Definitions

• the present mvention relates to financial planning and more particularly to making financial decisions by balancing goals in a network-based financial manager
• Banks and other financial intermediaries have offered consumers only standardized financial service products.
• the standardization of financial products reduced data processing and marketing costs for financial institutions, but resulted in financial services that were often ill- suited for consumers.
• mortgage lending against homes has been practiced for many years, but only very recently have several new financial products been introduced in an effort to make mortgage lending more attractive to financial institutions, and to make housing more affordable to prospective homeowners.
• many of the terms of the financial service products are fixed and inflexible. These products have not afforded consumers the ability to alter their consumption, investment or savings behavior to best suit their own or the economy's changing circumstances.
• product proliferation in the financial services market has presented the consumer with a confusing array of choices without a convenient, objective or clearly documented means of selecting the best combination of financial services to realize the consumer's financial objectives.
• Products currently offered do not take advantage of recent advances in information and problem solving technologies. Nor do they take advantage of the deregulation of the financial services industry. Moreover, financial service products do not adequately accommodate either the diversity or the constantly changing nature of individuals' financial preferences or circumstances. Financial service products are not offering the consumer a full range of financial services that would help maximize his financial return and make housing affordable to a greater number of individuals.
• Cash payments total 278.6 billion transactions per year, whereas those made by check are equal to 47 billion and those made by credit card are 5.11 billion. Because of the differences in the amount of the transactions, however, there is a greater dollar value with respect to transactions made by check, as opposed to cash. There were $55.8 trillion in checking transactions as opposed to only $1.4 trillion in cash and $0,317 trillion by credit card.
• the average size of a check transaction is $1,188, the average size of a credit card transaction is $62 and the average size of a cash transaction is only $5.
• a method for balancing attainment of goals First, a plurality of goals are presented to a user.
• the goals may be previously selected by the user or may include a default set of goals, for example.
• the user is permitted to adjust preferences related to a selected one or more of the goals.
• An impact on attaining some or all of the goals is determined based on the adjusted preferences. Such impact may relate to any aspect of the user, i.e. financial situation, etc.
• the impact on attaining the goals is then displayed to the user.
• Figure 1 is a flowchart illustrating a method of managing finances in accordance with an embodiment of the present invention
• Figure 2 is an exemplary hardware configuration associated with the present invention
• Figure 2A is a flowchart that illustrates a method for balancing attainment of financial goals in accordance with an embodiment of the present invention
• Figure 3 is a flowchart illustrating a method for targeting advertising in a financial manager in accordance with an embodiment of the present invention
• Figure 4 is a flowchart illustrating a method for providing customized financial instruments in a financial manager in accordance with an embodiment of the present invention
• Figure 5 is a flowchart illustrating a method for obtaining user profile information in a financial manager in accordance with an embodiment of the present invention
• Figure 6 illustrates a method for providing a financial manager user interface in accordance with an embodiment of the present invention
• Figure 7 illustrates an exemplary user interface including a plurality of images for carrying out the method of Figure 6 in accordance with an embodiment of the present invention
• Figure 8 illustrates the manner in which the images fade inversely proportional to the duration of time budgeted for attaching the financial goal in accordance with an embodiment of the present invention
• Figure 9 illustrates a feature wherein the control panel is temporarily replaced by a summary of the changes to the goals in accordance with an embodiment of the present invention
• Figure 10 illustrates a financial assumptions frame which is displayed upon selection of a financial assumptions button of the main frame in accordance with an embodiment of the present invention
• Figure 11 illustrates a personal profile frame which is displayed upon selection of a personal profile button of the main frame in accordance with an embodiment of the present invention
• Figures 12, 12A, 12B, and 12C illustrate an interactive pricing site which allows a user to select options and pricing for a desired vehicle in accordance with an embodiment of the present invention
• Figure 13 is a flowchart illustrating a method for brokering and outsourcing in a financial manager in accordance with an embodiment of the present invention.
• Figure 14 is a flowchart illustrating a method for providing default profiles for a financial manager in accordance with an embodiment of the present invention.
• Figure 1 is a flowchart illustrating a method of managing finances in accordance with one embodiment of the present invention.
• a plurality of financial goals are presented to a user.
• the goals may be previously selected by the user or may include a default set of goals, for example.
• the user is then permitted to adjust preferences related to a selected one or more of the financial goals. See operation 102.
• An impact on attaining some or all of the financial goals is determined based on the adjusted preferences, as indicated in operation 104.
• impact on attaining the financial goals is then displayed to the user.
• information about the user is received and used to provide a basis for the financial goals of the user.
• Such information about the user may include information relating to at least one of: a name of the user, age of the user, location of the user (such as the city of residence), marital status of the user (married, single, or divorced), housing status of the user (own or rent), income of the user, and/or number of dependents of the user (such as how many children the user has).
• the financial goals include at least one of: a home, vehicle, monthly allowance and savings, planned furniture expenses, planned appliance purchases, vacation, children's education, and/or retirement home. It should be noted that the present invention need not be limited to financial goals, or any particular type of goal for that matter. Just by way of example, work goals, life-oriented goals, etc. may fall within the scope of the present invention.
