Hi, community! I want to get your input about how you'd like us to do simple profit/loss reporting.
Reporting on whether your investments are making a profit is one of the features you've asked us for the most. Long-term, we'd love to give you a 100% accurate view of this, where we link up to your investment accounts and show a detailed breakdown of capital growth vs. dividends vs. inflows vs. outflows vs. fees, but that's still quite far away. In the meantime, we have a few ideas for how we could give you a simple sense of profit/loss, and I'd like to know which route you prefer.
OPTION 1: COST PRICE
When you add a new account, we could give you the option to just tell us how much that asset cost you, and then report on your profit very simply as "current value minus cost". If you add money to that investment, or withdraw it, you'd need to manually edit that cost amount. We'd show you the profit breakdown on the account detail screen:
And we can also show you the percentage profit on the portfolio summary, if we shuffle things around a bit:
OPTION 2: GRAPH MY NET WORTH OVER TIME
What if, instead of showing you profit on an individual asset, we show you how your net worth has changed over time? The quickest way we could build this would be to just take a snapshot of what your net worth is on every day since you signed up for Lettuce, and show you how it's changed over time.
You could select different time periods, and see your net worth change over that time period (similar to how we show you the PRICE change over a time period on the account detail screen today).
That would look a bit like this:
OPTION 3: CAPTURE TRADES MANUALLY
I don't have a design for this yet, but the idea here is that we'd allow you to manually input individual trades/transactions, so that we could CALCULATE profit/loss for you on a specific account. So, you'd manually enter in trades like:
- Had a starting balance of $3,000
- On 1 June, bought 0.04 units for $1,203
- On 5 June, sold 0.01 units for $129
- On 6 June, bought another 0.03 units for $1,001
And we could then tell you that your profit over that time period had been $x. This is a lot more work for you, and it potentially makes the interface a bit more cluttered, but it does give you a better record of exactly where your profit comes from.
WHAT DO YOU THINK?
Of course, we could build ALL of these three things for you if you like them, it's more a question of what we should build FIRST. So, do any of the approaches above give you what you need in terms of profit reporting? Which approach do you like best? Is there something else you'd like us to try?