Digital Filing and Record Keeping Question

S

Sarahsuccess

Registered
I know there are many computer and technology experts on this forum.

I'm looking to improve how I record and keep financial records and looking to do so digitally.

What do you recommend for a safe way to record and keep digital financial records?

Is Google Sheets safe to use for financial record keeping? Do you recommend it?
(I don't need to keep full account numbers there.)
Do you recommend Excel? If so, what is the best way to keep it backed up? Should I store it on Google Drive?

What do you recommend for someone with minimal technological skills?
 
I would start by trying to understand your requirements.

Why do you want to store financial records?
What sort of information will yo be entering into the system, how much of it, and how often?
What sort of thing do you want to be able to look up in the system?
Are there any ways that you might want to use the system that are not captured in these questions?
 
@cfoley asks some good questions about your requirements. However, when it comes to security of financial information, you must be very careful. I store financial account information locally, not on any networked platform: no iCloud, Dropbox, Microsoft OneDrive, et cetera. In particular I would never store anything of this sort on Google Drive. I would also avoid cloud-based software, and use only locally installed software from a well-known company downloaded directly from a trusted source. No Google Sheets. Information you have to have with you, e.g. on your phone, should be securely encrypted. A lot of people use on-line money management programs for budgeting et cetera which have a little extra security, but it’s not worth the risk to me.
 
Sarahsuccess said:
I know there are many computer and technology experts on this forum.

I'm looking to improve how I record and keep financial records and looking to do so digitally.

What do you recommend for a safe way to record and keep digital financial records?

Is Google Sheets safe to use for financial record keeping? Do you recommend it?
(I don't need to keep full account numbers there.)
Do you recommend Excel? If so, what is the best way to keep it backed up? Should I store it on Google Drive?

What do you recommend for someone with minimal technological skills?
Click to expand...
@Sarahsuccess

Fidelity Investments, which has a well over a billion $ annual technology budget, offers an 'free open service' that is like a 'digital safe' called something like 'Fidsafe' and as such is something you might deem worthy researching for consideration

On this end, 'Fidsafe' has been on the Someday/Maybe list longer than appropriate; seemingly due to inappropriate procrastination from appropriate 'paranoia'

As you see GTD fit
 
gtdstudente said:
@Sarahsuccess

Fidelity Investments, which has a well over a billion $ annual technology budget, offers an 'free open service' that is like a 'digital safe' called something like 'Fidsafe' and as such is something you might deem worthy researching for consideration

On this end, 'Fidsafe' has been on the Someday/Maybe list longer than appropriate; seemingly due to inappropriate procrastination from appropriate 'paranoia'

As you see GTD fit
Click to expand...
I'm not a tech expert, but there's a saying that when an online service is free, you pay with your data.

I can be OK with that in some situations, but not when it comes to sensitive data.

This may not be the case here, but it can be good to keep in mind!
 
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René Lie said:
I'm not a tech expert, but there's a saying that when an online service is free, you pay with your data.

I can be OK with that in some situations, but not when it comes to sensitive data.

This may not be the case here, but it can be good to keep in mind!
Click to expand...
@René Lie

Thank you for your good appreciated point regarding "sensitive data"; health, fiscal, etc.

As such, to avoid stupidity, even if something is deemed as trust worthy 'data storage' today might unfortunately be otherwise tomorrow?

As always, thank you very much for your appreciated prudent perspective to keep in mind
 
mcogilvie said:
@cfoley asks some good questions about your requirements. However, when it comes to security of financial information, you must be very careful. I store financial account information locally, not on any networked platform: no iCloud, Dropbox, Microsoft OneDrive, et cetera. In particular I would never store anything of this sort on Google Drive. I would also avoid cloud-based software, and use only locally installed software from a well-known company downloaded directly from a trusted source. No Google Sheets. Information you have to have with you, e.g. on your phone, should be securely encrypted. A lot of people use on-line money management programs for budgeting et cetera which have a little extra security, but it’s not worth the risk to me.
Click to expand...
@mcogilvie,

Would using spaces between letters and offer a level of worthy 'security' ?

Your opinion most appreciated

Thank you very much
 
Sarahsuccess said:
What do you recommend for someone with minimal technological skills?
Click to expand...
Something you entirely control on your own computers with your own backup strategy that does NOT include any internet services or cloud systems at all unless you are fully encrypting your data in transit and at rest in the servers. If you are not technical enough to do the client side encryption necessary for any cloud storage then stick to something that never leaves your own computer and be very consistent in backups to external devices and keep a copy in a different location.
 