• the adjustment made to the preferences can include adjusting a degree of favoritism between time and quality by the user. In other words, if the user selects to favor a shorter time to achieve the goal more over the quality of the goal, then concessions in quality and improvements in time will tend to be made. In contrast, if the user selects to favor quality more over time, then concessions in time and improvements in quality will tend to be made.
• the step of adjusting preferences includes adjusting a priority for the selected goal.
• adjusting the priority higher, it makes it more likely that the user's expectations for the particular goal are met. However, it does not necessarily mean that the user will get the most expensive option for that particular goal.
• an adjustment is made by the user to a time expectation for the amount of time expected to achieve the selected goal. The higher the time expectation, the sooner in time the user expects to achieve the selected goal.
• a quality expectation may be adjusted by the user for the degree of quality expected for the selected goal. The higher the quality expectation, the better the option wanted by the user.
• the impact on attaining the financial goals may include displaying a summary of changes in achieving the financial goals as a result of the adjusted preferences.
• a default profile may be selected and used as a basis for the financial goals.
• the present invention thus provides a tool that allows one to navigate through a space of likely outcomes (i.e. goal configurations) from the much larger space of possible outcomes. This is enabled by modeling the tradeoffs one would likely make based on one's preferences. The user is better at recognizing outcomes they like than they are at accurately assessing their preferences. The iterative adjustment of their preferences provided by the present invention is a way to navigate to an outcome in a manner that they like.
• the present invention provides a financial planner and portal that lets a user manage money.
• the present invention allows one to manage finances by adjusting goals and examining the impact on other goals. Goals may relate to any purpose toward which an endeavor is directed such as retirement, vacations, education, and home, to name a few.
• a user may plan on getting a Camry in a year.
• the user may also indicate that he or she wants to upgrade to a BMW.
• the present invention readjusts other goals and graphically shows these other goals becoming easier or harder to obtain.
• the user sees that he or she may have to wait six more months for the car, and go to Disney World instead of Club Med this year.
• the present invention thus shows which compromises need to be made to obtain goals, handles financing changes, and determines which transactions need to be made.
• a preferred embodiment of a system in accordance with the present invention is preferably practiced in the context of a personal computer such as an IBM compatible personal computer, Apple Macintosh computer or UNLX based workstation.
• a representative hardware environment is depicted in Figure 2, which illustrates a typical hardware configuration of a workstation in accordance with a preferred embodiment having a central processing unit 210, such as a microprocessor, and a number of other units interconnected via a system bus 212.
• the workstation shown in Figure 2 includes a Random Access Memory (RAM) 214, Read Only
• ROM Read Only Memory
• I/O adapter 218 for connecting peripheral devices such as disk storage units 220 to the bus 212
• user interface adapter 222 for connecting a keyboard 224, a mouse
• a speaker 228, a microphone 232, and/or other user interface devices such as a touch screen
• the workstation typically has resident thereon an operating system such as the Microsoft Windows NT or Windows/95 Operating System (OS), the IBM OS/2 operating system, the MAC OS, or UNIX operating system.
• OS Microsoft Windows NT or Windows/95 Operating System
• IBM OS/2 operating system the IBM OS/2 operating system
• MAC OS the MAC OS
• UNIX operating system the Microsoft Windows NT or Windows/95 Operating System
• OOP object oriented programming
• a preferred embodiment is written using JAVA, C, and the C++ language and utilizes object oriented programming methodology.
• Object oriented programming (OOP) has become increasingly used to develop complex applications.
• OOP moves toward the mainstream of software design and development, various software solutions require adaptation to make use of the benefits of OOP.
• OOP is a process of developing computer software using objects, including the steps of analyzing the problem, designing the system, and constructing the program.
• An object is a software package that contains both data and a collection of related structures and procedures. Since it contains both data and a collection of structures and procedures, it can be visualized as a self-sufficient component that does not require other additional structures, procedures or data to perform its specific task.
• OOP therefore, views a computer program as a collection of largely autonomous components, called objects, each of which is responsible for a specific task. This concept of packaging data, structures, and procedures together in one component or module is called encapsulation.
• OOP components are reusable software modules which present an interface that conforms to an object model and which are accessed at run-time through a component integration architecture.
• a component integration architecture is a set of architecture mechanisms which allow software modules in different process spaces to utilize each others capabilities or functions. This is generally done by assuming a common component object model on which to build the architecture. It is worthwhile to differentiate between an object and a class of objects at this point.
• An object is a single instance of the class of objects, which is often just called a class.
• a class of objects can be viewed as a blueprint, from which many objects can be formed.
• OOP allows the programmer to create an object that is a part of another object.
• the object representing a piston engine is said to have a composition-relationship with the object representing a piston.
• a piston engine comprises a piston, valves and many other components; the fact that a piston is an element of a piston engine can be logically and semantically represented in OOP by two objects.
• OOP also allows creation of an object that "depends from” another object. If there are two objects, one representing a piston engine and the other representing a piston engine wherein the piston is made of ceramic, then the relationship between the two objects is not that of composition.
