Hi everyone! I don’t come from a financial background, so excuse me if I mess up some terminology.
PP has been HUGE in helping me track my financial assets, especially because my bank does a pretty good job of hiding information from me - not that it’s not there, you just need to do some digging to find it. I’m tracking active funds, passive ETFs and stocks very easily.
However, I also have some assets that come from several insurance products offered by my own bank. I know a name, like “Unibonus Strategy Future” (Unicredit, Italy), and a policy number which is of course an ID for me. I’m not sure there is a way to keep tabs on this one: I guess my only option is to create a new empty product and to record deposits onto that?
I’m not aware of a way to get a “current price/value” for such a product. Can someone help me shed some light on this?
Well, in order to provide a brief, detailed way forward, we need more details.
For now, creating an empty instrument is a good way forward. Depending on the product and the way it works, a single cash account can work as well.
What kind of details would help?
We need to understand the product and the way you behave with it.
Is there a saving plan? Is it stock-based? Are there fees or taxes? Basically everything that helps us to help you.
Ok. It’ s a recurring payments plan: every month I deposit a fixed import, and the total amount is (I suppose) invested in a mix of stocks and bonds; however I can’t find a current price anywhere, the only information I have is the current “amount” I’d get if I closed it today (my payments plus a profit). There are fees; when I’ll close it I’ll have to pay taxes.
So when you have no idea what’s inside the product, the easiest way is to track this via a seperate cash accout.
The best way to deal with these products is not to buy them. They’re a complete mystery with exorbitant costs.
Special feature: A loyalty bonus that is paid out after the sixth year if the plan is continued as scheduled. Holy shit.
Just my 2c
You’re not wrong. I’m planning my way out of those.
So just money in, money out, in the meantime I just see the deposits and no profit?
Gain/profit could be booked as interest.