Convenience At The Cost Of Privacy

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How Much Will You Give Up?

One thing that have always struggled with has been budgeting. I come up with some ideas, make a spreadsheet and then within a week I have stopped looking at it and am spending a ton of money. One thing that I thought to do was to get an app that can track my spending and give me a better idea of where I stand on a day to day basis that I can easily pull up and is automatically updating.

That's where I got Rocket Money (disclaimer: I have no affiliate link to plug, this is more or less a free app). This app has been a really cool addition to my financial life as I can see how much I'm spending on certain categories of things as well as tracking my assets and debts. The only issue I can see is that... Well to get all of this information I've had to give up a lot of my privacy to the app. While this app may be trustworthy, it is still a goldmine of information that they have collected from me and now have to ability (though I hope they don't) to sell certain bits of information I give them.

Is Convenience Worth It?

Having this information collected in one area has helped make me a little more conscious of what I am doing on a daily basis as well as looking at the bigger picture when it comes to assets and building my net worth, so I don't think I really mind sharing the data.

I posted this because I know that people who are deeply involved with cryptocurrency and web 3.0 would look at this as something that you should not be using because of that lack of privacy, so I wanted to see what kinds of comments and dialogue would come from this post.

Here is a list of the information I have given them:

  • Checking and savings balance
  • investment account balances
  • credit card balances
  • student loan balances
  • credit score
  • passwords and logins (though done through Plaid, a third party secure app for connecting financial accounts)
  • information about how much cash I hold
  • information about other investments I hold

So I want to know what you think! Is this too much information to give up for the chance at having more financial clarity and a better structured plan?

I say maybe, but at this point in time I am ok with it as I really need to get my finances in order.

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Who I am:
My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.

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6 comments
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Its a double-edged sword the way i see it. You either have to sacrifice your privacy(knowing that it won't be used or sold to perpetrators) to be able to track your spending or you don't get your finance in order.

Its seems its a risk you will have to take and be very careful of any malicious activity online and offline while using the app.

Posted Using LeoFinance Beta

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I agree that it's a tradeoff and it makes me wonder if it's a good idea sometimes. Just one hack and they will have all your information but my guess is that our data could already be out there given how often hacks happen.

Posted Using LeoFinance Beta

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It's one thing to request data of people. It's another thing to request data which isn't relevant to what you need. Do I really need to give out my telephone number if I just want to be on a mailing list for a newsletter? Does a hospital really need to know about my social media accounts?

KYC/AML are a hassle, but in a few cases they make sense. We just have to deal with situations one by one and decide if giving out the data is worth the hassle.

I was going through my list of followers and I wanted to see how things are going. It's been a while since we last communicated; I hope things are OK at your end.

If you want to reply and keep the Comments section in this post for post comments, feel free to drop me a message at my Message Board

It's too late for me to upvote this post, so please accept this slice of !PIZZA, a bit of !LUV, and and an !LOL / !LOLZ instead.

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