• a ceramic piston engine does not make up a piston engine. Rather it is merely one kind of piston engine that has one more limitation than the piston engine; its piston is made of ceramic.
• the object representing the ceramic piston engine is called a derived object, and it inherits all of the aspects of the object representing the piston engine and adds further limitation or detail to it.
• the object representing the ceramic piston engine "depends from" the object representing the piston engine. The relationship between these objects is called inheritance.
• the object or class representing the ceramic piston engine inherits all of the aspects of the objects representing the piston engine, it inherits the thermal characteristics of a standard piston defined in the piston engine class.
• the ceramic piston engine object overrides these ceramic specific thermal characteristics, which are typically different from those associated with a metal piston. It skips over the original and uses new functions related to ceramic pistons.
• Different kinds of piston engines have different characteristics, but may have the same underlying functions associated with it (e.g., how many pistons in the engine, ignition sequences, lubrication, etc.).
• a programmer would call the same functions with the same names, but each type of piston engine may have different/overriding implementations of functions behind the same name. This ability to hide different implementations of a function behind the same name is called polymorphism and it greatly simplifies communication among objects.
• composition-relationship With the concepts of composition-relationship, encapsulation, inheritance and polymorphism, an object can represent just about anything in the real world. In fact, one's logical perception of the reality is the only limit on determining the kinds of things that can become objects in object- oriented software. Some typical categories are as follows:
• Objects can represent physical objects, such as automobiles in a traffic-flow simulation, electrical components in a circuit-design program, countries in an economics model, or aircraft in an air-traffic-control system.
• Objects can represent elements of the computer-user environment such as windows, menus or graphics objects.
• An object can represent an inventory, such as a personnel file or a table of the latitudes and longitudes of cities.
• An object can represent user-defined data types such as time, angles, and complex numbers, or points on the plane.
• OOP allows the software developer to design and implement a computer program that is a model of some aspects of reality, whether that reality is a physical entity, a process, a system, or a composition of matter. Since the object can represent anything, the software developer can create an object which can be used as a component in a larger software project in the future.
• OOP enables software developers to build objects out of other, previously built objects.
• C++ is an OOP language that offers a fast, machine-executable code.
• C++ is suitable for both commercial-application and systems-programming projects.
• C++ appears to be the most popular choice among many OOP programmers, but there is a host of other OOP languages, such as Smalltalk, Common Lisp Object System (CLOS), and Eiffel. Additionally, OOP capabilities are being added to more traditional popular computer programming languages such as Pascal..
• Encapsulation enforces data abstraction through the organization of data into small, independent objects that can communicate with each other. Encapsulation protects the data in an object from accidental damage, but allows other objects to interact with that data by calling the object's member functions and structures.
• Class hierarchies and containment hierarchies provide a flexible mechanism for modeling real- world objects and the relationships among them.
• class libraries allow programmers to use and reuse many small pieces of code, each programmer puts those pieces together in a different way.
• Two different programmers can use the same set of class libraries to write two programs that do exactly the same thing but whose internal structure (i.e., design) may be quite different, depending on hundreds of small decisions each programmer makes along the way.
• similar pieces of code end up doing similar things in slightly different ways and do not work as well together as they should.
• Class libraries are very flexible. As programs grow more complex, more programmers are forced to adopt basic solutions to basic problems over and over again.
• a relatively new extension of the class library concept is to have a framework of class libraries. This framework is more complex and consists of significant collections of collaborating classes that capture both the small scale patterns and major mechanisms that implement the common requirements and design in a specific application domain. They were first developed to free application programmers from the chores involved in displaying menus, windows, dialog boxes, and other standard user interface elements for personal computers.
• Frameworks also represent a change in the way programmers think about the interaction between the code they write and code written by others.
• the programmer called libraries provided by the operating system to perform certain tasks, but basically the program executed down the page from start to finish, and the programmer was solely responsible for the flow of control. This was appropriate for printing out paychecks, calculating a mathematical table, or solving other problems with a program that executed in just one way.
• event loop programs require programmers to write a lot of code that should not need to be written separately for every application.
• the concept of an application framework carries the event loop concept further. Instead of dealing with all the nuts and bolts of constructing basic menus, windows, and dialog boxes and then making these things all work together, programmers using application frameworks start with working application code and basic user interface elements in place. Subsequently, they build from there by replacing some of the generic capabilities of the framework with the specific capabilities of the intended application.
• Application frameworks reduce the total amount of code that a programmer has to write from scratch.
• the framework is really a generic application that displays windows, supports copy and paste, and so on, the programmer can also relinquish control to a greater degree than event loop programs permit.
• the framework code takes care of almost all event handling and flow of control, and the programmer's code is called only when the framework needs it (e.g., to create or manipulate a proprietary data structure).
• a programmer writing a framework program not only relinquishes control to the user (as is also true for event loop programs), but also relinquishes the detailed flow of control within the program to the framework. This approach allows the creation of more complex systems that work together in interesting ways, as opposed to isolated programs, having custom code, being created over and over again for similar problems.
• a framework basically is a collection of cooperating classes that make up a reusable design solution for a given problem domain. It typically includes objects that provide default behavior (e.g., for menus and windows), and programmers use it by inheriting some of that default behavior and overriding other behavior so that the framework calls application code at the appropriate times.
