of from past postings I’m a huge fan of NetworthIQ and several people have asked me to post a full review on the site. So I feel obliged to honor the request of my readers. First thing first I found out about the site due to the badge on A Canadian and Her Money you’ll see the same badge on the right hand side of my blog. I decided to click on it to find out what it’s all about which of course took me to her personal financial page which she decided to share and at that point knowing how I wanted to keep everything visible and accountable on my blog I decided to follow in the_money_diva footsteps.

NetworthIQ gives you several options, which will go over each one in short detail:

Explore- Allows you to do just that you can view the newest users or the most active and the high and low gainers for the month. You can also look through categories listing which is the option I like the best, where you can break down the community by age, income and occupation these are just some of the options.

For example what I personally look at when I’m on the site is I’ll look at people who work in retail then I’ll find ones that are in the same income bracket as myself and see where their net worth is to gauge myself if I’m on the right track or not, you can also email the user to ask questions or comment on their progress under each monthly statement.

Questions & Tips - This is where the benefit of the community comes into play, you can ask any financial question and rarely have I seen a question go unanswered as the community is very active in helping each other out. The other section listed as Tips is just that, users can post various financial tips that they have decided to share with the community and once again you can comment based upon these tips.

Journals- If you decide to you can keep a journal of events really no different than using a blog for those of you who decide not to blog or even if you do blog. I personally don’t use the feature as each user profile has a link to their website or blog, if I come across a user that I’m more interested in finding out more about and they have a link to their site I always make sure to take a jump over to their site.

My Portfolio- Here’s where you come in to play, where you can post all your financial information and it should be noted that you do have the choice of either keeping it public or private. No one is required to share their information if they choose not too. You have access to your questions and tips, journal entries, your mailbox and account settings from here as well as your account profile if you wish to include one. You can get your badge from here as well.

As well as another great feature which I love the comparison report which will pop up a nice graph showing your net worth vs. the average net worth of everyone on NetworthIQ, your age range, your income range, occupation, education and finally if your in the U.S. your state. In my case I run about even in terms of my net worth with others in my income bracket but I’m actually quite far behind in all other categories so I have some work to do.

As far as the Pro’s and Con’s of the site goes:

The Pro’s are:
1) An active community that is willing to help out.
2) Excellent way of keeping track and comparing your net worth.
3) Requires only a few minutes per month to fill out your information and stay active.
4) User friendly and easy navigation.
5) You can and should use a nickname and no other personal information is reveled including your email address, as the site uses their own mailbox.

The Con’s are:
1) User profiles sometime become inactive for extended periods of time anything over a year old I believe should be cleared.
2) I wish more users would post a profile to go along with their financial information as it just gives you better insight as to what’s going on in their world as well as their goals.
3) Of course user’s can lie and post a much higher net worth, which just doesn’t benefit anyone.

So that’s what NetworthIQ is all about it’s a great community and hopefully after reading this you’ll decide to go and take a look for yourself and decide to join the community.

1 comment:

Ryan Williams said...

Thanks for the thorough review, it's great to see you checking out all of the nooks and crannies of the site and this feedback is a tremendous help as we figure out where to focus our efforts.

Best of luck on your financial journey.