René Lie said:
I'm not a tech expert, but there's a saying that when an online service is free, you pay with your data.

I can be OK with that in some situations, but not when it comes to sensitive data.

This may not be the case here, but it can be good to keep in mind!
Click to expand...
With Fidelity, is it possible that Fidsafe's 5GB of storage space is a marketing gesture, similar to a free pen or water bottle with their company logo?
I think that their goals is to get you to invest your money with them or through them.
I tend to think, their goal is to increase their bottom line and net worth, and not to illegally access data.
They are a very large, reputable firm. How would they ultimately benefit by accessing data illegally?
Do the experts here agree or disagree, with regard to Fidelity and Fidsafe and their goals?
 
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Sarahsuccess said:
With Fidelity, is it possible that Fidsafe's 5GB of storage space is a marketing gesture, similar to a free pen or water bottle with their company logo?
I think that their goals is to get you to invest your money with them or through them.
I tend to think, their goal is to increase their bottom line and net worth, and not to illegally access data.
They are a very large, reputable firm. How would they ultimately benefit by accessing data illegally?
Do the experts here agree or disagree, with regard to Fidelity and Fidsafe and their goals?
Click to expand...
Again, I'm no expert.

I believe the case of a free pen is a bit different: Then, you 'get to' advertise for a company for free, whereas if you use an online service, you provide them with potentially sensitive and/or valueable data.
How the companies choose to use these data may differ - some sell your contact information and you receive a lot of advertisements and offers you never asked for, other may sell your financial data, health data etc to insurance companies, banks etc.

Whenever I consider using an online service, and especially a free one, I take a few minutes to look up and read the "fine print", and also check out where the companies are located, in order to get an idea of what applies. In Europe we have the GDPR (General Data Protection Regulation) which gives you the right to be 'forgotten', i.e. the company has to delete all data on you that they are currently storing. I understand that some states in the US have something similar. However, this does not apply to all countries, so I believe it's a good idea to do a bit of research to make sure that I know what I'm saying yes to.

Fidelity/Fidsafe may be just fine - but as you say, their objective is to make money - and they aren't making any money from non-paying customers... And there's not a question of illegally accessing data, as long as the customer consents!
 
Sarahsuccess said:
With Fidelity, is it possible that Fidsafe's 5GB of storage space is a marketing gesture, similar to a free pen or water bottle with their company logo?
I think that their goals is to get you to invest your money with them or through them.
I tend to think, their goal is to increase their bottom line and net worth, and not to illegally access data.
They are a very large, reputable firm. How would they ultimately benefit by accessing data illegally?
Do the experts here agree or disagree, with regard to Fidelity and Fidsafe and their goals?
Click to expand...
@Sarahsuccess

Humble assessment is the same on this end as your professional assessment

As such you good thoughts have added the Next Action: "Test Fidsafe with 'junk data' to see how it goes"

While asking the following ongoing questions:

"How would 'compromised data' be a threat to loved one?

ls data ultimately subject to subpoena?: Like Warrants, Yes

"Does Abigail Johnson actually use Fidsafe?"

Would there actually be easier ways to Collect data other than Fidsafe?: Probably


Never knowing the answer in some ways gives an answer?

Any other question(s) others would be asking themselves regarding 'Data Breaches' of Archive / Reference are most appreciated in helping others keep their life affairs safely stored

Thank you very much

Ps.

Quick tidbit Capture share:

"Even US courts allows evidence that was unconstitutionally obtained to be presented and used. The exclusionary rule is an exception that only applies in limited circumstances. You have no right to have unconstitutionally obtained evidence excluded -- the harm was already done by obtaining it (that's what unconstitutionally obtained means, right?) and excluding the evidence doesn't undo that harm. In fact, it just creates more harm by blinding the jury to true facts that could help them reach a more accurate verdict." David Schwartz, CTO, 2018-12-18

U.S. Judicial system surely has it's merits, however, it has been historically excessively punitive at times . . . when its excessive 'black-&-white' philosophical Calvinism is vindictively used as a 'tool' while seeming turning blind in ruining lives for generations ?
 
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René Lie said:
Again, I'm no expert.

I believe the case of a free pen is a bit different: Then, you 'get to' advertise for a company for free, whereas if you use an online service, you provide them with potentially sensitive and/or valueable data.
How the companies choose to use these data may differ - some sell your contact information and you receive a lot of advertisements and offers you never asked for, other may sell your financial data, health data etc to insurance companies, banks etc.