• default behavior e.g., for menus and windows
• programmers use it by inheriting some of that default behavior and overriding other behavior so that the framework calls application code at the appropriate times.
• Behavior versus protocol Class libraries are essentially collections of behaviors that you can call when you want those individual behaviors in your program.
• a framework provides not only behavior but also the protocol or set of rules that govern the ways in which behaviors can be combined, including rules for what a programmer is supposed to provide versus what the framework provides.
• a framework embodies the way a family of related programs or pieces of software work. It represents a generic design solution that can be adapted to a variety of specific problems in a given domain. For example, a single framework can embody the way a user interface works, even though two different user interfaces created with the same framework might solve quite different interface problems.
• a preferred embodiment of the invention utilizes HyperText Markup Language (HTML) to implement documents on the Internet together with a general-purpose secure communication protocol for a transport medium between the client and the Newco. HTTP or other protocols could be readily substituted for HTML without undue experimentation.
• HTML HyperText Markup Language
• Information on these products is available in T. Berners-Lee, D. Connoly, "RFC 1866: Hypertext Markup Language - 2.0" (Nov. 1995); and R. Fielding, H, Frystyk, T. Berners-Lee, J. Gettys and J.C.
• HTML Hypertext Transfer Protocol - HTTP/1.1: HTTP Working Group Internet Draft
• HTML documents are SGML documents with generic semantics that are appropriate for representing information from a wide range of domains. HTML has been in use by the World-Wide Web global information initiative since 1990. HTML is an application of ISO Standard 8879; 1986 Information Processing Text and Office
• HTML has been the dominant technology used in development of Web-based solutions.
• HTML has proven to be inadequate in the following areas:
• Custom "widgets” e.g., real-time stock tickers, ammated icons, etc.
• client-side performance is improved.
• Java supports the notion of client-side validation, offloading appropriate processing onto the client for improved performance.
• Dynamic, real-time Web pages can be created. Using the above-mentioned custom Ul components, dynamic Web pages can also be created.
• Sun's Java language has emerged as an industry-recognized language for "programming the Internet.”
• Sun defines Java as: "a simple, object-oriented, distributed, interpreted, robust, secure, architecture-neutral, portable, high-performance, multithreaded, dynamic, buzzword- compliant, general-purpose programming language.
• Java supports programming for the Internet in the form of platform-independent Java applets.”
• Java applets are small, specialized applications that comply with Sun's Java Application Programming Interface (API) allowing developers to add "interactive content” to Web documents (e.g., simple animations, page adornments, basic games, etc.). Applets execute within a Java-compatible browser (e.g., Netscape Navigator) by copying code from the server to client. From a language standpoint,
• Java's core feature set is based on C++. Sun's Java literature states that Java is basically, "C++ with extensions from Objective C for more dynamic method resolution.”
• ActiveX includes tools for developing animation, 3-D virtual reality, video and other multimedia content.
• the tools use Internet standards, work on multiple platforms, and are being supported by over 100 companies.
• the group's building blocks are called ActiveX Controls, small, fast components that enable developers to embed parts of software in hypertext markup language (HTML) pages.
• ActiveX Controls work with a variety of programming languages including Microsoft Visual C++, Borland Delphi, Microsoft Visual Basic programming system and, in the future, Microsoft's development tool for Java, code named "Jakarta.”
• ActiveX Technologies also includes ActiveX Server Framework, allowing developers to create server applications.
• ActiveX could be substituted for JAVA without undue experimentation to practice the invention.
• Personal Choice Point illustrates a potential direction for such applications and highlights new opportunities.
• financial applications have been limited by the information they have had available and the actions they could effect.
• the result were applications that relied on user input for all their information, and produced only high level, long term plans for the user to implement, such as retirement savings recommendations.
• Personal Choice Point represents a natural progression of such applications.
• the above mentioned sites handle all aspects of a user's task, but do so in isolation.
• Personal Choice Point not only helps you address a particular task, but addresses the interactions and conflicts that arise between tasks over time. By focusing your attention on these issues, and taking over the nuts and bolts of day to day financing and individual transactions, Personal Choice Point allows you to think about what matters most: the lifestyle choices we all make.
• the present invention redefines the relationship between financial services companies and consumers from account management to lifestyle management.
• the present invention is a financial management application that works not just by using information about a user's finances, but by responding appropriately to a wealth of information about current, upcoming, and long-term goals and preferences. This information can be used for many applications that will now be set forth.
• FIG. 2A is a flowchart that illustrates a method for balancing attainment of financial goals.
• target advertising is provided in a financial manager executed on a computer.
• customized financial instruments are providing in the financial manager.
• user profile information is obtained in the financial manager for facilitating the targeting advertising and providing customized financial instruments. See operation 204. Further information will now be set forth regarding the foregoing operation in . the following Figures 3-5.
• FIG. 3 is a flowchart illustrating a method for targeting advertising in a financial manager in accordance with an embodiment of the present invention.
• Financial goals of a user are first received utilizing a network in operation 300.
• the user may be a user of the network in operation 302.
• personal information about the user is subsequently received utilizing the network.
• the financial goals and personal information of the user are then matched with at least one offering for helping to achieve the financial goals of the user. See operation
• Information relating to the matched offering is transmitted to the user utilizing the network in operation 308.
• Such information can include any manner of advertising, including but not limited to such things as: hyperlinks, browser banner advertisements, pop-up windows, facsimiles, etc.
• the user is allowed to adjust preferences related to attaining one or more of .the financial goals of the user. More preferably, the adjusted preferences includes at least one of quality preference relating to the quality of the achieved financial goal preferred by the user, and a time preference relating to how soon the user prefers to achieve the financial goal.
• At least one provider of the offering is notified when preferences relating to attaining one or more of the financial goals are changed by the user.
• the offering can include a product and/or a service for helping attain the financial goal.
• the products and services should also be matched to the adjusted preferences.
• Advertising relating to the offerings could also include promotions, sales, discounts, services available, offers for trade, etc.
• the financial goals of the user include future purchases made by the user.
• the financial goals include at least one of: a home, vehicle, monthly allowance and savings, planned furniture expenses, planned appliance purchases, vacation, children's education, and retirement home.
• the present invention thus precisely market products and services to the right people at the right time in support of their intentions. Most immediately, if the present invention knows when a user intends to buy a car, it knows when the user needs a car loan. But ultimately the financial services company is now in the perfect position to provide the car itself- or any products and services associated with a goal - rather than just financing them.
• Figure 4 is a flowchart illustrating a method for providing customized financial instruments in a financial manager.
• the invention includes receiving personal information regarding a user, and also receiving financial goals from the user that the user wishes to attain. See operations 400 and 402. Financial instruments are then generated for the user based on the personal information and financial goals of the user, and the generated financial instruments are delivered to the user.
• An aspect of the present invention is that a network is utilized to deliver the generated financial instruments to the user.
• the network is a wide area network capable of communicating using TCP/IP and IPX protocol, hi another embodiment of the invention the generated financial instrument is stored in a database so that it may be retrieved at a later time.
• the user is permitted to adjust preferences in attaining the financial goals of the user, and includes the aspect that the generated financial instrument is further based on the adjusted preferences.
• the financial goals include at least one of: home, vehicle, monthly allowance and savings, planned furniture expenses, planned appliance purchases, vacation, children's education, and retirement home.
• the user is charged a fee for delivering the generated financial instrument.
• the user may receive a bill of the charged fee utilizing the network.
• the present invention thus allows automatic creation of custom financial instruments. Since the presnet invention knows what a user needs, it can help design and sell novel financial instruments the customer wouldn't know to look for, or wouldn't bother to pursue.
• Figure 5 is a flowchart illustrating a method for obtaining user profile information in a financial manager.
• personal information is obtained on a user.
• the user is allowed to adjust preferences related to attaining one or more financial goals.
• An impact is subsequently obtained on attaining the financial goals from the adjustment of the preferences by the user. See operation 504.
• a profile is then generated on the user based on the adjusted preferences and the personal information of the user.
• the profile on the user is then transmitted utilizing a network so that the profile may be utilized as market intelligence for another party. See operation 508.
• the financial goals of the user include future purchases made by the user.
• the profile on the user may include information relating to the order in which the user prefers to make the future purchases based on the adjusted preferences.
• the preferences may include a quality preference relating to the quality of the achieved financial goal preferred by the user.
• the user may also adjust the quality preference either to a higher or lower preferred quality. For example, for the financial goal of a new automobile, the user may adjust the preferred quality between a preference for an economy car or a preference for a luxury car. ⁇ •
• the preferences may include a time preference relating to how soon the user prefers to achieve the financial goal.
• the user may adjust the time preference from a sooner or later preferred time of achieving the financial goal. For example, for the financial goal of a vacation, the user may adjust the preferred time between a preference for taking a vacation soon in time or later in time.
• the transmitted profile on the user may be stored in a database with profiles on other users so that a regional profiles and other regional marketing information may be developed.
• the transmitted profile information may be transmitted directly to third parties desiring the profile information.
• the personal information of the user may include information relating to income or salary of the user.
• the personal information of the user includes information relating to the age of the user.
• the personal information of the user may include information relating to the marital status of the user (i.e., married or single). Further, the personal information of the user may include information relating to the location where the user resides. As an option, the personal information of the user may include information relating to a number of children of the user.
• the present invention thus gathers market intelligence by generating unprecedented information on consumer preferences.
• the present invention has access not only to what consumers intend to buy, but also what they would consider buying under different conditions and how they trade off.
• the present invention enables users to make financial decisions by negotiating tradeoffs between personal financial goals.
• the user interface represents different goals in one person's life, including their home, car, monthly allowance and savings, planned furniture purchase, planned appliance purchase (e.g. TV), vacation, children's education, and retirement home.
• the present invention allows one to select any of these goals and make adjustments to preferences for the selected goal. These preferences include the priority, expected quality, and expected schedule for attaining the goal.
• the present invention reallocates funds between goals according to preferences.