Whenever I consider using an online service, and especially a free one, I take a few minutes to look up and read the "fine print", and also check out where the companies are located, in order to get an idea of what applies. In Europe we have the GDPR (General Data Protection Regulation) which gives you the right to be 'forgotten', i.e. the company has to delete all data on you that they are currently storing. I understand that some states in the US have something similar. However, this does not apply to all countries, so I believe it's a good idea to do a bit of research to make sure that I know what I'm saying yes to.

Fidelity/Fidsafe may be just fine - but as you say, their objective is to make money - and they aren't making any money from non-paying customers... And there's not a question of illegally accessing data, as long as the customer consents!
Click to expand...
@René Lie

Appropriate concerns most appreciated

Careful what one agrees to / "say yes to" . . . "I didn't know" is too late after the 'free pen' was accepted

Thank you very much sir

Ps. Data security recalls an honest line that some might appropriately choose to benefit from in THE GODFATHER:

Don Coreleone: "Women and children can be careless but men can't"
 
I happened to listen to a podcast by developers working on Google Sheets today. They said that Google does not look at your data, but Google does monitor system performance. If they see that a certain sheet is very slow to update, they may contact the owner of that sheet and ask to analyze the sheet to see why it is slow.

Google Sheets is great for something like balancing a check book. But I don't put the password that would let someone transfer money out of my checking account on the sheet.
 
densteed said:
I happened to listen to a podcast by developers working on Google Sheets today. They said that Google does not look at your data, but Google does monitor system performance. If they see that a certain sheet is very slow to update, they may contact the owner of that sheet and ask to analyze the sheet to see why it is slow.

Google Sheets is great for something like balancing a check book. But I don't put the password that would let someone transfer money out of my checking account on the sheet.
Click to expand...
@densteed

Thank you for the additional "Concern Reduction" . . . always nice to be able to take the 'Paranoia' down a notch

Thank you very much


Only the Paranoid Survive biography of Intel founder, Any Grove . . . whose successors didn't seem to 'read' nor take Andy Grove very seriously as AMD, Nvidia, etc. would seem to have the former 'cat's meow' Intel wondering what happened?
 
I just use Excel files. I keep them in Devonthink, but that's just an overlay really, the files are still on your computer.

If you want to use cloud services but are worried about someone accessing them, stick them in an encrypted vault like Cryptomator. Free, open source and a piece of cake to use.

Sarahsuccess said:
What do the technology experts here think about using Quickbooks online for financial record keeping?
Click to expand...
Quickbooks is bookkeeping software, so if you're looking for that, there's not that many options to choose from. We use Quickbooks at my work, but tbh Sage is much better. If you're looking for personal budgeting software or a place to keep old financial statements, its not really geared to doing that.
 
Sarahsuccess said:
What do the technology experts here think about using Quickbooks online for financial record keeping?
Click to expand...
@Sarahsuccess

Sorry . . . temporarily missed your concern regarding "Quickbooks"

While Manual Double-Entry Booking can a great way to learn relationships between Income/Expenses . . . and . . . Assets/Liabilities [prefer to express: Obligations] is good for 'Dynamic Thinking' and even has resemblances for GTD:
Commitments = Obligations
Next Action(s) = Expense(s)
Projects = Capital Budgeting, etc.

Quicken in Single-Entry Bookkeeping and always found excessively glitchy

Quickbooks . . . Double-Entry Bookkeeping would seem excessive for Personal or Solopreneur* fiscal tracking when personal and business Credit Card Statements, Journal, and Invoice Filing is sufficient for Expense Tracking and potential external Audits if for business

Simply Spreadsheet could sufficiently take take it to the next level for visual historical and future analysis

*Unless of course one's aspirations/outcome are to be the next AAPL and your deciding to invest in Double-Entry Booking now for a smoother future transition(s) . . . then by all means . . . might as well add oneself to Payroll for Payroll learning while at it . . . fun, fun, fun ?

Ps. Double-Entry Bookkeeping was invented by Friar Luca Pacioli (contemporary with Leonardo Da Vinci, Piero della Francesca, ect.) -- also known for work on Divine Proportions -- which is what made all the global enterprises we see today possible . . . prior to Double-Entry Bookkeeping enterprises could only get so big until faced with 'surprise' bankruptcy and without having GTD as a backup systems
 
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