• Figure 6 illustrates a method for providing a financial manager user interface.
• a plurality of images are displayed in a frame.
• Each of the images represent a financial goal of a user.
• the user is permitted to select from of the images in the frame, as indicated in operation 602.
• a user is permitted to adjust preferences related to the financial goal represented by the selected image in the frame. See operation 604.
• the appearance of one or more of images in the frame is altered based on the adjusted preferences of the financial goal represented by the selected image in operation 606.
• Figure 7 illustrates an exemplary user interface including a plurality of images 700 for carrying out the method of Figure 6 in accordance with one embodiment of the present invention.
• a user is permitted to adjust preferences related to the financial goal by first selecting one of the images 700.
• time indicia 702 is displayed for permitting the user to adjust a time expectation for the amount of time expected for achieving the financial goal represented by the selected image.
• priority indicia 704 is displayed for permitting the user to adjust a level of priority for achieving the financial goal represented by the selected image.
• the displayed image 700 may be a slidable or scalable bar so that increasing the level of the bar increases the time expectation and decreasing the level of the bar decreases the time expectation for the financial goal.
• the user may be permitted to adjust preferences related to the financial goal, h particular, this may be accomplished by displaying quality indicia 706 for permitting the user to adjust a quality expectation for the degree of quality expected for the financial goal represented by the selected image.
• an appearance of the selected image may be altered in relation to the adjustment of the expectation with respect to quality for the financial goal.
• the lower the expected quality selected for the goal an image for a lesser quality item appears to represent that a less luxurious or cheaper version of the goal.
• the higher the quality selected for the financial goal an image for a higher quality item appears to represent that a more luxurious or more expensive version of the goal.
• the displayed image may be a slidable or scalable bar so that increasing the level of the bar increases the quality expectation and decreasing the level of the bar decreases the quality expectation for the financial goal.
• the user may be permitted to adjust preferences adjusting a degree of favoritism between time and quality with respect to the financial goal of the selected image.
• priority indicia 708 may be a slidable or scalable bar so that moving the level of the bar towards the quality side of the bar increases the favoring of quality while decreasing the favoring of time while moving the level of the bar towards the time side of the bar increases the favoring of time while decreasing the favoring of quality.
• the indicia 702-710 is situated on a control panel 711.
• the indicia 708 may take the form of a slider that allows the user to set the degree to which they favor time versus quality by adjusting the slider to a position between the two extremes (labeled "time” and "quality”). Settings closer to quality will tend to make concessions on time and improvements on quality, and, of course, the reverse for settings closer to time.
• the priority of a goal determines how much effort should be made to ensure the user gets their way in that particular goal. Note that the users expectations may be low. A higher priority simply makes it more likely that the users expectations will be met, not that they'll get the most expensive option.
• the user can select their expectations for quality and time using the two sliders under the "I expect " label. In each case higher is “better” - that is, for time, the higher the expectation, the sooner one wants it. For quality, the higher the expectation, the better the option one wants.
• the demo is preset with one person's goals and a range of options for each goal.
• Tradeoffs may be of two types: First the quality of an option might change (e.g. a better or worse house may appear). Secondly, the time of attainment for a goal may change (e.g. the time it takes to get a car may go up or down). As set forth earlier, changes in the time of attainment are reflected in changes in the transparency of the goal in question. For example, the longer it takes to attain a car, the more it fades away (i.e. becomes more transparent).
• An interaction with the present invention is a continuous process of selecting a goal, adjusting preferences for that goal, and examining the resulting tradeoffs. The user continues this process until they arrive at a set of choices with which they are most comfortable.
• the images 700 representing financial goals of a user may include a first image 712 such as an image of a house for representing a home financial goal, a second image 714 such as an image of a vehicle for representing a vehicle financial goal, a third image such as an image of a ATM 716 for representing a monthly allowance and savings financial goal, a fourth image 718 such as an image of furniture for representing a planned furniture expenses financial goal, a fifth image 720 such as an image of television for representing a planned appliance expenses financial goal, a sixth image 722 such as an image of a vacation spot for representing a vacation financial goal, a seventh image 724 such as an image of a college for representing a children's education financial goal.
• a first image 712 such as an image of a house for representing a home financial goal
• a second image 714 such as an image of a vehicle for representing a vehicle financial goal
• a third image such as an image of a ATM 716 for representing a monthly allowance and savings financial goal
• a fourth image 718 such
• the appearance of one of the images representing a financial goal may fade a shade inversely proportional to the duration of time budgeted for attaching the financial goal.
• the longer the duration it will take to obtain the financial goal the more faded the image representing the financial goal becomes while conversely, the sooner the financial goal will be attained the more filled in or less faded the image for that financial goal will become.
• Figure 8 illustrates the manner in which the images fade inversely proportional to the duration of time budgeted for attaching the financial goal. Specifically, the first image 712 of the house in
• Figure 8 is shown to fade with respect to Figure 7.
• the main screen area is used to display the goals in a way that reflects the impact of a user's decisions.
• the specific picture used to depict a goal corresponds to an option of a certain quality level. For example, cars range from a Hyundai® to a BMW, Vacations from camping to Paris, etc. These selections will change depending on the way the user values different goals.
• control panel After making a change, a written summary of changes cycles through the control panel area.
• the control panel can be accessed by simply clicking anywhere outside the boxed area of changes. Clicking within the box will advance to the next screen of changes.
• a user may click on the same.
• the selected goal is highlighted and its current option settings are displayed across the top bar of the window.
• the controls on the bottom of the screen in the control panel (indicia 704-708) govern the selected goal.
• Figure 9 illustrates a feature wherein the control panel 711 is temporarily replaced by a summary 900 of the changes to the goals.
• the control panel is temporarily replaced by a summary of the changes to the goals.
• To retrieve the control panel one need simply to click anywhere outside the box listing the goal changes.
• the bottom right hand of the application may include a series of navigation buttons 902.
• the navigation buttons 902 may include arrow keys - back & forwards 904, face icon 906, a question mark icon 908, and selectable link 910.
• the arrow keys 904 may be utilized to cycle through the various financial goals. For example, repeated selection of the forward arrow may allow a user to move from the vacation financial goal, to the home financial goal, and then to the car financial goal.
• the face icon button 906 may serve as a selective link to a personal profile frame 1100 such as the type discussed in Figure 11.
• the globe button 910 may serve as a selective link to a financial assumption frame 1000 such as the type discussed in Figure 10.
• the question mark button 908 may serve as a selective link to a help frame to provide help information to a user.
• Figure 10 illustrates a financial assumptions frame 1000 which is displayed upon selection of the financial assumption button 910 of the main frame in accordance with an embodiment of the present invention.
• one or more financial assumptions may be generated which, in turn, may be used in the calculations for determining the impact on attaining the financial goals of the user.
• illustrative financial assumption may include the current salary 1002 of a user, expected rate increase in salary 1004, rate of return on savings 1006, risk tolerance of the user (low, medium or high) 1008, calculation date 1010, and expected inflation rates 1012 for each of the financial goals (i.e., expected inflation rates for college education, toys (such as electronics, sporting goods, and other non-essential goods), allowance, retirement, savings, furniture, home, automobile, and vacation).
• the user may be permitted to adjust these financial assumptions.
• the user may be able to import relevant information into the financial assumptions from various applications including financial management and planning application such as, for example,
• the financial assumptions frame 1000 may include a return selectable link 1014 for displaying the main frame (such as the one illustrated in Figure 7) upon selection thereof.
• Figure 11 illustrates a personal profile frame 1100 which is displayed upon selection of a personal profile button of the main frame in accordance with an embodiment of the present invention.
• the profile screen is accessed through the button with the face icon 906 of Figure 9.
• This screen is intended to illustrate the way information can be entered initially. Rather than relying on the user to enter all information, they can choose from a library of demographic profiles that are likely to contain similar goals and options.
• a personal profile frame is displayed along with the personal profile frame upon selection of a selectable link 910.
• a personal profile of the user may also be displayed in the personal profile frame.
• the financial assumptions are displayed in the financial assumptions frame.
• a summary of changes in achieving the financial goals as a result of the adjust preferences may be displayed in the frame.
• Figures 12, 12A, 12B, and 12C illustrates an interactive pricing site 1200 which allows a user to select options and pricing for a desired vehicle in accordance with an embodiment of the present invention.
• this frame permits the integrating of a car dealer's web where the user may configure a car as desired by selecting various options 1202 (see Figures 12A and 12B) and then incorporate these selected options into a desired car 1204 for the automobile financial goal via an automobile frame 1206 as shown in Figure 12C.
• the automobile frame 1206 may be accessed upon selection of the auto financial goal 714 on the main frame, such as by double clicking on the auto financial goal image 714.
• the automobile frame 1206 may include an option range sub-frame 1208 which displays the automobiles that the user may desire to attain, and a costs sub-frame 1210 which displays cost associated with one of the cars selected in the option range sub-frame 1208 (such as the Saturn model car, for example, as illustrated in Figure 12C).
• the automobile frame 1206, may also include a preferred replacement schedule sub-frame 1212, a slidable optional desirability bar 1214, a preferred insurance provider pull-down menu 1216, and a preferred options sub-frame 1218 which displays options desired by the user for the selected auto model.
• the automobile frame 1206 may also include a return selectable link 1220 for returning the user to the main frame upon selection thereof.
• the automobile frame 1206 may also include add and delete buttons 1222, 1224 for adding and removing auto models from the option range sub-frame 1208.
• a user wishing to add an automobile model to the option range sub-frame 1208 may select the add button 1222, (which may be linked to the interactive pricing site 1200) to thereby display the interactive pricing site 1200 so that the user can configure a car model as desired.
• a highlighted auto model (such as the Saturn model as illustrated in Figure 12C) may be removed from the option range sub-frame 1208 by the user.
• Figure 13 is a flowchart illustrating a method for brokering and outsourcing in a financial manager.
• a financial goal is displayed to a user such as a goal of obtaining a new car.
• the financial goal has an option range includes at least one option for the goal.
• the options may comprise different models of cars that the user may wish to obtain such as a Hyundai Civic, a Toyota Camry, or a BMW 540i.
• the user is permitted to add an additional option to the option range of the financial goal such a new model of car such as a Saturn SL.
• the user is further permitted to adjust one or more preferences relating to attaining the financial goal. See operation 1304.
• one of the options of the option range of the financial goal maybe selected based on the adjusted preference. This selection is done by determining which option in the option range best fits the preferences of this option and the preferences for the other financial goals of the user. Such selected option may also be displayed to the user. See operation 1306.
• the step of adding an additional option to the option range of the financial goal further includes selecting a provider such as an automobile manufacture like Saturn, and selecting an option provided by the selected provider such as, for example a Saturn SL.
• the selected option is then added to the option range of the financial goal.
• the selected provider may be selected from a list of a plurality of providers (e.g., a list of automobile manufactures).
• features for the selected option may be added.
• armrest and security system features may be added to the selected car model.
• a user-inputted replacement schedule may be provided for replacing the financial goal.
• Such replacement schedule may include a duration of time that the goal is expected to be held by the user before replacement.
• the user may also be permitted to select an insurance provider from a list of insurance providers for insuring the financial goal.
• features of the selected option for the financial goal may be displayed.
• the user may be permitted to select an option desirability for the selected option to reflect the user's desirably in obtaining the selected option.
• the financial goal may be selected from at least one of: home, vehicle, monthly allowance and savings, planned furniture expenses, planned appliance purchases, vacation, children's education, and retirement home.
• Figure 14 is a flowchart illustrating a method for providing default profiles for a financial manager.
• a plurality of predetermined standardized profiles are displayed to a user in a list. The user is permitted to select one of the predetermined standardized profiles. See operation 1402.
• a plurality of financial goals may be presented to the user.
• An impact on attaining the financial goals from the selected predetermined profile is first determined in operation 1406.
• the impact on the financial goals is then displayed to the user in operation 1408. It should be noted that such impact may refer to reporting the changes to the user's goals or just on the underlying financial situation (i.e. reporting the impact on the user's life rather than his or her accounts).
• the user is permitted to modify the predetermined profile to more accurately fit the user's personal profile.
• Initial profile information is first received from a user.
• the predetermined standardized profiles that are displayed in the list may be dependant on the information received from the user.
• the initial profile information of the user includes information relating to a location where the user resides.
• the initial profile information of the user may also include information relating to a marital status of the user selection from at least one of married and single.
• the initial profile information of the user may include information regarding whether the user rents or owns a residence. Further, the initial profile information of the user may include information regarding a number of dependants of the user.
• At least one financial assumption maybe generated, and the impact on attaining the financial goals may include a determination as to the impact on the financial assumptions on attaining the financial goals.
• the financial assumptions may include current salary, expected rate increase in salary, rate of return on savings, risk tolerance of the user (low, medium or high), calculation date, and expected inflation rates for each of the financial goals (i.e., expected inflation rates for college education, toys (such as electronics, sporting goods, and other non-essential goods), allowance, retirement, savings, furniture, home, automobile, and vacation).
• the user is permitted to adjust the financial assumptions.
• Personal Choice Point allows you to manage your finances by adjusting your goals and examining the impact on other goals - goals like those you see here — housing, vacation, savings, retirement, and so on. These are just those that might correspond to one typical person.
• Personal Choice Point hides the finances and the numbers and basically lets me see what's possible with what I have and what I want. The focus changes from my accounts, to my life.
• Personal Choice Point would provide an unprecedented wealth of data not just on what consumers intend to buy, but on what they would consider buying, and, in effect, the financial conditions under which they would do so. This enables both very precise marketing to individuals and insight into markets for various products. If I know you're buying a Camry in 15 months, then I know when you'll need a car loan.
• the present invention is thus a tool that both manages and executes these various purchases and transactions. That is, a financial services company might offer the present invention to a consumer as a lifestyle management service through which their various goals are supported. If a consumer adhered to the plans designed through the present invention, the company might even guarantee the products and services specified. The consumer need not worry about the particular financial instruments required to achieve the lifestyle in question. At this point the financial services company is arguably in a position to create and sell a wide array of new instruments that need not be individually marketed to consumers. At the same time, they become demand aggregators and will be in a position to negotiate with products and service providers on behalf of their customers. They will have inserted themselves right in the critical path for decision making in many of the crucial aspects of the consumers life.
• Double click on Saturn A window with Saturn 's web site should pop up. ⁇
• Tliird party service and product providers can be included and their information taken into account in planning.
• the financial services company is now at the center of the transaction and becomes a broker for a wide variety of products and services.
• This branch illustrates how preferences are initially set. Given the tremendous amount of information that's in here, people are often concerned that it would be too painful to enter in all this information. There are a number of ways to address this concern. First, let me admit that yes, there will be startup costs, but it won't be as bad as it may seem. First, consider that this is information that will be accumulated over time. Also, if we are working with third party product and service providers, we can incorporate many of your existing preferences directly from there. Thirdly, consider that your preferences are not really all that unique. In fact, their likely to correspond reasonably closely to others like you. So rather than start from scratch, we can begin with a number of default profiles that you can alter.

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